Whitepaper

The Anemos whitepaper is the canonical reference for the protocol’s design, mathematics, and risk analysis. This page summarizes it.

Abstract

Anemos is a fair-launch, BFT-final proof-of-stake layer-1 with a native, protocol-level overcollateralized stablecoin and a consensus-embedded price oracle. Coins are minted per block by a decaying schedule that converges to a supply-indexed perpetual tail (~2% of supply per year) — no premine, no treasury, no supply cap — so the validator security budget and the reserve funding stay a meaningful share of an elastic supply forever. The stablecoin is a Djed/Shen-style dual tranche: a senior peg token minted against a collateral floor, and a junior reserve coin that is pure residual equity (first-loss, no cash yield). The senior tranche is the only tranche with an APR — a single, capped (≤16%/yr), smoothed golden-age yield paid at a steady per-block rate from an emission-funded reserve routed by a collateral-ratio TWA, with O(1) rebase-index accounting and debt restructuring via recovery tokens. The oracle derives ANM/USD inside consensus from a rotating committee subset’s signed prices: a power-weighted median eased into a slow price TWA (~3.5 h) under a per-block move cap, with deviation-only slashing (absence is never slashed) and a committee term limit (~8 h) as the rotation compensator. We prove per-block conservation of the native unit and state the oracle’s honest-majority-of-stake trust ceiling plainly.

Sections

1. Introduction — what Anemos is: a fair-launch L1 with a native stablecoin and a consensus-embedded oracle, built gratefully on Pactus; and the honest framing of the hard parts.
2. Consensus — the inherited BFT, sortition-PoS core; the nine-tree (eight-subtree-family) state root and the determinism invariant.
3. Monetary policy & emission — minted decay + the supply-indexed perpetual tail, the proposer/reserve split under the 75% validator floor, and the conservation proof.
4. The stablecoin — the dual-tranche structure (senior peg + junior residual equity), mint/redeem against the floor, the decoupled junior equity-mint cap, the capped smoothed senior yield, the circuit breakers, wind-down, debt restructuring, and the two-step reserve bootstrap.
5. The oracle & staking — the per-block OracleData section, subset selection, the power-weighted median and price TWA, the move cap, omission-vs-commission slashing (magnitude-fair, with freeze/ban escalation), the trust ceiling, the off-chain feeder — plus the staking half: pooled delegation and operator participation controls, the supply-indexed stake range, the genesis lock, partial unstaking, and the oracle-participation reward.
6. Determinism & mathematical foundations — integer fixed-point scales and rounding.
7. Risk analysis — reflexivity, ruin probability, and the cross-scenario simulation matrix.
8. Comparison to prior systems — Djed, Zephyr, Dai, LUSD, RAI, Frax, and Terra/UST.

Honest framing

The hard parts are not the codebase mechanics; they are (a) the oracle and its honest-majority trust ceiling, (b) the reflexivity of a native-coin-backed stablecoin, and (c) bootstrapping value before the stablecoin can mean anything. These are designed first and documented in full in the whitepaper’s risk register.