Skip to documentation
Resources/Docs
MarketsSinjoh v2

Treasury & yield

Liquid reserves, protected floor cash and bounded investment recovery.

2 min read·
On this page

Separate reserve ledgers

LedgerPurpose
Floor cashProtected backing for floor fills; cannot be spent by treasury administration.
Treasury cashMarket-owned surplus available for depth, compatible yield and authorized treasury operations.
Current yield positionTracked shares, principal and backing claim value in the selected venue.
Draining positionAn older retained position whose available backing is recovered before the current venue.

Treasury can be moved into the floor; floor cash cannot be reclassified back into spendable treasury. Principal, receipt shares and claim value describe one investment and must not be added together as separate assets.

Optional yield lifecycle

Only treasury is invested. A market that opts out, or lacks a compatible healthy default, starts with liquid treasury. When the floor is enabled, a yield step can realize positive claim value above principal into floor cash at most once per 24 hours; a skipped step does not reset that clock. With the floor off, investment value remains treasury-owned.

Profit withdrawals preserve principal. Other withdrawals reduce it pro rata, and losses reduce actual claim value. A venue switch retains at most one draining old position; moving a platform default alone does not migrate existing investments.

Claim value is not immediate liquidity

Withdrawals are bounded to backing actually available from the supported venue. For the supported Morpho V2 adapter family, available backing includes idle assets plus the smaller of market free liquidity and the venue’s accrued supply there, capped at Sinjoh’s redeemable position. An unsupported adapter gives idle-only availability.

A generic ERC-4626 interface is not enough to prove a venue behaves like the verified integration. Venue failures are isolated; unavailable yield alone does not invalidate liquidity that a trade can actually use from the market or funded floor.

Administration and recovery

Any current Safe can execute treasury sends, venue changes and treasury-to-floor moves immediately. A separate non-Safe governor address does not gain those powers. A send that cannot be fully funded fails atomically. Venue shutdown and emergency exit preserve remaining tracked shares and return available recovered assets to that market’s treasury.

A floor-enabled migration puts all seed backing left after initial live-band placement into protected floor cash. With its floor off, that surplus remains treasury. See Migration.