Getting Started

Protocol Architecture

Marian is a set of nine core contracts on the Robinhood Chain - Testnet, wired through a single oracle registry and a shared risk engine. Every value-bearing token is ERC-20 compatible and every vault is ERC-4626 compliant.

Contract topology

  ┌───────────────┐   settle    ┌─────────────────────┐
  │  Custodian    │────────────▶│ DividendDistributor │
  │  Oracle (RWA) │             │  (streams USDC/blk) │
  └───────┬───────┘             └──────────┬──────────┘
          │ NAV                              │ pro-rata
          ▼                                  ▼
  ┌─────────────────┐    mint    ┌─────────────────────┐
  │  BasketVault    │◀───────────│      User EOA       │
  │   (ERC-4626)    │───shares──▶│   holds bMRN-SPx   │
  └────────┬────────┘            └──────────┬──────────┘
           │ lockable                        │
           ▼                                  ▼
  ┌─────────────────┐            ┌─────────────────────┐
  │   mLocker      │──boost────▶│    RiskEngine       │
  │  (6–48 mo)      │            │  computes HF, CF    │
  └────────┬────────┘            └──────────┬──────────┘
           │ fee share                       │ liquidatable?
           ▼                                  ▼
  ┌─────────────────┐            ┌─────────────────────┐
  │  FeeSplitter    │◀──interest─│   BorrowMarket      │
  │  70/20/10       │            │   (mints mUSD)      │
  └─────────────────┘            └─────────────────────┘

Solid arrows are value flows; dashed arrows are read-only price/state calls.

Contracts

Contract	Standard	Purpose	Upgradable
BasketVault	ERC-4626	Holds tokenized equities, mints basket shares at NAV	UUPS proxy
DividendDistributor	ERC-4626 hook	Converts custodian cash → USDC → per-block stream	UUPS proxy
mLocker	ERC-721	Non-transferable lock NFT, decay-weighted vote power	Immutable
MRN Token	ERC-20	Governance / emissions, 1B cap	Immutable
Emissions	Custom	veBoost curve, 90-day linear vest	UUPS proxy
BorrowMarket	ERC-20 mUSD	Isolated per-basket debt market	UUPS proxy
RiskEngine	View	HF, CF, liquidation math	Immutable + params gov
FeeSplitter	Router	70/20/10 revenue routing	Immutable
OracleRegistry	Chainlink+	Median of 3 price feeds, 30s heartbeat	Immutable + feed gov

Oracle stack

Every basket references three independent price feeds: (1) Chainlink CCIP, (2) Pyth network, (3) a Robinhood Chain - Testnet–native custodian oracle signed by the KYC-registered market maker. The RiskEngine consumes the median, which is only accepted if the max deviation across feeds is below 75 basis points.

P_accepted = median(P₁, P₂, P₃)
    iff  max|Pᵢ − Pⱼ| / median  <  0.0075   ∀ i,j

Oracle acceptance rule

Failsafe

If deviation exceeds 75 bps for more than 3 consecutive heartbeats (90 seconds), the affected basket enters freeze mode: mints and redemptions are suspended and liquidations pause. Lockers continue to accrue emissions.

Upgrade governance

All UUPS proxies point at a 48-hour timelock controlled by veMRN holders. A quorum of 4% of vote-weighted supply is required to propose, and 50% + 1 of votes cast to pass. Immutable contracts (the MRN token itself, the RiskEngine core, and the FeeSplitter) have no upgrade path — only their parameter setters do.

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Introduction

$MRN Tokenomics