Docs / Protocol
CLAY token
The fee-claim token minted from realised losses.
CLAY is the Kiln's fee-claim token. It is a fair launch: supply starts at zero with no pre-mint, no team or investor allocation, no airdrop and no vesting. Every CLAY in existence was minted by a realised trading loss.
Minting
Each dollar of realised loss mints CLAY to the trader who lost it. The mint rate is set as a share of current supply per dollar of loss, so early losses mint more. While the Kiln is below zero, the part of a loss that refills it counts up to 5×.
Staking
At launch CLAY cannot be transferred between wallets; it can be staked and unstaked. Staked CLAY earns USDC from two sources:
- 1% of the realised PnL of every settled trade, winning or losing, while the debt queue is empty
- All Kiln growth above the $250K staker cap
Contract address
The CLAY mint address is published in the site footer and on the CLAY page once the token is live. Only trust the address shown there.