$RENT is the currency of the board.

One billion $RENT, minted once, to a single address — the deployer — in the token's constructor. After that transaction there is no mint function of any kind — not for an owner, not for the hook, not by vote. The supply can only ever fall, and it falls only through the burn share of the rent.

Part of the supply is placed into the ETH/RENT pool as its initial liquidity, in the same transaction that brings the pool into existence. The amounts of that first placement are not settled yet, so this page does not state them; when they are, they will be visible on chain in that one transaction.

There is no presale, no private round, no allocation form, no whitelist and no vesting contract. When the pool is live, the only way to acquire $RENT is to buy it in the pool like anyone else.

Governance here is deliberately small. It cannot deploy code, cannot move funds, cannot touch a lease in progress, and cannot reach the token at all. It can move three numbers, and every one of them is re-checked against the hook's own fixed limits before it takes effect.

• The fee band — the low and high of what a leaseholder may set, plus the default when the board is vacant. Always inside 0.01 %–3.00 %.
• The rent split — liquidity never below 50 %, burn never above 20 %, and the three shares always summing to the whole.
• The outbid increment — never zero, never above 50 %.

Anyone holding $RENT may open a proposal. Voting weight is read from a snapshot taken strictly before the proposal opened, so a balance acquired after it opened — borrowed for the occasion, for instance — carries no weight at all. A proposal passes only after its window closes, only with a quorum of the supply voting in favour, and only with more for than against.

The straight version, with no promises attached. $RENT is the only thing the board can be bid in, so any competition for the board is competition for the token. A quarter of whatever that competition produces is paid to the people staking it, and a twentieth of it is burned.

All three of those depend on the same uncertain quantity: how much the right to set this pool's fee is worth to the people who want it. That is not knowable in advance, and nobody who tells you otherwise is being straight with you. What is knowable in advance is the plumbing — who gets paid, in what proportion, and what the limits are.