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cpMOTO Share Token

cpMOTO ("Catpound MOTO") is the share token you receive when you deposit MOTO into the Catpound vault. It represents your proportional claim on the vault's total assets.

What cpMOTO Represents​

Each cpMOTO token is a receipt that entitles you to a fraction of all MOTO held by the vault. As the vault compounds rewards, the total MOTO grows while the cpMOTO supply stays constant -- so each cpMOTO becomes worth more MOTO over time.

Think of it like this: if the vault holds 10,000 MOTO and there are 9,500 cpMOTO in circulation, each cpMOTO is worth approximately 1.053 MOTO.

Exchange Rate​

The exchange rate (share price) is calculated as:

Share Price = Total Assets / Total cpMOTO Supply

This rate only moves upward, because:

  • Compound cycles add harvested rewards to total assets without minting new shares.
  • Exit fees from users who withdraw during the silent phase stay in the vault, further increasing total assets.
  • The vault uses donation-proof accounting -- only properly deposited or compounded MOTO counts.

OP20 Standard​

cpMOTO follows the OP20 token standard, which is the OPNet equivalent of ERC-20 on Ethereum. This means:

  • Fully transferable: You can send cpMOTO to any other OPNet wallet address.
  • Balance queryable: Any app or contract can read your cpMOTO balance.
  • Standard interface: cpMOTO works with any OP20-compatible tool or protocol.

You can transfer cpMOTO to another wallet without withdrawing from the vault first. The recipient can later redeem it for MOTO at the then-current exchange rate.

Inflation Protection: Dead Shares​

On the very first deposit to a brand new vault, 1,000 cpMOTO shares are permanently burned (sent to an unspendable address). This is a standard security measure called "dead shares" that prevents a well-known share price manipulation attack where an attacker could:

  1. Deposit a tiny amount (1 MOTO) to mint 1 share
  2. Donate a large amount of MOTO directly to the vault
  3. Inflate the share price so new depositors receive 0 shares for their deposit

The 1,000 dead shares make this attack economically impractical.

First Deposit Minimum

Because of the dead shares mechanism, the first deposit to a new vault must be at least 1,000 MOTO. Subsequent deposits have no minimum.

Burning Restriction​

cpMOTO cannot be burned directly. The only way to remove cpMOTO from circulation is by withdrawing through the vault's withdraw function. This ensures that every burn is paired with a proper MOTO redemption and fee calculation.