# Treasury
The treasury holds the protocol's external reserve, work-in-process, and started capital goods. It receives the 4% miner share and the launch surcharge, buys parts, tapes out and starts machines, then books mined `$BEM` to holders.
This page defines what the treasury may hold and where BNB may be spent. Where funds come from: [Capital Flows](/flows). How `$BEM` is split: [Dividends](/dividends). Who may call: [Control Surface](/control).
BNB is used only to fill Firsto orders and to pay the TapeOut tape-out fee. There is no function that sends BNB to the deployer.
## What the treasury can hold
### Undeployed reserve
BNB not yet spent. Sources are the 4% miner share, the launch surcharge, and any graduation peel if the balance is under 0.35 BNB. This is a kit budget, not a holder-redeemable reserve.
### Work-in-process
NAND and LATCH not yet taped out. Parts are ERC-1155 from Gates, bought on Firsto. They are inventory until tape-out. Tape-out is irreversible.
### Productive capital
Circuit NFTs from TapeOut, and miners already started on PodMining. This version has no NFT transfer-out. After start, a machine cannot be stopped. Once capital goods exist, they cannot be turned back into BNB.
### BEM payable
`$BEM` already pulled into the treasury and not yet claimed. This is a payable to holders, not a protocol take. The treasury does not keep `$BEM` as its own share.
`$TAPE` is not locked in the treasury. The `$TAPE` you hold decides whether you can claim `$BEM`.
## One machine
The kit cannot be edited. The netlist is in the contract. Tape-out hashes it again and reverts on mismatch.
| Item | Value |
|---|---|
| NAND | tokenId 0, 1 per machine |
| LATCH | tokenId 1, 9 per machine |
| Task | 220 (Johnson-8) |
| Cycles / gates / samples | 16 / 10 / 256 |
| Window | 64 blocks after arm |
| Batch cap | Buy or tape-out, at most 10 machines |
```mermaid
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flowchart LR
Buy["buyKit
kitBuyer only"] --> Tapeout["tapeout
anyone"]
Tapeout --> Arm["arm
64-block window"]
Arm --> Start["startJohnson
task 220"]
Start --> Harvest["harvest
anyone"]
Start -.-> Stop["stopMining
reverts"]
classDef hot fill:#f46622,stroke:#f46622,color:#120d09
classDef dim fill:#120d09,stroke:#3a2416,color:#b9a693
class Start hot
class Stop dim
```
Start is terminal. There is no stop path. Each machine can be tracked by its `Taped` and `Started` events.
## Buying parts
Only kitBuyer can buy. One kit, or n kits: n NAND and 9n LATCH. n is at most 10.
The contract checks that the order is a Gates part, that tokenId and side are correct, that size is enough, and that it has not expired. It then pays `price × quantity × (1 + fee)` in BNB. Parts land in the treasury.
The contract does not check price. The script reads the official TapeOut quote and book (`api-tapeout.firsto.ai`) and posts the cheapest live Firsto venue ids. Nobody else can spend treasury BNB directly. kitBuyer can fill a more expensive ask. See [Risks](/risks).
If Firsto has no live asks, tax stays as treasury BNB. The production function stops. The destination does not change.
## Tape-out and start
Tape-out, arm, and start are permissionless.
Tape-out needs enough NAND and LATCH in the treasury, plus an approval to TapeOut, plus the tape-out fee. The new circuit NFT must be owned by the treasury. Ready kits are `min(NAND, floor(LATCH / 9))`.
This launch uses Johnson only. Other start entrypoints revert.
Start is two steps and cannot share a transaction.
1. `arm` opens a window for a machine that is not live, whose window expired, or that was never armed. The window is the next 64 blocks.
2. From the next block, while the window is live, `startJohnson` uses the arm-block `blockhash` and hangs the machine on PodMining.
An expired window needs a new arm. `startJohnson` uses about 6.2M gas, so it cannot start a batch. Batching applies to buying parts and tape-out only.
After start, the machine cannot be stopped. Commitment device: [Design Goals](/goals).
## External contracts
These contracts are not in this repo. Addresses are on BNB Chain. This launch depends on them keeping the current interface.
| Contract | Address | Use |
|---|---|---|
| Firsto V2 | `0x5cebB870dEdC02a709CE7e8416B1b83F3946F572` | Buy NAND / LATCH |
| Gates | `0xCC42ba5De07f01B472a5b14cF45aBcCA79Eb8087` | Parts, ERC-1155 |
| TapeOut | `0xb1024b89886B9a34Aa4ff5F31C411D708b20a14C` | Tape-out, treasury receives ERC-721 |
| PodMining | `0x7E2E0DC66a3bD9103E69b766afA62d9f7b697b46` | Arm, start, harvest |
| `$BEM` | `0x5ce033B2bFCa3Af30b3e8C8457DeaF776A8b695a` | Reward token, 8 decimals |
| Pancake V2 | `0x10ED43C718714eb63d5aA57B78B54704E256024E` | Add liquidity at graduation |
Harvesting BEM from a machine requires the circuit NFT to still be owned by the treasury.
## Reading state
The contract does not store one progress bar. The page reads the queue and the ledger through these view functions.
| Function | Contents |
|---|---|
| `queue` | Kits ready, next to arm, next to start, live count |
| `snapshot` | Treasury BNB, parts, machine count, circulating supply, unbooked BEM |
| `machine` / `machines` | Whether a given machine can arm, can start, is live |
Anyone can continue in this order: start if a window is open, else arm, wait one block, tape-out if parts remain, then the executor buys if BNB remains. Poke order: [Contracts](/contracts).