Value accrual

Value accrual is not a utility, so it is written down apart from the thirty-one.

Revenue buyback

Protocol fees accrue in stablecoins and buy $SERAHOOD on the open market. No emissions, no farming. Zero revenue means zero buyback — the mechanism is honest about its own floor.

Points conversion

Volume routed through the desk before staking opens converts to $SERAHOOD when it does. Earned by usage, not sold.