The house, owned by the players.

01

Introduction

What Degens is, where the value comes from, and how it reaches the people who play it and back it.

Degens is a betting platform: a crypto casino and a sportsbook, owned by the people who play it and the people who back it. There are three ways in, and they are not priced alike. The Genesis NFT comes first and it is the cheapest $DGN will ever be: it is minted in waves, each wave costs more than the one before, and every one of them is priced under the sale that follows. The token sale comes later, open to anyone, at a price above a mint that has already sold out under it. The airdrop rewards people for playing, on top of the VIP rewards every player already earns. Slots, our Original games, live tables and a full sportsbook on real markets, provably fair, paid out instantly, on an interface built to be faster and cleaner than the site you came from. Those are the pillars of a platform worth using and we hold ourselves to every one of them. Then there is the part no other casino offers: where the winnings go. The interface, the games, the book and the instant withdrawals are what make it worth playing. The buyback is what makes it worth owning. It is what turns a player into a lifetime owner: when the house you play at is the house you hold, it stops being another tab and becomes the last one you open.

Value is captured at the house edge. Every bet carries one, across our Original games, the third-party library and the sportsbook alike. Single bets win and lose. The edge shows up as revenue across volume, and turn over enough and the house's share converges on it. That margin, less what the game providers take, less what the bankroll must hold, less what goes back to players as rewards and less what it costs to run the platform, is net revenue. 97% of it buys $DGN back on the open market and burns it, week after week. We keep 3%. Running the business is not in that subtraction: overhead, marketing and player rewards are paid for by the raise and the token allocations, which is what lets the share be 97% rather than a residual after operating costs.

This is where the winnings go. Net revenue buys $DGN on the open market and burns it. The buying is real, constant buy pressure in the open market with nothing on the other side of it, so the pressure only ever points one way. Every token it takes off the market leaves the rest holding a bigger piece of the same house. Own the token and you own part of the house, and it reaches every holder automatically.

Anon is how it is funded: 11,111 NFTs whose sale capitalises the house, seeding the float the casino pays out from.

The house edge is competitive, and it still exists. It just rewards the players instead of handing a disproportionate share to the founders.

02

The collection

What an Anon is, what it converts to, and what holding one admits you to.

Anon by Degens. 11,111 Anons, minted across 5 waves that price upward. Each Anon carries a rarity, and the rarity decides how much $DGN it redeems for at the claim.

Rarity comes from the traits each Anon is drawn with, and the traits are assigned completely at random. Every Anon is minted face down, and the art and the allocation are revealed together on the reveal date, so nobody can pick the rare ones out of the collection. The order you mint in has no bearing on rarity, only on price: the odds are identical in every wave, and all your position decides is what you paid.

The art stands on its own. Every trait an Anon is built from is drawn for this collection and then composed generatively, so there is no such thing as a leftover Anon. It is the mark of the people who put the house on its feet. And an Anon is not a static collectible: it is where the gamification we have planned will live, so what it does on the platform keeps growing rather than ending at the mint.

An Anon is hand-drawn generative pixel art, and it does two more jobs. It converts, into the allocation its rarity sets. It admits: holding one is the Owners Club, the room where the people who capitalised the house talk to each other. The Owners Club has no other door. $DGN itself can be bought in the token sale that follows the mint, or earned by playing; what only an Anon carries is a fixed allocation set by its rarity, and once the mint closes there is no ladder to climb: from then on the only way to hold one is to buy it on the open market. That money is the float the casino pays out from. More holder benefits are detailed at release.

It is transferable and it is redeemable. Transferable means you can sell it. It trades like any other NFT, on the marketplaces you already use, at whatever the open market has set. Redeemable means the claim it carries can be taken. Redeeming takes the tokens and leaves the Anon. The art and the Owners Club standing stay with it, and so does the print. The print is a claim in its own right, one per Anon, redeemed the same way the tokens are and counted separately from them. Taking the tokens does not spend the print, and taking the print does not spend the tokens. They are two claims on one Anon, and each is consumed only by being redeemed.

TLDR11,111 NFTs. Each one converts to a fixed $DGN allocation set by its rarity and opens the Owners Club, which nothing else does.

03

The waves

How the price is set, and why it rises as the collection sells.

The price is set by how many have sold. A wave opens when the one before it fills, so the cost of an Anon rises with demand.

If a wave is oversubscribed, nothing about the ladder moves. Interest above what a wave holds does not change a price or open a bigger wave: the wave sells out, the next one opens at the price already published for it, and that is the entire point of setting the ladder in advance. Nobody is allocated ahead of anybody, and no wave is enlarged because it filled quickly. A collection that sells out lands the raise at its ceiling, opens the bankroll at its full size and closes the mint on the day the last Anon goes rather than on a date we picked, and the ladder is written so that it needs no changing when we get it.

The waves are sequential, so a wave that does not fill is where the mint ends and the collection closes short. The unsold Anons are not destroyed: they are held back and may be offered later. Nothing about the ladder moves, because a claim is fixed per Anon by its rarity rather than as a share of what was sold, so a short collection claims less in total and not less each. And the house is capitalised by whatever was raised, which the bankroll section already turns into a starting bet limit that rises as the float grows. A smaller raise is a smaller opening book. As the casino takes market share the reserved Anons are re-offered, so the collection still sells out in full.

You deposit at the ceiling and are refunded down to your wave. Every reservation is taken at the top wave's price, not the price of the wave it lands in. When the sale closes and every position is fixed, each Anon is charged the wave it actually falls in and the difference is returned to your balance, to withdraw or put toward more. The deposit covers the highest the ladder can reach, so a reservation is never short and settlement only ever pays money back, it never asks for more. The wave you enter is still the price you pay; holding the ceiling is only how we collect it without guessing your wave before the fill is done.

Price by cumulative supply. The horizontal axis is compressed, so it is not to scale.

The price holds through a wave and jumps when the next one opens. The table below states every size exactly.

A wave raises its size times its price.

TLDRThe price is set by how many have sold, so the earliest buyer gets the best terms anyone will ever get: the lowest price, and the largest claim per dollar, on the same collection everyone else pays more for. Wait and you pay what the wave you land in charges. That is the ethos: the people who back us earliest are the ones it rewards most. Get in early and you get the price you deserve.

04

The rarity ladder

What rarity changes, and the one thing it does not.

A Common Anon carries a claimable token allocation of 1,111,111 $DGN. Every other tier is a simple multiple of that: two times, three times, eight times.

The collection by tier: 8,400 Commons against 111 Legendaries, out of 11,111.

The whole collection’s claim, in one line. It does not move with the raise: the ladder fixes what every Anon redeems for before the first one is minted.

Weighted against a Common that is 15,088 units, and at 1,111,111 $DGN a unit the collection can claim 16,764,442,768 $DGN in total, or 1.68% of the 1,000,000,000,000 supply. That is the Genesis NFT claim allocation in full: the ladder spends it exactly rather than sitting inside it, and the 3.32% it does not reach is the Collection multiplier pool.

TLDRRarity multiplies the claimable token allocation and nothing else. It changes the size of that allocation, never the odds, the rakeback or the standing.

05

The problem

Why a token attached to a casino usually fails, and what this one does differently.

Crypto casinos make enormous revenue and almost none of it reaches the players.

Where a token exists at all it is run as a marketing campaign rather than a core part of the mission: the platform sends it a small share of the take and keeps the rest. Most of the supply usually sits with insiders who paid very little for it.

That concentration is what holds the price down. Tokens bought at close to nothing are profitable at almost any price, so whoever holds them is always willing to sell, and nothing in the position asks them to believe in the mission. That is an overhang: a standing wall of sellers above the price. Every poorly designed token runs into this, the moment it begins to rally. A token can have real burns, a transparent dashboard and a real product and still never move, because the supply above it is always for sale. Every catalyst that should send the price up is absorbed by that wall before it reaches the chart. Every bid a rally brings in is met by an insider taking the other side, so the volume the move creates is the exit they were waiting for, and the upside is capped by the people who were handed the cheapest supply in the first place. And the burn set against that wall is usually a trickle: a house turning over real money commits a tenth of it to the token, so the price creeps when it could be firing. Supply above the price clears at the rate the burn is pointed at it, and almost every one of these is set to a drip rather than to full blast. By the time a team works out that the drip is the problem, it is too late. The moment to do right by the people who backed them has gone, the holders who waited have left, and the trust the token had has been eroded.

One casino markets itself as the future of crypto betting. About 65% of its supply went to insiders, which dilutes everyone who believed the pitch and enriches the founders' friends and family instead of their biggest believers. Seven months after launch it moved its bigger burn into a weekly lottery, so the buyback now fires only on bets placed in its own token, which is a small slice of what is wagered. A lottery also pays the biggest holders most often, and the biggest holders are the same insiders who paid almost nothing for the supply. A mechanism sold as a reward for the community mostly pays the people who were already ahead.

Another publishes its own dashboard. It puts about 10 to 13% of gross gaming revenue into the buyback. The house keeps the other 87 to 90%. Who holds the supply is never made plain either, so there is no way to check who the burn is working for. A dashboard that reports the flow while the allocation stays vague is half an answer.

At the competitors above, the round that matters is one you will never get access to. The first money into a raise like that is private, at a price the public never sees. By the time there is a public round, the cheapest supply is already held by people who can sell into it. At the rival above, public buyers paid about $20M for roughly 5%. That is fundamentally unfair, and it is the part nobody defends out loud. Here the first money in is the public. The raise is made by the community, for the platform they will own. There is no private round, no negotiated allocation and no back-room OTC deal: if you want in, you buy on the same terms as everyone else. Wave one is the lowest price an Anon will ever have. The advantage a private round hands to insiders is handed to the early believer instead, and on both counts: the price of the Anon, and the $DGN that price claims. Rarity is drawn the same way in every wave, so what an Anon is expected to claim does not change while the price does, and the earliest money buys more $DGN per dollar than anyone who will ever hold one. Every wave is still priced below the sale that follows it, so everyone who mints is early on the same curve: the earliest believers get in cheapest and carry the biggest edge, and everyone behind them still buys under what the public will pay. Put plainly: every Anon minted is bought below what the same claim will cost anyone who arrives after the mint.

Routing a burn through a lottery makes the buyback itself a bet. A holder is then gambling twice: once on the platform, and again on whether the thing meant to back the token fires this week. Tokenomics do not have to be a gamble. The one part of a casino that should be certain should not be left to chance.

Both are the same failure, and it was not that the business could not afford the promise. It was that the promise was never the point: the supply had already been placed with founders and early backers at a price the public never saw, so once that supply was liquid the mechanism had done its job and could be quietly cut down. This design is built against that. Marketing is paid from the allocations, so a campaign is funded from what the project holds rather than out of the burn. The bankroll reserve comes off gross before net revenue exists, and it stops at a ceiling, so the float is funded first and the deduction cannot quietly grow. There is no mint function, so supply only ever falls. The buyback has to survive a bad quarter. Degens is built to work from the first week and to keep working over the long term: the buyback fires on the first week of revenue and on every week after it, and the incentives compound. We are playing long-term games with long-term people, and time is on the side of the house that pays its players.

Zoom out and it is simple. The engine is a casino taking an edge on real volume and spending a fixed share of what it earns buying its own token back. It needs no cycle, no narrative and no launch window — only turnover, and it compounds for as long as the turnover lasts. Our mission is to build the biggest casino in the space and to rival the largest books in it, because the bigger the house gets the harder that same 97% works for everyone holding. That is the whole of it: own the house, and grow it together.

06

The buyback

How the casino's revenue reaches the token. The whole structure rests on this mechanism, so it is set out in full here.

The weekly sweep. 97% of what survives all five deductions.

The same sweep repeated. At a constant weekly rate the supply left after n weeks is a decay.

The formula gives you the size of the burn and the interval. What it does not give you is the route - which pool the money came out of, and what was taken from it first. The diagram below draws that route: every branch that leaves is one of the deductions, and the one that does not leave is the buyback.

The path from a bet to a burn. The two hollow boxes are where money leaves for good.

Each sweep removes the same share of what is left rather than a fixed number of coins, because the price is the market capitalisation over the supply. Call that share r, the week's burn divided by the capitalisation, and the number of weeks n: supply after n weeks is what it started as, times (1 − r), n times over. That is the curve in Fig. 5 and the only reason it bends.

The mechanism is conditional on net revenue and on nothing else. There is no guarantee about the frequency, volume or price impact of buyback operations, and if net revenue is zero, buyback is zero. What net revenue comes to in any given week is set by the market and by how much the platform is used, not by us. That condition is also the whole of our incentive, and it points one way: there is no side fee, no private allocation to sell into and no second pool to route the take through, so the only way this project grows is by making net revenue larger. It is the same number the burn is struck from. We intend to build the biggest casino in crypto for exactly that reason, because the size of the burn is the size of the house.

The arithmetic is fixed and published; the three assumptions are yours.

The model prices the token as the capitalisation over the supply, so a week’s spend buys a share of what is left rather than a fixed number of coins, which is what makes the curve bend. A fixed price would draw a straight line and imply the price never moves while a quarter of the supply is destroyed. Revenue compounds weekly off the annual rate you set and the capitalisation compounds with it, so the burn stays a constant share of supply. That means the growth rate does not change the curve at all: it sets how large the business and its capitalisation become, and the share burned each week is the same whatever you choose. The implied price beside the chart is that same division and nothing more: your capitalisation at the week you are reading, over the supply left at that week. Nothing here is a forecast, and that line least of all: this paper quotes no revenue figure anywhere, which is exactly why the revenue, its growth and the capitalisation are all sliders.

The flywheel, in four steps. Each one is the same arithmetic as the waterfall below, run once a week across the casino and the sportsbook.

Two rates are not set yet, and the table says so rather than guessing them.

None of the above pays for the casino. The raise is what capitalises the house: the bankroll behind instant deposits and withdrawals from day one, the licensing and integrations, and the operating capital the business runs on. That is the whole reason the buyback can be 97% of net rather than a residual after operating costs, and it is why the reserve on the row above tops the float up rather than funding it.

TermWhat it means

Allocation

97% of net revenue buys $DGN back and burns it. 3% retained. See Marketing for the one discretionary exception.

House bankroll

Before net revenue is worked out, 10% of gross gaming revenue is kept to grow the bankroll, so payouts stay instant and bet limits rise. A fixed rule, not discretionary.

Net revenue

Gross gaming revenue after game provider fees, the bankroll reserve, player rewards and operating costs. Marketing is funded from the token allocations and the raise, not from this revenue.

Scope

All games, all currencies, all bet types.

Effect

Burned tokens are permanently removed. Supply only decreases.

TLDR97% of net revenue buys $DGN on the open market and burns it. The house goes on earning the same, and there are fewer tokens left to share it between, so every token still held is a bigger slice of the same business.

07

Transparency and verification

The three addresses and the weekly figures that let anyone check the 97% without taking our word for it.

The buyback is only worth anything if it can be checked, so the whole flow is built to be audited by anyone. Every buy and every burn is carried out on-chain, without exception, so each one is a transaction a reader can open rather than a figure they have to take our word for. Every figure between gross revenue and the burn is published weekly, each row linked to its transaction - not just the burn, which on its own would prove nothing about the five deductions above it.

A performance dashboard renders every one of these figures over time, with each row linked to the transaction behind it, so the flow can be watched. It is on the roadmap after the airdrop.

AddressWhat it does

Buyback wallet

Receives the weekly net-revenue sweep and buys $DGN on the open market. Every buy is an on-chain transaction.

Burn address

Where bought-back $DGN is sent and can never return. Every burn is an on-chain transaction.

Token contract

Fixed supply, no mint function after genesis. Anyone can watch the supply fall.

And at the Token Generation Event, three Ethereum mainnet addresses are published, so the same flow can be watched and verified on-chain by anyone.

TLDRThree addresses, a live dashboard and a weekly published waterfall. Every figure between gross revenue and the burn is on-chain, so you can check the 97% yourself without having to take our word for it.

08

The $DGN token

Supply, cap, and the two ways $DGN is used inside the platform.

$DGN has a fixed maximum supply of 1,000,000,000,000 (one trillion). No tokens will ever be minted beyond that cap. There is no mint function after genesis and burns only ever subtract, so the supply is monotonically non-increasing: it can fall, and it cannot rise.

The supply can only ever fall.

$DGN is an ERC-20 on Ethereum mainnet, the same chain the mint is priced and settled in. It matters here: every claim in this section is checkable only if the contract, the buyback wallet and the burn address sit on a chain anyone can read without asking us for access.

It is a utility token for use within the Degens ecosystem. It is not a security, equity, debt instrument or investment contract, and holding it confers no dividend, profit-share, voting or governance rights.

Two quantities, and nothing on the right that can grow. The cap is fixed and burns only subtract, so the left side has one direction available to it.

UseHow it works

The house buys it back

97% of net revenue buys $DGN on the open market and burns it, on-chain, week after week. That is demand under the token that arrives whether or not anyone is holding it.

You can bet with it

Use $DGN as your wager currency across the casino and the sportsbook, at a boosted rakeback rate. The buyback runs on all net revenue whatever currency a bet is placed in, so it never depends on how much $DGN is wagered.

Holding it pays you

Rakeback and VIP standing both rise with how much $DGN you hold, so the same play earns you more.

You can stake it

Lock it for a boosted rakeback rate and a share of the rewards pool, with a cooldown before it unlocks. Those rewards come from the rewards allocation, never from the 97%.

It is what the NFT claims

$DGN is what a Genesis NFT converts into, and what the Owners Club benefits are paid in, including a future airdrop to the wallets holding one.

Five uses. Only the first happens on its own; the other four are things you choose to do.

TLDRFixed cap of one trillion. The ceiling can only ever fall, never rise.

09

Allocation

There are no private rounds, no venture allocations, no advisory tokens and no insider pricing of any kind.

A small part of the NFT allocation is reserved for the people who backed the last thing. These are the people who gave us our start in crypto: Acrocalypse and the wider web3 community who built the NFT era in the first place, drove the innovation the rest of us are still standing on, and held through everything that came after it. The Anon ladder reaches 1.68% of supply and the NFT allocation is 5%, so the 3.32% the ladder does not reach becomes the Collection multiplier pool: an allocation for holders of the allied collections who come and mint an Anon. It is recognition for having held, and it is paid to a wallet rather than to an Anon.

It changes nothing about what a new buyer gets, and that is by construction. Every Anon claims exactly what its rarity says, whoever mints it, which is the property that lets one be sold to anyone at all; a multiplier on the claim would end that, so the pool never touches it. The pool is the part of the allocation the ladder does not reach, so no buyer's claim is one token smaller because it exists. It reserves no mint spots, so everyone competes for the same waves at the same prices. And it is one ninth the size of the ladder. Nobody arriving new is behind because of it.

What you get is a proportion, not a fixed figure. The pool is divided between everyone who claims, in proportion to what they held at the snapshot, which has already been taken: buying into any of these collections now cannot qualify a wallet. An Acrocalypse counts in full, a SpaceCraft counts as 5% of one, and every other collection counts as 2%; the rate for each is published on the mint page, beside the collections themselves. There is no cap on a wallet: hold ten and you count ten times, because a bigger position was a bigger commitment, and we are here to reward conviction, not to penalise it. The pool is a fixed number rather than a promise per wallet, so it cannot be overspent however the holdings fall, and Acrocalypse holders are guaranteed at least 85% of it whatever the turnout looks like.

Conviction is measured in time, not only in size. How long a wallet held before the snapshot sets a hold-duration multiplier on top of its rate, so the longest hands take the largest share of the pool and step to the front when the round opens. A wallet that bought in at the last moment is not a diamond hand, and the earliest rounds are not for it. This cannot be gamed: the snapshot block has already passed, so nobody can hold longer in hindsight. Diamond hands, not paperhands - the people who held through everything are the ones this rewards first.

And it pays to turn up. The split counts what is actually claimed rather than what is eligible, so allocations left behind by wallets that have gone quiet go to the people who came back. Every token in the pool is issued, and the fewer people who claim, the more each of them receives.

Worked through: the pool holds 33,236,000,000 $DGN. If 25% of every eligible token is claimed, one Acrocalypse comes to about 1,832,420 $DGN and one of the other collections to about 36,648. At half that turnout both roughly double, and at full turnout both roughly halve. The figures move with how many people claim, which is the only honest way to state them before anybody has.

The snapshot has already been taken. Eligibility is read from the Ethereum mainnet on 8 September 2026, at block 25,932,811, hash 0xdeede207da6c3ba99323afb51330c072b7b252e0c6d2b5e2370c54f874a85b8a. It had already passed before this paper named it, so buying into any of these collections now cannot qualify a wallet and nothing anyone does from here changes who is on the list. Staked tokens count. Roughly three quarters of Acrocalypse sits in its two staking contracts, and the snapshot reads through both of them to the person who staked. The full list of allied collections is published before the mint.

The full supply by share: the community's 57% against the team's 12%.

The two allocations a person can earn rather than buy, in the order they open.

Everything the project controls (team, treasury, and the ecosystem and marketing budget) is locked or vested over one to four years, none of it liquid at launch, and the liquidity is locked so it cannot be pulled. Everything the community receives (the airdrop, the sale and the NFTs) is liquid at the Token Generation Event. That is what aligned incentives actually look like: we have the same skin in the game as everyone else holding. Locked supply cannot be sold into a rally, so the only way it is ever worth anything is if the casino is still here and still earning years from now, and the token with it. We are paid the same way you are: by the house getting bigger and the supply getting smaller.

ChannelHow it is funded

Paid acquisition

From the raise and the ecosystem allocation. Bounded, and it does not touch net revenue.

Holders

The referral share, paid from the ecosystem allocation. Grows with the holder base.

Product

Funded by building it rather than by spending on it. Provably-fair games, instant payouts and a published buyback: the cheapest acquisition there is, and the hardest to earn.

TLDREverything the project controls is locked or vested over one to four years. Everything the community receives is liquid at the TGE.

10

Capital and the bankroll

How the house funds its own float, and why that deduction comes before the buyback.

If the platform is already built, what is the raise for? Not for building it. The casino, the sportsbook and the Originals are built and audited; they open to players in the second stage, about two months out. What a house cannot open without is a float: money on the table to pay winners from, and enough of it that a good run for the players is not a problem for the book.

A casino carries a risk the more common crypto products do not. An exchange, a trading terminal or a launchpad all take a fee for standing between two other parties, and none of them needs capital of its own to do it. An exchange matches orders and takes a fee, and it is never on the other side of the trade. A terminal routes an order and bills for the routing. A launchpad takes a cut of a raise and hands the risk to whoever bought, and it is solvent whatever happens next. A casino is the counterparty to every bet: the float moves with results, and a run of player wins is paid from the house's own capital. That is what the raise is for. It is working capital, not a growth round, and it is what lets the book absorb variance, hold its limits steady and pay instantly through a losing week. A holder never feels that swing: the buyback runs on net revenue, so a losing week reaches it as a smaller number, never as a loss handed on.

A casino is only as fast as its float. The raise capitalises the house up front so payouts are instant from day one, rather than being funded out of the revenue the buyback depends on.

The raise funds the casino. It capitalises the bankroll, pays for the licensing, the game and sportsbook integrations and the platform build, and covers operations while the book grows. That is what it is being raised for and it is what it will be spent on. It is not held in trust, escrowed, or ring-fenced, and the team allocates it at its own discretion. In legal terms that means no purchaser of an Anon or of $DGN acquires a claim on those funds, a right to an account of them, or a vote on how they are spent. In practice there is only one thing to spend it on, because our incentives leave nothing else: the raise builds the house, and the house's net revenue is the only pool either side of this earns from. Spending it anywhere but on the platform would be spending against ourselves. The Owners Club is a seat at the table. It is where the direction gets discussed, and it is meant for the players who care enough to have a view on it: the ones who use the platform every week, who can say what is wrong with it, and who want a say in what gets built next. Holding an Anon buys no vote and it does buy the seat: the people who capitalised the platform are the people the team takes its steer from, and if you want a hand on where this goes, that is where the hand goes. The commitment this paper makes is about revenue, which is a different pool with a rule attached to it: 97% of net, on-chain, checkable every week.

RuleWhat it does

Reserve

10% of gross gaming revenue is held back before net revenue is worked out. A fixed rule, not a discretionary one.

It absorbs variance

In a week where players win more than the house, net revenue is zero: no top-up, no buyback, and the bankroll covers the shortfall. That is what it is for, and it is why the raise capitalises it in advance.

It sets the limits

A larger bankroll is a larger maximum bet, so the reserve compounds the house capital week after week. That is what lets the book take serious action, and it is what brings the biggest players to it: a whale bets where the limit is high and the payout is instant, and both of those are the bankroll. A house that cannot cover the bet does not get asked twice.

A single large payout

Exposure is bounded before it happens rather than covered after it. The maximum bet is set from the bankroll, so the largest liability the house can take on one event is a fixed fraction of the float, and it rises only as the float does. That bound is the protection; a jackpot is not an event the house is exposed to beyond it.

What it cannot come out of

Not the buyback. The reserve and the game provider fees come off gross before net revenue exists, so a losing week reaches the buyback as zero and stops there; there is no mechanism by which a payout is funded by burning less. Whether the treasury stands behind the bankroll beyond that is a parameter, and Parameters records it as not set rather than assumed.

TLDRThe house holds its own float. The bankroll reserve is deducted before net revenue is struck, so the buyback can never be paid for by under-funding the games.

11

Earnings

What a player earns, what it scales with, and where it is paid from.

These five rewards are one program. Every casino worth playing at runs a VIP ladder, and a player arriving from another book will look for it by name and compare it line for line, so this one is built to stand that comparison: tiers climbed on wagered volume, a rakeback rate that rises with the tier, level-up and reload bonuses at each step, and standing that does not reset after a losing run.

Rakeback and VIP standing are paid out of gaming revenue, and that is the normal way a casino runs them. They are worked out from what a player loses, which is the same number the house earns, so they scale with the business rather than against it: a bigger book pays bigger rewards out of a bigger take. They are a cost of running a casino, like the game provider fees are, so they come off gross before net revenue is struck and the 97% is taken from what is left. That is the honest ordering, and it is why the buyback is 97% of a smaller number rather than a fraction of a larger one.

Staking pays holders to lock $DGN rather than sell it, which takes supply off the market and steadies the float through launch. It carries no voting or governance rights: it is a product benefit, not a security.

$DGN is also a wager currency. You can bet with it directly across the casino and the sportsbook at a boosted rakeback rate, and the buyback is unaffected either way, because it runs on net revenue whatever currency a bet is placed in. The full mechanics of staking and of betting in $DGN are specified at release.

TLDRThe five rewards are one VIP program, built to compare with what any other book offers. Rakeback and VIP standing are paid from gaming revenue, worked out from what a player loses, and come off gross before net revenue is struck. Staking, referrals and the NFT claim are paid from their token allocations.

12

Marketing

How growth is paid for, and the one case where the buyback is not the whole 97%.

Growth is funded from the token allocations and the raise. The ecosystem and affiliate budget pays for acquisition, the referral share pays holders to bring players, and neither draws on net revenue. That separation is the reason the buyback can be 97% at all: every other casino routes a slice of revenue to its token and spends the rest on acquisition, so the token and the marketing budget compete for the same dollar.

There is one exception, and it is ours to use. Where an activation would do more for the platform than the burn it displaces, a portion of the buyback can be spent on it instead. In practice that means events of our own: a Degens night, a livestreamed tournament, a boxing card put on with the influencers our players already follow, or an event staged around a moment the market is already watching, a world title fight or a major final. They cost real money and they bring real eyes, and attention is what turns into players, and players into the wager volume the 97% is struck from.

We think we need that flexibility. Without it the only lever we have is the burn, and a burn that can never be traded for growth is a burn on a house that has stopped growing. Our incentive is the same as yours: a bigger platform, and a bigger return for the people holding the token. If we judge something worth doing we will do it, and we will say so when we have. The 97% is a commitment about where net revenue goes rather than a promise that every dollar is burned in the week it arrives.

What bounds it is disclosure rather than a cap. Any activation funded this way appears on the transparency dashboard as its own line between net revenue and the burn, so the amount, the week and the reason are visible in the same place the buyback is, and a reader can see exactly what was spent instead of burned.

TLDRMarketing comes out of the allocations, not out of revenue. The single exception is a discretionary activation funded from the buyback, disclosed as its own line on the transparency dashboard, which updates as the numbers land.

13

How to participate

Who can take part, and the three steps from minting to receiving the allocation.

The waitlist gets first dibs. Everyone who signed up during the waitlist has their email and wallet on the list already, and that list gets first access to the mint before it opens to everyone else. Signing up is still open and it still moves you up the list - the list is how access is ordered, so joining it today puts you ahead of everyone who joins after you. You will get a series of emails and notifications well before the mint opens, so there is time to fund a wallet and be ready rather than finding out on the day.

After that, eligibility is read on-chain from the wallet holding the Anon at the time of the claim. There is nothing to sign and no form to fill in at any point.

There is one snapshot, and it has already been taken. The legacy snapshot, the one that decides the Collection multiplier pool, was taken at Ethereum block 25,932,811: what you held in the allied collections is settled and nothing done from here changes it. The Anon side is not a snapshot at all, it is a claim. The $DGN an Anon carries is claimed by whichever wallet is holding that Anon when the claim is made, so it follows the Anon rather than being fixed to a block.

Because the Anon is transferable, the claim travels with it. Sell the Anon before claiming and the allocation goes with it; claim first and the allocation is already yours and the Anon can be sold without it. There is no block to be caught on the wrong side of.

Holding one of the allied collections is not a separate door. What the legacy snapshot decides is how much you receive, not when you get in: it weights your share of the Collection multiplier pool, paid to the wallet on top of whatever the Anon you mint already claims. There is no collection you have to have held to take part.

The waitlist and the legacy snapshot answer two different questions, and neither spends the other. The waitlist is joined by a person: it is open right now, it is ordered by when you signed up, and what it decides is when you mint. The legacy snapshot is held by a wallet: it cannot be joined because it has already been taken, and what it decides is how much you receive. One is access, the other is allocation.

So the mint opens in two passes. The waitlist first, in the order people joined it. Then the public sale, after a window, open to anyone with no list to be on. A legacy holding changes neither of those: it is read at the claim and paid into the same wallet, whichever pass that wallet minted in.

1. 1Mint an AnonWaves price upward as they fill. The wave you enter is the price you pay.
2. 2Hold it to the claimThe allocation is read on-chain from the wallet holding the Anon when the claim is made. Nothing to sign.
3. 3Claim your $DGNAt the Token Generation Event (TGE) the allocation is yours to claim to the wallet holding the Anon.

Three steps, no forms. Only the first is timed, because waves price upward as they fill.

The order of the rounds. The first two are the mint; a legacy holding is read at the claim and changes how much, never when.

14

The casino you own

What the platform is, how fairness is proved, and what owning it does and does not mean.

A full crypto casino: original games and slots, plus a custom sportsbook, with provably-fair mechanics and instant payouts. It is gamified throughout, so playing it builds something rather than only settling a bet. It is built as a focused, premium product rather than a skin over someone else's software - the interface, the games and the book are ours, and the standard we hold them to is that using it should feel better than the site you came from.

The platform opens in two stages. Stage one is live now: minting an Anon, this whitepaper, and your account - sign in, settings and the wallet. Stage two, about two months out, opens the casino and the sportsbook to players: the Originals, slots, live tables and the book. What is built is being opened in order, not held back.

Provably fair is what this casino is built on. It means you can check, after every bet, that the result was decided in advance and not changed once you played. Before each bet the server commits to the result with a hashed seed, then combines it with a seed you control, so once the round resolves you can run the verification yourself. Every Original ships with the verifier built into the game, so checking a round is opening a panel rather than writing code.

It covers our Original games and nothing else, not the third-party studios' titles. The Originals are the ones built in-house, where the seeds are ours to publish. The third-party slots and live tables run on the studios' own servers: an operator never sees the mechanism, so no operator can prove it, and any casino claiming otherwise about a partner title is claiming something it cannot check either.

“Own the house” describes economic alignment, not legal equity: 97% of the casino's net revenue is used to buy back and burn the token you hold, and your exposure is to that buyback.

It operates under a gaming licence issued by the Government of the Autonomous Island of Anjouan, Union of Comoros. The holder and the licence number are withheld while the licensing is reissued, and both will be stated here once it is in force.

1. Stage one - live nowNowMint an Anon, read the whitepaper, and run your account: sign in, settings and wallet.
2. Stage two - the house opens~2 monthsThe casino, the Originals, live tables and the sportsbook go live to players.

15

Parameters

Every figure that governs the round. Final values are confirmed before the mint opens, and the team may adjust any unfixed parameter at its discretion where it serves the platform and the people holding it.

Collection size

11,111

Waves

5

Wave sizes

111 / 333 / 1,111 / 3,333 / 6,223

Wave prices

0.09 / 0.11 / 0.14 / 0.18 / 0.22 ETH

Token supply

1,000,000,000,000

To NFT holders

5% (50,000,000,000 $DGN)

Claim per Common

1,111,111 $DGN

Rarity ladder

1x / 2x / 3x / 8x

Weighted units

15,088

Claimable in total

16,764,442,768 $DGN (1.68% of supply)

Net revenue to buyback

97%

Bankroll reserve

10% of gross gaming revenue

Network

Ethereum mainnet

Allocation per wallet

One allocation per qualifying wallet

Mint access

Waitlist first, in join order, then a public sale open to anyone

Rarity assignment

Random, revealed after the mint

Reveal commitment

Not set

Token sale price

Not set

VIP tiers and rakeback rates

Not set, published before launch

Player rewards as a share of gross

Not set

Operating costs as a share of gross

Not set

Legacy snapshot

Ethereum block 25,932,811, 8 September 2026, already taken

Unfilled wave

The mint ends there; unsold Anons are reserved, not burned

Minimum raise to proceed

Not set

Reserved-Anon release terms

Not set

Treasury backing

Not set

Reveal date

Not set

TLDREvery number that governs the round, in one table. Anything not settled says so.