Armada

Appearance

Transfer restrictions ​

ARM launches non-transferable and becomes freely transferable only when governance decides. Until then, it cannot be traded on the open market — but it can still be claimed, delegated, and voted with.

Why start non-transferable ​

Launching without a tradable token lets governance and distribution settle before a secondary market forms. Holders can participate in governance from day one, while the decision to open trading is itself left to governance rather than being baked in.

How ARM still reaches holders ​

While ARM is non-transferable, the transfer rule blocks any ordinary wallet from sending it — but it makes an exception for a small whitelist of protocol contracts. Those are the paths that put ARM into holders' hands:

  • Crowdfund — participants claim their purchased ARM.
  • Revenue-lock — early-network tokens are released to beneficiaries as revenue milestones are met.
  • Reserve distributor — pays contributor grants from the early-network reserve as it unlocks (see the contributor reserve).
  • Treasury — governance distributes ARM from the treasury.

The whitelist is add-only and managed by governance (the timelock); there is no way to remove an address or grant ordinary holders an exemption. So the only ARM that moves before the global unlock is ARM flowing out of these distribution contracts to holders — not ARM trading between holders.

Unlocking transfers ​

ARM becomes globally transferable when it is switched on once, irreversibly. Two things can flip that switch:

  • Governance can enable transfers through a proposal — the expected path once the protocol is established.
  • Wind-down enables transfers automatically as part of shutting the protocol down, so holders can move ARM to claim their share of the treasury.

Once enabled, transfers can never be switched back off.

Governance works the whole time ​

Non-transferability restricts trading, not participation. From launch, holders can delegate their ARM and vote on proposals; enabling transfers later doesn't change how governance works, it only adds the ability to trade. How voting and delegation function is covered next.