> For the complete documentation index, see [llms.txt](https://messier.gitbook.io/catalogue-de-messier/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://messier.gitbook.io/catalogue-de-messier/messier-dao/cycles-dark-listed-and-supernova.md).

# Cycles, Dark Listed and Supernova

<figure><img src="https://877763161-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FgC0s0PkYGNLajUKAMJ2m%2Fuploads%2FxD4c9aNmQsnyaHuWdbc4%2Fbanner-supernova.jpg?alt=media&amp;token=4bb8df0d-2be1-4147-af4d-2a183d15cebd" alt=""><figcaption></figcaption></figure>

**A cycle is a set number of successfully passed investment proposals, decided by the DAO.**

* The cycle length is a governance decision. Pōwehi can propose a new length and the Halo vote on it.
* In November 2025, stakers voted to shorten cycles **from 15 to 10 investments**.
* The current cycle holds 10 investments (see Current Cycle Status).

### Dark Listed

Wallets that stay staked for the full length of a cycle earn **Dark Listed** status, which makes them eligible for exclusive Supernova rewards.

* **Messier Objects NFTs are permanently Dark Listed**, because they are always staked.
* Wallet Dark Listed status **resets after each Supernova**. Stay staked through the next cycle to qualify again.

### Supernova

**Supernova is triggered through governance.** Once a cycle is complete, approving the next investment (the first of the new cycle) triggers Supernova. For example, in a 10-investment cycle, approving the **11th** investment fires it.

Stakers decide when that happens. The DAO can hold off on the next investment and let the cycle's portfolio grow first.

#### What Supernova does

{% stepper %}
{% step %}

#### Distribute alt tokens

The Supernova smart contract distributes **13% of all non-ETH treasury tokens**: 12.13% to Dark Listed wallets in the regular pool and 0.87% to the Messier Objects pool.
{% endstep %}

{% step %}

#### Sell for ETH

The remaining tokens are converted to ETH. That ETH is split: **12.13%** to the regular Dark Listed pool, **0.87%** to the Messier Objects pool, and **87%** back to the treasury.
{% endstep %}

{% step %}

#### Buy back and burn

The treasury can hold at most **87 ETH**. **Any value above 87 ETH, after staking rewards are paid, is used to buy back M87 on the market and permanently burn it.**
{% endstep %}

{% step %}

#### Start a new cycle

A new cycle begins under the same rules, with up to 87 ETH in the treasury. The pace of the new cycle depends on utility income, investment performance and staker decisions.
{% endstep %}
{% endstepper %}

#### Why timing matters

The burn only uses value **above** 87 ETH. Triggering Supernova when the portfolio is small pays out rewards but leaves nothing for the buyback. Growing the portfolio first leaves room for a meaningful burn.

For example, at a portfolio of 125–150 ETH, the buyback budget would be whatever remains above 87 ETH after rewards. These values are illustrative, not guaranteed outcomes or automatic triggers.