Cycles, Dark Listed and Supernova

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

1

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.

2

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.

3

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.

4

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.

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.