The SHIPEX Economy

$SHIPEX is a utility token used only to access the loyalty program and its benefits. It is not an investment, a security, or a financial product, and it grants no ownership or financial rights. Every hard figure on this page is read live on the BNB Smart Chain contracts or is clearly labeled as a design choice. Reward rates are variable and never guaranteed.

#Overview: what the SHIPEX economy is

The SHIPEX economy is the set of rules that govern how the $SHIPEX token is created, allocated, and used to give verified members access to the SHIPEX loyalty program. It has one job: to connect members to the real maritime economy on-chain, in a way that is transparent, non-custodial, and compliant by design.

Three ideas hold the whole model together:

1. A fixed, fully defined supply. There is a single, capped quantity of $SHIPEX. Rewards are never created by printing new supply. They are paid from a pre-funded pool that is already part of that fixed quantity.
2. A reserve-funded reward model. Loyalty rewards are paid from a dedicated on-chain reward reserve. The contract can only pay what the reserve holds. A claim that would exceed the funded reserve is rejected on-chain, not silently reduced.
3. A link to real vessels. On-chain supply is reconciled against a class-society-attested vessel reserve through on-chain Proof of Reserve, so what exists on-chain maps to real vessels members can see in the app.

Everything below expands each of these ideas with the exact live figures, the contract-accurate math, and clearly labeled design choices where a number is a plan rather than an on-chain fact.

#At a glance

The token contract, the program contract, the total supply, the decimals, the funded reserve, and the four tier reward rates are all readable directly on-chain. The reference price is a fixed feed used on testnet, where no liquid trading pair exists yet; at mainnet it is intended to be wired to a venue or oracle.

#Design principles

Fixed supply, no dilution from rewards. The 1,200,000 supply is the outer boundary of the economy. Rewards are funded from a carve-out of that supply, not from new issuance, so participating members are not diluted by an ever-growing quantity.

Reserve-funded, liability-capped. The reward reserve is a real on-chain balance. The program contract pays rewards from it and can never pay more than it holds. This caps the program's total reward liability at the funded reserve and makes over-promising structurally impossible.

Rate locked at entry. When a member joins a tier, the reward rate in effect at that moment is stored on their position. A later change to the published rates does not alter an open position. Fairness is therefore built into the data model, not just into policy.

Non-custodial by construction. The program never holds member keys or takes custody of member tokens. Members approve a precise allowance, activate an amount they choose, claim rewards when they wish, and release the tokens they participated with at tier completion. Each step is signed in the member's own wallet.

Compliant by design. The mainnet model is built around ERC-3643, the permissioned, identity-gated token standard, so that only verified, eligible wallets can hold or transfer the permissioned token once it is deployed. A one-time KYC establishes a single verified identity per wallet, in line with MiCA and VARA expectations. The current testnet token is a simplified build.

#Supply model and why two decimals

#The supply

$SHIPEX has a total supply of 1,200,000 tokens. Of that supply, 200,000 is already funded on-chain to the reward reserve on testnet, leaving 1,000,000 as the non-reserve portion that can circulate and participate. This split is not incidental: as the reserve section below shows, 200,000 is exactly the amount needed to fund one full year at the highest tier rate on the entire 1,000,000 non-reserve supply.

#Why two decimals

Most tokens use eighteen decimals by convention. $SHIPEX deliberately uses two. This is a considered choice with several consequences.

• It is an access and loyalty unit, not a micro-payment rail. $SHIPEX exists to grant access to the loyalty program. It does not need eighteen-decimal granularity for high-frequency fractional payments, so that complexity would add nothing.
• The granularity already exceeds the value of a cent. With a small fixed supply of 1,200,000 and a reference price near $0.43, the smallest unit of 0.01 SHIPEX is worth roughly $0.0043. Finer subdivision would be smaller than a cent of value and would only clutter the interface.
• It reads like a currency. Whole-and-hundredths mirror the conventions of money and loyalty points, so a member reads a balance of 1,234.56 SHIPEX the way they read a bank balance. This reduces interface error and makes reward figures, tier examples, and value coverage all display cleanly to two places.
• It has a precise, honest effect on reward math. On-chain arithmetic is integer arithmetic. With two decimals, one whole SHIPEX equals 100 base units, and rewards below 0.01 SHIPEX truncate to zero until enough time passes to cross that threshold. This is a transparency feature, not a bug: the app never shows a claimable figure the contract would round away.

Worked truncation example. Take a member who activates 100 SHIPEX (10,000 base units) in the Daily tier at the 8% reward rate. Applying the contract formula, the position needs about 39,420 seconds, roughly 11 hours, to accrue its first whole base unit of 0.01 SHIPEX. Before that, an honest reading of claimable rewards is 0.00. Over the full 1-day term the position accrues about 0.02 SHIPEX. Two decimals make this behavior visible and predictable rather than hidden inside eighteen-place dust.

#Designed allocation and release schedules

The percentages below describe the program's designed mainnet framework. They are a plan for how the fixed supply is intended to be organized at mainnet, not a claim about the current testnet state. On testnet, the on-chain fact today is simpler: 1,200,000 total supply, of which 200,000 is funded to the reward reserve.

Two points make this framework honest. First, the designed 30% reward-reserve target (360,000) is larger than the 200,000 funded on testnet today; the on-chain reserve reflects the currently funded portion, and the designed model targets a larger reserve at mainnet. Second, the release and lockup schedules above are indicative design intent, not on-chain guarantees, and are labeled as such so they are never mistaken for a live contract state.

#The reward reserve model and its sustainability

#How the reserve funds rewards

Loyalty rewards are not created from thin air and they are not paid from the tokens a member participates with. They are paid from a dedicated on-chain reward reserve, currently 200,000 SHIPEX funded on testnet. When a member claims, the program contract transfers accrued rewards out of this reserve.

The contract enforces a hard rule: it can only pay what the reserve holds. If a claim would draw more than the funded reserve, the transaction reverts with an insufficient-reserve error rather than paying a reduced amount silently. The app mirrors this by never displaying more claimable than the reserve can pay and by surfacing the revert as a readable message. The amount a member participated with is never touched by any of this; it is released in full at tier completion.

#Why 200,000 is enough: the coverage math

The reserve is sized against a clear worst case. The maximum published reward rate is the Yearly tier at 20%, applied over a full 365-day term. The realized reward for an amount X kept active in the Yearly tier for its full term is:

reward = X x 0.20

Set the total reward liability equal to the funded reserve and solve for the amount that could participate:

200,000 = X x 0.20
X = 1,000,000 SHIPEX

The result is exact and deliberate. The 200,000 reserve is sized to fund one full year at the highest tier rate on the entire 1,000,000 non-reserve supply. If every non-reserve token were placed in the top tier for a full year, the reserve would still cover it.

Real participation is more forgiving than that worst case, in three compounding ways:

• Not all supply participates. Only the tokens members choose to activate draw on the reserve.
• Not all participation is at the top tier. The Daily, Monthly, and Quarterly tiers carry lower rates (8%, 11%, 14%), so a realistic blend of tiers has an effective annual cost well below 20%, which extends coverage beyond one year or beyond 1,000,000 participating.
• Shorter tiers realize a small fraction of their annualized rate per term. A 30-day Monthly term realizes only about 0.90% of the participated amount, and a 90-day Quarterly term about 3.45%, so the per-term draw on the reserve is far smaller than the annualized headline.

#Replenishment intent

The design intent is for the reward reserve to be topped up from real maritime charter activity, so that ongoing rewards are funded by real economic activity rather than by minting new supply. This is a design goal connected to the fleet's charter and operating activity; it is variable and never guaranteed, and it is stated here as intent, not as an on-chain certainty.

One boundary is worth stating plainly. Charter activity replenishes the shared reserve, and members are paid program rewards from that reserve at their tier's published rate. Members do not receive a pro-rata share of charter or operating revenue, and the token carries no right to any revenue stream.

#The four membership tiers

Members activate SHIPEX in one of four tiers. Longer tiers carry a higher reward rate. Each rate is published on-chain and read live by the app, so the figures shown in the app are always the current on-chain rates.

Read the rate correctly. The 8%, 11%, 14%, and 20% figures are annualized reward rates, not per-term rewards. A Daily tier does not pay 8% in a day; it pays 8% divided across a year, so its 1-day term realizes only about 8% ÷ 365 of the participated amount. The Yearly tier is the only one whose term equals a year, so it is the only one that realizes its full headline rate. The formula below makes this explicit.

#The reward accrual formula, step by step

The program contract computes accrued rewards with exactly this integer formula:

reward = amount x lockedRate x elapsed / (10,000 x 31,536,000)

Each term is precise:

1. amount is the quantity the member activated, expressed in base units. With two decimals, 1 SHIPEX is 100 base units.
2. lockedRate is the reward rate stored on the position when it opened, expressed in basis points. 8% is 800, 11% is 1,100, 14% is 1,400, and 20% is 2,000. Because it is locked at entry, a later rate change does not affect an open position.
3. elapsed is the number of seconds since the last claim, not since the position opened. Every claim resets the clock, so claiming does not double-count time already paid.
4. 10,000 converts basis points to a fraction (for example 2,000 ÷ 10,000 = 0.20).
5. 31,536,000 is the number of seconds in a 365-day year, which annualizes the rate.

Reading the formula in plain terms: reward equals the participated amount, multiplied by the annual rate as a fraction, multiplied by the share of a year that has elapsed. Two safeguards apply on top of it. Elapsed time is capped at the tier's own duration, so a position never accrues past its term. And the whole result is truncated to whole base units, so anything below 0.01 SHIPEX rounds down, as the decimals section explained.

For quick estimates outside the contract, the same math simplifies to:

estimated reward = amount x (rate / 100) x (tierDays / 365)

#Worked examples across amounts and durations

The table shows the reward accrued over each tier's full term, in SHIPEX, computed with the formula above. Figures are estimates; the app always shows live on-chain numbers, and on-chain values truncate down to the nearest 0.01 SHIPEX.

A few observations that the table makes concrete:

• The rate scales linearly with amount. Doubling the amount doubles the reward at every tier. There are no size tiers or bonuses hidden in the math.
• The Yearly column is the clean case. Because its term is exactly one year, the Yearly reward is simply amount × 20%, so 1,000 SHIPEX accrues 200.00 SHIPEX over the term.
• Shorter tiers realize a small slice of their headline. 1,000 SHIPEX in the Daily tier accrues about 0.21 SHIPEX over its 1-day term, because 8% is an annual rate spread across 365 days.

#Claiming during a tier: partial-term examples

Rewards accrue continuously and can be claimed at any point during a tier, not only at the end. Each claim pays the rewards accrued since the last claim and resets the accrual clock. The example below follows a single position of 10,000 SHIPEX in the Yearly tier at 20% and shows the cumulative reward as time passes.

Whether a member claims monthly, quarterly, or once at the end, the total accrued over the full term is the same 2,000.00 SHIPEX, because claiming only moves the accrual clock forward; it does not change the rate or the elapsed time already counted.

#Emission and the no-inflation stance

$SHIPEX takes a clear position against reward-driven inflation.

• The supply is fixed at 1,200,000. There is no ongoing issuance schedule that grows the supply to pay rewards.
• Rewards are not minted. They are paid from the pre-funded reward reserve, which is a carve-out of the existing fixed supply, not new tokens.
• The contract cannot mint to cover a shortfall. If the reserve is insufficient for a claim, the claim reverts. There is no fallback that prints tokens, so the model cannot inflate its way out of a reward liability.
• The reserve is intended to be replenished from real activity. Rather than diluting members through emissions, the design intent is to refill the reserve from real maritime charter activity, connecting rewards to the real economy instead of to a printing schedule.

The practical effect is that participating members are not diluted by an expanding supply. The size of the pie is fixed, and the reward reserve is a known slice of it, with a hard on-chain ceiling on what can be paid.

#Value coverage: the link to attested vessels

On-chain supply is reconciled against a class-society-attested vessel reserve through on-chain Proof of Reserve. This is called value coverage: a transparency measure that shows the real maritime value standing behind the on-chain economy. It is not a redemption right, not a claim on the vessels, and not collateral held for members; the token grants no ownership or financial rights.

The current fleet is three vessels, each attested by an IACS class society, with a combined attested hull value of about $101.7M:

For context, the entire on-chain supply of 1,200,000 SHIPEX at the reference price of $0.4285 implies an on-chain value of about $514,200, while the attested fleet behind it is valued near $101.7M. The point of value coverage is not to derive a price from that comparison; it is to demonstrate that the on-chain economy is anchored to substantial, real, independently attested maritime value that members can inspect vessel by vessel in the app.

Rewards follow the same logic. The reserve that pays them is intended to be replenished from charter and operating activity rather than from new token issuance, and members are paid from the reserve, never from a share of revenue. Each vessel's hull value is attested and anchored to its IMO number, so the real value behind the token can be checked vessel by vessel rather than taken on faith.

#Supply lifecycle

The economy moves through five clear stages, all visible on-chain.

1. Mint. SHIPEX is issued on BNB Smart Chain with 2 decimals, up to the fixed total supply of 1,200,000.
2. Reserve. A portion of supply funds the on-chain reward reserve that pays loyalty rewards. On testnet this is 200,000 SHIPEX.
3. Participate. A verified member approves a precise allowance, then activates a chosen amount in a chosen tier, which opens a position.
4. Reward. The position accrues rewards continuously at its locked rate, and the member can claim during the term. Rewards are paid from the reserve.
5. Release. At tier completion, the amount the member participated with is returned to them in full. It was never at risk and was never held by the program.

#On-chain mechanics and non-custodial flow

A first participation is two signed steps, and every step is a real action on BNB Smart Chain:

• Approve. A one-time allowance so the program contract can move exactly the amount the member participates with. Wallets show this as an approval prompt.
• Participate (createPosition). Activates a chosen amount in a tier and opens a position that stores the amount, the timestamps, and the locked rate.
• Claim (claimRewards). Collects the accrued rewards for a position from the reserve, and resets that position's accrual clock.
• Release (withdrawPrincipal). Releases the participated amount back to the member after the position's tier completes.

The program is non-custodial throughout. It never holds member keys and never takes custody of member funds; the member signs each action in their own wallet. The app additionally reads live protocol totals, such as the total amount participating and the count of active positions, and the four live reward rates, directly from the contract.

#Market context

The maritime economy carries more than 80% of world trade and is valued in the tens of trillions of dollars, yet everyday participants have rarely been able to take part. At the same time, the market for real-world value brought on-chain has grown into the hundreds of billions of dollars.

The sector is also under real structural pressure that makes transparent, on-chain infrastructure more relevant, not less. The IMO's Carbon Intensity Indicator, the EU's FuelEU Maritime rules, and the EU Emissions Trading System now bear directly on vessel economics, and transitioning to cleaner fuels can raise voyage costs materially. On-chain records support auditable compliance with these evolving standards, and verifiable attestation reduces fraud risk around vessel documentation. SHIPEX opens maritime participation on-chain, with compliance built into the design.

#Compliance, custody, and risk

• Utility, not a financial product. $SHIPEX is a utility token used only to access the loyalty program and its benefits. It is not an investment, a security, or a financial product, and it grants no ownership or financial rights.
• Classification and licensing. Within the MiCA framing, $SHIPEX is presented as a utility token; it is not e-money, not an asset-referenced token, and not a transferable security. SHIPEX is not a licensed or supervised financial services provider and holds no authorization from ESMA, any EU national authority, or VARA. Alignment with MiCA and VARA expectations is a design goal, not a license, approval, or regulatory endorsement.
• Permissioned by design at mainnet. The mainnet model is built around ERC-3643, with a one-time KYC per wallet establishing a single verified identity, in line with MiCA and VARA expectations. The current testnet token is a simplified build.
• Non-custodial. Members always control their own keys and their own tokens.
• Value coverage is transparency, not redemption. Proof of Reserve reconciles on-chain supply against an attested vessel reserve. It confers no redemption right and no claim on the vessels; the fleet is attested context, not collateral held for members.
• Risk. Participation involves risk, including smart-contract, market, and regulatory risk. Reward rates are variable and never guaranteed, and the reserve caps what can be paid. This page is information only, not financial or investment advice. Do your own research.

#Parameters and technical appendix

#Core parameters

#Tier parameters

#Reward math constants

#On-chain functions (identifiers, unchanged)

Function and field names above are on-chain code identifiers and never change. Visitor-facing language throughout the SHIPEX experience uses the loyalty-program vocabulary: participate, membership tiers, reward rate, release, and value coverage.

Last updated: July 2026. All live figures are read from the SHIPEX contracts on BNB Smart Chain; allocation shares and release schedules are the program's designed mainnet framework and are labeled as such.