DUCAT

Policy engine simulator

Market price

$1.0000

Reference price

$1.0000

Backing price

$1.0000

Regime

Neutral

Market and treasury inputs

Market price $1.0000
Stable reserve (RFV) $500,000
Equity reserve $300,000
Supply outstanding 800,000

Arbitrage loops

Price above reference
Buy Ducat from protocol→ Sell on market→ Capital enters treasury→ Supply expands, premium compresses
Price below reference
Buy discounted Ducat→ Redeem or reverse bond→ Ducat removed from circulation→ Supply contracts, discount compresses

Treasury composition

Stable reserve Equity reserve

Total treasury: $800,000

Simulation log

Market price vs reference, by step

Simplified illustrative model. It shows the direction and shape of Ducat's arbitrage and policy mechanics, not the exact protocol formulas or parameters.