What the treasury stakes
The proposed strategy stakes CARDBOARD, not CSTR. Cardboard Trade currently documents wallet-to-wallet transfer restrictions for CARDBOARD while allowing claims, stakes, and unstakes. It does not describe a public purchase route that creates these reward tokens.
Where income comes from
According to the venue's documentation, part of collectible trading fees funds staking rewards and referrals. Eligible excess house profit may also contribute. Payout-queue obligations take priority, so quoted activity is not necessarily distributable income.
A stake's reward depends on its proportion of total active stake when distributions occur. Other participants can dilute that proportion by staking more. There is no fixed APY or guarantee of distributions every day.
Four different balances
- Claimable: a reward allocated to the staking account.
- Claimed: a reward moved into the venue's available trading balance.
- Withdrawn: USDC received in the treasury wallet.
- Spent: funds used in a confirmed buyback.
The same dollar should not be counted as new revenue each time it moves between these stages. A reward claim is not automatically a withdrawal, and a withdrawal is not automatically a buyback.
Measuring the strategy
For CardboardStrategy, the useful question is whether cumulative received income compensates for the cost of acquiring and operating the stake. A growing CARDBOARD balance alone cannot answer that. Reports should show acquisition cost, actual receipts, operating expenses, and remaining exposure together.
CSTR holders would not stake CSTR or claim the treasury's USDC under this model. The intended holder-facing mechanism is buybacks and burns.
Primary references: CARDBOARD emissions and staking and rewards. Recheck the venue's current terms before relying on these mechanics.