Noviscia token model — NVSCUSDC vs NVSC

Separation

	NVSCUSDC	NVSC
Role	Yield-bearing vault share (margin)	Protocol + governance token
Mint	`nv-usdc-vault` on USDC deposit	`token-nvsc` (fixed supply)
Supply	Elastic (mint/redeem)	Fixed / emissions / burn
Governance	No votes	Staked NVSC votes
Fees	Indirect (more volume → fee flywheel)	Burn + staking pool share

On-chain programs

Program	Instructions
`nv-usdc-vault`	`initialize_vault`, `deposit_usdc`, `redeem_nvusdc`, `update_total_assets`, `accrue_vault_yield`
`escrow`	`deposit_nvusdc`, `withdraw_nvusdc`, `reserve_nvusdc_margin`, `settle_position_nvusdc` (+ USDC path)
`lending-integrator`	`initialize_protocol_registry`, `set_venue_weights_governed`
`staking-manager`	`initialize_governance`, `create_proposal`, `vote_proposal`, `execute_proposal`
`yield-distributor`	`distribute_yield` (85% user / 15% burn-engine CPI)

Flow

USDC → nv-usdc-vault → NVSCUSDC shares
NVSCUSDC → escrow → reserve_nvusdc_margin → perps
Vault yield → 85% NAV + 15% burn-engine (NVSC buyback)
Escrow lend yield → yield-distributor 85/15 split
Perp fees (USDC) → burn-engine + staking-manager
NVSC stakers → proposals → set_venue_weights_governed

Deploy (devnet)

TMPDIR="$PWD/.tmp-build" CARGO_TARGET_DIR="$PWD/target" anchor build --ignore-keys
anchor deploy --provider.cluster devnet
npx tsx scripts/init-rewire-devnet.ts

Note: Redeploy after account layout changes; re-init escrows and vault PDAs.