Trust and authorities
Every power Daybreak holds over your position.
The promise
A complete set always redeems into one underlying token, for anyone, at any size, with no Daybreak-side pause. The redeem fee is 0 at creation and can only rise to an on-chain cap after 24 hours' notice. The burn and mint authorities on the partial tokens are held by the program forever and cannot be renounced or reassigned.
That promise depends on one thing: the underlying's own issuer not exercising the powers every compliant tokenized equity ships with. See What can stop a redemption.
Three authorities
| Authority | Held by | Can do |
|---|---|---|
| Issuer | Squads multisig BFaX4zV2JyuSZdGPq8RtGfUmgq8rsg1pHTXVQyTjr1MS, rotatable on-chain | Create a new series. Schedule the registry's display pointer. Fix metadata URIs. Recompose a series: add or retire partials and set the deposit cap. |
| Set admin | Same multisig today, per series, rotatable | Schedule a mint or redeem fee up to the cap. Schedule the treasury destination. |
| Upgrade authority | A multisig behind a timelock, pilot only | Replace the program binary after the timelock delay. |
The issuer and the admin rotate through a two-step handoff: the current key nominates a successor with an expiry, and the successor accepts. A lost issuer or admin key never traps funds, because mint and redeem are not gated by any authority.
Warning. Recomposition is the one issuer power that touches holders' claims. After a live add, existing holders cannot redeem until they hold the new partial. After a retirement, tokens of the retired partial keep trading but have no claim on the backing. See Recomposition.