Falling: conquest & comeback

When a nation is conquered its mint freezes mid-tick and its wealth is swept:

• 50% of R_L funds the redemption pool. For 72 hours, fallen holders may burn their tokens for value v = 0.5 · R_L / s_L each — paid in victor tokens purchased live on the victor’s curve. Conquest is mechanical buy pressure on the winner. Winning pumps, by construction, with the loser’s reserve.
• 30% of R_L and 90% of T_L go to the victor’s treasury; 10% of R_L to victor stakers; 10% of R_L burns out of the season entirely — war has deadweight.
• Or refuse the payout and take a resistance position: 10% of T_L plus every unclaimed redemption seeds the underground. Resistance plus foreign sponsors can fund an uprising. Occupation is a position, not an ending.

Two more instruments for nations under pressure

• Emigration — burn your tokens at backing value less a haircut (20%, doubling in wartime — half the haircut refills the treasury you abandoned) and arrive as buy pressure on the destination curve. Exits are routed, taxed, and reported by the press as capital flight.
• War bonds — a besieged DAO may sell claims paying 1.5× face from priority fee income if the nation survives, converting to resistance at face if it doesn’t:

E[bond] = p_surv · 1.5·F + (1 − p_surv) · V_resist − price

Somebody’s fear is priced. Vultures are a load-bearing species in this ecosystem: the game is engineered so that the rational move at maximum panic is to show up, not to leave.