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 warring DAO may sell bonds against one specific war, funded by outsiders at a discount. Repayment is spoils-only: 1.5× face, paid exclusively from that war’s sweep proceeds if the nation wins it — never from the reserve pot, never from settlement treasury. Lose the war, and the bond recovers nothing; it’s a priced binary bet with no contagion to anything else. Issuance is capped at roughly half the target’s treasury at declaration, and each series is sold only in the window between the declaration and the war’s first battle tick:

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.