> For the complete documentation index, see [llms.txt](https://monsterslayer.gitbook.io/monsterslayer-finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://monsterslayer.gitbook.io/monsterslayer-finance/protocol/tokens.md).
# Tokens
## **Monster Slayer Cash (MSC)**
**Monster Slayer Cash** tokens are designed to be used as a medium of exchange. The built-in stability mechanism in the protocol deterministically expands and contracts the MSC supply to maintain MSC's peg to 1 $BUSD token (which trades close to a single United States Dollar).
## **Monster Slayer Share (MSS)**
**Monster Slayer Shares** loosely represent the value of the Monster Slayer Cash and trust in its systemic ability to maintain MSC to peg. During epoch expansions (when TWAP - the time-weighted average price of MSC is above the 1 $BUSD peg), the protocol mints MSC and distributes it proportionally to all MSS holders who have staked their tokens inside the boardroom.
Additionally, MSS is used to achieve a completely decentralized on-chain governance where MSS holders have voting rights and, later, the ability to create proposals to improve the protocol.
## **Monster Slayer Bond (MSB)**
**Monster Slayer Bond** determent the changes in MSC supply during both epoch expansion and contraction periods. \
\
For starters, the exchange rate for MSC to MSB is **always 1:1**. When MSC's TWAP falls below 1 $BUSD peg, MSB gets issued and can be bought with MSC at its prevailing price. Doing so takes MSC out of its circulating supply through burning.\
\
Bonus for redeeming Bonds to Cash is a ramping up bonus, not a fixed bonus and is capped at 30% maximum.
\*Remember, buying MSB using MSC is only available when the price of MSC <1 $BUSD but exchanging MSB to MSC can always be done at any price point.\*
Buy MSB: \
1 *MSC = 1 MSB*\
\
Redeem MSB: \
\&#xNAN;*If MSC < $1; ---> 1 MSB = 0.9MSC (10% penalty)*\
*If MSC > $1;* ---> *1 MSB = \[price] MSC (max bonus 30% achieved at $1,3)*
**Example:**
* You have 100 dollars.
* TWAP price of MSC is 0,8 dollar.
* The epoch timer is yet to run out.
You use 100 dollars to buy 100/0,8 = 125 MSC. With 125 MSC you can exchange into 125 MSB.
Later on after the epoch:
* You still have 125 MSB from before.
* TWAP price of MSC is now 1,3 dollar.
* The new epoch is yet to occurs.
You use 125 MSB to exchange for MSC. You will receive 125\*1,3 = 162,5 MSC.\
If you were to sell these 162,5 MSC, you will get 162,5\*1,3 = 211,25 dollars.
ROI of buying MSC at 0,8 dollar and selling at 1,3 dollar is 62,5%.\
ROI of buying MSB at 0,8 dollar and selling at 1,3 dollar is 111,25%.
In the example above, you can see that if you buy MSC when it is low but not exchange it into bonds, you will still have a profit when the price gets back to peg and above but not as much as if you were to buy bond and HODL to sell them at the max bonus.
**\*To be able to redeem your MSB to MSC, the Treasury must first have some money (MSC) in it. The Treasury will be fill up every epoch during expansion phase (MSC TWAP > $1.01). The amount the Treasury will received each epoch can be calculated by using the following formula:**
*MSC total supply \* Expansion rate \* Treasury allocation %*
---
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