The Standard Reserve sold all 1,000 Genesis Charters on September 15, recording 583.594968887 ETH in on-chain revenue, worth about $1.47 million at the ETH price near the end of minting. Whitelisted users minted 601 Charters at 0.15 ETH each, while 399 were sold through a Dutch auction that raised about 493.445 ETH, mostly near 1.23 ETH to 1.25 ETH. STANDARD trading opened after the Genesis mint, with the token’s market cap rising to around $50 million after earlier moving from about $44 million to $27 million. Pool liquidity was about $17 million, and trading volume since launch reached $46.3 million. The protocol’s first 100 Expansion Licenses were also sold and used to open new Branches, increasing the network total to 1,100 Branches and reducing a single non-expanded Genesis Charter’s theoretical daily output from 700 STANDARD to 636.36 STANDARD at a policy multiplier of 1. The protocol records issuance internally before tokens are minted. Bankers must close Branches to claim balances, paying a dynamic exit fee of 2% to 60% and permanently giving up the closed Branch’s future issuance share. Genesis Charters are currently Soulbound and not transferable, although the whitepaper describes a one-way switch that would make them permanently transferable once enabled.