TERP and THIOL baseline valuation

Signaling proposal. A USD starting point for pricing TERP and THIOL that rises with every block morocco-1 produces.

	Initial · 15 Sep 2026	Today · 2026-10-07 22:52 UTC
Height	23,238,152	23,757,278
Network value	$21,046,446.44	$21,565,572.44
TERP	$0.05012	$0.05136
	≈ 66 sats	≈ 62 sats
THIOL	$0.02360	$0.02417
	≈ 31 sats	≈ 29 sats

It does not mint, burn or move tokens, and it does not change consensus parameters.

Method

Each block is one unit of verifiable work. A verified block counts $1 (1,318 sats at the reference time). The 6,641,532 missed blocks, held only in the historical archive, count $0.67 each: a one-third penalty. Each token's baseline is the network value divided by its total supply at the same height.

V(h)  = (h − 6,641,532) × $1
      + 6,641,532 × $0.67
TERP  = V(h) ÷ TERP supply at h
THIOL = V(h) ÷ THIOL supply at h

The baseline rises with every new block: yesterday's prices are not today's prices. The reference point sets the initial baseline; today's value uses the latest height and supply.

Reference point

Chain	`morocco-1`, from height 1 (genesis 2022-04-10)
Height	23,238,152: 16,596,620 verified, 6,641,532 missed
Time	2026-09-15 15:06:14 UTC (block)
App hash	4827CA4AE8FFA676C2D0E0C4A9DC7ABB90AE783C432EB0F87C4B6B709B06308D
BTC/USD	$75,869.26 at 15:00 UTC, 15 Sep 2026, so $1 = 1,318 sats. Coinbase hourly candle · CoinGecko, 15 Sep 2026

Initial baseline

Network value
  (23,238,152 − 6,641,532) × $1
    = $16,596,620.00
  6,641,532 × $0.67
    = $4,449,826.44
  V = $21,046,446.44

TERP
  $21,046,446.44 ÷ 419,894,441.995
  = $0.050123 → $0.05012
  $0.05012 × 1,318 = 66.1 sats

THIOL
  $21,046,446.44 ÷ 891,626,585.813
  = $0.023605 → $0.02360
  $0.02360 × 1,318 = 31.1 sats

Supply is the total on-chain supply of each token (29 Sep 2026). Public nodes no longer serve state from the reference height. Values are rounded to five decimal places.

Why blocks

Terp Network's value comes from integrity and verifiability: the work the network performs, the cost of keeping full historical state, and continuity as infrastructure. Missed blocks still count, at a penalty, because full history supports state reconstruction, audit and interoperability.

Scope

If passed, this baseline is the non-negotiable starting point for:

initial token pricing discussions;
bootstrapping negotiations with external parties;
internal treasury valuation.

It is a floor for valuation talks, not a market price.

Vote

YES adopts this baseline as the starting point for TERP and THIOL valuation. NO rejects it. NO_WITH_VETO only if the proposal is spam or harmful to the chain. ABSTAIN takes no position.

Sources

Height: api.terp.network latest block · rpc.terp.network/status

Supply: api.terp.network/cosmos/bank/v1beta1/supply

BTC/USD at the reference: Coinbase BTC-USD, 15:00 UTC candle · CoinGecko history, 15 Sep 2026

BTC/USD today: Coinbase BTC-USD ticker