Olympia · ECIP-1112
The Olympia Treasury
An immutable, non-custodial contract that receives Ethereum Classic's basefee at block finalization. It is the mechanism that lets the network fund its own development without depending on any single organization's continued generosity.
How funds reach it
Step 1
Transactions
Users pay gas on every ETC transaction
Step 2
Basefee
Redirected by ECIP-1111, not burned
Step 3
Treasury
Credited at block finalization
Step 4
Governance
Members propose and vote on spending
Step 5
Ecosystem
Development, tooling and security work
What funds it, and what does not
The basefee reaches the Treasury automatically. Every ETC transaction pays one, and under ECIP-1111 the full amount is credited to the Treasury address during block finalization rather than burned. That is the protocol-directed source, and it is the only one.
Anyone can add to it by choice. Sending ETC to the address works like any other transfer, and a miner can name the Treasury as the recipient of their coinbase — donating hashpower rather than currency. Both are voluntary contributions by different means, and neither is directed by any ECIP.
Miner compensation does not change. Block rewards and priority tips go entirely to miners. The basefee is value that Ethereum destroys and Ethereum Classic redirects; it has never formed part of what a miner is paid.
What it can never do
These are properties of the contract, not policies of an operator. None can be changed after deployment.
It cannot mint
The Treasury holds ETC and disburses ETC. It has no power to create supply, so ECIP-1017 monetary policy is untouched.
Its code cannot change
The contract is immutable, with no proxy and no upgrade path. What ships at the fork is what runs permanently.
One caller can withdraw
Withdrawal is restricted to a single authorized executor, fixed in the constructor at deployment and never reassignable.
It is non-custodial
No individual, foundation or company can move the funds. There is no admin key, because there is no admin.
It tracks nothing
The withdraw interface receives a recipient and an amount, and nothing else. Proposal accounting lives in the governance layer, never here.
Miner income is untouched
Block rewards and priority tips go entirely to miners, exactly as before. The basefee was never part of miner compensation.
Deployed in stages, on purpose
The Treasury deploys at the Olympia hard fork, in Stage 1, alongside the consensus changes that fund it. The governance suite that spends it — the DAO framework, the funding-proposal process and the sanctions oracle — follows in Stage 2, once audited.
It deploys first because its address is written into every client at the consensus layer and can never be changed afterward. Staging buys audit time for the governance layer without leaving the basefee with nowhere to go.
Funds stay locked in the meantime by construction rather than by discretion: the only address permitted to withdraw is the Executor, fixed at deployment, and nothing can spend from the Treasury until that contract exists and governance is live.
Related
On-Chain Governance
Who decides how the Treasury is spent, and how.
Upgrade Details
The five stages, the ECIPs, and what activates when.
Miners & the Fee Market
Why a fee market matters to Proof-of-Work security.
Olympia Hub
The upgrade in full, across every ECIP.
Live Treasury Dashboard
Balance, inflows and transactions in real time.
ECIP-1112
The specification this page describes.