# Token Lifecycle

The `slisBNBx` lifecycle is strictly controlled by `SlisBNBxMinter`. Users and external contracts cannot mint directly.

| Step        | Action                                                                                                    | Result                                                      |
| ----------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------- |
| 1. Deposit  | User deposits `slisBNB` or `slisBNB/BNB LP` into Moolah through the related provider/collateral contract. | Collateral is recorded and provider calls `SlisBNBxMinter`. |
| 2. Mint     | Minter calculates `slisBNBx` using BNB-equivalent collateral value and calls `slisBNBx.mint()`.           | `slisBNBx` is credited to user or delegated address.        |
| 3. Hold     | User holds `slisBNBx` (non-transferable).                                                                 | Holder qualifies for Launchpool participation.              |
| 4. Withdraw | User withdraws collateral from Moolah, fully or partially.                                                | `SlisBNBxMinter` is called for proportional burn.           |
| 5. Burn     | Minter burns `slisBNBx` corresponding to collateral removed.                                              | `slisBNBx` supply is reduced and stays collateral-backed.   |

## Notes

* Minting and burning always follow collateral state.
* Partial withdrawals burn only the proportional amount.
* This lifecycle applies to Moolah integration, not legacy CDP.