GBLIN is a reserve-backed token on Base: each token is backed by a basket of cbBTC, WETH and USDC held by the vault contract, minted and redeemed directly at NAV. Fees: 0.10% on mints paid in ETH (half to the fee recipient, half left in the reserves), a 0.50% yearly management fee, and no fee on in-kind redemptions. Rebalancing runs as a Dutch auction that anyone, including CoW Protocol solvers, can fill. Parameters change only through a 48-hour timelock.