NO TOKEN.
NOT ISSUED.

Settlement, contribution, ownership and residuals all function on ordinary money and an append-only log. A token that is not load-bearing is a fundraising instrument with a technical costume, and the participants holding it carry the risk.

Solve a coordination problem that money does not: governance weight that cannot be bought outright, cross-instance settlement between independent nodes, or value accrual to contributors that cannot be expressed in a payout. None of those are load-bearing today because nodes do not exist yet.

Issuing a token before the thing it coordinates exists means the token is priced on a promise. Building the coordination problem first, and only then asking whether it needs a token, is the sequence that does not require anybody to be optimistic on somebody else's behalf.

No token exists, none is issued, and nothing on GRAJ requires one. If that changes it will change here first, with the mechanism described before anything is distributed. Governance today needs no token: a vote is earned at Diamond on the GRAJ Score, one ballot per participant, and credits are money owed rather than a say.