The book.
The treasury is an LP in the stock-token pools and collects real swap fees. Only source of value in the system, and the ceiling on emissions.
Emissions against fees, over twelve months.
The bar is what was emitted. The red line is the decay ceiling, the dashed line is the fees earned. The protocol emits the smaller of the two.
The crossover lands in month 8. For seven months revenue is the binding constraint — the protocol emits exactly what it earns. After that, the curve binds. Had the ceiling bound from month one, the decay would have been decoration.
Month 12
- Book
- $1 344 846
- Inflow this month
- $237 773
- Fees earned
- $181 494
- Ceiling
- 25 101 $DESK
- Emitted
- 25 101 $DESK
- Binding constraint
- ceiling
- Book value per trader
- $111.35
- Cumulative coverage
- ×2.218
Coverage is cumulative fees over cumulative emissions. It cannot fall below 1.000: emitted = min(ceiling, fees) makes that impossible.
Where the money goes.
- Bonus
- 100% burned
- Promotions
- 100% burned
- Poaching
- 30% burned · 70% to the owner
- Desk extension
- into the book
The main sink. Proportional to your neglect.
Occasional.
Near zero-sum. It moves value, it does not destroy it.
Raises the floor price for everybody.
The only tap is emission, and it is capped. Every other flow is either a burn or a transfer between players.
The registry.
162 Uniswap v4 pools, quoted in USDG, WETH or native ETH. Frozen at deploy in SectorRegistry.sol.
- Semis
- 36 pools · NVDA, MU, AMD, TSM
- Index
- 18 pools · SPY, GLD, USO, QQQ
- Crypto-fi
- 36 pools · DJT, MSTR, QUBT, BULL
- Energy
- 36 pools · SPCX, WYFI
- Consumer
- 36 pools · TTWO, LLY, HIMS, META
8 696 traders backed by the book in month 12 — $111.35 each.
What the book will never do.
Accept a user deposit
A book that allocates other people's assets is a collective investment vehicle, with the regulatory weight that follows.
Be paused
No owner, no proxy, no pause function. Parameters are immutable at deploy.
Change its curve
The 15% decay every 30 days is a bytecode constant, not a setting.
Emit more than it earns
A structural constraint, not a policy. Checked by fuzz invariant tests.
Reproducible: python research/economy.py. Volume inputs come from Phase 0 — a median $24.5M of daily notional across the registry pools, average fee tier 0.35%. Decay ×0.85 every 30 days.