The money has a paper trail.

Every token launches on a constant-product bonding curve (x·y=k) — the same math a CPMM pool uses. Supply is fixed at 1,000,000,000, minted in full at create with no owner able to mint more. 800,000,000 sit on the curve; the rest is reserved for the graduation pool. There is no presale and no team allocation beyond an optional, capped dev buy at launch.

You buy directly on the curve: USDT0 in, tokens out. Because USDT0 is the native gas asset and holds ~$1, every quote reads directly as dollars. Price rises deterministically as USDT0 enters and falls as it leaves — buys and sells route through the same curve, so the price is a function of how much has been bought, not an order book anyone can spoof. From first buy to graduation the price rises roughly 9x. Rounding always floors in the protocol's favor, and every quote is computed on-chain and confirmed before you sign — the number you see is the number you get.

Graduation is the moment a token leaves the curve and becomes a real market. When USDT0 raised reaches the 500 USDT0 target, the curve locks — further buys and sells revert — and the token graduates atomically to a Uniswap V3 pool. graduate() is permissionless: anyone can call it and earn a bounty. No manual step, no privileged operator, no single point of failure.

The pool is initialized at exactly the curve's final price, so there is no arbitrage gap and no snipe profit at migration. A migration fee of 2% of raised USDT0 (immutable cap 10%) goes to the treasury; all residual supply left in the Core is burned. The pair is token/USDT0 at the 1% fee tier.

Launching a token costs a flat 1 USDT0 (about $1, since USDT0 is the dollar-pegged native asset), paid at deploy and sent straight to the treasury. It is anti-spam friction, nothing more — no listing fee, no subscription.

Every trade — buy or sell — carries a flat 1% fee, split evenly between the platform and the creator and frozen per token at create. Nobody changes the rules of a token already launched. The same 50/50split applies to the coin's 1% tax on pool buys after graduation, released via a permissionless sweep — creator earns forever.

The platform share streams to the treasury; the creator share accrues in the Core until the creator claims it. We publish no self-reported totals — every wei is on-chain, so verify the balances live on StableScan instead.

A reserve buyback-and-burn engine exists in the Core but is dormant at launch: no reserve token is configured and the burn share of fees is 0%, so the pot never accrues. If a platform token ships later, a burn slice of fees can be enabled by the owner — for future launches only, with the change emitted on-chain as a public event.