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: iUSD in, tokens out. iUSD is the trading dollar — each unit backed by a real dollar we hold, with the backing published and checkable, and redeemable anytime (bridge fees and custody disclosed in full in section 2.4) — so every quote reads directly as dollars. Price rises deterministically as iUSD 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 iUSD raised reaches the 5,000 iUSD 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 iUSD (immutable cap 10%) goes to the treasury; all residual supply left in the Core is burned. The pair is token/iUSD at the 1% fee tier.

Launching a token costs a flat 50 iUSD (about $50, since each iUSD is worth one dollar), 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 the balances themselves are the receipt, queryable by anyone.

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.

Every trade on ONIX is priced and settled in iUSD — a dollar token issued by the ONIX team, not by a bank or a third party. We create iUSD in exactly one situation: someone deposits real dollars (USDC on Base) with us — never out of thin air, and never more iUSD than dollars received. The bridge charges 1% on the way in: deposit 100.00, receive 99.00 iUSD. Cashing out burns your iUSD and pays USDC back to the same address, minus 5% on the way out: burn 100.00, receive 95.00. Both figures are quoted in the bridge before you sign — the fee stated here is the fee charged there, and there are no others.

The four keys, and what each one can do. The OWNERkey — also the reserve and treasury wallet — lives on the owner's machine only and never on a server. Three server keys run the automatic bridge, each published below with a bounded blast radius. The MINTER can call mint and nothing else; its daily ceiling (dailyMintCap, 5,000 iUSD/day at launch) is readable by anyone on the iUSD contract, and the owner can revoke the key with one transaction. Honest worst case, stated plainly: a stolen minter key minting at both ends of a UTC day boundary could issue up to twice the daily cap — 10,000 iUSD — before revocation. The FLOAT is a small hot USDC balance on Base that pays instant cash-outs; it is our money, it is counted in the backing, and its worst case is its own balance. The RELAYER pays gas and submits transactions; it holds nothing but gas dust and can neither mint nor touch the reserve.

The backing, as two numbers. The deposit fee stays in the reserve, so the reserve holds more than the circulating iUSD requires — and the honest way to publish that is separately, not blended into one reassuring total. REQUIRED is one dollar per iUSD in circulation. SURPLUS is what the two published wallets hold beyond that — fee revenue, ours, and never counted toward the claim. The 1:1 claim is exactly REQUIRED <= HELD, and a stranger can reproduce it with three reads: the iUSD total supply on Arc, plus the USDC balances of RESERVE and FLOAT on Base, then one subtraction.

Limits are policy, in numbers: instant credit up to $1,000 per deposit — above that, a person reviews before crediting. Instant cash-out up to $200 — above that, the desk pays from the reserve. Unlike everything else on this page, this section is a promise from us rather than a rule enforced by code — which is exactly why it is written here in plain sight instead of a footnote. How depositing and cashing out work, step by step, is on Get iUSD.