The first market built on the intelligence primitive.
The protocol token is its exchange token. Thirty percent of every fee buys it back and burns it. The ticker is not settled yet.
Every trade on every market pays a fee of 1 to 3 %, collected in the coin that market is quoted in. Fifty percent of that coin side goes to holders. Thirty percent buys the protocol token and burns it. The last twenty percent is protocol revenue, and part of that tops the redemption vault up when coverage needs it.
The buyback contract holds no discretion. A permissionless Treasury sweep sends it the protocol’s ETH, it spends the whole balance on the v4 pool inside its own unlock callback, and burns every token it receives. Nothing is sent to a dead address and nothing is held back.
ETH the sweeps have delivered and the executor has not yet spent. This is protocol money, so the call that spends it is the one gated call in the protocol.
Executor —
| ETH in | Tokens burned | When | Tx |
|---|---|---|---|
| No buybacks yet. | |||
The protocol token has a fixed supply and no mint function. The only thing that ever changes it is the burn.
Read the token docs