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    $TOKEN

    $TOKEN overview

    $TOKEN is the exchange's token. Staked, it earns a share of protocol revenue; it is minted to traders on losing closes and liquidations.

    What TOKEN is

    TOKEN is an ERC-20 token with two roles. At launch it cannot be transferred between wallets (transfers are disabled), but minting, staking, unstaking and claiming all work.

    • Revenue share. Staked TOKEN earns, in USDC, 50% of every trading fee plus the LP’s value above $10,000,000.
    • Loss-backed supply. TOKEN is minted to a trader who realises a loss, on a losing close or a liquidation, as a claim on the protocol’s future value.

    Fair launch

    The supply started at zero: no pre-mint, no team or investor allocation, no airdrop, no vesting. Every token is minted through the on-chain emission curve, and only traders who lose can trigger a mint. The Tokenomics contract is the only minter, set once and never changeable. Anyone who wants TOKEN has to trade for it.

    How supply grows

    Supply grows only from trading. At launch the curve is front-loaded: while the tracked LP is below $2,000,000, including when it is negative, each dollar of mint basis mints 100 TOKEN; above that, the rate decays as the losses priced above the threshold add up. Once the owner switches minting to the supply-share rule, each dollar mints a fixed share of the current supply instead, with no ceiling on the supply, and up to 5× that for the part of a loss that refills an LP below zero (mint curve).

    What stakers earn

    • The fee share. 50% of every fee: the 2% win fee taken from a winning close, and the loss and liquidation fees carved from what the LP receives. The rest goes to the team. Fees reach stakers only while the payout queue is empty and the LP can cover them.
    • LP surplus. When the tracked LP climbs above $10,000,000, everything beyond it is passed to stakers through pushStakerFees, which only the staking contract can call and which every distribution makes first.

    Both are paid in USDC and claimed with a wallet signature (Staking & claims).

    Enabling transfers would be a one-way switch, needing its own decision, an analysis of how the tokens are distributed and a token-specific audit first. The token’s only built-in use is staking; its value, if any, depends on trading volume and outcomes, and nothing promises a return.

    Contracts

    The token, staking and tokenomics contracts are listed on contract addresses.

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