Tokens that trade against a vault instead of a promise. The floor is arithmetic — floor = reserves / supply — and it only moves one way.
PAWL · floor ledger
- Fee capture→ 0.0000001
- Fee capture→ 0.0000001046
- Fee capture→ 0.0000001095
- Floor defence→ 0.0000001144
- Floor defence→ 0.0000001197
Redeemable nowif every holder exited today, everything below this line pays out — worst case, not a projection.
Every swap raises the floor. Nothing lowers it.
Three operations. All three move the floor the same direction.
Floor
0.0000001 WETH
The pawl only turns one way.
The hook
Runs inside every swap on the pool. Diverts a share into the vault as WETH, in the unspecified currency, and never holds a balance of its own between transactions.
The vault
Tracks reserves as internal accounting, never as a token balance. A direct donation only counts once the permissionless sync() sweeps it in — and sync() can only increase reserves.
The redeemer
The only route out. Burns first, pays out second, at 95% of the floor. The 5% retained is not a fee — it stays in the vault for everyone who did not exit.
Protocol parameters
Fixed at deploy time. No lever moves them afterward.
| Exit paid on redemption | 95% | of the floor, per token burned |
| Exit rate bounds | 90% – 100% | immutable range the factory will accept |
| Buy tax, start → settled | 5% → 1% | decays over the schedule below |
| Sell tax, start → settled | 20% → 3% | sells taxed harder than buys |
| Decay window | 72h | time from launch to the settled rate |
Live on the board