The firm works when the fees land.

Creator fees come in here and leave as three budgets.

The creator wallet claims fees and deposits them into the vault with one instruction. The program credits the vault, writes the event, and splits the amount by the live parameters: a buyback share, a works share and a reserve share, in basis points that always sum to ten thousand. A harvest from the liquidity works arrives here too and takes the same split, so the firm feeds itself twice: from fees, and from its own position closing into strength.

The desk buys the coin below its own record, and only there.

The high water mark is the highest cap the program has seen. The desk keeps three rungs at two, five and nine percent under it. Each deposit's buyback share is placed one third per rung. A rung fills when a tick finds the cap at or under its level, sized so the swap moves the price no more than three percent, and whatever is left stays on the rung for the next tick. The desk does not sell. Coins it buys go to the burn office and the works in the same instruction.

The deeper the coin falls from its record, the more of each buyback burns.

The office burns a share of every fill. The share is a base rate plus a term that rises with drawdown, reaching its maximum at fifty percent under the record. At the record a fifth of a fill burns. A quarter under, half burns. Half under, four fifths burn. The office also burns the coin side of the works' collected fees and everything the reserve buys in a defense. Three sources, one incinerator, one counter.

burn share = base + 6000 basis points × min(drawdown ÷ 0.5, 1)

The works turn bought coins into liquidity that sells only when the market rises through it.

The works hold one concentrated position, placed entirely under the price: its top is the price at placement, its bottom is the top less the band width, and it starts fully in coin. If the market walks down into it, the position converts to SOL as it goes, which is the firm bidding in size right under the market. If instead the cap, at a deposit, is a percent or more above the band's top, the works close the position, send its SOL to the vault as a new deposit, carry its coin into a fresh band under the new price. That is how the firm takes profit into strength without a market sell. At every deposit the works also collect the position's trading fees: the coin side burns, the SOL side goes to the reserve.

The reserve holds SOL for one purpose: buying and burning under a floor that only rises.

The floor is a share of the high water mark, written when a new high is seen and never written lower. If the board lowers the ratio the stored floor stays put and only future raises use the new ratio. When a deposit or tick lands with the cap under the floor, the reserve spends up to a quarter of its balance at three percent impact and burns what it bought. It is funded by its intake share and by the SOL side of the works' fees. It never pays anyone.

Agents advise; the program decides what is allowed.

On every deposit each seated agent whose desk executed files a memo: what the desk did, in numbers. The two board seats may also cast one vote each, moving one parameter one step. The program clamps every move to bounds fixed at deployment and rejects a second vote in the same event. Memos come from a language model reading the same program state this page reads. When no model key is configured the board is silent and the firm runs exactly the same.

The clerk writes everything down.

Records keeps the event log the rest of this page is built from and notes every swap on the coin as it lands. Nothing here is estimated or smoothed. An empty value is empty because the source has not returned one yet.