The firm works when the fees land, and now it takes dollars.

Creator fees and dollars from X come in here and leave as 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 four ways by the live parameters: a buyback share, a works share, a payout 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. A wire from the wire room arrives here as well, but it is not split: every unit of BNB from a wire goes to the wire rung, because the sender asked for a buy.

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 BNB funds 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 BNB funds 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 BNB side goes to the reserve.

The reserve holds BNB 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 BNB side of the works' fees. It never pays anyone.

Send dollars to the firm on X and the firm buys the coin with them, burns half, and locks the rest in your name.

X Money moves dollars between handles on X. The firm has a handle. When dollars arrive at it, the operator, a person who holds the firm's X Money account and has no discretion, swaps them to BNB and calls one instruction with the BNB, the receipt id and the sender's handle. The program hashes both, refuses any receipt it has seen before, and runs the wire routine in the same transaction: a rung is placed at the current cap, it fills at a three percent impact cap, half of the coins are burned, and the other half are locked in a wire account keyed to the receipt, forever. There is no instruction that can move locked coins.

A wire is a revenue event like a deposit, but it is not split. All of it buys. The wire room's only balance is the BNB a fill's impact cap left on the wire rung, which fills on the next tick, ahead of the buyback desk's rungs.

The operator's job is clerical. Every wire is written to the chain before anything else happens, and the receipt hash on the chain is the only proof the firm needs that the dollars arrived. The operator cannot invent a wire, because a wire needs BNB in the vault and a receipt hash that has never been used.

Why half.

A wire that burned everything would be a donation. A wire that locked everything would be a purchase the firm holds for a stranger. Half and half makes every wire both: the sender's dollars shrink the supply, and the sender's handle is written next to a stake that can never be sold. The firm gets a buy at market, the coin gets a burn, and the sender gets a permanent line in the wire table.

A slice of every deposit is paid to registered holders in dollars through X Money, and the chain decides who and how much.

A holder registers by sending one instruction from the holding wallet with an X handle. The program stores the handle as a hash next to the wallet. On every deposit, after the split, the payout share opens a round if the cap is at or above the stored floor and the reserve is at or above its target, one percent of the floor. If either condition fails, the share goes to the reserve instead and the firm writes down why.

A round is divided among registered wallets holding at least five hundredths of a percent of supply with no open payout from an earlier round, pro rata to balance, capped at twenty five dollars per wallet per round, with whatever the cap leaves going to the reserve. The program converts each share to cents at the pool's BNB price and writes one payout account per wallet, open. The operator pays each one through X Money and settles it with the receipt id. The BNB leaves the vault at settlement, for the cents written, once. A wallet with an open payout is skipped by the next round, so nobody is ever owed two.

There is no expiry. Nothing here runs on a clock. An open payout stays open until it is settled, and the number of open payouts is on this page at all times.

The operator is a pair of hands.

Two desks of the firm touch the world outside the chain, and both of them are written so the person holding the X Money account cannot decide anything. Inbound, the chain will not accept a wire without a receipt that has never been used and BNB that actually arrived. Outbound, the chain writes what is owed before a dollar moves, and releases BNB only against a settlement for exactly that amount, once. Read the open count. If it is rising and the settled count is not, the hands are slow, and the chain says so.

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.