Platform documentation

Every satcap market has a fixed supply of 21,000,000 tokens. Exactly 16,800,000 tokens, or 80%, are assigned to the bonding curve. The remaining 4,200,000 tokens are reserved for the graduated liquidity pool.

• Bonding curve is the only launch mode. There is no instant launch option.
• Name, ticker, description and logo are required and validated on the server.
• Logo files are checked by type and file content, with unsafe SVG content rejected.
• An optional initial buy is a normal first trade with the same pricing and fee rules.
• There is no mint function, admin pause or token blacklist.

New markets use a constant product curve with 2,860,000 virtual sats and 16,800,000 curve tokens. This creates a starting market cap of about $3,000, depending on the current BTC price. Buys move the price up and sells move it down.

k = 2,860,000 virtual sats × 16,800,000 curve tokens
spot price = (virtual sats + raised sats)² ÷ k
graduation = 50,000,000 raised sats

• The minimum trade is 1,000 sats for buys and gross sell proceeds.
• Quotes are indicative. The final price is calculated while the market row is locked.
• Client slippage becomes a hard minimum output checked by the database transaction.
• The curve invariant is asserted on every settlement to detect accounting drift.

At 0.5 BTC raised, curve trading locks and the market enters graduation. A database trigger applies the split once, whether graduation begins from a trade or the scheduled recovery pipeline.

The current handoff progresses through sweep, bridge and pairing states before pool trading opens. Those stages are automated state transitions today, not proof that a Bitcoin bridge transaction has occurred. On Robinhood testnet, an optional settlement mirror can register graduated markets when its operator configuration is enabled.

Graduated markets use a constant product pool where pool BTC × pool tokens = k. Larger trades have more price impact relative to available depth. Trading is still instant in the satcap balance ledger and protected by the same row locking and slippage bounds as curve trades.

The 1% pool trading fee splits 70% to the creator, 20% to treasury and 10% back into the pool BTC reserve. The pool therefore grows through trading rather than remaining a static reserve.

At graduation, 4% of the raised BTC becomes the market's settlement float. This float is the buffer that backs on-chain pool settlement for that market. Its starting size is the market's float target.

Netting. Pool trades are not settled one by one. A background worker runs every few minutes, adds up every buy and every sell since its last pass and applies only the net drift to the float. Net buying grows the float, net selling draws it down. A thousand buys and a thousand sells of the same size cost nothing to settle, because they cancel out.

Low float alerts. When a float falls below 25% of its target, the gap is logged as a shortfall so it is visible rather than hidden. Treasury funds are never used to refill a float.

Every pass writes a public log entry with buy volume, sell volume, net drift, and the float before and after. Float balances and events are readable by anyone.