What it does
The circuit is energised by trade. Every swap pays a fee, and the coin-creator leg of that fee accrues to an account this part controls — on the bonding curve, and on the pool it graduates into afterwards. That is the only income there is: nothing is minted after genesis, nothing is sold from a treasury, and there is no treasury. When enough has accumulated to cross the step’s threshold, the vault discharges three ways at once.
Contract address:pending
Rectification. Destroyed supply is metered, not merely subtracted. Every burnChecked the board sees is rectified into charge — one unit per $ASIC retired, stamped to the open step — and charge is the only quantity the discharge is divided against. The trace carries a fixed load in SOL and a variable count of tokens, so what the board pays per unit floats: it is that fixed disbursement over whatever the step’s aggregate destruction turns out to have been. Feed a light step and each token draws more; feed a crowded one and it draws less. The board does not bid against itself and cannot be exhausted, because the figure it commits is the same one every time.
Accumulation. What the destruction trace sheds, the substrate takes, to the basis point. The balance is paired into the pool and the receipt destroyed in the same instruction that mints it, so the depth it adds has no instruction pointing at it in any program — not locked, not vested, not promised, simply unreachable. The depth available to absorb a sell is strictly greater at each step than at the one before, and no sequence of events reverses that.
Distribution. A third of every step leaves as SOL to holders, measured at the step and paid pro rata. Steps double; the float does not, because destruction runs one way only — so what each surviving token draws compounds against a denominator that is shrinking underneath it.
Stated as one line: the load is constant and the fuel is not. Consumption is denominated in money rather than in supply, so the board commits the identical sum to its own destruction at step zero, at step twelve and at every step after — while the quantity that sum retires halves each time. Everything below is that line, checked; the interface that acts on it is immediately underneath.
| Component | Program |
|---|---|
| Bonding curve | 6EF8rrecthR5Dkzon8Nwu78hRvfCKubJ14M5uBEwF6P |
| Automated market maker | pAMMBay6oceH9fJKBRHGP5D4bD4sWpmSwMn52FMfXEA |
| Supply, fixed at genesis | 1.000B |
Consume
Burn $ASIC from your own wallet and take your share of the step’s consumption budget. That budget is not minted and it is not ours: it is the creator fee the venue has already paid out of other people’s trading, accumulated in the vault since the last step and set aside for exactly this. You sign a burnChecked against your own token account — the supply leaves the mint, and nothing on this page could bring it back if it wanted to. The signature is banked against your address, and what you are owed is the share of the step’s destruction that was yours.
Consumption ledger
The ledger is a record of receipts, not a claim about the future. Each row is a transaction that settled on mainnet and can be opened in an explorer, and the share column is that address’s share of everything the part has consumed so far.
The invariant
A step is not taken on a clock. It is taken when the work has been done — when the intake has accrued — and what a step demands doubles every time:
Step 0 asks for 30 SOL of accrued intake before it can be taken. Step 12 asks for 123k SOL on its own. Meanwhile the share of each step set aside to pay burners halves every time, which is the shape a process shrink has: half the energy per operation, twice the operations.
The SOL paid out for consumption is identical at every step:
Derivation The factors 2−n and 2n cancel. Independent of n.
Put the two exponentials on opposite axes and the schedule traces xy = k: a rectangular hyperbola, which is the only curve a part with a fixed power draw can trace. The consequence is the interesting part. The bounty is denominated in money, not in coin, so it buys a great deal of supply early and very little later — and the price it is willing to pay per token rises without limit, because the money is constant and the supply it chases is not.
The three legs
When a step is taken, the accrued intake splits three ways. At step zero the three are exactly equal.
Write εn, ln, y for the three shares. The rail is fixed, the etch halves, and the substrate is whatever is left:
Every basis point the etch gives up is received by the substrate. Nothing is reclaimed by an operator, nothing is redirected, and the three sum to one at every step. Read across the schedule, the part converts itself from something that shrinks its supply into something with a very deep book, on a path fixed before the first trade.
Supply and packaging
1.000B $ASIC, minted once, on the pump.fun bonding curve. 793.1M sells along the curve to whoever arrives, in the order they arrive, at a price nobody sets; 206.9M is held back and deposited into the pool at graduation. No allocation, no vest, no cliff, no treasury — not as a promise, but because the launch venue has no field to put one in.
At 85 SOL raised the curve graduates to PumpSwap, the reserve and the withheld supply are deposited as the founding position, and the LP receipt is burned by the venue itself. That founding liquidity is unrecoverable by anyone, including us, before a single step has been taken — which is where the floor starts, rather than at zero.
The mint carries a null mint authority, no freeze authority, no transfer hook and no transfer fee. Nothing about holding $ASIC is programmable by us, and the whole of that claim is checkable in one RPC call.
Symbols
| Sym | Parameter | Definition |
|---|---|---|
| H | Throughput | Quote volume through the pool, SOL |
| E | Intake | Creator fee accrued to the part out of H |
| Dn | Workload | Intake a step must accrue before it may be taken |
| εn | Energy per operation | Etch share of intake. Halves every step |
| P | Power | SOL paid out for consumption, εn·Dn |
| L | Substrate | Liquidity with no withdrawal instruction pointing at it, SOL |
| S | Supply | Circulating $ASIC. Non-increasing |
| F | Floor | Substrate per circulating $ASIC, L/S |
One term is missing, and the absence is the point: there is no cost line. A part like this one would ordinarily pay for the energy it draws. This one draws its energy from a fee the market has already paid in order to trade, so it has no bill, no counterparty and nothing to default on. It cannot be switched off for arrears. It can only be starved of volume, and a starved circuit is one that pauses rather than one that loses.
Theory of operation
One instruction advances the part. step takes no arguments — the index lives in the state account, the workload is a shift of it, and every other account is a program-derived address checked against its seeds before a lamport moves. It is permissionless, and it reverts below workload, so it needs no operator and grants none any discretion.
| Instruction | Signer | Effect |
|---|---|---|
| step | anyone | Reverts unless intake ≥ Dn. Sweeps it, splits by (εn, ln, y), settles the etch against the step’s receipts, deposits the substrate, credits the rail, then n += 1. |
| burn | holder | Destroys supply and registers the receipt against the open step. This is the one the interface above signs. |
| draw | holder | Pays out accrued SOL from the etch and the rail. No lockup, no queue. |
What is missing from that table matters more than what is in it. There is no set_params, so D0 and the halving cannot be edited after deployment. There is no withdraw_liquidity, so the substrate is one-way by construction rather than by promise. There is no pause, no migrate, and no upgrade authority kept past deployment. A rule you can amend is a preference; a rule with no amending instruction is a constraint.
Each step is one transaction, and any failure inside it reverts the whole step rather than leaving it half-taken: the sweep, the split in u128 lamports rather than floats, the deposit, and the index increment either all land or none of them do. If nobody calls it, the intake waits in the vault and the state does not advance — the failure mode is a pause, and a pause costs nothing.
Characteristics
Let Sn be supply and Ln the substrate after step n, and Pn the price consumption clears at.
Total supply consumed converges, so supply has a strictly positive limit S∞ > 0. The substrate diverges.
Derivation Substrate added at step n is lnDn ≥ (⅓)D02n, so Ln grows at least geometrically and its sum diverges. Price is bounded below by the substrate behind each token, Pn ≥ Ln/S0, so the coin consumed at step n is at most (D0/3)S0/Ln = O(2−n). A geometric series converges, and a convergent series subtracted from a finite supply leaves a positive remainder.
Numerically — pricing consumption at the 4× premium over floor the model assumes — the etch is all but finished by step eight, at 9.9% of genesis supply, for a terminal float of 900.7M. It is a hard, front-loaded, calculable event rather than an open-ended promise. A part that told you it would consume forever would be telling you it had no idea what its own liquidity was going to do.
The rail behaves in the opposite direction. It pays a third of every step, and steps double, so what it pays per coin held rises geometrically against a float that is falling: 0.029 SOL per million at step zero, 2.026 at step six, 129.933 at step twelve — 4.4k× across the plotted horizon, and 82k SOL down the rail in total. None of that is emission. Every lamport was paid in by somebody who wanted to trade.
The floor
Define the floor as substrate standing behind each surviving coin:
Fn+1 ≥ Fn for every n, with strict inequality whenever a step is taken.
Derivation ln > 0 for all n, so L is non-decreasing; consumption only removes coin, so S is non-increasing; there is no instruction that withdraws, so no term of L is ever negative. A non-decreasing numerator over a non-increasing positive denominator is non-decreasing.
The corollary matters more than the statement. The floor has no downward step available to it — not in a drawdown, not in a panic, not if volume stops for a year. Idleness is the worst case, and the worst case is a part sitting at a floor it has already reached. There is no state of the world in which this gives back substrate, because there is no instruction anywhere in it that removes substrate. Across the plotted horizon the ratio moves 2.1k×, and the only direction it has ever been able to move is up.
Holders
Every account holding $ASIC, ranked, read live from the chain and folded by owner so one holder split across several accounts is counted once.