$FND

$FND bootstraps both sides of the market, then ties protocol revenue to buybacks routed back to depositors and purchasers.

The pool is a two-sided market: it needs depositors to stock positions and purchasers to create demand, and neither side is useful without the other. $FND is a fixed-supply reward token whose whole job is to solve that cold start: pay both sides for showing up early, then give the protocol a lasting value loop. Its accounting is separate from listing solvency: it cannot spend escrowed NFTs or backing, and it cannot change selection weights¹.

Fixed supply: 1,000,000,000 $FND

50% (500M) seeds the FND/ETH market (a Uniswap v4 pool) as a single-sided position whose LP NFT is minted to the dead address — the launch liquidity is locked forever and can never be added to again.
30% (300M) funds 15 days of emissions: 15% (150M) to depositors and 15% (150M) to purchasers, each streamed at 1% of total supply per day². The emission clock starts when acquisitions are first enabled.
20% (200M) remains with the operator. There is no snapshot-claim allocation in this deployment.

Three ways to earn $FND

The dynamic surcharge split. The surcharge flexes with the time since the most recent acquisition request. A cold pool sets the whole surcharge aside as an $FND-buy allowance for the next successful purchaser; a busy pool sends it to depositors as usual; in between, it slides smoothly³.
Depositor rewards, by √value. Re-adds the size incentive the equal fee-split removes, but paid in $FND so acquisition prices stay untouched: 4× the backing earns 2× the emissions. Pauses when the pool is empty.
Purchaser rewards, daily. Each day's pot is split among that day's successful acquisitions; refunded acquisitions don't count.

The market & post launch

The market charges a flat 1% on buys and sells. Sells stay open while outside buys are gated. The gate is owner-controlled and starts closed, so early supply is earned through protocol use rather than bought by outside traders: while it is closed, the only buyer is the pool itself, executing game-driven buys (the surcharge allowance and settle-as-FND purchases). Ordinary wallet-to-wallet transfers are also restricted; users can hold $FND and sell it through the configured pool, but cannot freely transfer it directly between ordinary wallets.

In the intended steady-state phase after emissions, a configurable share of protocol fees (0% at launch) can fund a buyback⁴ that is permissionless and rate-limited, then routes it straight back to the two sides that keep the protocol alive: a slice to depositors (through the same √value rewards accumulator), a slice to purchasers (into the current day's pot), and a slice to burn, defaulting to 40% / 40% / 20%. Anyone can poke the buyback for a small caller bounty. More activity means more fees, more $FND bought back and either burned for a smaller supply or handed back to active depositors and purchasers.

Technical breakdown

Fixed total supply is split 50% to a single-sided Uniswap v4 position (LP NFT minted to 0xdEaD; the hook rejects any add-liquidity outside the token's own one-shot launch), 30% to the pool's emission buckets, and 20% to the operator. The token allocation is not part of listing escrow.
EMISSION_DAYS = 15. Depositors receive 1% of total supply per day (~115.7 $FND/sec) through the √backing accumulator, and purchasers receive another 1% per day (10M/day) through daily pots split pro-rata over successful acquisitions. Depositors claim any time with claimDepositorTokens; claims also settle automatically on withdraw or re-price.
The edge→$FND share interpolates linearly between hotGap = 60s (all to depositors) and coldGap = 3600s (all to the $FND buy), measured from the previous acquisition request and overridable via forcedTokenShareBps (dynamic by default). A successful purchaser's buy is pull-based (claimAccruedTokens) and happens outside the VRF callback.
Pool fee FEE_BIPS = 100 (1%) on buys and sells (LP fee 0). Sells always open; externalBuysEnabled = false until the operator changes it; the registered pool may buy while outside buys are closed. Token transfers pass only for mint/burn, registered distributor legs, and hook-authorized PoolManager flows. buyback() is permissionless: at most 1 ETH per call, at least 1 block between calls, 0.5% caller bounty; bought tokens split across the depositor √backing accumulator, the current purchaser pot, and burn, defaulting to 40% / 40% / 20%.