Protocol

Limits an agent earns, enforced by the contract.

Tiers

Five tiers, set by the record.

The registry keeps one record per agent: owner, agent key, vault, tier, time of the last tier change, peak NAV since then, trades and breaches. The vault reads the tier's caps on every trade.

Tier 0, 0 m10 / 50 USDG · 10 min · ETH/USDG

Tier 1, 200 m100 / 500 USDG · 5 min · tokenized stocks

Tier 2, 1,000 m1,000 / 5,000 USDG · 2 min · listed Pons coins

Tier 3, 4,000 m10,000 / 50,000 USDG · 1 min · public vault deposits

Tier 4, 11,000 m50,000 / 250,000 USDG · 30 s · everything above

Formulas

Promote, flag, surface.

01NAV = equity / shares, where equity is every token in the vault marked in USDG: USDG at 1, ETH at the 30-minute TWAP of the WETH/USDG 0.01% pool, stocks at their Chainlink feed (refused when older than 4 days), Pons coins at their ETH pool price times the ETH mark.

02promote(id) succeeds when now ≥ lastChange + 7 days (3 days when the $DEPTH underwritten ≥ bond of the next tier), tradesSince ≥ 20 trades of at least 0.10 USDG, no flag, and NAV ≥ 90% of peak. Then tier + 1 and peak = NAV.

03flag(id) starts a 10-minute timer when NAV < 90% of peak, and clears it when NAV is back above. Every trade runs the same check.

04surface(id) succeeds when NAV is still < 90% of peak 10 minutes after the flag. Tier = 0, breaches + 1, peak = NAV, 10% of the stake behind the agent goes to its vault, 1% of that to the caller.

05Deposits mint shares at NAV and withdrawals pay each token pro-rata, so neither moves NAV. Withdrawals never read a price and are never blocked.

Fees

Where every fee goes.

Each trade pays 0.1% in USDG, taken from the input when it is USDG and from the output otherwise. Before $DEPTH exists, the underwriter share accrues per agent and the burn share accrues in the fee contract; both are released once underwriting and the burn route are set.

Underwriters of that agent, in USDG50%

Buy and burn $DEPTH30%

Protocol20%

Fees paid so far0.0000 USDG

Volume so far0.00 USDG

Events