Token launches with a floor

Presale

You buy $100 in the presale.

The presale raises $10,000 in total.

Split

50% of the raise becomes the floor.

50% buys SPYx for the vault: $34.88 back per $100 at listing.

50% of the raise buys SPYx for the floor vault, which pays back $34.88 per $100 at listing.

Pump

Trading opens. Your $100 runs up.

Illustration: your $100 rises to $400 on paper.

Selloff

Hype fades. Price falls to the floor.

Illustration: the price falls back to the floor.

Steps

Zoom in: the floor climbs in steps.

0.24% of every trade goes to the vault: +4.8% after $100k traded.

0.24% of every trade reaches the vault at each fee harvest: +4.8% after $100k traded.

Bounce

Below the arbitrage line, buy-and-redeem pays.

Below ~97% of the floor, buying and redeeming pays.

Below about 97% of the floor, buying in the pool and redeeming pays, before price impact and costs.

Exits

Every redemption leaves 2% in the vault.

Redeemed tokens are burned, so the same vault backs fewer tokens: floor = vault ÷ supply

Under about 99% of the floor, redeeming pays more than selling: 30% of supply redeems, and the 2% exit fee kept in the vault lifts the floor 0.9%.

Redeem

Redeem now: $36.87 back, not zero.

Redeem pays $36.87 per $100; the price can stay below what you paid.