For token holders

Some people hold a firm's token without trading its evaluations or staking it anywhere, they just believe in the firm. This page is for that reader: what the token actually is, what structurally drives demand for it, and the risks stated the way we state everything else.

What you're holding

Each firm's $FIRMA$FIRMAA firm's own fixed-supply token, minted at launch. Used to fund and deliver payouts via the firm's bonding curve. token has a fixed supply, minted once at launch with the mint authority revoked in the same step, no inflation is possible and that's an on-chain fact anyone can check (Verify it yourself). Supply splits at birth: 70% into the bonding curveBonding curveThe on-chain market for a firm's $FIRMA token, and the mechanism its treasury buys from to fund payouts. that is the token's live market, 20% into the firm's payout reserve, 10% vesting to the operator over 24 months.

Where it trades

Before graduationGraduationThe point at which a firm's token has enough market depth to migrate its liquidity to a public Solana DEX., the token trades on the firm's own bonding curve, from the firm's storefront or the terminal, with a 1% trade fee split between the firm's treasury and the protocol. After graduation, liquidity migrates to Raydium and the token trades like any Solana token, visible to wallets, aggregators, and trackers; the migrated liquidity is locked, the operator can't withdraw it. Tokenomics & liquidity covers the curve's role in the firm's economics.

What actually drives demand

This is the part that makes a firm token different from a meme with a logo:

• Every ordinary payout is a buy. When a firm pays a funded trader, the mechanism is treasury SOL buying the token off its own curve. A firm whose traders win generates structural buy pressure by paying them, that's the design, not a side effect.
• A slice of every eval fee buys the token. 1% of every evaluation fee at the firm is a buyback into the firm's reserve, continuous demand proportional to real revenue.
• The token is the firm's collateral fabric. The reserve, staking pools, and payout mechanics all run through it, so the token's depth and the firm's operating capacity grow together.

The risks, without the softener

• Early curves are thin. On a young firm, a single oversized trade moves the price substantially, and the last trade's price can sit far from what the next trade will actually fill at. Check depth, not just the last print.
• The token is the firm. If a firm fails, the protocol's bankruptcy path pays its funded traders first and winds the firm down; what a wind-down doesn't do is preserve a market for the token, which loses its demand engine with the firm. Holding a firm's token is a leveraged opinion on that firm's survival and growth.
• Nothing here is advice. The protocol publishes the mechanics; what they're worth is your call. Legal & disclosures applies.

A useful discipline before buying any firm's token: read its storefront the way a trader would, tier, happiness score, payout record, treasury. The token's fundamentals are the firm's fundamentals; there are no others.