Tokenomics & liquidity

The question every prospective firm operator asks first: where does the money for payouts actually come from, and does launching a firm require a large treasury up front? The honest answer is that the launch fee is only the seed. The token, the bonding curve, and backstop stakingBackstop stakingCapital voluntarily staked by outside investors as a firm's payout collateral, in exchange for yield. Drawn on only after a firm's own treasury and token reserve are exhausted. are what turn that seed into real payout capacity.

$FIRMA: a firm's own token

Every firm mints a fixed-supply token at launch, split three ways:

The mint authority is revoked the moment the token is created. Total supply is fixed forever, there's no future inflation.

The bonding curve is a funding mechanism, not just a market

When a firm pays out a trader through its own treasury, the mechanism is a curve buy: treasury SOL purchases the firm's token off its own bonding curve and delivers it to the trader. The curve isn't just where the token trades, it's actively used to fund every ordinary payout. As a firm's trading volume and token demand grow, so does the depth behind that curve.

Once a firm's token reaches a target level of market depth, it graduates: liquidity migrates to a public Solana DEX (Raydium), and the token becomes visible to the broader market, wallets, aggregators, trackers, that a purpose-built bonding curve isn't. A one-time 3.5% migration toll funds this move, and the liquidity that migrates is locked, not withdrawable by the operator.

Backstop staking: outside capital, by choice

Investors can stake $FIRMA$FIRMAA firm's own fixed-supply token, minted at launch. Used to fund and deliver payouts via the firm's bonding curve. into a firm's backstop pool voluntarily. That stake becomes real payout collateral, drawn on only when a firm's own treasury and token reserve are both exhausted, in exchange for a fixed yield premium plus a share of the token's own yield. It's the layer that lets a firm's payout capacity exceed what its own launch fee and treasury could cover alone.

Because this capital is real financial exposure for a staker, it's protected against a sudden mass exit: unstaking scales cooldowns by both firm health and the size of a given stake, a large holder trying to withdraw a big share of the pool waits the longest, and the pool caps how much can leave in any single day regardless of how many stakers are trying to withdraw at once.

The Universal Treasury Pool: the platform's shared reserve

Every firm feeds a small slice of its fees into one shared, cross-firm pool. It's the deepest layer of the payout waterfallPayout waterfallThe ordered sequence a payout draws from: a firm's own treasury, its token reserve, its backstop pool, then the Universal Treasury Pool. (see Funded accounts & payouts), used only after a firm's own treasury, reserve, and backstop pool are all exhausted. It has its own daily draw limit, and a hard ceiling on how much any single firm can draw from it before that firm is automatically wound down, protecting every other firm on the platform from one firm's losses.

$DPROP: the protocol-wide token

Separate from any individual firm's $FIRMA, $DPROP$DPROPThe protocol-wide token (not yet launched). Funded by a small slice of every evaluation fee across every firm. is the protocol-wide token: a fixed 1B proposed supply, buy-and-burn funded from a slice of every evaluation fee across every firm. Two legs of every evaluation fee are earmarked for it, 10% for staking yield and 1% for buy-and-burn.

Neither leg is doing anything yet, and it's worth being exact about what that means. Both route their SOL into vaults the programs own, with a single exit and no admin able to redirect them. The buy-and-burn instruction reverts outright until the real $DPROP mint is bound at launch, so no $DPROP is being bought and none is being burned today. The staking SOL accrues into a reserve that is released to the first stakers over 90 days once staking opens, rather than paid out now. The money is real and it is already locked to that purpose; the mechanism it funds hasn't started.

Ahead of that launch, real activity already earns points toward the eventual airdrop. Only actions that cost real money or lock real capital count, evaluation purchases, referrals that convert, and backstop staking, and simulated trading volume deliberately earns nothing. Points & the airdrop has the exact rates.

§11 of the whitepaper is the long version of this page: both tokens side by side, every burn sink, the design principles behind the distribution, and why the airdrop is anchored to money spent rather than volume traded.