A tax on every trade buys Identity MD seats. Each seat works in the swarm until it sells. What it sells for burns PUPATE.
Nobody holds the keys. The vault buys at or under the price the IMD oracle reports, lists every seat at a falling price, and every step can be run by anyone.
- —The log fills as you trade, flush, buy, burn and take lots.
The site, page by page
How it holds together
A plain token. 1,000,000,000 PUPATE. 85% opened the pool, 10% went to the IMD swarm that built this, 5% vests to the developer over 12 months.
One pool, closed. Nobody can add liquidity after the block the pool opened in, so there is no way to trade around the tax by resting liquidity.
The tax only falls. A 48-hour timelock can lower it. Nothing can raise it. Every other knob moves only within bounds written into the contracts.
One price, from the swarm. The reference price comes from the IMD oracle, which reads the collection's sales on-chain. It may rise at most 25% per 6 hours; falls are not limited. Without a fresh report the vault stops buying.
Three exits. Vault ETH leaves for exactly three reasons: buying a seat on Seaport, buying PUPATE to burn, or a caller reward of at most 1%.
No promises. This page describes a mechanism. It makes no statement about returns. The tax that applies to your trade is always shown beside the button.