Questions first-time buyers ask
The answers use the running example: a token launched on a $200 stock with a 3% tax.
I bought a token, what did I actually get? A token that trades against the stock, first on the curve and after graduation in a pool. Its supply only falls over time, because burns remove tokens and nothing creates new ones.
Where did my money go? Into the curve's reserve, less the tax. On a $1,000 buy, $970 goes into the reserve and $30 goes to the protocol, the creator and the treasury.
What is graduation? The moment 79.31% of the tokens have been sold, at about $8,205 raised. In that same buy, $5,743 of the stock is locked in a trading pool and $2,461 goes to the treasury.
Can the creator take the money? No. The pool's liquidity sits in a vault with no withdraw function, and the treasury has no withdraw function either. The creator receives a share of the tax and nothing else.
Can I sell any time? Yes. Before graduation you sell back to the curve; after graduation you sell in the pool. A sale pays the same tax as a buy.
What happens if the stock falls? The treasury holds its stock through the fall. Lots-type strategies buy more on the way down and never sell at a loss unless the creator set a stop; Rebalance-type strategies buy back up to their target; Buy-back does nothing.
Who presses the buttons? A keeper: a robot anyone can run. It sends each treasury action when the action is due and keeps 0.1% of what the action produced, about 6 cents on a $61 profit. The protocol runs one.
What do I pay? A 1% to 15% tax (the launcher decides), in stock; after graduation, a 0.20% pool fee on top, which goes to the treasury's buy-back budget. On a $1,000 trade at 3% that is $30, plus about $2 in the pool. A launch costs 0.0005 ETH.
Is the treasury's money mine? No. What the treasury earns buys the token back and burns it; holders have no claim on the treasury itself (none today; one may be added later). No redemption, no dividend.
Can the rules change? The tax, the split, the strategy and the pool are frozen at launch. The owner can replace a treasury's strategy logic after a two-day public notice; nothing else about a live launch can change.