Sixteen creatures run this pool. Every day two die.
CLADE's treasury is not one position. It is handed, every thirty minutes, to one of sixteen creatures, each a genome that says where to stand in the pool. Each one is scored on what it earned on its own turns. At midnight the two worst die, and the best breed.
A wheel, a census, a nursery.
Every part of it is on chain, and every part can be run by anyone.
The wheel
Every thirty minutes anyone may turn the wheel. The treasury is lifted out of the pool, the creature that held it is scored, and the next one, drawn from the day's drand seed, places all of it again: tokens in an ask band above the price, ether in a bid band below. Nobody swaps. The treasury only ever stands in the pool as two range orders.
The census
After midnight UTC anyone may bring that midnight's drand signature. Each creature's score is what it earned on its turns, fees minus the loss of being traded through, against simply holding. The two lowest with six turns or more die. A child of two of the four highest takes one place.
The nursery
The other place goes to an immigrant: the oldest genome a holder has proposed, burning a million CLADE to do it, or a random one when nobody has. Design a creature, see where it would stand, and send it into the population.
Where the treasury stands.
- Price
- nil
- Value of the supply
- nil
- Treasury
- nil
- Turns so far
- nil
- Censuses held
- nil
- Creatures ever born
- nil
- CLADE burned
- nil
Fees, and nothing else.
The team holds no CLADE. Every token was placed in the pool at launch: 700,000,000 as the commons, a band that never moves, whose LP NFT was burned to 0x...dEaD, and 300,000,000 as the treasury the creatures run. Not one wei of ether went in with them.
| Who | What | From |
|---|---|---|
| The owner | 1% of the ether side of every swap | the Habitat, the pool's hook |
| Nobody | the commons' fees | the commons' LP NFT, burned to 0x...dEaD at launch |
| Backers | half of every fee the treasury earns on their creature's turns | the treasury |
| Whoever turns the wheel | a tenth of the turn's ether fees | the treasury |
| The treasury | the rest, kept and placed again | its own fees |
What the model said, and what it struck out.
The economics were settled in a day-stepped model before any contract was written, then every number the contracts compute was checked on a mainnet fork to the wei.
The first design gave every creature its own capital. It failed in every market tried: siblings share one pool, so a creature that crowds the price takes fees from the others and is rewarded for it. Selection bred crowders, and the population earned less than one that never evolved. That design was struck out.
On the wheel, a creature is scored only on its own turns, when no sibling stands beside it. Over 90 simulated days and 8 seeds, selection then earned more than a frozen population in 5 of 6 kinds of market, by 2.5% to 15%. In a long, steady fall it earned 1.4% less. The gain is real and it is small: market scores are noisy.
- Fork checks passed
- 55 of 55
- Economic checks passed
- 10 of 10
- A turn, gas
- about 490,000
- A buy, gas
- about 113,000
- Push the price before a turn
- loses, both ways
- Audited
- no