Drops

5.1 Trigger

5.2 Snapshot

At drop time the engine records a snapshot block and reads every holder's balance at that block from its indexed holdings table. The snapshot is the source of truth for that drop; buying or selling after it does not change who gets paid.

Excluded from the snapshot, always:

• the coin's bonding curve (it holds the unsold supply) and, after graduation, the Uniswap v4 pool manager and position manager
• the pons v2 factory, launch deployer, forwarder, locker, fee hook, fee escrow and buyback vault
• the operator wallet
• the dead and zero addresses
• the Uniswap v3 router and position manager (and, for legacy v1 coins, their pool and locker)
• any wallet holding less than MIN_HOLD_BPS=1 — 0.01% of supply

5.3 Purchase

The engine takes the unspent USDG and, for each asset in the capsule, swaps spend × weight on Uniswap v3 along that asset's USDG route (§6): direct-usdg where the asset has a USDG pool — most stocks quote in USDG — or via-weth (USDG → WETH → asset) otherwise, with a slippage cap of 3%. Stocks and memecoins are bought the same way. Each swap is its own transaction and its own row in the drop log: USDG in, tokens out, USD value at the time, tx hash. A swap that fails leaves the USDG unspent for the next drop; it is never forced through. Legacy v1 coins spend WETH along the WETH family instead.

5.4 Pro-rata

eligible_supply = Σ balance(h) for every eligible holder h at snapshot block
share(h, asset)  = amount_out(asset) × balance(h) / eligible_supply
if usd(share)  < MIN_PAYOUT_USD (0.25)  → tray_balances[h][asset] += share   (status: dust)
else                                → transfer(asset, h, share)            (status: sent)

Integer maths, rounded down; rounding dust stays in the operator wallet and is folded into the next purchase of that asset. Failed transfers are retried on later ticks and show as failed with an attempt count until they go through.

5.5 The tray

Sending $0.03 of a stock token costs more in gas than it is worth, so the engine does not. Shares below MIN_PAYOUT_USD=0.25 bead up in the holder's tray — a per-wallet, per-coin, per-asset balance the engine holds on the holder's behalf. On every subsequent drop the tray balance is added to the new share; once the total clears the threshold it pops: it is sent and the tray line is cleared. You can see your tray on any capsule page (connect a wallet) or at /wallet.

5.6 Where the fees are before a drop

Between a trade and a drop, a coin's fees pass through three places, all public. First, inside pons: accrued on the bonding curve (or, after graduation, in the fee hook) until the engine sweeps. Second, in the pons Fee Escrow, credited to the operator's name in USDG — the "in escrow" line on the capsule page and the status page. Third, in the operator wallet as USDG once claimed, 95% of it banked against that coin's drop line. Nothing is ever converted to the coin along the way.