How it works
Six moves. Each one is a public transaction or a public table. Nothing happens in the dark.
Build a capsule. A curator opens the builder, picks 2–12 assets — stocks off the shelf, memecoins by address — and sets weights that sum to exactly 100.00%. The capsule is sealed at launch — it never rebalances, never adds, never removes. What you seal is what it drops.
One wallet launches. The curator pays a flat 0 ETH to the operator wallet. The operator calls launchToken on the pons v2 factory (0x7ed598bcef8bd9edd8c97a195c6d13f40801ec7e) with creatorFeeRecipient set to itself, creatorTaxBps 0 and buybackEnabled false, paired with USDG. The coin is born on a bonding curve, and every creator fee it will ever earn is addressed to the capsule. The curator's address is recorded and shown on the capsule page. See §8 for why.
The curve, then the pool. A new coin trades on a pons bonding curve: the curve holds the supply and sells it against USDG. It opens with a phantom quote of 3,236 USDG that sets the starting price. Once 8,090 USDG of real buys have gone in and the sellable supply is gone, the curve closes and graduates: the reserved allocation becomes a full-range Uniswap v4 position, locked forever, with the pons fee hook attached. Trading carries on in the pool. The capsule page shows which phase a coin is in.
Fees fill the capsule. Every trade — on the curve or in the v4 pool — pays a 1% fee. pons keeps 30%; the creator (the operator) gets 70%. Those fees accumulate in the pons Fee Escrow (0xd3afeb2a57f70ef218aa82451c51b2fb0416ac9e) until the engine sweeps them — curve.sweepFees before graduation, hook.sweepPoolFees after — and claims them with claimToken(USDG) into the operator wallet. Fees arrive as USDG, never as the coin. 95% of every claim is banked for the capsule; its fill level is that USDG against the $25 drop line.
The engine buys. A cron tick runs every minute. For each capsule it sweeps and claims fees, then checks the drop trigger: $25 of USDG unspent, or 24 hours since the last drop with anything collected. When it fires, the USDG is swapped on Uniswap v3 into the capsule's assets — a direct USDG pool where one exists, USDG → WETH → asset otherwise — one purchase per asset, in weight proportion. The other 5% of each claim stays with the operator as gas and ops reserve.
The capsule drops. The engine takes a holder snapshot at a block, drops anyone below 0.01% of supply and every infrastructure address, and transfers each purchased asset to the eligible holders pro-rata. Shares under $0.25 bead up in the holder's tray instead of going on-chain, until they add up. Every purchase and every payout has a tx hash on the capsule page and in the drops feed.
2.7 What a capsule never does
- It never sells what it bought. Assets go out to holders; they do not come back.
- It never touches your coin balance. Drops are plain ERC-20 transfers to you.
- It never changes its contents after launch.
- It never buys its own coin. pons offers a buyback that would spend half the creator fee on the coin and lock it for 5 years; every capsule launches with it off (§4.1.5).
- It never pays the curator a fee share. Curators get their name on the capsule, not a cut.
Capsules launched before pons v2 sit on Uniswap v3 with a WETH locker. They still run, on the old rails: fees in WETH, drop at 0.01 ETH, half the fee arriving as the coin. Their pages show the ETH diamond; every v2 page shows USDG.