08 · Mechanics
The floor
A number every coin has, readable on chain.
floor per coin = reserve ÷ total supply. It is what one coin is worth if redeemed right now.
Why it is conservative
Coins sitting in the bonding curve or the PumpSwap pool count in the supply even though nobody can burn them. The real share of a holder is a bit higher than the floor shows.
Price to floor
The coin's price and its floor are both in SPYx, so they can be compared without any oracle. A coin at 4× its floor trades at four times its backing.
How the floor moves
- up with every trade, because fees add SPYx
- unchanged by a redeem: coins and SPYx leave in the same proportion
- in dollars, with the S&P 500, because the reserve is SPYx