The Market Engine

The engine is deterministic, rule-based, and fully on-chain. It does not attempt to predict markets, defend prices, or optimise outcomes. It encodes a narrow set of behaviours designed to manage supply responsibly, convert demonstrated demand into realised capital, and preserve long-term system integrity, and nothing else.

Everything in this section operates inside an envelope fixed at deployment. Most engine parameters are immutables, validated against protocol-enforced ranges in the Treasury constructor, with no setters and no admin path to change them afterward; the exception is six market-making dials (the accumulation and liquidation bands and their shape), which the team can retune post-launch, but only within immutable locked ranges, only atomically with the band invariants re-checked, and always via a public, event-logged call. The rate caps that bound what the engine can spend or sell are never tunable. What you read in a launch's deployed configuration, plus its on-chain dial history, is what that launch will do for its entire life.

The pages that follow cover the execution model (who triggers the engine, and when it acts), the pricing anchors everything keys on, the buy side, the sell side, and the safeguards that bound all of it.