Market-Making Treasury

The market-making bucket is the capital the Treasury retains from each liquidation and, structurally, the only capital the Treasury holds at all during normal operation. It is held as WETH, and it exists for exactly one purpose: to be deployed back into the canonical market through the accumulation logic, re-acquiring supply at favourable prices and preserving the system's capacity to act across market cycles.

Its capital comes from three sources: the launch itself (the committed launch accumulation, plus any vault surplus above the committed amounts), the market-making share of every liquidation, and (for $PURE only) the market-making half of processed ecosystem contributions.

Deployment of this capital is bounded on every axis the engine has: intensity-scaled buy sizes, an intensity-scaled daily budget, per-transaction treasury and pool-impact caps, and the global daily deploy backstop. It cannot be withdrawn, transferred, or accessed manually by any party.

One narrow, deliberate exception exists to that last statement: token holders may collectively authorise a governed treasury release of up to 20% of the live market-making WETH per proposal, proposed only by the launch's designated team address, and executed only after a passed holder vote. That mechanism, and its hard caps, are covered in Governed Treasury Release.

The Treasury is explicitly prohibited (by the absence of any code path) from discretionary buybacks, price defense, or reactive intervention. The market-making bucket funds a rule, not a strategy.