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 It cannot be withdrawn, transferred, or accessed manually by any party.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.