How it works

A one-page tour, from taking a License to redeeming a Printer.

How ETH and UNITED move through United Reserve

Members

ETH in

License auctionA soulbound License with its first Printer

70% as liquidity

Swaps, both ways

ETH / UNITED poolTax hook: 3% buy, 6% sell, in ETH. Liquidity is never removed.

UNITED in, emission out on redemption

PrintersEach License starts with one; more are bought at the Printer auction in UNITED. Each earns a share of the daily emission.

The coloured shares go to

• Contraction Vault14% of License ETH, 20% of taxBuys and burns UNITED after a 10% price drop
• Reserve Vault6% of License ETH, 15% of taxHolds tokenized assets
• Team10% of License ETH, 30% of taxPaid in ETH
• Incentive Vault20% of every Printer priceUNITED for future rewards
• Burned35% of tax, as a buyback80% of every Printer price

• ETH
• UNITED
• Liquidity in the pool

Members pay ETH for Licenses, trade in the pool and pay UNITED for Printers. Each bar shows how that payment is split.

1. Join. A soulbound License in ETH, first in the genesis sale, then in the daily License auction.
2. Earn. Each matured Printer takes an equal share of the daily emission, unminted until redeemed or spent on more Printers.
3. Grow. Buy Printers at the Printer auction; share your referral code. A 30% rewards pool on top pays network rewards.
4. Trade. Every swap in the pool pays tax in ETH.
5. Defend. On a 10% price drop against 24 hours earlier, the Contraction Vault buys and burns UNITED. It watches price, not flow, and never sells.
6. Exit. Redeeming a Printer mints its share of the License's balance, minus a fee set by recent redemptions.

The numbers on one page

Flow	Split
License sale	70% pool liquidity, 14% Contraction Vault, 6% Reserve Vault, 10% team
Trading tax (3% buy, 6% sell)	35% buyback and burn, 30% team, 20% Contraction Vault, 15% Reserve Vault
Printer purchase	80% burned, 20% Incentive Vault
Redemption fee (2% to 60%, Fractional 5% to 80%)	70% burned, 30% to the Printers of the same kind that stay open
Emission rate	+0.10 after two epochs with no net outflow, -0.15 on net outflow; see Emission and net flow

Flywheels

Four loops push in the same direction.

Loop	What happens
Membership	Every License puts 70% of its price into liquidity and 20% into the vaults before a single token is emitted for it
Expansion	Growing a Printer base means buying Printers with UNITED; 80% of every purchase is burned
Fee flow	Volatility in either direction pays tax; 35% of it buys and burns UNITED
Defence	In a downturn emissions are cut, redemption fees rise and stayers are paid. On a 10% price drop the Contraction Vault buys