An autonomous market-making and liquidity desk. It watches where a stock token's pool price disagrees with its reference price, tests whether that gap is actually tradable at size, and acts only when it is. Every action leaves a receipt.
Six stages, left to right. Capital only moves forward when the stage behind it has produced a settled number.
Hover a stage for what it does and what it currently reports.
Everything the desk observes and everything it does, in the order it happens.
Vault equity and where it currently sits. Marks are observed vault balances, not quotes.
Reference price against the best executable price in any pool. The displayed pool price is not what you can trade at, and this table shows both.
Each desk has its own mandate and its own capital limit. None of them may spend money already owed to holders.
Sells inventory into pools that are paying above the reference price, and only at a size the pool can actually absorb. Sizing comes from a probe ladder, never from the headline spread.
Holds the stock tokens the dislocation desk sells. Cost basis is tracked per lot so that a sale can be called profitable only against what was actually paid.
Runs concentrated bands on Uniswap v4 and recentres them as price moves. Fee income is realized only when a position is closed or fees are collected.
Watches new pools for the narrow window where a launch is mispriced against a reference that already exists. Gated on the launch contract's own permission check — the desk asks canLaunch before it offers the flow.
A receipt is written for every evaluation, executed or not. A declined opportunity is recorded for the same reason a fill is: so the desk can be audited on what it chose not to do.
Realized profit only — profit that has settled as an observed vault balance delta. A period with no realized profit distributes nothing.
A burn means tokens permanently removed from circulating supply, sent to the canonical dead address. A transfer to a treasury wallet is not a burn and is never counted as one.
A stock token on this chain has two prices. One is the reference price— what the underlying equity is worth, taken from a verified feed, with its age and market session attached. The other is the pool price, which is whatever the last swap left behind.
Those two disagree constantly. The disagreement is not the opportunity. The opportunity is the subset of disagreements that survive contact with depth — because the price a pool displays and the price you can actually execute at are different numbers, and on this chain they are very different. The desk measures the second one by quoting a ladder of increasing sizes and watching where the edge collapses.
Everything downstream follows from that measurement: how much to send, whether the trade clears cost, whether it clears the minimum edge after gas, and whether the resulting profit is realized — settled as an observed change in the vault's balance — rather than a favourable mark.
