Docs

Locked In is built to own engines rather than trade positions. The treasury keeps the engines and recycles what they produce. Its objective is to grow in both value and productive capacity: more capital working across more engines.

Native Engines are assets that produce capital simply by being held. The launch Native Engines are the productive memes BUTTHOLE, MANLET and DEGS. The treasury keeps those positions; their distributions become treasury assets.

Volatility Engines pair a capital asset with $LOCK. Relative movement creates arbitrage trades through the pair, while larger completed cycles change and grow the engine's inventory.

Native Engine output can become the asset side of a Volatility Engine. Output from either type can deepen an existing engine or help build another one.

$LOCK is the common asset. The treasury accumulates it, treats protocol-owned $LOCK as non-circulating, and deploys it against treasury assets. A common side lets one engine design serve many different holdings.

STONK is the reserve. It is the treasury's main dry powder and the counter-asset in the original LOCK/STONK engine. It is used to acquire assets, accumulate $LOCK and seed new engines.

Capital assets are protocol-owned non-LOCK assets. While undeployed they sit in the Capital Reserve; once paired with $LOCK their non-LOCK inventory sits in Productive Engines. Deployment status changes, but ownership and NAV treatment do not.

The original engine is the LOCK/STONK market. Its realised fees enter the same Fees class as fees from every additional protocol-owned LP engine.

Every Volatility Engine has two parts operating at the same time. They have different anchors because they perform different jobs.

The Active Band is anchored to market. It follows the live relative price and is designed to be traded through repeatedly. Movement in the capital asset, $LOCK or STONK can dislocate the implied ASSET/LOCK price; arbitrageurs close that gap through the engine and pay its fee.

The NAV Walls are anchored to backing. Below NAV per $LOCK, treasury assets convert into protocol-owned $LOCK. Above NAV per $LOCK, $LOCK converts into additional treasury assets.

The band collects from movement. The walls accumulate from cycles.

A completed wall conversion is not left in the same liquidity to reverse at the same price. Its converted inventory is harvested and moved to the opposite wall. To convert back, price must travel across the engine again.

A move below backing therefore accumulates protocol-owned $LOCK and removes it from circulation. A move above backing converts $LOCK strength into additional treasury backing. A completed cycle captures the distance between the walls, on top of the fees collected while price travelled.

The walls never place an offer of $LOCK below NAV per $LOCK or a bid above it. That rule binds the NAV Walls only. The Active Band follows market and trades both ways so it can repeatedly collect fees.

There are no treasury modes to switch between. The market-anchored band and both NAV-anchored walls stand simultaneously.

NAV is every asset the protocol owns that is not $LOCK, wherever it sits. A wallet, Active Band, NAV Wall or permanently locked position are locations, not accounting categories.

The non-LOCK side of protocol-owned liquidity is therefore in NAV. Every $LOCK the protocol owns is excluded from NAV and from circulating supply, including $LOCK deployed inside an engine.

NAV per $LOCK divides NAV by circulating $LOCK: total supply minus every $LOCK the protocol owns. $LOCK is never counted as backing for itself.

Realised fees from the original LOCK/STONK engine and every later LP engine enter one Fees class. Productive Memes add Rewards; the Acquisition Desk adds capital. Unclaimed LP fee growth remains outside both NAV and Fees until harvest.

Treasury production can acquire a Native Engine, acquire capital assets and $LOCK for a Volatility Engine, or deepen engines already running. Each new engine adds another productive loop without replacing the original one.

Every realised LP-engine fee first creates the published 6.9% team entitlement. Productive Meme rewards and Acquisition Desk capital do not. The remaining treasury share is allocated under versioned policy between dry powder, approved assets and $LOCK inventory. Productive assets are never sold merely to restore a target; a zero target stops future purchases without forcing a sale.

The public site does not sign or submit treasury actions. It reads published snapshots. Treasury execution is separated behind controlled scripts, policy versions, route limits and wallet signing.

Every decision keys off an accepted snapshot. Missing or invalid prices halt the relevant action rather than substituting a guess. On-chain quantities are accounted in exact base units, and asset identities are pinned by mint rather than ticker.

Team owns 6.9% of every realised LP-engine fee, with no lifetime cap. Fees are converted to $LOCK first; 6.9% of the exact received $LOCK goes to Team and the remaining 93.1% goes to Cold.

Productive Meme rewards, Acquisition Desk additions and conversions of treasury principal do not create an additional team entitlement. Historical STONK payments remain visible in the audit ledger. Live harvesting stays disabled until the new LOCK settlement path is implemented and reconciled.

Locked In holds volatile assets. NAV can fall as well as rise, and nothing on this site is a promise of price, yield or return.

A price can remain on one side of an engine. Inventory may remain concentrated until the market crosses back; no completed cycle or timetable is guaranteed.

Fees depend on trading and Native Engine output depends on distributions. Productive and reserve assets may also trade in thin markets. Past production is not a forecast of future production.