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Productive memes — the treasury's core reward-generating holdings, initially BUTTHOLE, MANLET and DEGS, held to generate distributions rather than to be sold. Each is addressed by a pinned mint address, never by ticker: several unrelated tokens share these names, and under a policy that never sells, acquiring the wrong one would be permanent.

Reserve assets — what productive memes distribute. Held separately rather than automatically sold or compounded, so there is something liquid to deploy when it's useful.

STONK dry powder — STONK held deliberately as ammunition rather than received as a distribution. It is the one treasury asset with no transfer fee, so it can be repositioned freely, which is exactly what makes it the buyback reserve. Kept separate from reserves because the buyback rate is a share of this figure specifically.

Together, reserve assets and STONK dry powder form the capital reserve: the on-chain capital accumulated outside the productive meme engine.

Treasury LOCK — LOCK owned by the protocol, from creator fees received in LOCK or from below-NAV acquisitions. Shown publicly, excluded from NAV, and not automatically burned.

They are separated because collapsing them into one number is exactly the error that inflates reported backing: a volatile earning layer, a liquid buffer, and the token's own supply are not interchangeable, so the site never treats them as one pool.

NAV = productive meme value + reserve asset value + STONK dry powder. Treasury LOCK is deliberately excluded — both from NAV, and from being expressed as a share of “treasury value.” It is only ever shown as a share of total token supply.

NAV / LOCK divides NAV by circulating LOCK (total supply minus treasury LOCK), not total supply, so treasury-held LOCK cannot understate the backing behind the LOCK that actually trades.

Normal accumulation (0.8×–3× NAV) — the launch allocation is 6.9% Team, 3.3% each for BUTTHOLE, MANLET and DEGS, and 83.2% STONK reserve, measured against gross claimed STONK. The team share leaves first, until its lifetime cap is reached. The remaining 93.1% enters the active treasury allocator, where the basis-point targets are 89.35% STONK dry powder and 3.55% each for BUTTHOLE, MANLET and DEGS. These are target weights for the whole active pool, not a blind split of every claim: whichever asset is below target receives more of the STONK that is genuinely above its own target. Execution is skipped when a safe route is unavailable. Distributions from productive memes accumulate separately as reserve assets.

A deliberately concentrated launch — CLANKER and TREE are not launch targets and cannot receive allocator flow. The policy contains only what the treasury currently intends to own. A later asset addition requires an explicit, reviewed policy change; removing an asset stops future purchases without forcing the treasury to sell it.

Below 0.8× NAV — fee flow redirects into acquiring LOCK, and STONK dry powder is deployed alongside it at ten times the discount per day: a 20% discount buys at 2%/day of dry powder, a 40% discount at 4%/day. The rate is a share of dry powder rather than of NAV, using the fixed 00:00 UTC dry-powder balance as that day's reference. Reserve assets and productive memes are deliberately not reachable by automation — spending those is a manual decision. Acquired LOCK becomes treasury LOCK and is not counted in NAV.

At or above 3× NAV — treasury LOCK becomes eligible for gradual sale into STONK, which returns through the active allocator. The daily rate is the NAV multiple itself: 3× accrues 3% per day, 4× accrues 4%. Each accepted minute contributes its rate against the fixed 00:00 UTC Treasury LOCK balance. If the multiple falls below 3×, release stops immediately; unused authority expires at the next midnight.

Changing mode — a threshold has to hold across consecutive snapshots before the treasury acts on it, and each latched mode uses wider reset levels of 2.9× and 0.85× so one print cannot churn the state machine. Execution is stricter: release signing stops below 3× and buyback signing stops above 0.8×, regardless of the latched state.

How authority becomes trades — accrued buyback or release authority is reserved in approximately $3–$33 transactions. Hot signs, while acquired LOCK or resulting STONK settles directly into Cold. Pending and confirmed transactions are deducted before another slice can be created.

Refusing to act — every decision keys off one NAV snapshot, so a snapshot that fails its checks stops the treasury rather than being traded on. A price feed returning a confidently wrong number is not a failure to compute, so the checks are bands on movement, not merely tests for missing data. Halting is always the safe direction: a day not traded costs throughput, a day traded on a bad price costs principal.

None of this is automated from the public site. The site calculates and shows the same conditions the treasury acts on, from the same snapshot; actual treasury actions go through controlled scripts and wallet signing.

The team allocation is a fixed 6,900,000 STONK, starting from zero at launch and paid as 6.9% of claimed STONK until that total is reached, after which it is permanently zero and 100% of creator revenue belongs to the treasury. It is denominated in tokens rather than dollars deliberately: there is no price feed in the calculation, no receipt-time valuation to argue about, and anyone can verify how much is left by checking the team wallet balance against 6,900,000. Proceeds from selling treasury LOCK carry no team share — the team is paid from fees, not from treasury operations.

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.

Productive and reserve assets may trade in thin markets, where a quoted price may not reflect what the treasury could actually realize selling any real size. Prices are not smoothed or estimated — a snapshot marked stale is preferred to a guessed number.

The mechanism depends on trading volume and distributions continuing to arrive. Neither is guaranteed, and past accumulation is not a forecast of future accumulation.