How
Locked In Works
A productive meme engine built on STONK.
Trading fees build the productive meme engine. Its distributions accumulate separately in an on-chain capital reserve, while $LOCK closes the loop around NAV.
Trading Fees
Productive Memes
Capital Reserve
NAV
=Productive MemesCapital ReserveReserve assets + STONK dry powder
Treasury LOCK is non-circulating. NAV per LOCK is calculated using circulating LOCK only.
1. Where fees go
Trading
Every trade in LOCK or STONK generates a creator fee.
Fees claimed
6.9% of claimed STONK goes to the team until its 6.9M cap.
Deployed to target
The whole active treasury is measured against its targets; only excess STONK is deployed toward genuine shortfalls.
Launch allocation
- Team — 6.9%
- BUTTHOLE — 3.3%
- MANLET — 3.3%
- DEGS — 3.3%
- STONK reserve — 83.2%
After Team leaves, the treasury-only basis-point targets are 89.35% STONK and 3.55% each for BUTTHOLE, MANLET and DEGS.
2. Why productive memes matter
Productive Memes
Distributions
Capital Reserve
Productive memes are held to generate distributions, not to be sold. Those distributions accumulate separately in the capital reserve, broadening the treasury beyond memes over time.
This does not remove volatility: the productive layer remains market-exposed, and NAV can fall as well as rise.
3. What backs LOCK
NAV
=Productive MemesCapital ReserveReserve assets + STONK dry powderProductive assets
The treasury's income-generating holdings.
Reserve assets
One component of the capital reserve: rewards retained separately.
STONK dry powder
The deployable component of the capital reserve.
Treasury LOCK
Shown publicly and removed from circulating supply.
Treasury-held LOCK is not added as another treasury asset. Instead, it reduces circulating supply: NAV per LOCK equals NAV divided by total supply minus treasury LOCK. When it leaves the treasury, it returns to circulating supply, while the assets received in exchange become part of NAV. This prevents the same value from being counted twice.
4. Treasury policy around NAV
Below 0.8× NAV
The treasury can acquire LOCK. Acquired LOCK becomes non-circulating treasury LOCK. Dry powder deployment scales with the discount.
Normal range
Active nowBetween 0.8× and 3× NAV, treasury inflow moves toward the active targets: mostly STONK dry powder plus the productive sleeve.
At or above 3× NAV
Treasury LOCK becomes eligible for gradual release. Proceeds return through the same active treasury targets.
Policy details
Thresholds must hold for 3 consecutive snapshots before the treasury changes mode. Wider 2.9× and 0.85× reset levels prevent state churn, but signing still stops below 3× or above 0.8× respectively. At 00:00 UTC the treasury fixes that day's STONK and LOCK reference balances. Each accepted minute accrues only that minute's rate, and execution stops immediately outside the headline price boundary. Unused authority expires at midnight.
Productive memes generate. The capital reserve accumulates. $LOCK closes the loop.
See the treasuryFor the exact formulas and safeguards behind every figure, see Docs and Transparency.