[ The operating loop ]
Output builds
the next engine.
Productive memes deliver capital assets. LP engines earn fees that can acquire more $LOCK. Those two inputs make more engines possible.
The Acquisition Desk is being tested as the source of new productive memes, so treasury fee proceeds can focus on $LOCK instead of being split between token purchases and engine inventory.
Two sources → two inputs → more engines
The Acquisition Desk
Productive memes
produce capital-asset rewards
LP engines
Fees
acquire more $LOCK
Capital assets + $LOCK
More and deeper LP engines
The Desk is being tested; only verified transfers and receipts appear as treasury activity.
Source assets that already produce
A productive meme earns a capital asset just by being held.
The Desk trades before a position enters the permanent treasury. When it sends a productive meme to Cold, the treasury keeps that position and can receive its future rewards. The Desk is being tested as the repeatable source of those positions.
The source and the output are different things: ZCAT is a productive position; ZEC is the capital asset it produces. The treasury tracks rewards as receipts, separately from the position.
Native production
Kept in Cold
Productive meme
the source remains
Received as rewards
Capital assets
the output accumulates
Example: ZCAT → ZEC. Keep the source; accumulate its output.
Use LP fees to acquire the common asset
Every Volatility Engine pairs a treasury asset with $LOCK.
The LOCK/STONK pool is the original fee source. STONK inside its liquidity position remains productive; some STONK outside the pool serves as execution float and dry powder.
With the Desk sourcing productive memes, the new strategy directs LP fee proceeds, after required entitlements, toward acquiring $LOCK. More protocol-owned $LOCK means more inventory to pair with capital assets in existing or new engines.
Live production reports fees when claimed. The fee-to-LOCK routing is the strategy being built, not a claim that every historical fee has already bought $LOCK.
Different assets. One common pairing asset.
Make movement productive
Pairing an asset with $LOCK turns relative movement into engine activity. The active band earns fees; the walls convert inventory when price travels far enough.
Movement creates the trade.
The capital asset can move, $LOCK can move, or STONK can move against either. Relative prices drift apart, and arbitrageurs trade through the engine to close the gap. Those trades pay fees.
The LP does not need a forecast of which asset rises next. It needs movement through liquidity the treasury owns.
The band and the walls have different jobs.
Active band
Follows the relative market price. Repeated trading through it collects fees from movement.
NAV walls
Sit farther out, anchored to treasury backing per circulating $LOCK. Below backing, assets convert into $LOCK; above it, $LOCK converts into more capital assets.
A conversion can set up the next one.
A completed wall fill is harvested and routed across the engine. To convert back, price must cross the distance again. The band collects fees along the way; a completed wall cycle changes the treasury's inventory as well.
Active band · market anchored
Follows the live price. Relative movement creates arbitrage trades; each pass pays the engine's fee.
Below backingtreasury assets → protocol-owned $LOCK
Above backing$LOCK → additional treasury assetsThe band collects from movement.
The walls accumulate from cycles.
Keep the engines and count them honestly
Treasury backing
Every protocol-owned asset that is not $LOCK counts in NAV.
It counts whether held in Cold, inside an LP, or in a wall. Moving it into an engine changes its job, not its owner.
Protocol-owned $LOCK
$LOCK is engine inventory, never backing for itself.
Every $LOCK the protocol owns is excluded from circulating supply, whether held or deployed in liquidity.
Production is variable. Markets can move against treasury assets, a wall may remain on one side, and neither fees nor rewards are promised at any rate.
[ See it running ]
Follow the assets and their output.
The Treasury shows positions, received rewards, claimed fees, protocol-owned $LOCK, and the ledger behind each movement.