Market MakerROBINHOODMarket MakerROBINHOODMM / ETH · RobinhoodTotal supply—Treasury (MM)—Pump pool MM 💧—All-pool MM —MM
How Market Maker works
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A self-balancing elastic-supply token. Idle balances decay; that decay is burned, funds the treasury, rewards holders — and mirrors into a permissionless pump that burns pool supply to lift price. Every swap also burns, reflects, and funds treasury. This page explains the whole engine, its holder economics, and its exclusion/LP trade-offs.
Every balance is stored as fixed units. What you see is units × index. The protocol never touches your units — it moves a single global index, so one number re-prices all holders at once. Reflection lifts it; decay lowers it (for non-excluded holders).
Non-excluded balances decay continuously with time, not trades. Hold 1h ≈ −0.006%, 1 week ≈ −1.3%. Each settled decay splits three ways — and separately mirrors onto the pump.
Every swap pays a 4% tax split four ways. The 1% reflection lifts the index, so every holder's balance grows instantly — no transaction, no claim.
The signature mechanic. Every unit of holder decay queues an equal (× mirror) burn of pool MM as pumpDebt. Calling pump() burns that owed MM straight from the V2 pair and re-syncs it: ETH stays, MM shrinks → price rises. It's permissionless — anyone can call it and earn a 0.5% bounty. On a quiet chain the debt just accrues until someone pumps; on an active chain ordinary transfers auto-pump it in slivers.
As an included holder you feel three protocol forces. Decay shrinks your MM; reflection grows it; pump lifts the price of every MM you hold. In value terms they combine — and there's a clean break-even.
Above break-even volume, holding is net positive; below it, decay wins. The live panel on the terminal shows your real numbers.
Decay only touches included balances. Pools, owner, treasury and the hook are excluded so AMM liquidity never bricks. Exclusion is owner-only — no wallet can exempt itself. So the natural question: can you dodge decay by becoming liquidity? It depends entirely on which pool.
Seeded live from the chain right now — price, decay, the 4% swap tax and the current trading run-rate. Drag the sliders: every force (entry tax, decay, reflection, pump) recomputes, and your decayed MM is traced to exactly where it goes. Nothing to fill in.
Every rate — decay %, reflection %, pump % — is per-unit, identical for everyone. A bigger buy just scales the same outcome; and its own swap pays the 4% tax that feeds reflection + the pump for all holders. So the $100 holder's gain is partly funded by whoever buys after them.
Pools / owner / treasury / hook are excluded — balances never drift passively; V2/V3/V4 liquidity stays fully withdrawable.
1,000,000,000 MM cap. No mint function exists — supply can only ever fall via burns.
Owner can tune fees/decay/pump config within capped bounds, but can never take user balances.
46/46 unit tests + fuzz invariants covering supply conservation, decay, reflection, and pump bounds.
Hard cap 1B · no mint · owner can't seize · 46/46 tests + invariants.
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