TAX · THE STREAMEvery trade is a raise.
The raise lands in the vault.
Every $MSTRGY pool trade pays a tax. Flap's processor collects it, anyone at all can crank it loose, and a fenced convert() turns it into book assets that only the vault can hold. What Flap keeps on the way through is published below, not buried.
- PROCESSOR (WETH)
- —
- EXECUTOR (ETH)
- —
- ETH / USD
- —
Four hops from trade to treasury.
Each one permissionless or fenced.
Nothing in this pipe waits on our permission. The crank that releases the tax can be pulled by a stranger, the swap that spends it has to prove its price against two Chainlink feeds, and the assets it buys can only be sent one place.
Every $MSTRGY pool trade pays the decided 3%/3% tax; the token auto-swaps it to WETH at Flap's TaxProcessor. Plain wallet transfers are untaxed.
dispatch() is permissionless - fork-proven with a stranger wallet paying the executor 0.1789 real ETH (the figure the fork run prints; it scales with the volume simulated in that run, so treat it as proof of the mechanism, not a rate). Flap takes its cut at payout; the remainder arrives as NATIVE ETH. Pre-graduation the payout path reverts and tax simply accumulates.
Tax ETH becomes book assets only when the fill lands within oracle +3% of dual Chainlink feeds; assets are force-forwarded to the vault in the same transaction.
No owner, no pause, no upgrade. Once assets land in the vault, neither Flap nor the operator has any path to them - only pro-rata redemption does.
FLAP'S CUT · THE HONEST ARITHMETIC (PUBLISHED, PER BLUEPRINT §9.4)
| Phase | Tax on trades | Flap keeps | Reaches the beneficiary | To holders | To operator | Into the vault |
|---|---|---|---|---|---|---|
| Bonding curve | 3% / 3% | ~60% | ~1.20% | ~0.30% | ~0.23% | ~0.68% |
| After graduation | 3% / 3% | ~41% | ~1.77% | ~0.44% | ~0.33% | ~1.00% |
This table is ARITHMETIC from contract-verified platform facts (FLAP-PLATFORM-FINDINGS.md: ~60% cut while bonding, ~41% after graduation), not a measurement. What reaches the beneficiary is forked twice, both immutable and both set at deploy. First the RewardDistributor keeps 25% for holders and pays it out as ETH (contract-capped at 50%); it forwards the rest to the executor unchanged. Then the operator takes 25% of each primary convert() (contract-capped at 25%; the permissionless fallback pays no share). Net of both, roughly ~0.68% (bonding) to ~1.00% (graduated) of taxed volume buys book assets, and ~0.30% to ~0.44% goes back to holders directly. The airdrop is a transfer, not a return: every bp of it is a bp that does not compound in the vault. The MEASURED cut - actual ETH received by the executor divided by tax accrued at the processor, per dispatch - starts recording in the ledger below at launch. Also disclosed: the tax expires ~98 years after graduation (near the platform cap, but an expiry nonetheless), and Flap governs the tax machinery end-to-end.
DISPATCH & CONVERT HISTORY
History starts with the first crank
Every dispatch() payout and every fenced convert() is an on-chain event; this table decodes them straight from the chain, including the operator share taken off the top of the primary path. Nothing is deployed yet, so there is honestly nothing to show.
Every convert() listed above is decoded row by row on /txns, where the operator split is re-checked against the contract constant from the event's own numbers and the strategy state is replayed from oracle history at that block. The cadence that cranks dispatch() and convert(), the beneficiary watchdog and the dead-man fallback that lets anyone take over run in the open on /ops.