$POW

$POW is the protocol token of Hash.fun. It is launched on Pons, the token launchpad of Robinhood Chain, with a fixed supply of 1,000,000,000 that can only decrease. Two streams of ETH buy $POW and burn it: 30% of the fees collected from every Hash.fun market, and the creator fees that $POW itself earns on Pons.

The token

POW is a standard Pons launch token: an ERC-20 with 18 decimals and a burn function. The whole supply is minted to its Pons bonding curve at launch. There is no team allocation, no mint function, and no admin key. Burning reduces totalSupply; burned tokens are destroyed rather than parked at a dead address.

Where it trades

A Pons launch has two venues, one after the other.

Bonding curve. From launch, $POW trades against ETH on a Pons bonding curve. Pons sells about 714 million tokens on the curve and keeps about 286 million for the pool. Every trade on the curve pays a 1% fee, of which 70% goes to the launch's creator-fee recipient and 30% to Pons. The recipient is the Hash.fun Buyback contract.

Uniswap v4 pool. The moment the last curve token is bought, Pons graduates the launch: the ETH raised and the reserved tokens seed a full-range Uniswap v4 ETH/POW pool, and the position is locked permanently. The pool's own fee is zero. Instead, the Pons hook takes 1% of every swap on the output side and splits it the same 70/30 way. Trading continues in that pool for the life of the token.

Both steps of graduation are permissionless on Pons. If the crossing buy fails to trigger them, the next Hash.fun buyback completes them before it buys.

How the buyback works

1. Every 15 minutes the keeper sweeps each market's buybackCoin balance from the fee ledger. The Treasury sells the coin for USDG against its peg bid, sells the USDG for ETH in the V3 WETH/USDG pool, and sends the ETH to the Buyback contract.
2. The keeper calls Buyback.execute(minPowOut). The contract first claims any creator fees waiting for it in the Pons fee escrow, then spends its whole ETH balance on $POW at the venue $POW currently trades on: the Pons curve before graduation, the Uniswap v4 pool after it.
3. The contract burns every $POW it holds. Its totalBurned(), totalEthSpent() and totalFeesClaimed() counters increase, and the /pow page reads them together with the remaining supply.

The keeper sets minPowOut from its own simulation of the call, minus a slippage allowance, so the floor is correct on the curve and in the pool alike. On the curve, the buy that empties the last of the sellable allocation is filled up to that allocation and the unspent ETH stays in the contract for the next cycle.

The buyback is an ordinary buyer at either venue. It pays the Pons fee like any other trader and moves the price like any other buyer of the same size.

Before the token is launched

The market contracts run independently of $POW. Until the token is launched on Pons and the Buyback contract is linked to it, the 30% buyback share is written to each market's ledger at every collection and accrues there as pair coin. Nothing is swept and nothing is lost. Once the owner sets the Buyback address on the Treasury, the accumulated balance is swept and burned in the normal cycle. The core contracts are not redeployed.

What is on-chain

Every buyback is a public transaction from the keeper address to the Buyback contract. The keeper never holds $POW or the ETH used to buy it.

What $POW is

$POW has one protocol-defined property: a fixed share of every market's trading fees, plus its own Pons creator fees, buys it and burns it. It carries no governance rights, no fee discount, and no holder rewards, and it is not a pair coin for markets. Pons' optional buyback-and-lock, which vests bought tokens over five years and shares them with Pons, is switched off for $POW.