HUNT 백서 전문

omeone pairs them back into liquidity. Compounding does that, and it is: Permissionless. Anyone can trigger it; there is no privileged keeper. Swapless. It only pairs balances that already match; it never trades one side for the other, so compounding cannot move the market. What nobody can do The vaults are deliberately rigid: Not upgradeable. There is no proxy and no patch path. No pause, no admin withdrawal. No privileged role can move, freeze, or seize vault assets. The owner of lpTOKEN.fun's factory contract can only curate new pools and set terms for future launches. Existing vaults and positions are untouchable. A bug cannot be ﬁxed in place. See Risks. 46HUNT TOWN DOCS 0 5 · L P T O K E N . F U N Dual Launch A dual launch creates a token and its LP vault in the same transaction, so a new market opens with liquidity already in place and its LP side already tokenized. The launch form and its fixed terms What happens at launch 1. A ﬁxed-supply token is deployed: 1,000,000,000 tokens, minted once, with no mint, burn, or pause function anywhere afterwards. The creator can edit presentation metadata (image, website and social handles) and nothing else. 2. The pool is initialized: native currency against the new token (ETH, or USDC on Arc), at a 1% LP fee. 3. Part of the supply opens a permanent one-sided launch position. 4. The LP vault is bootstrapped over the same pool, making the LP side an lpTOKEN from the ﬁrst block. 5. Optionally, the creator's own ﬁrst buy executes in the same transaction. Both the launch position and the vault sit in one pool: the same price, the same fee accounting. There is no second pool to keep in sync. Initial shares are burned On a platform launch, the entire initial share supply minted at bootstrap goes to a dead address. Nobody (creator, protocol, or team) holds the opening lpTOKEN supply. It cannot be redeemed, sold, or unlocked. Every lpTOKEN share that circulates afterwards was minted by someone depositing real assets into the vault. 47HUNT TOWN DOCS The permanent launch position The launch position is one-sided: it starts entirely in the new token and covers every price above the launch price. Nobody can withdraw it. Its purpose is standing bid depth that cannot be pulled. The native currency buyers pay into it stays in the position as bids, down to the launch price. The floor that grows with volume Because the launch position permanently earns fees, and a share of those fees is routed into vault NAV, the ﬂoor compounds with cumulative trading volume rather than being ﬁxed at the size of the initial deposit. The launch's initial vault shares are burned, so the part of NAV they hold can never be redeemed. Roughly, per the product's own methodology: about 0.20% of buy volume accrues to vault NAV in the counter currency, and about 0.60% of sell volume accrues in the target token. Compounding pairs that into bid depth that can never be withdrawn. Whatever cannot be paired stays idle in the vault, and only the part held by the burned shares is permanent. This is depth, not a price guarantee. It does not promise any price, return, or ﬂoor level. See Risks. Curated vaults are different A curated LP vault opens on a pool that already exists. It has no launchpad hook, no one-sided launch position, no launch-fee split, and therefore no permanent ﬂoor. It is purely mint, redeem, and compound on that pool. The team curates which existing pools get a vault. 48HUNT TOWN DOCS 0 5 · L P T O K E N . F U N Fees & Economics Every fee in lpTOKEN.fun is ﬁxed in the contracts. There is no performance fee and no management fee on the vault position. Swap fees earned by the vault's own liquidity stay with holders in full. The fee table Fee Rate Where it goes Vault position swap fees the pool's LP fee 100% to holder NAV. No skim. Mint 0.3% Protocol treasury Redeem 0.3% Protocol treasury Bootstrap, ERC-20 transfers none n/a Launch position, target leg the pool's LP fee 40% creator · 60% vault NAV Launch position, counter leg the pool's LP fee 40% creator · 20% vault NAV · 40% protocol treasury How launch fees are distributed Fee distribution on the launch position is permissionless: anyone can trigger it. When it runs: The NAV part of the fees goes straight into the vault. Creator and treasury payouts are separate claims that can be retried, so a recipient that cannot accept a transfer never blocks anyone else's. The creator's claim on launch fees can be handed to another address by the current creator. Nothing else about the position moves with it. Price behaviour Because a full-range LP position holds both sides of the pair, its value moves roughly with the square root of the price ratio rather than linearly: V_t / V_0 ≈ √(P_t / P_0) (idealized, fees excluded) Here P is the token's price in the pair's other asset, such as ETH or USDC, and V is the value of an lpTOKEN share measured in that same asset. Measured that way, an lpTOKEN share has roughly half the price sensitivity of holding the token outright, plus the swap fees the position earns. In a pair against ETH, the dollar value also moves with ETH, so this does not mean half the volatility in dollars. 49HUNT TOWN DOCS An idealized approximation, not a promised volatility cap or return. Real outcomes depend on fees earned, impermanent loss, and how much of the pool's liquidity the vault represents. See Risks. How it works The product explains its full model at lptoken.fun/methodology. 50HUNT TOWN DOCS 0 5 · L P T O K E N . F U N Risks Holding an lpTOKEN share is not the same as holding the token, and it is not a yield product. Liquidity-provision risks Impermanent loss. When the price moves, the position ends up with more of the weaker asset, so it can be worth less than holding the same starting amounts of both assets outside the pool. Fees offset this but do not remove it. Loss-versus-rebalancing (LVR). Arbitrageurs, not the pool, capture the value of price moves between trades. This is a structural cost of passive liquidity provision. LP competition and dilution. Other liquidity providers, including concentrated and just-in-time liquidity, can take fee share away from the vault's position. Routing away. Trades can be routed to other venues or pools entirely, in which case the vault earns no fees from them. Uniswap's protocol fee. Uniswap governance, not lpTOKEN.fun, controls a protocol fee that Uniswap can deduct before LP fees. It would reduce the swap fees the vault position earns. Protocol risks Vaults are not upgradeable. This removes the risk of an administrator upgrading the vault, but a bug cannot be ﬁxed in place: a ﬂawed vault would have to be abandoned rather than repaired. Smart-contract risk generally. The contracts are onchain, permissionless, and ﬁnal. Careful design reduces this risk; it does not remove it. Position range limits. A vault's price range is ﬁxed at bootstrap. It spans every price a market can realistically reach, so only an extreme price would take it out of range and stop it earning fees. Token risks The underlying token can go to zero. Tokens launched on the platform are permissionless, user-created assets. Being launched here is not an endorsement, a vetting, or a guarantee of anything. A ﬂoor is depth, not a price. The permanent launch position and the NAV held by burned launch shares, described in Dual Launch, create standing bid depth that cannot be withdrawn. They do not guarantee a price, a return, or that you can exit at any particular level. Nothing here is advice The mechanics on these pages describe what the contracts do. They are not ﬁnancial advice, not an offer, and not a prediction. See Terms. 06 Co-op Overview 52 Launch a Project Token 54 Trading & the HUNT Reserve 56 Fees & Risks 58 H U N T T O W N D O C S 52HUNT TOWN DOCS 0 6 · C O - O P Co-op: Overview Co-op is a HUNT-backed launchpad and DEX at coop.hunt.town. Builders launch project tokens on bonding curves with HUNT as the reserve, and anyone can buy or sell them against HUNT from the moment they launch. Co-op runs on the Mint Club protocol on Base, and it is the most direct expression of the reserve-token thesis. How it works Builders ──launch──▶ HUNT-backed project tokens ◀──buy / sell── Anyone │ each token keeps its own reserve, always in HUNT Launch. A builder creates a project token with a few settings: name, symbol, maximum supply, starting market value and royalties. It trades from the moment it launches, with no liquidity pool to seed and no listing to wait for. See Launch a Project Token. Trade. Buying mints the token on its curve and locks HUNT in its reserve. Selling burns the token and returns HUNT from that reserve. The price follows the curve as supply changes. See Trading & the HUNT Reserve. One reserve asset. Every project keeps its own reserve, and every reserve is HUNT. So each buy on any project locks more of the asset behind all of them. What's on the Co-op A directory of every token on Base that uses HUNT as its reserve, whether it was launched on the Co-op or on Mint Club. Project pages with the builder's comment, the token address, the website, the royalties and the distribution plan. Live stats show the price in dollars and in HUNT, the HUNT locked in the reserve, and the market value. Each page also shows who launched the token and who holds its royalties. Project updates that builders post for their community. Each update currently burns 10 HUNT. Mini Apps that a project can list on its page. 53HUNT TOWN DOCS An example project page with its Latest News (project updates) and Mini Apps Built on Mint Club Every Co-op token is a Mint Club V2 token on Base, with HUNT as its reserve. The same token appears on mint.club with Mint Club's creator tools, such as lock-ups and bulk sends. It can be traded there too, against the same curve. For a custom curve or a different reserve, builders launch on Mint Club directly. Co-op launched on December 3, 2025, after Clap ended. 54HUNT TOWN DOCS 0 6 · C O - O P Launch a Project Token A builder launches a project token on the Co-op with a few settings. The Co-op ﬁxes the curve and the reserve, so every launch uses the same curve shape and the same reserve asset. For full control over the curve and the reserve, a builder can launch on Mint Club directly. The launch form on coop.hunt.town What the builder sets Setting What it does Name and symbol The symbol must not be taken already. Maximum supply 100,000,000 by default. Fixed at launch. Starting market value The fully diluted value at the ﬁrst price, in dollars: $1,000, $5,000 or $30,000, or a custom amount. It is converted to HUNT at launch, and the ﬁrst price is this value divided by the maximum supply. Royalties A mint royalty and a burn royalty, each from 0% to 50%, 1% by default. Project details Optional logo, website, distribution plan and a comment from the builder. What the Co-op fixes One preset curve. Every Co-op token uses the same bonding curve. The price rises with supply and climbs steeply toward the maximum. Builders do not design a curve. HUNT as the reserve. Every token's reserve is HUNT on Base. 55HUNT TOWN DOCS No free allocation. The curve starts at a price, so the builder buys like anyone else. What it costs Launching costs Mint Club's creation fee and gas, paid in ETH on Base. No HUNT is needed to launch, and there is no required ﬁrst buy. See Economics. What the builder gets A market from the ﬁrst block, with no liquidity pool to seed and no listing to wait for. Royalties on every trade, paid in HUNT. The creator gets 80% and the protocol 20%. A project page on the Co-op, with project updates and Mini App links. The project details are stored as Mint Club token metadata, so they show on mint.club as well. Mint Club's creator tools for the token, such as lock-ups and bulk sends. The royalties can be moved to another wallet. The symbol and the maximum supply are ﬁxed at launch and cannot change. 56HUNT TOWN DOCS 0 6 · C O - O P Trading & the HUNT Reserve Co-op tokens trade against their own bonding curves, not an order book or a liquidity pool. Every trade moves HUNT into or out of the token's reserve. Buying and selling Buying mints new tokens along the curve. The HUNT for the tokens goes into that token's reserve, and the price moves up the curve. Selling burns tokens back to the curve. HUNT comes out of the reserve along the curve across the amount sold, less any burn royalty, and the price moves down. Paying with ETH or USDC. A buyer on the Co-op can also pay in ETH or USDC. It is swapped to HUNT through Uniswap v4 ﬁrst, so every buy still reaches the reserve as HUNT. Where trades happen. Buying and selling both happen on the Co-op. Because every Co-op token is a Mint Club token, it can also be traded on mint.club, against the same curve. Royalties on each side The mint royalty is paid on top of the reserve deposit. The burn royalty comes out of what a seller receives. Both are paid in HUNT and split 80/20 between the creator and the protocol. Each project page shows its rates. Many reserves, one asset Each token keeps its own reserve, held for it by the Mint Club V2 contract on Base, and each reserve backs only its own token. What the projects share is the asset: every reserve is HUNT. Each buy on any project locks more of the same asset, and HUNT held in these reserves counts as locked in Supply & Distribution. It returns to circulation when holders sell. Prices in HUNT and in dollars A token's curve price is set in HUNT. Its dollar price follows the HUNT price, so it moves when HUNT moves, even without trades in the token itself. 57HUNT TOWN DOCS Project stats show the price in dollars and in HUNT, and the HUNT locked in the reserve. Example project, figures at capture time. 58HUNT TOWN DOCS 0 6 · C O - O P Fees & Risks Fees Fee Amount Where it goes Creation fee Mint Club's creation fee (0.0007 ETH on Base), plus gas Mint Club Mint royalty Set by the builder, 0% to 50% (1% by default) 80% creator, 20% Mint Club protocol Burn royalty Set by the builder, 0% to 50% (1% by default) 80% creator, 20% Mint Club protocol Project update Currently 10 HUNT per update Burned Royalties are paid in HUNT. See Economics for how Mint Club royalties work. Risks Independent projects. Co-op tokens are created by their builders. They are not operated, controlled or endorsed by the Hunt Town team, and appearing on the Co-op is not a recommendation. See Terms. A steep curve. Every token launched on the Co-op uses the same preset curve, and its price climbs steeply as supply grows. Early and late buyers pay very different prices. Royalties on both sides. A buy and a sell each pay a royalty, so a quick round trip returns less HUNT than it cost, unless both royalties are 0%. Dollar value follows HUNT. Prices are set in HUNT, so a token's dollar value moves with the HUNT price. Reserve depth. Only the HUNT paid into a token backs it, so a token with few buyers has a thin reserve. Contracts. Co-op tokens run on Mint Club V2 contracts, and buys paid in ETH or USDC also pass through a Uniswap v4 swap. Mint Club's audits cover the Mint Club V2 contracts, not the Co-op's swap contract. See Security & Audits. 07 Mint Club Overview 60 MT (Mint Token) 62 Bonding Curves 63 Economics 65 Security & Audits 66 H U N T T O W N D O C S 60HUNT TOWN DOCS 0 7 · M I N T C L U B Mint Club: Overview Mint Club is a no-code bonding-curve protocol for creating and trading tokens and NFTs. Anyone can deploy a token (ERC-20) or an NFT collection (ERC-1155) on a customizable bonding curve, with no smart-contract code and no seeded liquidity pool, and the asset is instantly mintable and burnable against its reserve. For Hunt Town, Mint Club is both an active product and the protocol primitive that much of the ecosystem is built on. Co-op project tokens and legacy Mini Buildings are issued on its curves, and so were the tokens of many products in the Archives: Dixel Club, 1s.market, Memberify, Farcards, MCDegen, Hamcaster, PumpSea, Hyped.club and MintDrop. The Mint Club home page What you can do Create an ERC-20 token or ERC-1155 NFT on a bonding curve, choosing the curve shape and the reserve token that backs it. Mint and burn against the curve: buying mints new supply and pushes price up along the curve; selling burns supply and returns reserve. See Bonding Curves. Creator tools No-code tools for running an asset after launch: Airdrops of tokens or NFTs to a list of recipients. Lock-ups that hold supply for a set period, for vesting or team allocations. Bulk sends of a token to many wallets in one transaction. Staking pools that a creator funds with reward tokens. Free minting by the creator under set conditions, for distribution, seeding or rewards. Ownership transfer to another address, such as a multisig or a DAO. Royalty claims for the royalties the creator earns on trading. See Economics. Logo and website for how the asset is shown. Everything the no-code interface does is also available from code through the Mint Club V2 SDK: sdk.mint.club. 61HUNT TOWN DOCS How it relates to HUNT Mint Club supports many reserve tokens, but it is tightly woven into the Hunt Town economy: HUNT-backed tokens use HUNT as their reserve (the basis of the Co-op), and Mint Club's own platform token, MT (Mint Token), is itself a HUNT-backed child token. See MT (Mint Token). Use it at mint.club. Full product docs: docs.mint.club. 62HUNT TOWN DOCS 0 7 · M I N T C L U B MT (Mint Token) MT (Mint Token) is Mint Club's platform token. It is itself a HUNT-backed child token. Network Base Contract 0xFf45161474C39cB00699070Dd49582e417b57a7E Reserve HUNT on Base, held by the Mint Club V2 Bond History. Mint Club previously used a token called MINT. The MINT → MT migration concluded on June 5, 2025, after which MT powers Mint Club exclusively. References to "MINT" in older material refer to the pre-migration token. MT on Mint Club, with HUNT as its parent What MT does Buyback & burn. Mint Club's own token model: platform fees buy back MT and burn it. Buybacks run periodically, based on market conditions. Parent token. MT is itself a reserve asset on Mint Club: creators can launch MT-backed child tokens and NFTs. 63HUNT TOWN DOCS 0 7 · M I N T C L U B Bonding Curves A bonding curve is the heart of Mint Club. It is a smart contract that deﬁnes the price of a token as a function of its supply: as more is minted, the price moves along the curve; as supply is burned, it moves back. The curve is the market. There is no external liquidity pool to seed. How a curve works Trading an asset means minting (buying) or burning (selling) against its curve. There is no order book and no counterparty: every trade is with the curve itself. Every asset is backed by a reserve of a chosen reserve token, held in the curve. Minting (buying) deposits reserve and issues new supply along the curve. Burning (selling) removes supply and returns reserve along the curve. Price is deterministic: it depends only on where you are on the curve, so there is always a quotable mint/burn price and instant liquidity. A creator royalty can apply to each mint and burn. See Economics. Curve types Creators choose the shape of the curve: Curve Behavior Linear Price rises steadily with supply. Exponential Price accelerates as supply grows. Hyperbolic Price rises slowly at ﬁrst, then faster as the remaining supply runs low. Logarithmic Price rises fastest early, then levels off. Flat Price stays constant. 64HUNT TOWN DOCS Creating an asset Creating a child token on Mint Club Anyone can deploy an asset on a curve with no code: a token (ERC-20) for a project or community, or an NFT (ERC-1155) for memberships and collectibles. The creator sets the name, ticker and metadata, the reserve token, the curve type and its price steps, and supply limits such as a maximum supply. The asset is live on its curve right away, with no listing step. Each asset is a standard ERC-20 or ERC-1155 token on open contracts, so other teams can build products