How it works.

The token

$BORING is a fixed-supply (1,000,000,000) ERC-20 minted by the Pons v2 factory at 0x7eD598BcEf8bd9Edd8C97A195C6d13f40801EC7e. Pons tokens are immutable: no owner, no mint, no tax logic in the token itself. It trades on a bonding curve until graduation, then in a Uniswap v4 pool with the Pons hook. The team's only launch-time privilege is the first buy on the launch block, which is capped by Pons.

Where the money comes from

Every trade pays 1%. Pons keeps 30%; 70% accrues to the token's creator fee recipient in ETH inside the Pons Fee Escrow. At launch the recipient is the launch wallet; once the protocol contracts are verified, that wallet calls transferCreatorFeeRecipient(token, Treasury) on the Pons Launch Factory. From then on the escrow pays only the Treasury contract, and only the Treasury itself (governance) can move that assignment. The fee numbers on this site are summed from the escrow's own Credited and Claimed events across every recipient, so nothing earned in the wallet phase drops out of the lifetime totals.

The Treasury

harvest() pulls fees from the escrow. allocate() splits whatever is unallocated: 60% acquisition reserve, 30% to stakers, 10% operations. Both are permissionless; a cron bot calls them hourly, and anyone can front-run the bot. The split is a governance parameter, with operations hard-capped at 20% in the contract.

Buying an asset

Governance owns the Treasury and the registry. To buy a business it first calls proposeAsset on the AssetRegistry with the name, category, location, SPV name, docs bundle (IPFS), purchase price and diligence projection. Then it calls fundAcquisition(assetId, payee, amount, memo) on the Treasury. The ETH goes to the closing agent's wallet or an off-ramp, the registry flips the asset to Funded, and the registry records the amount against that asset. When the deal closes, governance sets Operating.

Revenue back to stakers

Each month the operator wallet reports net revenue per asset with reportRevenueETH(assetId, "2026-09") or reportRevenueToken(assetId, amount, period) for USDG. The registry forwards it to the RevenueVault, which streams it to stakers over 7 days pro-rata to stake. There is no snapshot: a wallet that stakes for one hour earns one hour of the stream. Flash-staking earns zero.

What can go wrong

• Off-chain trust. The LLCs, bank accounts and the people running them are not on-chain. You are trusting the operating team to report honestly. Mitigation: docs bundles, card-reader/telemetry exports, and a public P&L per asset.
• Fee volatility. Creator fees scale with trading volume. Volume dies, acquisitions stop. Existing assets keep paying.
• Business risk. Machines break, landlords raise rent, a route loses its best location. Projected yields are estimates from seller-provided financials.
• Smart contract risk. Contracts are small and tested but unaudited at launch. We verify the source on Blockscout.
• Regulatory. The token is not equity and confers no claim on any SPV. Distributions are discretionary. Do not buy it expecting a legal right to profits.

Contracts

Pons v2 integration reference: docs.ponsfamily.com/v2.