$BET overview
$BET is the protocol's native token. It captures a share of LP revenue and is minted to traders against losing coupons.
What $BET is
$BET is an SPL token with two roles:
- LP-revenue share. Staked $BET earns a pro-rata claim on the LP's revenue, distributed continuously in USDC. The user pays nothing extra for this; it is a cut of the LP's revenue, not an additional fee on the coupon.
- Loss-backed supply. $BET is minted to a trader the moment they realise a loss (a coupon settling against them) as a consolation claim on future protocol value.
Fair launch
$BET is a fair launch in the strictest sense. Supply starts at zero. No pre-mint, no team allocation, no VC allocation, no airdrop, no vesting schedule. Every token that will ever exist must be minted through the on-chain emissions curve, and the only people who can trigger a mint are traders who lose a coupon. The supply is purely community-owned by definition: anyone who wants exposure has to participate.
How supply grows
Supply expands purely from trading activity. The mint curve is front-loaded: while the LP balance is below the $2M flat threshold, every $1 of LP gain mints 100 $BET. Above that threshold, the rate decays asymptotically as cumulative LP gain grows.
What stakers earn
Two revenue streams route from the LP to staked $BET. Both are LP-side carves; the user pays nothing extra for either.
- LP-revenue share. Every settlement that credits the LP (the asymmetric impact on winning coupons, plus the LP's gain on losing coupons) carves a small slice for stakers continuously.
- LP excess sweep. Once the LP balance climbs above the $5M staker reward cap, every dollar of further LP gain past that point is fully distributable to stakers.