My little plugin kept alarming, so I quickly looked at it and found out that @ standard_rsv was a variant of OHM's gameplay back then. Solana: 2mfyXkzLWBZTVfwZrQwS3Nf1x5Vd59s1fGbRwEFxpump The entire system actually only has four things: Solana: 2mfyXkzLWBZTVfwZrQwS3Nf1x5Vd59s1fGbRwEFxpump, ETH/STANDARD Uniswap V4 official pool Charter NFT， And branch. Solana: 2MfyXkzLWBZTVfwZrQwS3Nf1x5Vd59s1fGbRwEFxpump has a total hard top of 1 billion, and Genesis has permanently locked 100 million into the official LP, which can never be withdrawn. The remaining 900 million will not be unlocked at once, but will be gradually issued according to monetary policy in the future. The protocol does not consider CPI or interest rates, only whether ETH in the official pool is net inflow or outflow: the protocol only increases issuance when ETH continues to flow in. ETH outflows, issuance immediately decreases, and transaction fees are cut off for repurchase and destruction. Its principle is in one sentence: Defense is faster than generation - defense must be faster than throwing water. The true core gameplay lies in Charter NFT. Ordinary people can only trade Solana: 2mfyXkzLWBZTVfwZrQwS3Nf1x5Vd59s1fGbRwEFxpump. There is no staking, no holding dividends, and you cannot use STANDARD to exchange for gold or ETH. The real ones who can obtain new issuances are the "bankers" who hold Charter NFTs. There are a total of 1000 Founding Charters, each with one Branch, which can be expanded to a maximum of 10. Charter can be understood as a bank license, and Branch is the "printing limit" under the license. The new standards generated by the entire system every day will be allocated according to the number of branches of all bankers. But there is also a crucial restriction designed here: the STANDARDs you earn will not be directly deposited into your wallet, but will be recorded in the Charter ledger first. To truly sell coins, a branch must be permanently closed. That is to say, this gameplay is not about taking NFTs → receiving coins every day → unlimited sales. But instead: net inflow of ETH in the trading pool → protocol increase in issuance → accounting for bankers based on the number of branches → bankers want to cash out, they dismantle a branch → STANDARD to truly mint into the wallet → and then sell. Dismantling Branch is equivalent to simultaneously dismantling a portion of one's future ability to print money. A Charter has 10 branches, and if you close one, you will take away approximately 1/10 of the current book balance and lose one issuance right in the future; Close all and destroy the Charter directly. So what bankers really need to do is keep calculating: take the money printed now or keep the printing machine. It also has a second very important flywheel: Expand Branch. If a banker wants to expand from one branch to two, three, or even ten, they cannot directly use the profits on the agreement book to expand, but must go to the secondary market to buy Solana: 2mfyXkzLWBZTVfwZrQwS3Nf1x5Vd59s1fGbRwEFxpump, and then participate in the daily Dutch auction to buy Branch License. The STANDARD paid for the license will be destroyed 100%. So the hardest part of the entire mechanism, the real buying, is actually not retail investors, but bankers expanding their balance sheets: Want to print more coins → Go to the market to buy STANDARD → Buy Branch License → STANDARD permanently destroyed → Obtain more issuance shares in the future. This flywheel will look great in a bull market. Market buying enters → net inflow of ETH → increase in issuance → bankers discover that Branch is more profitable → go to the secondary market to compete for STANDARD expansion → STANDARD is burned out → supply decreases → prices continue to stimulate expansion. The money earned from the agreement will not all go into the team's pocket. The handling fee is divided into 70%/15%/15%: 70% enters the current monetary policy, 15% increases permanent liquidity, and 15% is given to the team. During the expansion period, 70% of the funds are mainly used to buy tokenized gold and increase reserves, while during the contraction period, the repurchase criteria are cut off and destroyed. Bankers who want to run away are not free. Closing Branch withdrawals requires a Resolution Fee, and the more people who have logged out of the system in the past 7 days, the higher the handling fee. Half will burn the standard directly, and the other half will subsidize the remaining bankers. It is equivalent to transforming the traditional run first win strategy in bank runs into everyone running together, with the later the run, the more expensive it becomes. So one sentence to understand the entire project: Charter is a bank license, Branch is a money printing machine, and STANDARD is the raw material that bankers must consume to expand their balance sheets. This is also the biggest difference between Standard and OHM. The biggest problem for OHM at that time was that the market had already collapsed, and the agreement was still printing coins crazily according to a fixed high APY. If the standard was changed to market difference, the issuance would be immediately reduced, and only when the market was good did it slowly increase. Moreover, bankers had to destroy their future issuance ability in order to cash out. But here lies its greatest risk. The STANDARD held by individual investors has no agreement income rights, no pledge income, and no reserve redemption rights. Gold is just a reserve on the balance sheet, not a price floor. The real way to sustain buying orders is for bankers to expand their branches, and the real way to sustain repurchases is through transaction fees. So once no one is willing to expand and trading volume decreases, buying and repurchasing will weaken together. When the first batch of bankers start to collectively dismantle branches and truly realize the large amount of standards accumulated on their books, hidden supply will suddenly become real selling pressure. It did indeed repair OHM's most classic 'infinite printing death spiral', but it did not eliminate the death spiral.