The mechanism behind BUN: turning "opening big players" into "permanent market makers" There is an old problem with the launch of meme coins: the first batch of low-priced chips were in the hands of large investors, and when they rose, they were smashed, and the coins cooled down in a few days. The methods used by each launch pad are "blocking": increasing taxes, restricting purchases, and preventing sniping. But it couldn't be stopped, and even if the wealthy try a different method, they can still get their chips. The Mosh @ Moshdottirade on Robinhood's chain has changed its approach: not blocking, directly changing the way big players make money. BUN is the first coin it issued. 1、 Crowdfunding opening chips Before the launch, a group of people gathered a sum of money. At the moment of launch, this money bought all the chips on the curve in one transaction, accounting for approximately 70% of the total amount. 2、 The chips will not be given to the investors and will be locked in the vault The purchased coins are not given to anyone, they are directly deposited into the vault, and the investors can never withdraw them. Not all the money raised is used to buy coins, a portion is kept as cash and deposited into the vault together. So from day one, the vault has been a market making position with both coins and ETH on one side. 3、 AI agent manages the treasury Agents place orders according to a fixed strategy: sell a small amount of coins for ETH when they rise, and buy back the coins with ETH when they fall. There is a limit to how much can be moved per hour. The ETH earned from selling is kept in the vault and becomes a buying order for the next drop. 4、 The investor only receives a handling fee Each transaction of this coin incurs a handling fee. After deducting a portion from the platform, it will be permanently distributed to the investors according to their contribution ratio, settled in ETH, and no coins will be issued. What has this design changed? Previously, large investors made money by selling their coins to individual investors at a high price. Large and small investors are competitors. Now: The investor is making money=this coin has been traded by someone all along. If the coin dies, the profit sharing will be gone. The investors have no coins to smash, their only benefit is to keep the transaction going. At the same time, the market maker that small coins lack the most has also emerged: 70% of the chips themselves are market making inventory. The result of running BUN for 39 days: -The treasury increased from 714 million to 710.7 million, with a net sale of only 0.35% -The ETH in the vault has increased from less than 4 to about 84 -I have contributed 8 ETH and received approximately 88 ETH in transaction fees Its cost: -When the price rises, the treasury will sell to support the bottom while also topping it up -70% of the chips are not in circulation, and the difference between the circulating market value and the fully circulating valuation is 5 times -The treasury contract has not been open sourced yet, and the 'cannot be withdrawn' currently relies on behavioral records, not code The launch pad has been rolled up for so long, mostly with patches added to the same gameplay. This is the first one I have seen this year that focuses on incentive structures.