The market

SUKUK trades on one official pool: SUKUK/USDG on Uniswap v4, on Robinhood Chain, with SukukDAO's toll hook attached. Everything the protocol does in the market happens there: the launch, the toll, the price averages Sukuks are priced from, the buybacks and the bid wall.

The official pool

The pool opens at $0.25 a SUKUK. At that price the 4,000,000 launch supply is valued at $1,000,000. The protocol seeds it with every launch SUKUK not allotted to the migration or the seats, placed as one-sided liquidity from $0.25 upward. Buyers move the price up through that liquidity. The position belongs to the protocol. Only the Safe can withdraw it, through the protected path, and only to the Safe.

Rules that keep the official pool the only Uniswap v4 market for SUKUK:

• only protocol contracts can add or remove liquidity in an official pool;
• SUKUK can enter or leave the Uniswap v4 pool manager only inside an official-pool trade, so a copycat pool cannot receive or release SUKUK;
• a trading contract elsewhere can be blocked from receiving SUKUK by the venue guardian, with the reason recorded on chain. Only the Safe can unblock it. Wallets without contract code can never be blocked, and nor can the pool manager, the protocol's own contracts, the Safe, the operations wallet or the sleeves. A blocked contract can still settle with the protocol's contracts.

There is a second official pool, SUKUK/TAO, with the same toll. It holds no liquidity until the Safe approves a protocol contract to provide it.

During the first 120 minutes, SUKUK moves only to and from approved contracts. You can buy and sell on the pool, but wallet-to-wallet transfers wait until minute 120. Sukuks, the bid wall and seat sales also start at minute 120.

The launch toll

Every trade on an official pool pays a toll. In the first 120 minutes the toll is high and falls fast, so the first buyers do not take the launch from everyone else. At minute 120 it stops at its floor and stays there.

The toll at minute t is:

toll = floor + (90 - floor - 12) x 2^(-tc / h) + 12 x (1 - t / 120)

It starts at 90%. The middle term halves every h minutes of the cooling clock tc: 4 minutes for buys, 8 for sells. Without demand cooling, tc is simply t. The last term is a straight line of 12 points that reaches zero at minute 120. The floor is 3% for buys and 5% for sells.

Without demand cooling, the toll runs like this:

Demand cooling. While net buying in the current window is at or above a published threshold, the halving clock runs at half speed, so the toll stays higher for longer. It never runs slower than half of real time, and the straight-line term and the hard stop at minute 120 always use real time. Net buying is the USDG reaching the pool from buys, after toll, less the USDG paid out on sells. The window and the threshold are set before launch and published, and they cannot be changed after deployment.

Your maximum. Each trade can carry the highest toll you will accept. If the toll is above it, the trade fails and nothing is charged.

Collection. The toll is always taken in USDG (or TAO), never in SUKUK: from what you pay on a buy, from what you receive on a sell. During the first 120 minutes, 25% goes to the operations wallet and 75% to the Venture Sleeve. After that, the SUKUK/USDG toll goes to the Venture Sleeve and the SUKUK/TAO toll to the AI Sleeve. Every outflow from the sleeves is a protected action. The buyback contract is the only trader exempt from the toll.

The floors are protected parameters. They can be changed only through the protected path, and never above 78%.

Price averages

The protocol never prices anything from a single trade. It keeps two averages of what people actually paid on the SUKUK/USDG pool, weighted by volume:

• the 4-hour average, used to price Sukuks, to pay raising fees in SUKUK, to value the genesis Agency's stake and the protocol's own SUKUK, and as the reference for the buyback price ceiling;
• the 30-minute average, used by the Sukuk breaker and by the bid wall's placement check.

Each second of trading joins the averages once, as its net trade, and only if it is a real buy or sell with at least 1 USDG on its USDG side, at a price inside the range the pool actually traded through in that second, give or take 1%. The current second is always left out, so no trade can move an average that the same transaction then reads. A price nobody traded at carries no weight.

The floor. The 4-hour average can rise at once, but it can fall by at most 1% an hour. A real fall shows first in the 30-minute average, and the gap trips the Sukuk breaker until the 4-hour average catches up.

A half hour with very little trading reads as the 4-hour average. The minimum volume for that test is set before launch.

Backing and backing per token

Backing is the protocol's equity held in outside assets. It counts:

• vault positions at the amount invested, less write-downs;
• USDG raised for a tranche and not yet deployed;
• the bid wall's USDG;
• unallocated USDG in the reserve;
• the Venture and AI Sleeves: cash at face value, investments at marks that can be set or changed only through the protected path with independent sign-off;
• buyback USDG while it is held;
• USDG toll owed to the Venture Sleeve.

It does not count USDG sitting in the pool, the operations wallet, the launch budget, held-back Agency fees, or any SUKUK the protocol holds.

Backing per token is backing divided by total supply less the SUKUK the protocol owns (the pool position, SUKUK the wall has bought and not yet burned, and SUKUK held by the sleeves, the operations wallet and the Safe). It is used as the floor under Sukuk prices, in the Agency fee cap, for loss burns and for the bid wall's range. Changing what counts as backing is a protected action with genesis members recused.

Buybacks and credits

Realised vault profit, after any refill of a write-down and after the Agency fee, goes to the buyback contract. It buys SUKUK on the official pool under a fixed policy:

• each 30-day period can spend up to 50% of the USDG held when the period's first buy is made, in daily slices of one thirtieth of that budget; unspent USDG stays and rolls on;
• each order is capped at about $500;
• the average price of an order can be at most 10% above the 4-hour average;
• each order can move the price by at most a set amount (set before launch).

Each buy spends one tranche's profit. The SUKUK it buys is split by that tranche's principal: for the part still locked in Sukuks, half is credited to those Sukuks and half is burned; for the part whose locks have ended, all of it is burned. The buyback contract has no other destination for what it buys. See Sukuks and tranches for how credits are shared.

The bid wall

The bid wall is a standing order to buy SUKUK below the price, paid for in USDG, and to burn everything it buys.

• Size. The design sizes the wall at $200,000. It is funded by 80% of the seat-sale money, forfeited deposits included, which comes to $200,000 for a full sale of 500 seats at the $500 floor. A smaller raise leaves it smaller unless the Safe tops it up from the reserve, which is a protected action; a larger raise leaves it larger. The wall never adds USDG by itself.
• Start. It goes live at minute 120.
• Range. It sits from 90% down to 45% of backing per token, always at least one price step below the live price, and capped below the lower of the live price and the 30-minute average.
• Burn. Everything the wall buys is taken out and burned at each sweep. The keeper sweeps at least every hour and after any large fill; the fill size that triggers an immediate sweep is set before launch. Each burn is recorded as a wall burn.
• Re-centring. The wall's anchor is backing per token when it was last placed. It is checked daily and re-centred if backing per token has drifted 10% or more from the anchor, and around each scheduled release, from 24 hours before to 24 hours after. It never moves while the price is inside its range or within 5% above its top, and the anchor moves at most 25% at a time.
• Guards. The wall will not place itself while the live price is more than 20% below the 30-minute average, so a push down cannot drag it low. A treasury freeze stops it.

The wall is a bid, not a guarantee. It sits below backing per token, so it does not hold the price at backing. Once its USDG is spent, the price can trade lower.

The WallSweeper

A tiny sell can move the live price for free through the empty band above the wall, down to the wall's top. The wall then refuses to sweep or re-centre until a buy lifts the price back. The WallSweeper is the wall's keeper contract. In one transaction it buys with a few raw units of USDG, limited at the 30-minute average, which crosses the empty band at almost no cost and pays no toll. Then it sweeps or re-centres. Anything it buys goes to the wall and is burned in the same sweep. A price that real trades put low cannot be lifted this way, so the wall's own checks still apply.

Supply on the record

A supply page reads every figure live from the contracts: total minted; burned, separately for buybacks, exit penalties, losses and the wall; exit clawbacks; SUKUK held in Sukuks; the penalty pool; protocol-owned SUKUK, item by item; locked SUKUK (seat SUKUK, Agency stakes and migration still vesting); circulating SUKUK; and what can still be created (open Sukuk capacity, the raising-fee budget left, and the distance to its 10,000,000 cap). Every SUKUK in existence sits in exactly one of those lines.