Every coin starts the same way: fixed 1B supply, no owner, all of it seeded one-sided into a Uniswap v4 pool at ~$4k market cap, paired with USDG. The pool is created and locked by Doppler's contracts in the same transaction as the token. There is no bonding curve and no graduation: the pool seeded at launch is the coin's market for life.
The circuit
swap (fee 1% to 5%, taken by the pool's hook)
├─ buys pay it in the coin → swapped to USDG inside the same swap
└─ sells pay it in USDG → passed straight through
└─ 5% to Doppler · the rest to the coin's own fee sink, in USDG
├─ 15% protocol treasury
└─ 80% the coin's sub-wallet
└─ deposits to Lighter at the $1.50 gate
opens/tops-up the position chosen at launch
(market · direction · leverage · take-profit)
realized profit → withdrawn on-chain
├─ 75% buys the coin from the pool and burns it
└─ 25% protocol treasury (the only protocol revenue)That circuit is the whole product. Fees are not income to be distributed. They are working capital, and they arrive as working capital: always in USDG, never as coins to be sold later. Every swap on the coin makes its position bigger; every take-profit on the position makes the coin scarcer.