How a gonggu works

1. A creator opens a gonggu

The creator sets a name, a ticker, an image, a window of 6, 24 or 48 hours, a soft cap of at least 0.5 ETH and, optionally, a wallet cap. Opening costs 0.002 ETH. The metadata is immutable.

2. Anyone deposits

Anyone deposits ETH (minimum 0.001 ETH, as often as they like). The pot and an indicative price are public at all times:

indicative price = pot ÷ 500,000,000

It is indicative because the pot can still change. Withdrawals are free until the final 10 % of the window — the Locked phase. In the Locked phase withdrawals are impossible; deposits are still accepted.

3. Anyone settles

At close, anyone can call settle and receives a 0.001 ETH bounty.

• Below the soft cap: the gonggu is Failed. Every depositor can refund 100 %.
• At or above the soft cap, in one transaction:
  • 1 % of the pot goes to the treasury (the bounty is paid out of it),
  • 1,000,000,000 tokens are minted,
  • 500,000,000 are reserved for depositors, pro-rata,
  • 500,000,000 tokens and the remaining 99 % of the pot open the pool,
  • the LP position is sent to the Locker.

4. Claim

Claim any time. There is no vesting and no deadline.

Trading starts in the settlement block. Nobody can buy before depositors can sell.

Worked example

A 24 h window closes with a 40 ETH pot.

The pool opens 1 % below the depositors' price because the settlement fee comes out of the pot.