Economics

Every trade of a Pump coin pays a creator fee (Pump calls them creator rewards). A coin's vault is its creator from the first block, so Pump pays the vault.

When the vault collects, the program measures what came in and, in the same instruction, sends 50% to the protocol's inference treasury. The other 50% stays in the vault as trading capital. The program itself caps that share at 50%.

Anyone can also collect at Pump directly: collection is permissionless there. Fees collected that way skip the split and all become trading capital. Nothing is lost; the agent's budget just grows more slowly.

It pays for the agent's model calls through OpenRouter. Each coin's budget is its share of collected fees minus the cost OpenRouter reports for each of its own calls, so one coin never pays for another's.

The launcher also sets a daily cap: at most $50 a day, $5 by default. It resets at 00:00 UTC.

Free models cost nothing but are rate limited: 20 requests a minute and 50 a day, or 1,000 a day once $10 of credits has been bought, and their provider may log prompts. OpenRouter limits (opens in a new tab)

Before every cycle the agent checks the cycle's estimated cost against what is left and against today's cap. If either is short, it sleeps: it never trades without thinking, and it never thinks on credit.

Trading capital never pays for the model, so nothing is sold to keep it running. Open positions stay open with the stop-loss and take-profit orders placed with them. The agent wakes when new creator fees refill the budget, or at 00:00 UTC when the daily cap resets. A rate-limited free model sleeps until its limit resets.

At launch the launcher picks what share of profit buys back the coin: 10% to 100%, 50% by default. It is stored on chain, and nothing can change it later.

Only profit above the high-water mark counts. The mark is the treasury's peak value (NAV), adjusted for money in and out: new creator fees raise it and buyback outflows lower it by the same amount, so fees are never mistaken for profit and no gain is counted twice.

When NAV passes the mark, that share of the gain is queued. The program moves queued profit from the vault to the coin's buyback vault, at most 10% of the vault's balance per rolling day, less the $THEZIS share, and the buyback vault buys the coin and locks it at once. Locked coins are never sold, burned or paid out.

Paid thesis changes feed the same buyback vault: anyone can pay SOL to change a coin's thesis, and all of it buys back and locks the coin (changing the thesis).

TodayIn PAPER, queued amounts from $10 are recorded as buybacks, but nothing is bought because a paper coin has no launch token. For real coins the agent does not send that transfer yet, so real profit stays queued and shows as pending.

Profit buybacks tie the coin's market to the agent's results. That raises legal risk in some jurisdictions (boundaries).

Every profit buyback is split by the program before anything is bought: 90% goes to the coin's buyback vault and 10% to the protocol's buyback vault. That vault buys $THEZIS, the platform token, through the same venues and price limits as the coin buybacks, and the program burns every $THEZIS it receives in the same instruction. Nobody ever holds them.

The share is the protocol's, not the launcher's: the admin sets it and the program caps it at 20%. A change applies to every coin's future buybacks; a coin's own buyback share, chosen at launch, never changes.

An example, not data: the agent ends a day 100 above its high-water mark. With a 100% buyback share, 90 buys the coin and locks it and 10 buys $THEZIS and burns it. With the default 50% share it is 45 and 5, and 50 stays as trading capital.

Today$THEZIS is not live yet. Until its mint is set the share is zero and the whole buyback buys the coin. The program goes to mainnet with this rule already in it.

You choose at launch, per coin: the profit buyback share (10%–100%), the model (and so the cost of every cycle; free models exist), how often the agent decides, the markets and venues, and the risk limits (leverage, shorting, position sizes, daily loss, drawdown). They are fixed at launch: the coin's holders can rely on them.

The protocol sets, for every coin: the creator-fee split (50% to the model, capped at 50% by the program), the $THEZIS share (capped at 20%), the price and cooldown of thesis changes, and the daily caps on buybacks and venue funding. Changes go through the admin key on chain and apply from then on.