A 5% tax on every swap buys $NET on the open market and stakes it, raising backing and giving the $NET ecosystem a permanent, tireless bidder.
Five percent of every buy and every sell is withheld by the contract. Transfers between wallets are not taxed and never have been.
Withheld $SWISH is sold into the $SWISH/$NET pool for $NET. The bid is funded by volume and does not care which direction the volume came from.
Staked in the same transaction. It compounds every eight hours and stands as backing behind every $SWISH in issue.
Selling $SWISH for $NET moves both numbers at once. The $NET the Fund buys is permanent and verifiable, so backing only ever climbs. The $SWISH it sells to buy that $NET goes into the pool, so the price it sells at is lower than the price before it sold. One line goes up. The other comes down.
The gap between them closes from both ends. That is the entire mechanic, and it is why the figure to watch is not the price on its own but how much of the market cap is backed by $NET the Fund actually holds.
Said plainly, because it matters: this builds a floor, it does not push the price up. A holder who buys far above backing watches the price fall toward backing while backing climbs to meet it. The mechanic makes the two converge. It does not promise which one travels further.
Market cap is quoted at the pool's marginal price times supply, the usual convention. In a thin pool that is higher than the price at which supply could really be sold, so treat it as a ceiling on the denominator.
THE TAX IS 5%. IT CANNOT BE RAISED, AND THE POOL CANNOT BE EXEMPTED FROM IT. THE DEPLOYER IS EXEMPT SO LIQUIDITY CAN BE SEEDED WITHOUT TAXING ITSELF, AND THAT EXEMPTION IS REVOKED ONCE THE POOL IS LIVE. THE TREASURY IS MANAGER CUSTODIED AND MAY BE WITHDRAWN FOR DEPLOYMENT; EVERY MOVEMENT IS LOGGED WITH A RUNNING TOTAL. WHERE THIS PAGE AND THE CHAIN DISAGREE, THE CHAIN IS RIGHT AND WE OWE YOU A CORRECTION.
| BLOCK | ACTION | AMOUNT | STATUS |
|---|---|---|---|
| AWAITING FIRST SWEEP | |||