The Forge, in full.

01Summary

Athanor is a protocol on Solana with one loop and no luck. INGOT is minted on a bonding curve paid in USDC. Lock it for 3, 6 or 12 months and every day you receive a share of the Forge, a fund that fills from purchases on the curve and empties completely every day. Bring people with your code and receive a share of what they mint, up to a cap set by what you lock yourself.

Everything that moves money is fixed in a program whose upgrade key is burned at launch. The USDC vault pays out only through sales on the curve; no one can withdraw it. Liquid INGOT can be sold back to the curve at any time: the vault is the liquidity. The house takes 1% of the INGOT minted on each purchase and 1% of the USDC paid out on each sale: that is the project's revenue (section 09). It never comes from the vault or the Forge. There are no draws, no seasons, no second referral level and no administrative instruction that touches funds.

02The loop

Three verbs, in order. The home screen of the app shows your progress through them, not a market.

1. Lock. Buy INGOT on the curve with USDC. Liquid INGOT sells anytime and receives nothing. Locked INGOT cannot be sold until it unlocks and receives from the Forge every day, in proportion to its weight.
2. Receive. Every day the Forge empties into locked INGOT. Take it to your wallet or lock it again; with one switch it locks itself.
3. Invite. Your code is the only way in. You receive a share of what your people mint, up to a cap that grows with what you lock. Above the cap, commissions wait until 72 hours after the end of the day they arrived (UTC) for you to lock more, then go to the Forge.

Traders and lockers are two roles that feed each other: the volume of the liquid side pays the Forge of the locked side. Nobody has to lose for someone to receive; the Forge needs purchases on the curve.

03INGOT and the curve

INGOT is minted only by the curve, against USDC that goes into the vault. The curve is a price function of the reserve, with a flat start and a power law above it.

R is the USDC in the vault. S(R) is the position of the curve: the INGOT it has issued, burned INGOT included. P is the marginal price. The exponent means every 10× in reserve is 3× in price: 10,000 USDC → 1.00 USDC per INGOT; 100,000 → 3.00; 1,000,000 → 9.00; 10,000,000 → 27.0. The flat start means the first 10,000 INGOT cost exactly 1 USDC each.

Figure 1. The price of INGOT in USDC against the USDC in the vault, from the formula above, from 1,000 to 100,000,000 USDC; both axes grow in steps of 10×.

Table 1. Points on the curve. The last column is the share of the marginal valuation that sits in the vault as USDC. At every scale it stays above half; it tends to 1 − E ≈ 52%.

There is no fixed maximum supply: INGOT exists only as the curve mints it against USDC in the vault. The vault starts empty; its first USDC is the first purchase.

Buying

Paying d USDC moves the reserve from R to R + d and mints S(R + d) − S(R) INGOT. That emission is split as in section 04.

Selling

Handing q INGOT to the curve burns 1% of it first and sends 3% to the Forge, where it stays in circulation. The remaining 0.96·q walks the curve down: S′ = S − 0.96·q, R′ = R(S′), gross payout R − R′. The house takes 1% of that payout in USDC; the rest goes to the seller. Burning first is what gives the curve a floor (section 05).

Buying and selling at once returns about 84% of the USDC: the split at purchase and the 5% at sale are what pay the Forge, the codes, the burn and the house.

A worked example

With 71,420 USDC in the vault the price is 2.555 USDC. A purchase of 1,000 USDC mints 390.1 INGOT: 343.3 to the buyer, 31.2 to the Forge, 7.8 to the buyer’s referrer, 3.9 burned, 3.9 to the house. The price after is 2.572. A sale of 100 INGOT at the same point burns 1 INGOT, sends 3 to the Forge, walks 96 down the curve for 245.07 USDC gross, pays 2.45 to the house and 242.62 to the seller.

Integers and rounding

The program works in integers only: INGOT and USDC in millionths, intermediates in 128-bit. The power x^E is computed in fixed point with 18 decimals, so no product overflows at any reserve the vault can reach. The implementation is verified against a high-precision reference model.

• Every rounding favours the vault, operation by operation: emission down, payout down, floor down.
• The reserve is the only primary state. The curve position is derived from it at every operation, so rounding can never drift the two apart.
• Dust from the emission split is burned.
• An immediate round trip never returns more than went in. Issued supply never exceeds what the vault covers.

04Where every INGOT goes

Every purchase mints INGOT and splits it five ways. The split is fixed in the program and sums exactly to the emission.

Solana network fees are separate and paid by the user in SOL.

Interfaces. The program is public and open to any interface: the Athanor app, a bot, a wallet or a creator’s buy link can send purchases to the curve. Whoever builds the purchase may add an interface fee of 0 to 2% of the USDC, paid by the buyer, sent to the interface before the curve and shown before signing. The curve receives the rest and applies the split above; the vault, the Forge, the codes and the house are untouched. The Athanor app charges no interface fee.

05Burn and the floor

Burning is real: the SPL burn instruction destroys the tokens. The burn does not move the curve: burned INGOT stays counted in S, and the USDC it was bought with stays in the vault. The program keeps a counter, burned_total.

That gives the curve a floor. If everyone who holds INGOT sold everything, each sale would burn 1% on the way, and the 3% sent to the Forge would come back to be sold again, so the curve never walks back to burned_total; it stops at the fixed point

The floor never goes down. A sale leaves it exactly unchanged; a purchase raises it through its 1% burn; an early exit raises it most, through its 10% burn. While S_floor is inside the flat region (below 10,000 INGOT) the floor is exactly 1.00 USDC.

Example, at 71,420 USDC in the vault: the curve has issued 44,338 INGOT and 1,180 are burned (2.66%). S_floor = 1,625, which is in the flat region, so the floor is 1.00 USDC and 1,625 USDC can never leave the vault.

06Lots

Nothing is locked by default. Liquid and locked are equal choices, each with its cost and benefit shown before you confirm, and any lot can be left early, in part, for 20% of what is taken out. Locked INGOT lives in lots. An account has at most three, one per term: 90, 180 or 365 days. Unlocking is linear from the day of locking and is computed from elapsed time; nothing has to be claimed daily.

Adding to a lot

Every lock, whether from a purchase, from the wallet or from a claimed Forge payout, joins the lot of the chosen term. The remaining term of the lot becomes the weighted average, by amount, of what was there and what is added. Before confirming, the user sees the remaining term and the full-unlock date before and after. Example: 100 INGOT with 90 days left plus 1,000 INGOT on a fresh 12-month term gives 1,100 INGOT with 340 days left, about 11.2 months.

Early exit, partial

From any lot the user can take out any amount or percentage of what is still locked. The cost applies only to the amount taken out: 10% is burned, 10% goes to the Forge, 80% arrives liquid in the wallet. The rest stays locked on the same remaining term. The referral cap drops in proportion. The three amounts and what stays locked are shown before confirming; the confirmation is a long press.

Two switches, off by default

• Auto-renew, per lot: on, the lot stays at its full term, nothing unlocks, weight and cap stay whole. Off, linear unlocking starts from that moment over the lot’s term. Early exit remains possible on a renewing lot.
• Auto-lock, per account: what the Forge pays goes straight into the chosen lot instead of waiting to be claimed.

Only the user changes either, at any time. A switch pressed once replaces a daily action.

07The Forge

The Forge is the daily fund. It fills from four sources and empties completely every day.

• 8% of the INGOT minted by every purchase on the curve;
• 3% of the INGOT handed in by every sale on the curve, so those who stay receive from those who leave;
• 10% of every early exit;
• every pending commission that expired unreleased.

Distribution is 100% daily, in proportion to eligible locked INGOT weighted by term: 25% for 3 months, 50% for 6, 100% for 12. An account’s share of the weighted vesting is its share of the Forge. Nothing is granted per account, so splitting into many accounts changes nothing. The program keeps an accumulator of “share per unit of weighted vesting”; each user claims for themself.

The Forge is paid in INGOT, from the sources above. The USDC in the vault never pays the Forge: it stays behind every INGOT. When trading on the curve slows, the Forge pays less.

The fund and the time of the next distribution are visible in the app at all times. On a slow day the app says the real number: “the Forge is fed by trading on the curve; today X INGOT were bought and Y sold”.

08The code

Entry is by code only. The link to the person who brought you is set at your first sign-in and never changes. There are no public community codes: the first code belongs to the house, which plays by the same rules as everyone and whose address is published. The 2% to codes and the Forge’s share of every trade are the product’s distribution budget: the first goes to the people who bring people, the second to everyone who locks, in proportion to what they lock.

• 2% for life: 2% of the INGOT minted by each purchase of the referred account goes to the referrer, for as long as the account buys on the curve.
• Never for a sign-up. A code is paid only a share of what its people mint when they buy, and only up to what its owner locks.
• Commissions are paid in INGOT, liquid, within the cap.
• The cap is tied to the referrer’s own lots: 1× the INGOT locked for 3 months, 2× for 6, 4× for 12. It falls as lots unlock or exit early. Commissions already paid are never taken back.
• 72 hours of grace, after the end of the day. Commission above the cap goes into a pending balance, in daily buckets (UTC days); each bucket expires 72 hours after the end of the day it formed, so between 72 and 96 hours after the commission. When the referrer locks new INGOT and the cap grows, the oldest bucket is released first, and the released amount arrives liquid, like commission within the cap. Unreleased at expiry, it goes to the Forge.

Self-referral is possible and changes nothing for anyone else: on the Forge the effect is zero by construction, and on referral it is a discount of up to 2% that still requires locking through the cap. The transparency page shows what share of all commissions goes to codes with a single person brought.

09The house

The house receives 1% of the INGOT minted by each purchase and 1% of the USDC of each payout on the curve. Both go to the house's program, which pays them to the 1,000 Athanor tokens (ATHR); its address is on the transparency page. All 1,000 are held by the project's founder. They are not offered or sold to the public and are not part of the INGOT offer. ATHR gives no say over anything: not the curve, not the vault, not the Forge, not any rule. The house cannot touch the vault or the Forge: no instruction in the program moves either to any address.

The house fees are the project's revenue. They pay for building and running Athanor: development, audits, infrastructure, legal work, marketing and the team behind it. They can also pay for merit contests, such as recruiting or leaderboard positions; each is announced with published rules and fixed prizes before it starts. Milestones are on-chain thresholds: the vault at 10,000 / 100,000 / 1,000,000 / 10,000,000 USDC, INGOT locked across all terms at 10,000 / 50,000 / 100,000 / 500,000 / 1,000,000, INGOT paid out by the Forge since day one at 1,000 / 5,000 / 10,000 / 50,000 / 100,000 / 1,000,000. Each milestone gives a permanent badge to accounts with an active lot at that moment. Prizes are by merit, never by lot.

10Transparency

A public page, live from the chain from the first second on mainnet, shows: the vault balance and address, the program address, the current price, the floor and the USDC that can never leave the vault, with the formula; INGOT burned ever and as a share of supply; the day’s flows (purchases with the 88 / 8 / 2 / 1 / 1 split, sales with 1% burned and 3% to the Forge, early exits, the Forge paid); the public addresses of the program, the vault, the INGOT mint, the house fee account and the start code; the share of commissions that goes to codes with a single person brought; and where the money comes from, in one paragraph.

The app’s public feed shows only real on-chain events: locks, Forge payouts, joins, burns, early exits, milestones. Nothing is simulated.

How to verify

• The addresses. The program, the vault, the INGOT mint and the Forge are public addresses on Solana; their balances and every transaction can be read on any explorer. The site lists them, each with a copy button.
• The token. Only the program can mint INGOT, and no one can freeze it: both are visible on the mint.
• The code cannot change. After launch, the program’s upgrade authority reads “none”.
• The code is the published code. Anyone can check that the program on chain matches the public source.
• What the code does. The program’s source is public under the Business Source License, with the list of what every instruction can and cannot do.

11Frozen

Frozen: the curve, the vault, the emission and its split, the burn, the sale, the lots and their rules, the referral rules and the cap, the Forge’s sources and daily payout. The upgrade authority of the program is burned at launch. There are no emergency switches and no administrative instruction.

Nothing is adjustable. The term weights (25 / 50 / 100%) and the daily distribution at 12:00 UTC are fixed in the program like every other rule. No one holds a key that can change a parameter, move funds, stop the curve or the vesting, or touch the vault.

12Invariants

The program enforces, after every transaction:

1. The USDC in the vault equals R as defined by the curve at position S, plus amounts explicitly held apart.
2. A sale never pays more than the vault allows; rounding favours the vault.
3. The split emission (88 + 8 + 2 + 1 + 1) equals the curve’s emission exactly.
4. A purchase followed by an immediate sale of the same amount yields no profit before fees.
5. burned_total ≤ S.
6. No user can claim more commission than the cap and the pending balance allow.
7. No administrative instruction can move USDC out of the vault.

13Modelling

The whole contract exists as a reference model with exact arithmetic, tested against every rule and invariant above. The program is compared with the model bit for bit: the same operations on the same accounts give the same balances, down to the last micro-unit. The invariants of section 12 are checked after every transaction, and the program is fuzzed with random and hostile operations, which must leave everything unchanged.

Simulations of a whole community, with a crash and a DEX pool next to the curve, show how the rules react. They depend on assumed behaviour and are not forecasts of prices or payouts.

14Freely transferable INGOT

INGOT is a standard SPL token. It can be sent between wallets and listed on any exchange or DEX from day one. The rules in this document apply to transactions on the curve: the 12% at entry (8% to the Forge, 2% to codes, 1% burned, 1% to the house) and the 5% at exit (1% burned, 3% to the Forge, 1% to the house). The Forge, the codes, the burn and the house grow from volume on the curve, directly or through arbitrage. Referral pays only on purchases made on the curve. Locked INGOT does not move. Selling to the curve never depends on a DEX pool; if a pool appears, arbitrage keeps its price close to the curve.

The program is open to any interface. Anyone can build an app on it. Whoever built the screen, every transaction on the curve pays the Forge, the codes and the house; entry by code and the cap are enforced by the program, not by the app. The curve is built to enter Jupiter routing after launch, and a creator’s buy link opens a purchase on the curve directly, with the creator’s code.

15Risks

• Price. The price follows the vault. If more people sell than buy, it falls, down to the floor, which can be far below what you paid. The floor only rises; the price above it moves both ways.
• Liquidity. Locked INGOT cannot be sold until it unlocks. An early exit costs 20% of what you take out. A large sale moves the curve against the seller.
• The Forge. What it pays comes from activity: 8% of every purchase on the curve, 3% of every sale, 10% of every early exit, and code commissions that expire above a cap. On a slow day it is little; on a day with none of these, nothing. It is a share of emission and fees, not an interest rate. Every figure in this document is a measurement or a simulation, never a forecast.
• The program. It cannot be changed after launch, by anyone. Its source is public, and anyone can check that it matches the program on chain. It starts with small amounts.
• Your keys. Your wallet is your account. Athanor never holds, creates or recovers keys. Losing them loses everything in them.
• Solana. Network outages, fee changes and changes to the token program are outside our control.
• USDC. The vault holds USDC, a stablecoin issued by Circle. Its value and availability depend on its issuer, not on Athanor.
• Referral. Commissions depend on what your people buy, on your own lock through the cap, and on the 72-hour window. Rules on referral programs differ by country.
• Regulation. The treatment of tokens, of referral commissions and of contests differs by country. Access may be restricted in some countries. Where the law requires a separate crypto-asset white paper for a public offer, that document is published separately.
• Secondary markets. A DEX price can differ from the curve price. Trades there follow none of the rules here.

16What Athanor is not

• No draws, no lottery, no prizes by luck, no seasons.
• No administrative instruction that moves the vault or the Forge; no emergency switch; no upgrade key after launch.
• No promised yield, no “guaranteed”, no “APY”. The words used are “you receive” and “share of emission”.
• No premine and no team allocation: every INGOT, the team’s included, is bought on the curve with USDC. The team’s income is the house’s 1% (section 09); anything else it holds, it buys and receives by the same rules as everyone.
• No second referral level, no public codes.
• No game with a stake in INGOT or USDC, no NFTs, no investing or lending of the vault.
• No simulated activity in the feed, the leaderboards or the transparency page.

17Before launch

The program is compared point by point with the reference model and fuzzed. Its source is public, anyone can check on chain that it is the one deployed, and the full list of what every instruction can and cannot do is published. The upgrade key is burned at launch, after the checks with small amounts on mainnet. The transparency page is live from the first second on mainnet, and the launch starts with small amounts. Web first, built for the phone and opened in the wallet’s own browser; Android next.

18Questions people ask

Can the rules change?

No. Everything that moves money is in one program, and its upgrade key is burned at launch. After that, its upgrade authority reads “none” on chain.

Where is the program, and is its code public?

Its address is listed with the contract addresses. The source is public at launch under the Business Source License, with the list of what every instruction can and cannot do.

Can I check the code?

Yes. The source is public: anyone can read it and check that it matches the program on chain. Before launch it is compared operation by operation with a reference model and tested with long randomized runs. Do your own due diligence.

How much INGOT does the team get?

None for free. Every INGOT, the team’s included, is bought on the curve with USDC. The team’s income is the house’s 1%; anything else it holds, it buys and receives by the same rules as everyone.

Who puts the first USDC in the vault?

The first buyer. The vault starts empty, and the price stays at 1.00 USDC until 10,000 USDC are in it.

Is there a maximum supply?

No fixed maximum. INGOT exists only as the curve mints it against USDC, so every INGOT in circulation has USDC behind it in the vault.

What is ATHR, and who holds it?

The house’s 1% on purchases and sales goes to the 1,000 Athanor tokens (ATHR). All of them are held by the project’s founder; they are not offered to the public and give no say over the rules.

Where can I sell?

To the curve, at any time, for liquid INGOT: the vault is the liquidity. Selling never depends on a DEX pool.

What if everyone sells at once?

The vault always holds what the curve owes. Every sale is paid from it, in any order, and walks the price down toward the floor: earlier sellers receive more, later ones less, but no sale is ever refused for lack of USDC.

What does buying and selling cost?

Buying and selling at once returns about 84% of the USDC. The split at purchase and the 5% at sale are what pay the Forge, the codes, the burn and the house.

Is there any outside revenue?

No, and none is promised. The Forge is a share of the fees paid by trading on the curve, like the fee share of an exchange: it pays more when trading is high and less when it is quiet. The USDC in the vault is never invested or lent, so it is always there for the curve.

Why does the house take 1%?

It is the project's business revenue, like the fee of any exchange or service. It pays for building and running Athanor: development, audits, infrastructure, legal work, marketing and the team. It never comes from the vault or the Forge.

19Legal note

This document describes the product and its rules. It is not an offer to sell or a solicitation to buy anything, and it is not investment, legal or tax advice. Where the law requires a separate crypto-asset white paper for a public offer, that document is published separately and notified as the law requires.

20Glossary

The curve

The price function P(R) and its integral S(R); INGOT is bought from it and sold to it, in USDC.

The vault

The USDC account of the curve, controlled only by the program. Pays out only through sales on the curve.

Floor

The lowest price the curve can reach, P(R(S_floor)), because burned INGOT keeps its USDC in the vault. Gross, before fees. Not a guarantee.

Lot

Locked INGOT on one term; at most three per account, one per term.

Lock

Putting INGOT into a lot. Buying never locks automatically.

Early exit

Taking INGOT out of a lot before it unlocks: 10% burned, 10% to the Forge, 80% liquid.

The Forge

The daily fund, fed by 8% of every purchase and 3% of every sale on the curve, paid out 100% every day to locked INGOT in proportion to weight.

Weight

25% / 50% / 100% by term; the share of the Forge is the share of weighted locked INGOT.

Referral code

The only door in. One level. 2% of what your people mint, for life, up to the cap.

Cap

1× / 2× / 4× the INGOT you lock by term; the most commission that can arrive liquid.

Pending balance

Commission above the cap, in daily buckets, released liquid by locking more before the bucket expires (72 hours after the end of its day, UTC), otherwise to the Forge.

Milestone

An on-chain threshold of the vault, of INGOT locked or of what the Forge has paid out, with a permanent badge.

Streak

Consecutive days with an active lot. It counts by itself while anything is locked; no action needed, no penalty.

Interface fee

An optional fee of 0 to 2% of the USDC, paid by the buyer to whoever built the purchase (a bot, a wallet, a creator’s buy link), before the curve. The Athanor app charges none.

The house

The program that receives 1% of minted INGOT and 1% of USDC payouts and pays them to the 1,000 Athanor tokens (ATHR), all held by the project's founder and not offered to the public. It is the project's revenue: it pays for building and running Athanor and can fund merit contests.