The $HOLD token

Every position, on every product, opens and settles in $HOLD, straight from the backstop.

The venue and the token are one system rather than two things sharing a name. More volume deepens the backstop, a deeper backstop clears bigger payouts and more volume, and platform fees route back into liquidity, so real revenue becomes deeper payouts. You play in $HOLD and you win $HOLD, and the backstop that settles your wins holds it too.

The loop

1. 01PositionsEvery position players open is volume through the engine.
2. 02FeesA published fee on that volume, the venue's only revenue.
3. 03BackstopFees deepen the neutral counterparty that settles every win.
4. 04LiquidityFees also feed $HOLD trading depth, tightening the market.

Over volume the published fee keeps the backstop net positive, so the loop funds itself. No treasury drain and no inflationary emissions sit behind it.