Concepts
The floor
What the floor is, how it is computed, and what moves it.
The floor is the treasury's value per token in circulation:
F = T ÷ S- T is the treasury: the USDC in the launch's vault, plus the value of any fund position it holds.
- S is circulating supply: every token minted by the sale, less every token burned by a redemption.
A holder can redeem tokens at the floor at any time, less the launch's redemption fee. That makes the floor the price at which the treasury itself buys tokens back.
What moves the floor
Every Plinth instruction keeps the floor where it is or raises it:
| Event | Treasury | Supply | Floor |
|---|---|---|---|
| A purchase in the sale | + proceeds × 0.99 × (1 − team share) | + tokens bought | Holds or rises. The program refuses a purchase that would lower it. |
| Yield added | + amount × (1 − yield route) | unchanged | Rises |
| A redemption | − (tokens × floor − fee) | − tokens burned | Rises by the fee left behind |
| A follow-on sale | + proceeds × 0.99 × (1 − team share) | + tokens sold | Holds or rises. Its price has to be at least F ÷ (0.99 × (1 − team share)). |
Most you can lose
At a price P, a buyer who redeems straight away gets the floor less the fee. The difference is the most a buyer can lose at that price:
most you can lose = 1 − F × (1 − fee) ÷ PWith a $1.00 price, a $0.792 floor (a 20% team share after the 1% protocol share) and a 0.5% fee, that is 21.2%. Token pages and the studio show this figure for every price.