keel a treasury that is a position

Tax does not go to a wallet.
It goes into a position.

Every buy and sell pays 2%. That tax is levered into a 3× BNB long the contract holds itself — no operator account and no published net asset value. It moves with the market when nobody is trading, and 60% of every gain is paid to holders.

See how it works Read the vault live

settlement clock five minute cycle

A five-minute settlement cycle, drawn. A marker travels a track divided into five minutes; when it reaches the end, the vault wakes and does exactly one job, chosen by priority: rescue a position under health 1.10, build the accumulated tax into the position, distribute a gain, or rebalance. Below the track, the position itself: the supply leg at roughly three times net value, the debt leg beneath it, and a health mark that sits at 1.208 with the Venus liquidation point at 1.00 on the far left.

Leverage

2.96×

Measured on live BNB Chain state, three sizes.

Health

1.208

Liquidated only by a 16.7% move against it.

Settles every

5 min

By Flap's trigger service. Nobody presses anything.

Of every gain

60%

To holders as WBNB. Constant, no setter.

the argument where tax goes

Tax has to go somewhere

Every token with a tax sends it somewhere. Most of the time that somewhere is a wallet. Sometimes the docs say buyback, or ecosystem fund, or marketing. You cannot verify any of it, because that step happens off-chain.

This token's tax builds a position. Not a buyback, not stablecoins sitting still. A 3× BNB long on Venus, where the contract is the borrower and the contract holds the collateral.

So the treasury moves with the market. In the hours when nobody trades, it is still moving. And its value is a view function — you call it, and you have priced the treasury yourself. Nobody publishes that number, so nobody can stop publishing it.

tax split 2% per trade

Where each 2% goes: 80% streams into the vault and becomes leveraged position, 20% reaches holders immediately through the token's own dividend contract. Only these two legs are drawn because the other two shares the token allows — burning and liquidity — are both set to zero. All four are fixed at launch and sum to 100%.

the loop one job per wake

It settles itself, and only does one thing at a time

There is no keeper account. Flap's trigger service wakes the vault on a schedule, and each wake picks a single job by priority — because a callback has a 2,000,000 gas ceiling and a build already costs 1.2 million of it.

priority chain evaluated every wake gas 1,206,637 2,000,000 cap

The decision each wake makes, in order. If health has fallen under 1.10 the vault reduces leverage immediately and the hourly cooldown is waived. Otherwise it builds any tax that has arrived, then distributes any gain, then rebalances if leverage has drifted outside its band. If none of those apply it books the next wake an hour out instead of five minutes, so a quiet market does not spend the treasury on trigger fees.

what is fixed constants with no setter

Four numbers nobody can move

Constant	Value	What it decides
TARGET_LEVERAGE	3×	The exposure the vault builds toward. Venus's 80% collateral factor makes 3× the ceiling a 1.20 health floor can hold.
MIN_HEALTH_BPS	12000	The floor the build may never breach. Debt is capped by this, not by Venus’s own limit.
PROJECT_SHARE_BPS	4000	The project's share of a gain. Holders take the other 60%, always 1.5× the project.
Settlement interval	5 min	One hour when the last wake found nothing to do.

Every one of these is a Solidity constant: no setter, no owner function, no governance vote can move them in the deployed implementation.

But the implementation itself can be replaced

The vault runs behind a beacon proxy owned by Flap's Guardian, and that upgrade path is deliberately the emergency mechanism — it is why the vault ships no emergency-withdraw function. A Guardian upgrade can change every constant above, add a pause, or add a withdrawal. This is the project's largest trust assumption and it is not ours to remove.

how it differs perp-backed launchpads

The reserve is not in anyone's account

	A keeper-run reserve	Keel
Where the position lives	An exchange account someone operates	The vault contract itself
How its value is known	A keeper publishes it periodically	nav(), a view over chain state
When that data goes stale	Buying pauses	No such state exists
If the operator vanishes	The reserve goes with them	The position stays where it is

Everything on this page can be checked

Sixty-nine assertions run against the contracts and against BNB Chain as it stands, with no key and no archive node. One command.

How to verify Read the risks first