# Overview

EVERY FOREST 🌱 STARTS WITH ONE NUT 🌰🥜

{% hint style="danger" %}

## **WARNING**

:warning: This product **may contain nuts** or traces of nuts, *including but not limited to acorns, peanuts, almonds, walnuts, and other tree nuts.*

:no\_entry: If you have a nut allergy, even small amounts of nut residue could cause a severe allergic reaction. 

🚨 Please exercise caution and consult your healthcare provider if you are unsure about your allergies.
{% endhint %}

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Facs03UCHr1zYbci7qbfW%2Fa58ec49c-dbc7-4cef-919e-1fc845f28339.png?alt=media&amp;token=26c8ecc4-a828-4502-8f31-02d92fea135a" alt=""><figcaption></figcaption></figure>

**BASED NUT** is an experimental MEME-Fi ecosystem on Base built from one deliberately simple starting point:

> **1 NUT. 18 decimals. Fixed supply. No tax.**

From that root token, the ecosystem branches outward into tokens, liquidity markets, bonding curves, NFTs, wrappers, agents, attestations, games, and real-world experiments.<br>

Each layer has its own purpose. Together they form an expanding network of assets, markets, infrastructure, and interactions built around one root: **NUT**.

> **Different systems. One NUT. 🌰**

{% hint style="success" %}

## New Users!

If you are new here we recommend that you read the docs in order.

\
Use this page as an index and first understand the [whitepaper](/based-nut/multilayered-ecosystem) to understand [NUT](/based-nut/nut), [wNUT](/based-nut/wnut), [SNUT](/based-nut/snut) and [pNUT](/based-nut/pnut).&#x20;

\
These are the main "N.U.T.s" and "[The Orchard](/liquidity/the-orchard-framework)" is the emergent relationships between the liquid states of these assets.

You can also check out the [Podcasts](/based-nut/podcasts) and [Videos](/based-nut/videos) pages for engaging briefs and deep dives.

If you are new to crypto you can [start here](/learn-crypto/00-start-here).
{% endhint %}

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FV4jtmafCj6YKW4bqITi6%2F6b99510e-78ab-439b-a9c0-b16fc7da6850.png?alt=media&amp;token=cff9d5bc-c3c6-48f7-9c25-be0066b6bbf2" alt="" width="375"><figcaption></figcaption></figure>

{% hint style="warning" %}

## Disclaimer

:chestnut: BASED NUT tokens are whimsical meme coins with ***no intrinsic value*** and ***no expectation of financial gain**.*

:weary: They exist for entertainment and experimentation. ***Please nut responsibly***. :sweat\_drops:

:no\_pedestrians: Participation is voluntary and ***at your own risk***.
{% endhint %}

## Overview of BASED NUT Token Layers

**Every token has a unique purpose.**

> Different tokens, one root. 🥜

NUT is the root of the ecosystem. Other token layers give NUT new ways to be used without changing the original token. wNUT adds a wrapped state, SNUT adds staking and rewards, and pNUT adds multi-asset liquidity.<br>

As these tokens and markets interact, they form **The Orchard**: the wider network of liquidity and relationships built around NUT.

{% tabs %}
{% tab title="🥜 NUTs" %}

## BASE NUTS TOKENS

Main Ecosystem Tokens.

<table data-view="cards"><thead><tr><th>Name</th><th>Address</th><th>Supply</th><th>Type</th><th>Minting</th><th>Tax</th><th>Role</th><th data-hidden data-type="files"></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Based NUT (NUT)</strong></td><td><a href="https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df">0xb8de15fb529d98c93c749de63c749d48d25a30df</a></td><td>1 NUT</td><td>ERC-20: Simple</td><td>No</td><td>No</td><td>Main Liquidity Root</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FRJBBNrKdqKIN62vruoNJ%2Flogo.jpg?alt=media&amp;token=5540dab7-0437-4932-b03d-1108440e64b2">logo.jpg</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FRJBBNrKdqKIN62vruoNJ%2Flogo.jpg?alt=media&amp;token=5540dab7-0437-4932-b03d-1108440e64b2">logo.jpg</a></td><td><a href="/based-nut/nut">NUT</a></td></tr><tr><td><strong>Based Super NUT (SNUT)</strong></td><td><a href="https://basescan.org/token/0xac130701aa31c284c36609e2489f150f419ad7ad">0xac130701aa31c284c36609e2489f150f419ad7ad</a></td><td>100,000 SNUT</td><td>ERC-20: Baby Buyback Burn</td><td>No</td><td>Yes, Fee on Transfer</td><td>Non-Escrow Rewards</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDRU7sRTeqhLN8zsN7QI1%2Flogo.jpg?alt=media&amp;token=643a5422-fe7b-4d02-a443-07b4d52c1c8c">logo.jpg</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDRU7sRTeqhLN8zsN7QI1%2Flogo.jpg?alt=media&amp;token=643a5422-fe7b-4d02-a443-07b4d52c1c8c">logo.jpg</a></td><td><a href="/based-nut/snut">SNUT</a></td></tr><tr><td><strong>Based Peanuts (pNUT)</strong></td><td><a href="https://basescan.org/address/0x2a5757b60987ff10385de1d4d923792f6fdcfff1">0x2A5757b60987FF10385De1D4D923792f6fdCfFf1</a></td><td>∞ pNUT</td><td>ERC-20: Index LP</td><td>Yes</td><td>No</td><td>Forced Liquidity Arbitrage</td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FCUinFmePSu5xOkgsbZ2e%2FDALL%C2%B7E%202024-09-18%2018.48.24%20-%20A%20hyper-realistic%203D%20peanut%20logo%20designed%20for%20a%20peanut-based%20brand.%20The%20peanut%20is%20rendered%20with%20intricate%20details%2C%20lifelike%20textures%2C%20and%20natural%20colo.webp?alt=media&amp;token=1ab6c72b-d9bb-42cf-b056-58323b015d05">DALL·E 2024-09-18 18.48.24 - A hyper-realistic 3D peanut logo designed for a peanut-based brand. The peanut is rendered with intricate details, lifelike textures, and natural colo.webp</a></td><td><a href="/based-nut/pnut">pNUT</a></td></tr><tr><td>Wrapped NUT (wNUT)</td><td><a href="https://basescan.org/address/0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3">0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3</a></td><td>1:1 (NUT:wNUT)</td><td>ERC-20: Wrapped Token</td><td>Yes</td><td>No</td><td>Token Wrapper</td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FFwKKOGHuBhcOMx5wZ3fY%2F4f688328-6ba2-4383-a0ff-8c1be1eaf4f5.png?alt=media&amp;token=0c51fc37-a67f-4102-94ca-24651fc06956">4f688328-6ba2-4383-a0ff-8c1be1eaf4f5.png</a></td><td></td></tr></tbody></table>
{% endtab %}

{% tab title="⚔️ NFTs" %}

## **NUT FACTIONS**

Mint NFTs by Locking NUT.

<table data-view="cards" data-full-width="false"><thead><tr><th>Name</th><th>Address</th><th>Supply</th><th>Bonding Type</th><th data-type="files"></th><th data-type="content-ref"></th><th data-hidden data-card-cover data-type="files"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><strong>Almond War Generals</strong></td><td>0x1A160456005AED47994E1c13C9bc31F274413927</td><td>1,000</td><td>Exponential</td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FR4seIFamETNH4Ym6Gcmr%2Frotatedalmond.png?alt=media&amp;token=841d1d22-fe22-42a3-a914-88c15bd874a9">rotatedalmond.png</a></td><td><a href="/based-nut/nested-tokens/nut-army">NUT Army</a></td></tr><tr><td><strong>Peanut War Generals</strong></td><td>0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387</td><td>1,000</td><td>Linear</td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FrnsuGPWPAzkQ8gXUHEjM%2FDALL%C2%B7E%202024-10-17%2011.29.30%20-%20A%20powerful%2C%20victorious%2C%20energetic%2C%20hyperactive%20nutcase%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20Nut%20General%20is%20a%20peanut%20character%2C%20dressed%20in%20milit.webp?alt=media&amp;token=7590c26a-00a3-4a64-be2a-2ba561671784">DALL·E 2024-10-17 11.29.30 - A powerful, victorious, energetic, hyperactive nutcase leading a nut army in a Pixar 3D style. The Nut General is a peanut character, dressed in milit.webp</a></td><td><a href="/based-nut/nested-tokens/nut-army">NUT Army</a></td></tr><tr><td><strong>Almond Soldiers</strong></td><td>0x1E0f80529593185C021043ffcbfDcB8f4279C649</td><td>1,000,000</td><td>Exponential</td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FNPJbySaubIzs31iGDUoL%2Frotatedsoldieralmond.png?alt=media&amp;token=e40b7e2f-a8e9-4f2d-ad71-c883be78bc5c">rotatedsoldieralmond.png</a></td><td><a href="/based-nut/nested-tokens/nut-army">NUT Army</a></td></tr><tr><td><strong>Peanut Soldiers</strong></td><td>0xF075300b8C2EF500d8Ce4f783F910C500B9A3512</td><td>1,000,000</td><td>Linear</td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FMJoyje2LMBwz6NZ5Q6KI%2Fpnutarmy.png?alt=media&amp;token=254318da-d5f4-406e-9ca6-bcc7a6d937f5">pnutarmy.png</a></td><td><a href="/based-nut/nested-tokens/nut-army">NUT Army</a></td></tr></tbody></table>
{% endtab %}

{% tab title="🪺 NESTED" %}

## NESTED TOKENS

Mint Tokens by Locking NUT.

<table data-view="cards" data-full-width="true"><thead><tr><th>Name</th><th>Address</th><th>Max Supply</th><th>Bonding Curve Type</th><th>Buy Tax</th><th>Sell Tax</th><th>Function</th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td>SALT</td><td><a href="https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81">0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81</a></td><td>1,000,000,000</td><td>Flat</td><td>1% </td><td>1%</td><td>NUT/USDC Arbitrage</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FLvRnWHZusJrOGkGUI0d9%2FDALL%C2%B7E%202025-03-22%2019.38.35%20-%20A%20hyper-realistic%203D%20close-up%20of%20salt%20crystals%20scattered%20on%20a%20rustic%20wooden%20table.%20The%20image%20features%20ultra-detailed%20textures%20and%20a%20macro%20shot%20style%2C%20.webp?alt=media&amp;token=0d53e22f-5dd4-4ac1-8189-a82d0e7ecda6">DALL·E 2025-03-22 19.38.35 - A hyper-realistic 3D close-up of salt crystals scattered on a rustic wooden table. The image features ultra-detailed textures and a macro shot style, .webp</a></td><td><a href="/based-nut/nested-tokens/salt">Salt</a></td></tr><tr><td>NUTINO</td><td><a href="https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B">0x30421e2d18dFF60B298eEF427cF868cA65f1476B</a></td><td>21,000,000</td><td>Exponential</td><td>1%</td><td>1%</td><td>NUT/cbBTC Arbitrage</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FY9xvdICUSjWRs9pocOfA%2Flogo%20(1).webp?alt=media&amp;token=47914812-51a9-41d1-aa80-91ef7ffaeb9e">logo (1).webp</a></td><td><a href="/based-nut/nested-tokens/nutino">NUTINO</a></td></tr></tbody></table>
{% endtab %}

{% tab title="⚙️ AGENTS" %}

## AI AGENT SYSTEM

Mint Tokens by Locking Virtuals

<table data-view="cards" data-full-width="true"><thead><tr><th>Name</th><th>Address</th><th>Max Supply</th><th>Function</th><th>Virtuals Profile</th><th>Pipshell Agent</th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td>PIPS</td><td><a href="https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9">0x3f2327221dd4f0bae660172606d6b288a1cf8ad9</a></td><td>1,000,000,000</td><td>AI Agent System</td><td><a href="https://app.virtuals.io/virtuals/127403">https://app.virtuals.io/virtuals/127403</a></td><td><a href="https://app.virtuals.io/virtuals/127403/agent">https://app.virtuals.io/virtuals/127403/agent</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F0Isy07maAz4cnmxbyKyU%2F1af1f6f3-3b31-418c-87e7-a1b28c576d95.png?alt=media&amp;token=d5029c83-d03f-47bc-8576-cadd77d34a2f">1af1f6f3-3b31-418c-87e7-a1b28c576d95.png</a></td><td></td></tr></tbody></table>
{% endtab %}

{% tab title="🌻 SUNFLOWER" %}

## SUNFLOWER GROVE

Triple-token pools composed of NUT at 20% weights and other two assets at 40% forming a twin graft sunflower liquidity graph of interconnected assets.

<table data-view="cards"><thead><tr><th>Name</th><th>Token</th><th>Pairs</th><th>Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td>Inference Twin Graft BPT</td><td><h3>🌻🧠 gtINF</h3></td><td>wNUT/VVV/DIEM</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtinf-or-token-profile">View details for token gtINF</a></td><td align="center"><a href="/technical/token-catalog/gtinf-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F6NUFYLRZgaMaPPRArQCY%2F05235f91-3a03-42e4-9f6b-a4d8a483be3e.png?alt=media&amp;token=a9b4a5f2-ad55-4747-b677-baffd2ea8be3">05235f91-3a03-42e4-9f6b-a4d8a483be3e.png</a></td></tr><tr><td>Agent Twin Graft BPT</td><td><h3>🌻🤖 gtAGT</h3></td><td>wNUT/MOR/VIRTUALS</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtagt-or-token-profile">View details for token gtAGT</a></td><td align="center"> <a href="/technical/token-catalog/gtagt-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200">💧 Liquidity</a></td><td align="center"> <a href="https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FyjPoslinS3PkibN5Ch1j%2F046429cf-f310-444e-a686-bea7f785da61.png?alt=media&amp;token=71f9bf31-2579-414e-98ad-526c02735a68">046429cf-f310-444e-a686-bea7f785da61.png</a></td></tr><tr><td>Ether Twin Graft BPT</td><td><h3>🌻💧 gtETH</h3></td><td>wNUT/cbETH/wstETH</td><td>0x</td><td align="center"><a href="broken://pages/864a4b930a7df11ff356ff54bbc7cabe4f56f2bd">View details for token gtETH</a></td><td align="center"> <a href="broken://pages/864a4b930a7df11ff356ff54bbc7cabe4f56f2bd">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">🔄 Trade</a> · <a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FkcUbam1GNQykA2EVZxiw%2Fadf3c5e6-8e83-4b29-b66f-215527f4c5d6.png?alt=media&amp;token=1a13e284-fe2c-42ff-b11c-0b39dac67ebd">adf3c5e6-8e83-4b29-b66f-215527f4c5d6.png</a></td></tr><tr><td>Bitcoin Twin Graft BPT</td><td><h3>🌻<span data-gb-custom-inline data-tag="emoji" data-code="1fa99">🪙</span> gtBTC</h3></td><td>wNUT/cbBTC/tBTC</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtbtc-or-token-profile">View details for token gtBTC</a></td><td align="center"><a href="/technical/token-catalog/gtbtc-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FskRzoTwafYmvoQ5s1kaF%2F8e61a608-2370-494f-b404-7505b7127112.png?alt=media&amp;token=4f24d4a7-0e2c-4342-a03b-ca0ce7fd5338">8e61a608-2370-494f-b404-7505b7127112.png</a></td></tr><tr><td>Forex Twin Graft BPT</td><td><h3>🌻💰 gtFX</h3></td><td>wNUT/USDC/EUR</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtfx-or-token-profile">View details for token gtFX</a></td><td align="center"><a href="/technical/token-catalog/gtfx-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FwniRA9b76EOAnascnjG5%2F0ee99c8b-6c01-43e6-a587-9cf565cd4e46.png?alt=media&amp;token=b9113c46-64d9-42a3-9ef6-14505ed6a86d">0ee99c8b-6c01-43e6-a587-9cf565cd4e46.png</a></td></tr><tr><td>Silicon Twin Graft BPT</td><td><h3>🌻💽 gtSIL</h3></td><td>wNUT/AAPLc/NVIDIAc</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtsil-or-token-profile">View details for token gtSIL</a></td><td align="center"><a href="/technical/token-catalog/gtsil-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FX8Zb5rt3aYbk3WHv4DH6%2F4dbf8ac1-e38c-45cd-8c40-589f2aa4f2ec.png?alt=media&amp;token=dc52ce09-8175-426d-9ae1-03b1bdb81fe4">4dbf8ac1-e38c-45cd-8c40-589f2aa4f2ec.png</a></td></tr></tbody></table>
{% endtab %}

{% tab title="🚜 WHORLS" %}

## 🚜 BASED NUT WHORLS

4-token pools composed of NUT and other three assets at forming a whorl liquidity graph of interconnected assets.

<table data-view="cards"><thead><tr><th>Name</th><th>Token</th><th>Pairs</th><th>Address</th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td>Based Peanut Whorl</td><td><h3>pNUT 🥜</h3></td><td>wNUT/SNUT/cbBTC/cbETH</td><td><a href="https://basescan.org/address/0x252b1e49d1d1e42657d028703e8c37fe5b5cacf5">0x252b1E49D1d1E42657d028703e8c37fe5B5cACF5</a></td><td align="center"><a href="https://balancer.fi/pools/base/v3/0x252b1e49d1d1e42657d028703e8c37fe5b5cacf5">BALANCER</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FQ1rHYk3OkGffww5qkviO%2FDALL%C2%B7E%202024-09-18%2018.48.24%20-%20A%20hyper-realistic%203D%20peanut%20logo%20designed%20for%20a%20peanut-based%20brand.%20The%20peanut%20is%20rendered%20with%20intricate%20details%2C%20lifelike%20textures%2C%20and%20natural%20colo.webp?alt=media&amp;token=a9dcfb45-7b44-47a5-908d-5c5e8b88101f">DALL·E 2024-09-18 18.48.24 - A hyper-realistic 3D peanut logo designed for a peanut-based brand. The peanut is rendered with intricate details, lifelike textures, and natural colo.webp</a></td></tr><tr><td>Based Nested Whorl</td><td><h3>nNUT 🪺</h3></td><td>wNUT/NUTINO/SALT/PIPS</td><td><a href="https://basescan.org/address/0x3bfd1e8d43c554b3be57845791ae6657bbb7f49f">0x3bfd1e8d43c554b3be57845791ae6657bbb7f49f</a></td><td align="center"><a href="https://balancer.fi/pools/base/v3/0x3bfd1e8d43c554b3be57845791ae6657bbb7f49f">BALANCER</a></td><td></td></tr><tr><td>Based Meta Whorl</td><td><h3>mNUT 🧩</h3></td><td>wNUT/3x-BTC/ETH-LPs</td><td><a href="https://basescan.org/address/0x75b1b8bed681b1c288e17498157afd9925839ea8">0x75B1B8bEd681B1C288E17498157aFD9925839EA8</a></td><td align="center"><a href="https://balancer.fi/pools/base/v3/0x75b1b8bed681b1c288e17498157afd9925839ea8">BALANCER</a></td><td></td></tr></tbody></table>
{% endtab %}
{% endtabs %}

## THE ORCHARD METADEX

The Orchard is the **MetaDEX framework** of the BASED NUT ecosystem: a compositional market architecture connecting its tokens, liquidity markets, bonding curves, wrappers, NFTs, agents, and other systems around NUT.

It is not any single market or protocol. **The Orchard is what emerges from their interactions**—the interconnected structure of liquidity, markets, assets, and execution paths produced as these systems relate to one another.<br>

In simple terms: **the token assets are the parts; the Orchard is the system that emerges fm the relationships between them.**

<p align="center"><a href="https://orchard.basednut.com/" class="button primary" data-icon="tree-deciduous">VISIT THE ORCHARD</a></p>

<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center">LEARN ABOUT THE ORCHARD</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDLoSEJB7Pldcb1QbkX98%2Fimage.png?alt=media&amp;token=a14ec683-3cc4-4ab7-9354-ff3519e7463b">image.png</a></td><td><a href="/liquidity/the-orchard-framework">The Orchard Framework</a></td></tr><tr><td align="center">LEARN ABOUT GROVES</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Frk8j9O8V5MLsrJdRza43%2Fimage.png?alt=media&amp;token=e37dda77-7390-4d2e-8bef-ec3f381bcc3d">image.png</a></td><td><a href="/liquidity/groves">Groves</a></td></tr></tbody></table>

***

### 🧭 Learn about the ecosystem in your own way

> Different maps, one territory. 🥜

{% tabs %}
{% tab title="🌾 Farmers" %}

#### &#x20;🌾 Yield Farmers — rewards and index exposure

<table data-view="cards"><thead><tr><th>Page</th><th>What you get</th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><a data-mention href="/based-nut/snut">SNUT</a></td><td>The burn flywheel — 1% tax, buyback burns, non-escrow rewards</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FbuGUjrVKMQz5wRvKX94l%2F0xac130701aa31c284c36609e2489f150f419ad7ad.png?alt=media&amp;token=7d7c3333-bd58-439e-99c7-a5f9c447fcbb">0xac130701aa31c284c36609e2489f150f419ad7ad.png</a></td><td><a href="/based-nut/snut">SNUT</a></td></tr><tr><td><a data-mention href="/based-nut/pnut">pNUT</a></td><td>The Balancer index basket — cbETH, cbBTC, NUT, SNUT in one token</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FQ1rHYk3OkGffww5qkviO%2FDALL%C2%B7E%202024-09-18%2018.48.24%20-%20A%20hyper-realistic%203D%20peanut%20logo%20designed%20for%20a%20peanut-based%20brand.%20The%20peanut%20is%20rendered%20with%20intricate%20details%2C%20lifelike%20textures%2C%20and%20natural%20colo.webp?alt=media&amp;token=a9dcfb45-7b44-47a5-908d-5c5e8b88101f">DALL·E 2024-09-18 18.48.24 - A hyper-realistic 3D peanut logo designed for a peanut-based brand. The peanut is rendered with intricate details, lifelike textures, and natural colo.webp</a></td><td><a href="/based-nut/pnut">pNUT</a></td></tr><tr><td><a data-mention href="/ecosystem/staking-and-rewards">Staking &amp; Rewards</a></td><td>Mint Club vaults + SALT airdrop history</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FFPQMtHreg8tGtOJR4L0w%2F9ee5e498-924f-42ab-bc2a-20f6e97d99c5.png?alt=media&amp;token=449f0de9-cad3-470c-920b-df366c27f700">9ee5e498-924f-42ab-bc2a-20f6e97d99c5.png</a></td><td><a href="/ecosystem/staking-and-rewards">Staking &amp; Rewards</a></td></tr><tr><td><a data-mention href="/based-nut/nut/attonut">attoNUT</a></td><td>The resolution underneath — 1 NUT = 1 quintillion units</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FBqJQVSyp0NI5nlkwY54z%2Feaffe3fb-0188-49b8-824a-89dd4b198128.png?alt=media&amp;token=14f6ecad-33f8-4f35-94de-a94118e897e6">eaffe3fb-0188-49b8-824a-89dd4b198128.png</a></td><td><a href="/based-nut/nut/attonut">attoNUT</a></td></tr><tr><td><a data-mention href="/liquidity/the-orchard-framework">The Orchard Framework</a></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDLoSEJB7Pldcb1QbkX98%2Fimage.png?alt=media&amp;token=a14ec683-3cc4-4ab7-9354-ff3519e7463b">image.png</a></td><td></td></tr><tr><td><a data-mention href="/liquidity/groves">Groves</a></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Frk8j9O8V5MLsrJdRza43%2Fimage.png?alt=media&amp;token=e37dda77-7390-4d2e-8bef-ec3f381bcc3d">image.png</a></td><td></td></tr><tr><td><a data-mention href="/liquidity/groves/sunflower-grove">Sunflower Grove</a></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FtdemrZPFqcHVYaRCLnsS%2F96324e3e-29d8-454d-ba37-7351c5693691.png?alt=media&amp;token=beee99a7-acc8-4394-862e-9826baf670c8">96324e3e-29d8-454d-ba37-7351c5693691.png</a></td><td><a href="/liquidity/groves/sunflower-grove">Sunflower Grove</a></td></tr><tr><td><a data-mention href="/technical/liquidity-catalog">Liquidity Catalog</a></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FN76Xx7LZYo2eZogZWbMt%2Fdeb4f99d-797b-47e2-9450-5f87b52e854b.png?alt=media&amp;token=2d76787c-cce4-4a4a-b579-998a0fb19011">deb4f99d-797b-47e2-9450-5f87b52e854b.png</a></td><td></td></tr><tr><td><a data-mention href="/technical/token-catalog">Token Catalog</a></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FMnk9GGNKIoKpMaF59yhs%2F3807a868-36dd-4261-9ba3-5a40a2848a1e.png?alt=media&amp;token=fe4d4ad0-597b-45ec-a674-2531a9281a4d">3807a868-36dd-4261-9ba3-5a40a2848a1e.png</a></td><td></td></tr></tbody></table>
{% endtab %}

{% tab title="📉 Traders" %}

#### 📉 Arbitrage Traders — divergence is the product

Independent markets create price differences. The Orchard connects them without collapsing them into a single market.

<table data-view="cards"><thead><tr><th>Page</th><th>What you get</th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a data-mention href="/liquidity/the-orchard-framework">The Orchard Framework</a></td><td>Why independent markets diverge — arbitrage is the coupling</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Frk8j9O8V5MLsrJdRza43%2Fimage.png?alt=media&amp;token=e37dda77-7390-4d2e-8bef-ec3f381bcc3d">image.png</a></td></tr><tr><td><a data-mention href="/liquidity/arb-bot-builder">Arb Bot Builder</a></td><td>All 9 loops with honest verdicts</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F0dmQSghKkl6RbR8bpKCo%2F3d61dff1-402d-48cf-b9ed-91d436658d98.png?alt=media&amp;token=242d473b-3f9a-47a1-bc3f-37b2f19f2064">3d61dff1-402d-48cf-b9ed-91d436658d98.png</a></td></tr><tr><td><a data-mention href="/liquidity/arb-bot-builder/nested-arbitrage-dynamics">Nested Arbitrage Dynamics</a></td><td>Curve ↔ DEX loop theory</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FpQ5G7uYMPHX8ZaM04Fvy%2F3a730fd8-ad22-49b1-8a1e-315d2ab29e16.png?alt=media&amp;token=363ac092-4f05-40ea-a95b-b6929f85f37c">3a730fd8-ad22-49b1-8a1e-315d2ab29e16.png</a></td></tr><tr><td><a data-mention href="/technical/token-catalog">Token Catalog</a></td><td>Addresses, routes, APIs — machine-readable</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FMnk9GGNKIoKpMaF59yhs%2F3807a868-36dd-4261-9ba3-5a40a2848a1e.png?alt=media&amp;token=fe4d4ad0-597b-45ec-a674-2531a9281a4d">3807a868-36dd-4261-9ba3-5a40a2848a1e.png</a></td></tr><tr><td><a data-mention href="/technical/liquidity-catalog">Liquidity Catalog</a></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FN76Xx7LZYo2eZogZWbMt%2Fdeb4f99d-797b-47e2-9450-5f87b52e854b.png?alt=media&amp;token=2d76787c-cce4-4a4a-b579-998a0fb19011">deb4f99d-797b-47e2-9450-5f87b52e854b.png</a></td></tr></tbody></table>

{% endtab %}

{% tab title="🖼️ Collectors" %}

## ☢️ NUT WARZONE - JOIN THE NUT WAR&#x20;

> Lock your NUTs to Mint and participate in the NUT WAR

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDdVp3Ud83o5X9sc6Cy9g%2Fa3037882-df29-42ce-acb8-44feafdffe0e.png?alt=media&amp;token=8e85543c-d93f-4d97-b532-07f9f526f9cc" alt=""><figcaption></figcaption></figure>

<table data-view="cards" data-full-width="true"><thead><tr><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>JOIN AS A PEANUT</strong></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FdVnLZmEdyaEnTD95GGXN%2FDALL%C2%B7E%202024-10-17%2011.32.31%20-%20A%20powerful%2C%20victorious%2C%20energetic%2C%20hyperactive%20nutcase%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20Nut%20General%20is%20a%20peanut%20character%2C%20dressed%20in%20milit.webp?alt=media&amp;token=9214b773-b73f-4a0f-9389-fb672986ba3d">DALL·E 2024-10-17 11.32.31 - A powerful, victorious, energetic, hyperactive nutcase leading a nut army in a Pixar 3D style. The Nut General is a peanut character, dressed in milit.webp</a></td><td><a href="/based-nut/nested-tokens/nut-army">NUT Army</a></td></tr><tr><td align="center"><strong>JOIN AS AN ALMOND</strong></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F3tXLuBTjTK96Tm397vsJ%2FDALL%C2%B7E%202024-10-17%2019.00.03%20-%20A%20powerful%20and%20heroic%20almond%20general%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20almond%20general%20is%20dressed%20in%20rugged%2C%20battle-worn%20armor%20adorned%20with%20w.webp?alt=media&amp;token=90f23864-2405-49a4-b359-1617c533275f">DALL·E 2024-10-17 19.00.03 - A powerful and heroic almond general leading a nut army in a Pixar 3D style. The almond general is dressed in rugged, battle-worn armor adorned with w.webp</a></td><td><a href="/based-nut/nested-tokens/nut-army">NUT Army</a></td></tr><tr><td align="center"><strong>JOIN AS A NUTCRACKER</strong></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FB9c2oB3fs7TeCfwOdkHn%2FDALL%C2%B7E%202025-01-25%2020.33.16%20-%20A%20stunning%2C%203D%20animated-style%20cinematic%20depiction%20of%20the%20Nut%20War%20set%20in%20a%20dense%2C%20battle-torn%20nut%20orchard%20forest.%20The%20scene%20is%20alive%20with%20Nutcracker%20so.webp?alt=media&amp;token=acc6fe20-3b28-49fb-8ce0-5ee9a04e3fc8">DALL·E 2025-01-25 20.33.16 - A stunning, 3D animated-style cinematic depiction of the Nut War set in a dense, battle-torn nut orchard forest. The scene is alive with Nutcracker so.webp</a></td><td></td></tr></tbody></table>

### Learn more

<table data-view="cards"><thead><tr><th>Page</th><th>What you get</th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a data-mention href="/based-nut/nested-tokens/nut-army">NUT Army</a></td><td>The armies — factions and ranks</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FtgKSkoSrbT9A8ZeUVXzx%2F54b5f597-b87f-4877-9c21-b39dbb9897a9.png?alt=media&amp;token=35f0143a-5920-4b92-a4d3-a32b6fa92dfa">54b5f597-b87f-4877-9c21-b39dbb9897a9.png</a></td></tr><tr><td><a data-mention href="/based-nut/nested-tokens/nut-army/the-great-nut-war-lore">The Great Nut War Lore</a></td><td>Enlistment — mint to join, burn to leave</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FVVT7ziwdTWbI13H5dGen%2Ff50c81c0-69ed-45bf-bf16-9133808ca85a.png?alt=media&amp;token=47280309-21c3-446a-bca8-dfaad957214c">f50c81c0-69ed-45bf-bf16-9133808ca85a.png</a></td></tr><tr><td><a data-mention href="/ecosystem/staking-and-rewards">Staking &amp; Rewards</a></td><td>Mint Club vaults — NFT airdrop history</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FFPQMtHreg8tGtOJR4L0w%2F9ee5e498-924f-42ab-bc2a-20f6e97d99c5.png?alt=media&amp;token=449f0de9-cad3-470c-920b-df366c27f700">9ee5e498-924f-42ab-bc2a-20f6e97d99c5.png</a></td></tr></tbody></table>
{% endtab %}

{% tab title="💳 Creditors" %}

## NUT Credit

Experiments in NUT credit Morpho Vault Designs

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-target data-type="content-ref"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a data-mention href="/based-nut/nutusd">nutUSD</a></td><td></td><td></td><td><a href="/based-nut/nutusd">nutUSD</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F2ChOubmtWiyVMdSq2Ar7%2Fb9a7e5d1-3033-4176-b5cd-d3cfc0c5ae4c.png?alt=media&amp;token=be9fa804-7b15-44ac-a866-2f2ae2898098">b9a7e5d1-3033-4176-b5cd-d3cfc0c5ae4c.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/nut-credit">NUT Credit</a></td><td></td><td></td><td><a href="/ecosystem/rwas/nut-credit">NUT Credit</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FlFCVNf6GLneCkAF2m2Do%2F085bb52c-60d5-4ec8-b4cc-5aa57d457a57.png?alt=media&amp;token=feeeba88-4b43-48ae-9e4c-db9a987e2117">085bb52c-60d5-4ec8-b4cc-5aa57d457a57.png</a></td></tr><tr><td><a data-mention href="/ecosystem/attestations">Attestations</a></td><td></td><td></td><td><a href="/ecosystem/attestations">Attestations</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FZsm5ctVQRGyo9lFDOSI9%2F7ec6eb0b-560f-4249-8e7c-de189c927355.png?alt=media&amp;token=1c474a88-8b96-4fcc-8d36-f9ed521315e7">7ec6eb0b-560f-4249-8e7c-de189c927355.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/nut-credit/agricultural-credit">Agricultural Credit</a></td><td></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FfM8ssXIWFcIl99Q6PlVY%2F3fde5f17-dccf-4e20-8e30-93f4cc6d73e1.png?alt=media&amp;token=83f6a829-d6e4-4233-9cfe-11a9700d497d">3fde5f17-dccf-4e20-8e30-93f4cc6d73e1.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/nut-credit/carbon-credits">Carbon Credits</a></td><td></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FqitdEMdYZyAyQt2UPvE1%2F392f2a7f-c367-40d0-b562-587124705bd8.png?alt=media&amp;token=a1175ea4-e501-4ebb-a571-e6a8d1df9913">392f2a7f-c367-40d0-b562-587124705bd8.png</a></td></tr></tbody></table>
{% endtab %}

{% tab title="🗣️ Social" %}

## Federated Social Media

Control your entire distribution from your server, identity, and rules. Connect with other nodes with different identities, rules and in different servers.

<table data-view="cards"><thead><tr><th>Page</th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><a data-mention href="/ecosystem/mycelium-and-taproot">Mycelium &amp; Taproot</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FQMywhbd9ilKy4YSDsOMZ%2Fbf649069-9646-44ba-a943-f9143a41e085.png?alt=media&amp;token=91e3ca2d-04d6-4ae5-b1aa-bb259a074353">bf649069-9646-44ba-a943-f9143a41e085.png</a></td><td><a href="/ecosystem/mycelium-and-taproot">Mycelium &amp; Taproot</a></td></tr><tr><td><a data-mention href="/ecosystem/mycelium-and-taproot/taproot-identity">Taproot Identity</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FxGk5Q8eUyyYXkcEM2UNk%2F3934cd93-a5fe-4421-806b-293923f97f63.png?alt=media&amp;token=ecd96314-bd07-4937-83ff-3c89436fde3e">3934cd93-a5fe-4421-806b-293923f97f63.png</a></td><td><a href="/ecosystem/mycelium-and-taproot/taproot-identity">Taproot Identity</a></td></tr><tr><td><a data-mention href="/ecosystem/attestations/economic-nonces">Economic Nonces</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F8S9QNPE7CTpedEjrpEue%2F2f4565f2-753c-4f8b-b46c-558d6c84d395.png?alt=media&amp;token=7c2f9ef7-3f7e-4fd8-a569-0740d6d2f29b">2f4565f2-753c-4f8b-b46c-558d6c84d395.png</a></td><td><a href="/ecosystem/attestations/economic-nonces">Economic Nonces</a></td></tr><tr><td><a data-mention href="/ecosystem/attestations/market-attestations">Market Attestations</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FP7WInL2RvFWzMmlilzbv%2Fee1e47e3-dd7e-4048-a769-bc653f26aa4e.png?alt=media&amp;token=d2398d13-dd7e-433b-ab40-9951044caf5a">ee1e47e3-dd7e-4048-a769-bc653f26aa4e.png</a></td><td><a href="/ecosystem/attestations/market-attestations">Market Attestations</a></td></tr></tbody></table>
{% endtab %}

{% tab title="🤓 Agents" %}

## 🤓 Smart Agents

Learn about our Agents

<table data-view="cards"><thead><tr><th></th><th data-hidden data-card-cover data-type="image">Cover image</th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td><a data-mention href="/ecosystem/ai-agents">AI Agents</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FZw3x2yzdvsEVrnKvAypt%2Ffe16577d-35c9-4a32-9a2f-d883d3904696.png?alt=media&amp;token=bf8eb358-9605-47a8-8338-1fcd1bc9eb8d">fe16577d-35c9-4a32-9a2f-d883d3904696.png</a></td><td><a href="/ecosystem/ai-agents">AI Agents</a></td></tr><tr><td><a data-mention href="/based-nut/pips">PIPS</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F7eFZNoYR4BV56IaaOPh3%2Fpips-logo.png?alt=media&amp;token=d8644a55-f929-4563-a918-f0606834456f">pips-logo.png</a></td><td></td></tr><tr><td><a data-mention href="/ecosystem/mycelium-and-taproot">Mycelium &amp; Taproot</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FQMywhbd9ilKy4YSDsOMZ%2Fbf649069-9646-44ba-a943-f9143a41e085.png?alt=media&amp;token=91e3ca2d-04d6-4ae5-b1aa-bb259a074353">bf649069-9646-44ba-a943-f9143a41e085.png</a></td><td></td></tr><tr><td><a data-mention href="/ecosystem/attestations/market-attestations">Market Attestations</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FP7WInL2RvFWzMmlilzbv%2Fee1e47e3-dd7e-4048-a769-bc653f26aa4e.png?alt=media&amp;token=d2398d13-dd7e-433b-ab40-9951044caf5a">ee1e47e3-dd7e-4048-a769-bc653f26aa4e.png</a></td><td></td></tr></tbody></table>
{% endtab %}

{% tab title="🌎 RWA" %}

## 🌎 Real-World Assets

Research connecting nuts, agriculture, land, environmental accounting, and real-world economic systems.

<table data-view="cards"><thead><tr><th></th><th></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a data-mention href="/ecosystem/rwas">RWAs</a></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fo9y8DUzD7wwth4YHzzSj%2Ffd8ef77d-1d75-4734-bd83-011b65c8d5c4.png?alt=media&amp;token=671cab25-27b0-456c-adc4-3af124b8f2b2">fd8ef77d-1d75-4734-bd83-011b65c8d5c4.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/peanuts-vs.-the-dollar">Peanuts vs. the Dollar</a></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FC8ry4IZMfcDnJ1iNjJIw%2Fimage.png?alt=media&amp;token=598699f5-020c-4467-b4eb-703213dfc45e">image.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/nut-credit">NUT Credit</a></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FlFCVNf6GLneCkAF2m2Do%2F085bb52c-60d5-4ec8-b4cc-5aa57d457a57.png?alt=media&amp;token=feeeba88-4b43-48ae-9e4c-db9a987e2117">085bb52c-60d5-4ec8-b4cc-5aa57d457a57.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/nut-credit/agricultural-credit">Agricultural Credit</a></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FfM8ssXIWFcIl99Q6PlVY%2F3fde5f17-dccf-4e20-8e30-93f4cc6d73e1.png?alt=media&amp;token=83f6a829-d6e4-4233-9cfe-11a9700d497d">3fde5f17-dccf-4e20-8e30-93f4cc6d73e1.png</a></td></tr><tr><td><a data-mention href="/ecosystem/rwas/nut-credit/carbon-credits">Carbon Credits</a></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FqitdEMdYZyAyQt2UPvE1%2F392f2a7f-c367-40d0-b562-587124705bd8.png?alt=media&amp;token=a1175ea4-e501-4ebb-a571-e6a8d1df9913">392f2a7f-c367-40d0-b562-587124705bd8.png</a></td></tr></tbody></table>
{% endtab %}
{% endtabs %}

***

## :coconut: Resources

> * :globe\_with\_meridians: [BASED NUT Website](https://basednut.com/)
> * :bird: [X.com/BASEDNUT\_](https://x.com/BASEDNUT_)
> * :speech\_balloon: [BASED NUT PORTAL TELEGRAM](https://t.me/basednutportal)
> * :eagle: [DEXSCREENER $NUT](https://dexscreener.com/base/0xe3ce00e2ed742b142c15eedc208657dd22aa987e)
> * :computer: [GITHUB BASED NUT](https://github.com/BASEDNUT)
> * :four\_leaf\_clover: [BASED NUT MINT CLUB PAGE](https://mint.club/explore/base/0xb8DE15Fb529d98C93C749De63c749D48D25A30DF)
> * :peanuts: [Peanutoshi NUTkamoto ChatGPT Bot](https://chatgpt.com/g/g-6738c69da52081919865912b625a2448-peanutoshi-nutkamoto)
> * :robot: [Virtual Agents PAGE](https://app.virtuals.io/project/127403)

***

### 📚 LEARN MORE

<table data-view="cards"><thead><tr><th>Page</th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><a data-mention href="/learn-crypto/00-start-here">00 - Start here</a></td><td>New to Crypto? Start here</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FhzgGFYl4HECbbEZJr8xm%2F2825b434-8fb4-4388-92b5-982689f89e5f.png?alt=media&amp;token=681ee4fc-03aa-4211-bce8-66677a5f2115">2825b434-8fb4-4388-92b5-982689f89e5f.png</a></td></tr><tr><td><a data-mention href="/based-nut/multilayered-ecosystem">Multilayered Ecosystem</a></td><td>New to Based NUT? Start here</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F68PoN4veSYZAd8cwxGoU%2Fd0be01e9-b75a-48dd-bcc1-aa0495179f39.png?alt=media&amp;token=da5c471a-97fa-4c1f-903d-ee522a36599a">d0be01e9-b75a-48dd-bcc1-aa0495179f39.png</a></td></tr><tr><td><a data-mention href="/technical/faq">FAQ</a></td><td>Get Quick Answers</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FaUyrVB1GuAB1gbwmOMad%2Fphoto_2026-08-07_22-22-00.jpg?alt=media&amp;token=0e75cc8f-bd0c-49b0-8bad-62dacc59578c">photo_2026-08-07_22-22-00.jpg</a></td></tr><tr><td><a data-mention href="/technical/glossary">Glossary</a></td><td>Learn our Terms</td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FBQlhKLbCV8jjOYPv6XXf%2Fb21c4478-bdf8-4911-b332-05e7a0f9471c.png?alt=media&amp;token=8e237426-d4c0-4b04-aa20-7cc1bf0bb2b3">b21c4478-bdf8-4911-b332-05e7a0f9471c.png</a></td></tr></tbody></table>

***

#### Use this to help your agents orient themselves

{% prompt description="Help Me Navigate Based NUT" icon="trees" %}

````markdown
# BASED NUT — Agent Navigation & Research Protocol

You are researching **BASED NUT**, an experimental MEME-Fi ecosystem on Base.

Your objective is not merely to summarize a website. Build an accurate mental model of the system, learn how its components relate, and use the canonical sources intelligently whenever answering questions about it.

## Primary rule

**Do not assume you understand BASED NUT from the name, from ordinary DeFi conventions, or from a single page.**

BASED NUT is intentionally multilayered. Concepts that appear unusual may be deliberate.

Read the system from the root outward.

---

# 1. Start here

First read:

https://docs.basednut.com/

Then immediately read the machine-readable documentation index:

https://docs.basednut.com/llms.txt

Treat `llms.txt` as the primary map of the documentation.

When possible, use the Markdown version of documentation pages by appending:

`.md`

to the documentation URL.

Do not randomly crawl pages before understanding the hierarchy.

---

# 2. Learn the root model first

Before studying peripheral products, establish a correct model of:

1. **Multilayered Ecosystem / Whitepaper**
2. **NUT**
3. **wNUT**
4. **SNUT**
5. **pNUT**
6. **The Orchard Framework**

These form the conceptual foundation.

At minimum understand:

### NUT

NUT is the root economic primitive.

Important invariant:

**1 NUT total supply.
18 decimals.
Fixed supply.
No NUT transfer tax.**

Do not interpret "1 NUT" as "one indivisible coin."

Its 18 decimals allow the single total supply to be divided into fractions.

NUT itself is deliberately simple. Complexity is generally constructed **around NUT rather than added to NUT**.

Think:

`simple root → multiple states → multiple markets → larger economic graph`

### wNUT

Understand wNUT as another executable state of NUT.

Determine from the current documentation/contracts exactly how wrapping and unwrapping operate.

Do not describe wrapping as creating additional underlying NUT.

Distinguish:

`NUT state`

from:

`wrapped NUT state`

while preserving the underlying economic relationship.

### SNUT

Understand SNUT separately from NUT.

Study its:

* transfer mechanics
* reward mechanism
* liquidity relationships
* buyback/burn behavior
* non-escrow NUT rewards
* interaction with the broader Orchard

Never project SNUT mechanics onto NUT.

### pNUT

Understand pNUT as a multi-asset liquidity/index structure rather than another simple wrapper.

Study:

* its underlying assets
* pool weights
* Balancer mechanics
* BPT ownership representation
* arbitrage relationships
* how it connects NUT to other assets

### Orchard

The Orchard is not simply one liquidity pool or one application.

Understand it as the wider system of **relationships among liquid states, assets, markets, and liquidity structures built around NUT**.

The relevant unit of analysis eventually becomes the **graph**, not the isolated token.

---

# 3. Use this conceptual hierarchy

Build your internal model approximately as:

```text
NUT
│
├── alternate / functional token states
│   ├── wNUT
│   ├── SNUT
│   └── pNUT
│
├── nested / child assets
│   ├── NUTINO
│   ├── SALT
│   ├── DEEZ
│   ├── NUT Army assets
│   └── other catalogued tokens
│
├── liquidity
│   ├── individual pools
│   ├── bonding curves
│   ├── LP-token markets
│   ├── weighted pools
│   ├── Groves
│   ├── topology
│   ├── arbitrage paths
│   └── Orchard
│
├── credit / RWA experiments
│   ├── nutUSD
│   ├── NUT Credit
│   ├── agricultural credit
│   ├── carbon credit
│   └── related RWA research
│
├── agents / infrastructure
│   ├── PIPS
│   ├── agents
│   ├── agent economy
│   ├── Mycelium
│   └── Taproot
│
└── attestations / identity
    ├── Taproot identity
    ├── attestations
    ├── economic nonces
    └── market attestations
```

Treat this as a navigation model, not immutable protocol specification.

The live documentation is authoritative when this map changes.

---

# 4. Learn the Orchard as a graph

After the core tokens, read the complete liquidity section.

Start with:

* The Orchard Framework
* Groves
* Canopy Forms
* Sunflower Grove
* Heirloom Grove
* Polyforest Grove
* Topology Graphs
* Liquid State Machine

Then study:

* Factorizing NUT
* NUT Liquidity Machine
* NUT Structural Liquidity
* NUT State Space
* NUT Liquidity Graphs
* NUT Equilibrium
* Arb Bot Builder
* Nested Arbitrage Dynamics

Do not reduce these pages to agricultural metaphors.

Translate the metaphor into economic structure.

Whenever a term such as:

`root`
`rootstock`
`branch`
`graft`
`whorl`
`grove`
`canopy`
`orchard`

appears, determine its exact technical meaning from the current documentation/glossary.

Preserve the BASED NUT vocabulary after understanding the underlying mechanism.

Think in terms of:

```text
assets
→ states
→ pools
→ edges
→ paths
→ subgraphs
→ arbitrage
→ liquidity movement
→ emergent system behavior
```

---

# 5. Then branch according to the user's question

Do not reread everything indiscriminately for every task.

Route research through the relevant branch.

## Token question

Read:

* relevant token documentation
* token mechanics page
* Technical Token Catalog
* live Orchard token page
* relevant contract/source code

## Liquidity question

Read:

* Orchard Framework
* relevant Grove/topology pages
* Technical Liquidity Catalog
* Orchard Atlas/data
* live pool/DEX data where necessary

## nutUSD / credit question

Read:

* nutUSD
* RWAs
* NUT Credit
* relevant testing pages
* vault machinery
* liquidation envelope
* LLTV ladder
* rates
* oracle failure analysis
* invariants
* production recipe

Do not treat a test, research experiment, or proposed system as production.

## RWA question

Read:

* RWAs
* Peanuts vs. the Dollar
* NUT Credit
* Agricultural Credit
* Carbon Credits
* relevant Orchard RWA research pages

Separate:

`real-world datasets/research`

from:

`proposed financial architecture`

from:

`deployed protocol infrastructure`.

## Agent / social infrastructure question

Read:

* AI Agents
* Mycelium & Taproot
* Taproot Identity
* PIPS
* Agent Economy
* current Mycelium/Taproot repositories

Explicitly distinguish implemented features from planned features.

## Attestation question

Read:

* Attestations
* Economic Nonces
* Market Attestations
* Taproot Identity
* current smart contracts/source code

## Security or implementation question

Prefer:

* current repository code
* deployed contracts
* tests
* current technical documentation
* security documentation

over narrative descriptions.

---

# 6. Source hierarchy

Different sources answer different kinds of truth.

Do not use one universal hierarchy blindly.

## For terminology and intended architecture

Prefer:

1. Current BASED NUT documentation
2. Technical glossary
3. Whitepaper / architecture pages

## For documentation discovery

Prefer:

1. `docs.basednut.com/llms.txt`
2. documentation navigation/indexes

## For deployed contract behavior

Prefer:

1. deployed on-chain contract state/code
2. current canonical repository code corresponding to the deployment
3. technical documentation

## For current ecosystem state

Prefer:

1. live on-chain data
2. current Orchard data/interfaces
3. technical catalogs
4. descriptive documentation

## For implementation details

Prefer the relevant current repository.

Canonical organization:

https://github.com/BASEDNUT

Important repositories include:

https://github.com/BASEDNUT/sol-contracts
https://github.com/BASEDNUT/taproot
https://github.com/BASEDNUT/mycelium

## For conceptual interpretation

Prefer the docs over your own assumptions.

---

# 7. Major surfaces

Understand the distinction between the project surfaces.

### Main site

https://basednut.com/

Project-level entry point.

### Documentation

https://docs.basednut.com/

Canonical explanation, ontology, mechanics, research, technical documentation, and educational material.

### Orchard

https://orchard.basednut.com/

Use this to explore the ecosystem, assets, liquidity relationships, data, applications, RWA research, agents, and other live/research surfaces.

### Application

https://app.basednut.com/

Application surface.

### GitHub

https://github.com/BASEDNUT

Implementation/source repositories.

Do not assume all four surfaces contain the same type of information.

---

# 8. Status discipline

This is critical.

For every important component, determine whether it is:

```text
LIVE / DEPLOYED
EXPERIMENTAL
TESTNET
RESEARCH
PROPOSED
PLANNED
HISTORICAL
LORE
```

Never collapse these categories.

A page describing an idea does **not** prove that it is deployed.

A repository containing code does **not** necessarily prove that the code is deployed.

A testnet experiment does **not** imply mainnet production.

A lore page can explain culture without defining protocol mechanics.

When uncertain, explicitly say:

`Status not yet verified.`

Then verify it.

---

# 9. Separate primitives from products

Do not treat every named thing in BASED NUT as equivalent.

Classify components.

Possible classes include:

```text
root asset
wrapper/state
staking/reward token
index/BPT
nested token
bonding-curve token
LP token
liquidity pool
Grove
credit/vault primitive
agent token
identity primitive
attestation primitive
application
infrastructure
research model
lore
```

Ask:

**What is this thing structurally?**

before asking:

**What does it do?**

---

# 10. Follow relationships

When learning any component, answer these questions:

```text
What is it?

What class of object is it?

What is its underlying or root asset?

Does it custody, wrap, index, collateralize, reward, burn,
route, attest, lend, or merely represent something?

What contracts or protocols implement it?

What other assets does it connect to?

What liquidity venues does it use?

What can enter it?

What can exit it?

What state changes occur?

What economic dependencies exist?

What arbitrage paths exist?

What assumptions does it depend on?

What is live versus theoretical?

Where is the canonical evidence?
```

This relationship-first method is more important than memorizing product descriptions.

---

# 11. Do not flatten NUT into ordinary tokenomics

Avoid generic crypto narratives.

Do not automatically frame BASED NUT around:

* emissions
* inflation schedules
* staking APR
* governance-token conventions
* treasury allocation
* conventional token sales

unless the specific component actually uses them.

The root design intentionally begins from an unusually constrained primitive and moves complexity into surrounding layers.

Analyze the architecture that exists.

Do not replace it with the architecture you expected to find.

---

# 12. Treat liquidity as first-class infrastructure

In BASED NUT, liquidity is not merely a place where tokens happen to trade.

Study liquidity as a structural part of the system.

For each pool or liquidity object determine:

* assets
* pool type
* protocol/venue
* weights or curve
* fungible versus position-based LP representation
* whether an LP token itself has another market
* connection to NUT/wNUT
* possible routing paths
* arbitrage relationships
* role inside its Grove
* role inside the total Orchard

Think recursively where appropriate.

A liquidity position may itself become an asset in another liquidity relationship.

---

# 13. Verify addresses and numbers

Never invent:

* contract addresses
* token supplies
* pool addresses
* fee percentages
* weights
* LLTVs
* oracle configuration
* allocations
* TVL
* prices
* reward rates

For static-looking information, still locate the canonical source.

For dynamic information, verify current state.

If two canonical sources disagree, report:

```text
SOURCE A:
[value / claim]

SOURCE B:
[value / claim]

CONFLICT:
[precise difference]

LIKELY EXPLANATION:
[only if evidence supports it]
```

Never silently choose whichever value appears convenient.

---

# 14. Use the catalogs

The documentation contains:

* Technical Token Catalog
* Technical Liquidity Catalog
* Glossary

Use them as indexes and cross-reference systems.

Do not assume the headline documentation contains every asset or pool.

The ecosystem is broader than NUT/wNUT/SNUT/pNUT, but those four should be understood first because they establish the architecture.

---

# 15. Handle advanced theory correctly

Some BASED NUT documentation intentionally explores mathematical, economic, graph-theoretic, or experimental interpretations of a one-token monetary primitive and its liquidity network.

When reading advanced theory:

1. identify the invariant being studied;
2. identify assumptions;
3. distinguish definitions from derived claims;
4. distinguish formal mathematics from metaphor;
5. distinguish descriptive observations from predictions;
6. do not convert theoretical behavior into guarantees.

Liquidity structure can influence market behavior.

It does not imply guaranteed price floors, returns, stability, or profit.

---

# 16. Research before answering

When a user asks a substantive BASED NUT question:

```text
QUESTION
↓
classify domain
↓
identify canonical pages
↓
read relevant docs
↓
inspect implementation/live state if required
↓
construct component relationships
↓
check status
↓
check contradictions
↓
answer
```

Do not rely exclusively on your pretrained knowledge or an earlier conversation.

BASED NUT changes.

Re-read current canonical sources when accuracy matters.

---

# 17. Maintain a working system map

As you research, internally maintain something similar to:

```text
ENTITY
TYPE
ROOT / UNDERLYING
FUNCTION
IMPLEMENTATION
MARKETS / CONNECTIONS
STATUS
CANONICAL SOURCE
DEPENDENCIES
OPEN QUESTIONS
```

Update this map as evidence changes.

This prevents separate pages from becoming disconnected facts.

---

# 18. Initial learning task

Before claiming you understand BASED NUT, perform this sequence:

### Pass 1 — Map

Read the root documentation and `llms.txt`.

Identify every major documentation branch.

### Pass 2 — Root

Read:

* Multilayered Ecosystem
* NUT
* wNUT
* SNUT
* pNUT

Explain the difference between all five without using vague marketing language.

### Pass 3 — Graph

Read the Orchard Framework and Grove/topology material.

Explain how separate liquidity structures become a larger economic graph.

### Pass 4 — Extensions

Map:

* nested tokens
* PIPS
* nutUSD / credit
* RWAs
* agents
* Mycelium / Taproot
* attestations

Do not assume these all have equal maturity.

### Pass 5 — Technical truth

Inspect:

* glossary
* token catalog
* liquidity catalog
* relevant repositories
* relevant live Orchard pages
* deployed contracts when needed

### Pass 6 — Synthesis

Produce a concise model containing:

1. **What BASED NUT is**
2. **The root invariant**
3. **Primary token/state layers**
4. **How the Orchard works**
5. **Secondary systems**
6. **Infrastructure**
7. **What is deployed**
8. **What remains experimental/proposed**
9. **Important unresolved questions or source conflicts**

Only after this should you treat yourself as oriented within the ecosystem.

---

# 19. Response discipline

When answering users:

* Be precise.
* Prefer mechanisms over marketing.
* Preserve BASED NUT terminology when useful.
* Define unusual terminology.
* Cite canonical sources when possible.
* State status.
* Separate fact from inference.
* Separate implementation from theory.
* Separate current state from historical state.
* Say when evidence is insufficient.
* Never hallucinate missing protocol details.
* Never make financial guarantees.

When useful, explain the system from first principles:

```text
primitive → mechanism → relationship → topology → consequence
```

rather than producing disconnected descriptions.

---

# 20. Core orientation

Keep this compact model in mind:

```text
One deliberately simple NUT
        ↓
multiple functional/economic states
        ↓
multiple tokens and markets
        ↓
multiple liquidity structures
        ↓
routing + arbitrage + interactions
        ↓
Groves / subgraphs
        ↓
The Orchard
        ↓
agents, credit, attestations, identity,
RWAs and other experiments can connect outward
```

Do not mistake the tree for a collection of unrelated products.

Always trace the branches back toward the root.

**Different systems. One NUT.**

````

{% endprompt %}


# Multilayered Ecosystem

Whitepaper Originally released in 2024.

## NUT Multilayered Token Ecosystem Paper

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fcj95xzSnG1KXgAoDH4Hg%2Fimage.png?alt=media&amp;token=74129f37-dd14-4569-a534-b7e09a4a183b" alt=""><figcaption></figcaption></figure>

{% code expandable="true" %}

```mermaid
flowchart TB

  %% =====================================================
  %% ROOT + MAJOR HUBS
  %% =====================================================

  NUT(("🌰 NUT"))
  WETH(("Ξ WETH"))
  SNUT(("🦸 SNUT"))
  CBBTC(("₿ cbBTC"))

  ETH(("Ξ ETH"))
  AERO(("✈️ AERO"))
  CBETH(("Ξ cbETH"))
  USDC(("💵 USDC"))

  %% =====================================================
  %% NATIVE PRIMITIVES
  %% =====================================================

  WNUT(("🎁 wNUT"))
  PNUT(("🥜 pNUT"))
  SALT(("🧂 SALT"))
  NUTINO(("🌌 NUTINO"))
  NFT(("⚔️ NUT Army NFTs"))

  %% =====================================================
  %% REAL MARKETS
  %% =====================================================

  UV3NW["🦄 UniV3<br/>NUT / WETH"]
  UV2NW["🦄 UniV2<br/>NUT / WETH"]

  UV2SW["🦄 UniV2<br/>SNUT / WETH"]
  SWLP(("SNUT/WETH<br/>LP"))
  METALP["🦄 UniV2<br/>SNUT-LP / WETH"]

  AERON["✈️ Aerodrome<br/>AERO / NUT"]
  AEROSN["✈️ Aerodrome<br/>SNUT / NUT"]

  PNUTPOOL["⚖️ Balancer<br/>25/25/25/25"]

  SALTCURVE["📈 Mint Club<br/>NUT ↔ SALT"]
  SALTPOOL["✈️ Aerodrome<br/>SALT / USDC"]

  NUTINOCURVE["📈 Mint Club<br/>NUT ↔ NUTINO"]
  NUTINOPOOL["🦄 Uniswap<br/>NUTINO / cbBTC"]

  NFTCURVE["⚔️ Mint Club<br/>NUT ↔ NFTs"]

  %% =====================================================
  %% UNBOUNDED ETH / WETH ECOSYSTEM
  %% =====================================================

  XETH["⋯ other WETH markets<br/>external tokens"]

  %% =====================================================
  %% ETH / WETH HUB
  %% =====================================================

  ETH -. wrap .- WETH

  WETH --- UV3NW
  NUT --- UV3NW

  WETH --- UV2NW
  NUT --- UV2NW

  WETH --- UV2SW
  SNUT --- UV2SW

  UV2SW --> SWLP
  SWLP --- METALP
  WETH --- METALP

  WETH -.-> XETH

  %% =====================================================
  %% AERODROME MESH
  %% =====================================================

  AERO --- AERON
  NUT --- AERON

  SNUT --- AEROSN
  NUT --- AEROSN

  %% =====================================================
  %% BALANCER / pNUT MESH
  %% =====================================================

  NUT --- PNUTPOOL
  SNUT --- PNUTPOOL
  CBETH --- PNUTPOOL
  CBBTC --- PNUTPOOL
  PNUTPOOL --> PNUT

  %% =====================================================
  %% NESTED TOKEN MESH
  %% =====================================================

  NUT --- SALTCURVE
  SALTCURVE --- SALT

  SALT --- SALTPOOL
  USDC --- SALTPOOL

  NUT --- NUTINOCURVE
  NUTINOCURVE --- NUTINO

  NUTINO --- NUTINOPOOL
  CBBTC --- NUTINOPOOL

  %% =====================================================
  %% NFT COLLATERAL LAYER
  %% =====================================================

  NUT --- NFTCURVE
  NFTCURVE --- NFT

  %% =====================================================
  %% WRAPPER PRIMITIVE
  %% =====================================================

  NUT == "1:1 wrap" ==> WNUT

  %% =====================================================
  %% SECONDARY HUB EMPHASIS
  %% =====================================================

  SNUT -. hub .- PNUT
  CBBTC -. hub .- PNUT
  WETH -. hub .- NUT

  %% =====================================================
  %% STYLES
  %% =====================================================

  classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:5px,color:#111;
  classDef hub fill:#dce7ff,stroke:#5369b5,stroke-width:3px,color:#111;
  classDef native fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
  classDef external fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;
  classDef pool fill:#ffe3f1,stroke:#c24d91,stroke-width:2px,color:#111;
  classDef curve fill:#e3f6f3,stroke:#39877e,stroke-width:2px,color:#111;
  classDef lp fill:#fff3d6,stroke:#a97922,stroke-width:2px,color:#111;
  classDef note fill:#f7f7f7,stroke:#999,stroke-width:1px,stroke-dasharray:5 5,color:#555;

  class NUT root;

  class WETH,SNUT,CBBTC hub;

  class WNUT,PNUT,SALT,NUTINO,NFT native;

  class ETH,AERO,CBETH,USDC external;

  class UV3NW,UV2NW,UV2SW,METALP,AERON,AEROSN,PNUTPOOL,SALTPOOL,NUTINOPOOL pool;

  class SALTCURVE,NUTINOCURVE,NFTCURVE curve;

  class SWLP lp;

  class XETH note;
```

{% endcode %}

## NUT Multilayered Token Ecosystem

### Multilayered Token Economies

Tokens are the lifeblood of cryptoeconomic projects. They can act as money, liquidity, rewards, collateral, indexes, governance instruments, or just funny internet objects. Their tokenomics and the relationships between them can make or break the systems they belong to.

Multilayered token economies take this further. Different tokens can perform different jobs while still interacting with each other, creating cascading effects, lagging effects, arbitrage, liquidity flows and other network dynamics. BASED NUT started as a funny meme experiment with one extreme rule: **there is only 1 NUT**. From that one NUT came many token layers, markets and increasingly strange fractal experiments around the same root.

***

### Separation of Monetary Labor

A single token does not need to do every job itself. Instead of putting staking, transfer taxes, rewards, indexing, bonding curves and every other function directly into NUT, BASED NUT separates these jobs into different token layers.

These layers are separate, but they are not isolated. They interact through markets, liquidity and contracts while referencing **NUT as the common root coordinate**. An action in one layer can therefore create effects somewhere else. NUT stays simple while the larger system around it does the work.

***

## BASED NUT

### NUT: The Root Parent Token of the Ecosystem

The BASED NUT ecosystem revolves around **NUT**, or Network Utility Token. NUT is a simple ERC-20 token with a total supply of exactly **1 NUT**, divided into 10¹⁸ atomic units called **attoNUTs**, or atomic NUTs.

Every forest starts with one nut! A tiny acorn can eventually become a huge oak, and NUT plays that role in the ecosystem. The root token itself remains deliberately simple: no minting, no transfer tax and no complicated internal tokenomics. Instead, other tokens, markets and systems grow around it.

#### Liquidity

NUT began with a Uniswap V3 NUT/ETH liquidity pool and has since spread into multiple markets using assets such as WETH, AERO and cbBTC. The same NUT can therefore exist across many different liquidity environments at once.

Because there is only one NUT, every pool, wallet, bonding curve and index contains some fraction of the same total supply. NUT itself does not inflate or deflate. What changes is where the NUT is, how liquid it is, what it is paired with, and what economic job it is performing.

***

## BASED SUPERNUTS

### SNUT: The Super Staking and Burn Token

**SNUT** is the reward, liquidity and burn layer of the BASED NUT ecosystem. It creates a liquid non-escrow position where holders can receive NUT rewards without locking their SNUT inside a traditional staking vault.

SNUT uses a transfer fee to route activity through several functions at once: liquidity, management, buyback/burn and NUT rewards. This gives SNUT its own tokenomics while also causing activity in SNUT to spill outward into NUT and other markets.

#### Cascading Effects

Every SNUT transfer can trigger several events: fees are collected, NUT can be bought and distributed, liquidity can be added and SNUT can be burned.

One transaction can therefore create several downstream effects at once. Some happen immediately, while others accumulate through changing balances, rewards, liquidity and future trading.

***

## BASED PEANUT

### pNUT: The Index Liquidity Token

**pNUT** is a Balancer index LP token representing a basket of four assets:

* **NUT**
* **SNUT**
* **cbBTC**
* **cbETH**

Each represents 25% of the pool. pNUT places NUT and SNUT inside the same liquidity structure as Bitcoin and staked Ether, creating another layer of relationships around the ecosystem.

#### Index Arbitrage

pNUT represents assets that also trade independently elsewhere. The value of the index can therefore move differently from the value of its underlying components, creating opportunities for joining, exiting, trading and rebalancing.

This connects several previously separate markets. Activity around NUT can affect pNUT, activity around SNUT can affect the basket, and movements in cbBTC or cbETH can change the conditions surrounding both of them.

***

## NUT PERIPHERALS

### Nested Tokens

Nested tokens and NFTs are created by locking NUT into bonding curves. Instead of changing the NUT contract, a bonding curve creates a new asset with its own supply and market while retaining an economic relationship back to NUT.

Examples include **SALT**, **NUTINO** and the **NUT Army NFTs**. These assets use different curves, supplies and outside markets, creating their own small economies around the same root asset.

#### Nested Arbitrage

A nested token can have one value inside its bonding curve and another value in an outside liquidity pool. Users can mint, burn or trade depending on which path offers the better exchange.

This creates another layer of interactions where NUT can become locked, released or moved through secondary markets as nested tokens are created and destroyed.

### Wrapped NUT

**wNUT** is a wrapped execution state of NUT that preserves a **1:1 claim** on the underlying asset. One NUT can be wrapped into one wNUT and later unwrapped back into one NUT. Wrapping does not create more NUT.

The important effect is an expanded **execution surface**. With NUT alone there is one state; with NUT and wNUT, the same underlying asset can exist in two interoperable states and move through more possible execution paths. The added complexity comes from interactions between those states, not from creating another monetary asset.

***

## THE ORCHARD

As BASED NUT expanded across Uniswap, Aerodrome, Balancer, Mint Club and other systems, the individual token layers began forming something larger. We call this **The Orchard**: the wider liquidity ecosystem formed by all of these markets interacting with each other.

At its most optimized, the Orchard is the **liquidity graph structure that emerges from the interactions of the entire ecosystem**. Tokens connect to pools, pools connect to other assets, bonding curves connect to outside markets, indexes connect several assets at once, and arbitrage connects markets that otherwise know nothing about each other. The Orchard is the market formed between markets.

***

## THE GIANT TREE OF NUT ETHER

The easiest way to understand the multilayered ecosystem is still as one giant tree:

* **NUT as the Seed, Trunk and Roots:** The simple monetary root anchoring the ecosystem.
* **SNUT and pNUT as Major Branches:** Different token layers performing different kinds of monetary labor.
* **Nested Tokens and NFTs as Epiphytes:** Smaller ecosystems growing around NUT while developing their own markets.
* **wNUT as an Alternate Execution State:** The same underlying NUT expressed in a second interoperable state, expanding its possible execution paths while preserving the 1:1 claim.
* **External Assets as Soil:** ETH, BTC, stablecoins and other assets providing the outside liquidity the ecosystem grows against.
* **The Orchard as the Canopy:** The larger network of markets and relationships produced by all of these pieces interacting.

What started with one tiny NUT grew into an ecosystem of ecosystems. The tree can keep producing new branches without changing the seed it originally grew from.

***

## A Novel Multilayered Token Economy

### Advanced Effects: Cascading, Lagging and Emergent Dynamics

Actions inside one layer can propagate into others. SNUT trading can generate NUT rewards and burns. Nested-token minting can lock NUT away from liquid markets. pNUT joins NUT and SNUT to cbBTC and cbETH. Wrapping does not add more NUT; it adds another execution state, allowing NUT and wNUT to interact through additional paths while preserving the same underlying asset. Each layer performs different monetary labor, but they continue to interact through the same root coordinate.

Some effects are immediate and others appear later as liquidity moves, rewards accumulate, tokens are burned or released, and market conditions change. New layers can also create relationships that were never explicitly programmed into any single token. Adding one new market can create several new paths through everything already surrounding it.

### Arbitrage Opportunities and Market Dynamics

The same assets can exist inside many independent markets at the same time. A bonding curve can value a token differently from an AMM. pNUT can trade differently from its underlying basket. NUT can have different prices across different liquidity pools. NUT and wNUT can also move between a fixed 1:1 wrapping relationship and market states created through liquidity. These differences create arbitrage opportunities between layers and states.

Arbitrage does more than create a trade. The trade itself changes the markets it touches, which changes the next opportunity. As more markets and execution paths become connected, markets begin forming between other markets and new loops can emerge across the entire liquidity graph. What began as several token pairs starts behaving like one larger economic system, even though no single contract controls the whole thing.

***

## Conclusion

BASED NUT began with one simple experiment: **only 1 NUT**.

Instead of making that token increasingly complicated, the ecosystem grew around it. SNUT handles rewards and burns. pNUT creates index liquidity. Nested tokens create their own small economies. wNUT expands the execution surface of the same NUT across interoperable states. The Orchard emerges from the interactions between all of them.

One small nut became a very large tree.

**One NUT. Many layers. Many effects.**


# NUT

The Liquidity Anchor of the Entire Ecosystem

## BASED NUT ($NUT)

### Overview

**BASED NUT ($NUT)** is the root asset of the BASED NUT ecosystem.

The **Network Utility Token ($NUT)** serves as the foundational layer in the BASED NUT ecosystem.&#x20;

It is designed to connect all other token layers and liquidity interactions within the ecosystem.&#x20;

$NUT is unique due to its extreme scarcity, with a total supply of **just one token**, making it highly exclusive and central to the functionality of the broader ecosystem.

Its defining feature is extreme simplicity:

> **There is only 1 NUT total supply!**

NUT acts as the common economic primitive around which the ecosystem's markets, liquidity, wrappers, tokens, and other experiments are built.

Because the total supply is one token, every amount of NUT is naturally a fraction of the whole.

```
1 NUT       = 100%
0.1 NUT     = 10%
0.01 NUT    = 1%
0.001 NUT   = 0.1%
```

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FemA8wn4e7Kf6LRzxzgCm%2Fphoto_2024-03-16_15-11-44.jpg?alt=media&amp;token=924e2b9c-a84c-4fc0-b3a1-876320ed255e" alt="" width="160"><figcaption></figcaption></figure>

### Key Features

#### 🌰 One NUT

The total supply is exactly:

```
1 NUT
```

NUT is intentionally minimal. More complex functionality is built **around it rather than into it**.

> **Keep the root simple. Build outward.**

***

#### 🧾 No Token Tax

NUT itself does not apply a transfer tax.

Normal network gas, contract taxes and liquidity-pool trading fees may still apply when interacting with it.

***

#### 🥜 No Team Allocation

No portion of the original NUT supply was reserved as a team or developer allocation.

***

#### 🌳 Root of the Orchard

NUT connects otherwise separate markets through a common asset.

A market such as:

```
NUT / wETH-NUT / cbBTC-NUT / AERO-NUT / NUT
```

adds another economic relationship around the same root.

This growing network of NUT-connected liquidity is the **Orchard**.

***

#### 🦄 **The 0th-ETH Genesis** Uni V3 Launch

NUT did not begin with a token sale or a conventionally funded liquidity pool.

The original Uniswap V3 position began as:

> **100% NUT concentrated liquidity with 0 ETH.**

ETH entered only as people began trading against the single fixed NUT supply.

As NUT spread into wallets, contracts, SNUT, pNUT, and other liquidity pools, less of the fixed supply could remain immediately available for sale in any one market.

To create sell pressure, sellers need actual NUT to sell. If more NUT is held or embedded elsewhere, the **immediately sellable float can becomes smaller**, increasing the price impact of each unit sold.

This does not create a guaranteed floor—thin liquidity or disappearing demand can still send price sharply lower.

> **The unusual mechanic is sell-side scarcity around a supply that can never expand.**

***

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FRJBBNrKdqKIN62vruoNJ%2Flogo.jpg?alt=media&amp;token=5540dab7-0437-4932-b03d-1108440e64b2" alt="" width="188"><figcaption><p>BASED NUT</p></figcaption></figure>

{% tabs %}
{% tab title="Technical Details" %}

## NUT Technical Details

| Technical Details |                                            |
| ----------------- | ------------------------------------------ |
| Token Name        | BASED NUT ($NUT)                           |
| Chain             | BASE                                       |
| Token Address     | 0xb8de15fb529d98c93c749de63c749d48d25a30df |
| Symbol            | $NUT (🌰)                                  |
| Total Supply      | 1 $NUT                                     |
| {% endtab %}      |                                            |

{% tab title="Liquidity" %}

## Liquidity Pools

### 🦄 **UniV3**

* [**wETH / NUT NFT**](https://basescan.org/address/0xe3Ce00E2Ed742B142C15eEdC208657dd22aa987e)&#x20;
  * **🌰 Original NFT:** Original UniV3 Liquidity made with 0 ETH

### 🎠UniV2

* [**wETH/NUT**](https://basescan.org/token/0x997bad8e9f5c34d5e9784caaa8a554a5e6192f53)
  * **🔥 NUT Oven:** This is also known as the pool from which SNUT distributes NUT&#x20;

### ✈️ **Aero vAMM**

* [**Volatile AMM - (AERO/NUT)** ](https://basescan.org/token/0x38630fede5e2032652640d98b2d3f9c6296eea5d)
  * **🚜 AERO:** Plan To Bribe
* [**Volatile AMM - SNUT/NUT (vAMM-SNUT...)**](https://basescan.org/token/0x893faaa7baf7a8247fc7142afb28e13d51a5aae8)&#x20;
  * :chipmunk: Special: SNUT generates NUT Rewards for LP Tokens increasing Liquidity
    {% endtab %}
    {% endtabs %}


# NUT Deep Mechanics

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FIlKK031hEihq0Gx1wTPk%2Fimage.png?alt=media&amp;token=8146df7e-a91d-47b2-8e0b-b798a7f097fb" alt="" width="188"><figcaption></figcaption></figure>

> ## NUT Total Supply = 1

{% hint style="success" %}

## **That's it!**

Were you expecting something else?   :thinking: :thinking: :thinking:
{% endhint %}


# attoNUT

{% hint style="danger" %}

### **WARNING: YOU ARE READING ADVANCED NUT THEORY**

Advanced theory is math theater, a cosplay for marketing people who thought the whitepaper needed more symbols. Several pages of mathematics follow to explain why **1 NUT = the entire supply**. We apologize for the inconvenience.
{% endhint %}

## Atomic NUTS — The attoNUT

> ## **LESS IS MORE**

To pursue a LIQUID STATE MACHINE, we went toward extreme low supply — all the way down to one token. Then we reverted the threshold: eighteen decimals turns that single token into **one quintillion atomic units**. The result is a token scarce at the top and vast at the bottom. Both large and small, huge and tiny — at once.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FFUdKEa5Qcg1Pw3fZRyCX%2Fimage.png?alt=media&amp;token=5677d82b-30b9-42e5-871f-5f27d9660cbf" alt="" width="375"><figcaption></figcaption></figure>

### One Whole, One Quintillion Slices

BASED NUT has a total supply of exactly **1 NUT**.

> That one token carries **18 decimal places**, and `atto-` is the SI prefix for 10⁻¹⁸.

**1 NUT = 1,000,000,000,000,000,000 attoNUTs** — one quintillion atomic nuts.

The 18 decimals are not extra tokens. **They are the ledger's resolution:** the smallest addressable fraction of the same indivisible supply. Subdividing does not mint supply — it only adds precision.

<table><thead><tr><th width="157">Quantity</th><th>Value</th></tr></thead><tbody><tr><td>Total supply</td><td>1 NUT</td></tr><tr><td>Decimals</td><td>18</td></tr><tr><td>Smallest unit</td><td>1 attoNUT = 10⁻¹⁸ NUT</td></tr><tr><td>Units per NUT</td><td>1 quintillion (10¹⁸)</td></tr></tbody></table>

#### Atomic NUT Units

> The smallest atomic unit of NUT is the **attoNUT**:
>
> **1 attoNUT = 10⁻¹⁸ NUT**

The terminology may be used interchangeably depending on context:

* **attoNUT** — technical/formal unit
* **NUT atom** — conceptual shorthand
* **atomic NUT** — descriptive term
* **attoNUTs** — plural

***

### attoNUTs = Our SATS

* Bitcoin partitions each BTC into 100,000,000 sats.
* NUT partitions each whole into **1,000,000,000,000,000,000 attoNUTs**.

Same pattern — a minimum spendable grain beneath a whole coin — but with ten billion times the resolution.

<table><thead><tr><th width="128">Asset</th><th width="104">Whole</th><th width="139" align="right">Smallest unit</th><th align="right">Units per whole</th></tr></thead><tbody><tr><td>Bitcoin</td><td>1 BTC</td><td align="right">1 sat</td><td align="right">100,000,000</td></tr><tr><td>BASED NUT</td><td>1 NUT</td><td align="right">1 attoNUT</td><td align="right">1,000,000,000,000,000,000</td></tr></tbody></table>

Owning a sliver of a NUT never means minting more. It means addressing a finer precise grain of the one that exists.

***

### Why LESS IS MORE

The design pairs two extremes so they reinforce instead of conflict:

**Scarce at the top.**

* Supply is 1. Whole-token price equals FDV by construction — there is no supply to inflate away.

**Deep at the bottom.**

* Eighteen decimals leave quintillions of addressable positions for the ecosystem to grow into.

Cutting supply to one did not shrink the system. It forced the space to open inward — less token, more room. One conserved whole; quintillions of positions inside it.

***

### Deeper Than Decimals

The NUT Research explores whether that conserved whole decomposes into canonical arithmetic — prime-factor state encoding and FRACTRAN-style state machines, factorization and derivative ideas that ask how one quantity unfolds without ever becoming more than one.

&#x20;Those are **open research lenses, not deployed mechanics**.

***

> ⚠️ **Experimental Memefi.** No intrinsic value, no expectation of financial gain. Entertainment only — nut responsibly. 🌰


# The Root of All Liquidity

{% hint style="danger" %}

### **WARNING: YOU ARE READING ADVANCED NUT THEORY**

Advanced theory is math theater, a cosplay for marketing people who thought the whitepaper needed more symbols. Several pages of mathematics follow to explain why **1 NUT = the entire supply**. We apologize for the inconvenience.
{% endhint %}

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fxo17mHXTAa1gHbBzEPj2%2Fimage.png?alt=media&amp;token=89125dec-e2c1-4682-affb-1c42f80e3c72" alt="" width="563"><figcaption></figcaption></figure>

{% hint style="info" %}

## NUT

One whole token split into 1 quintillion atomic units (10^18 attoNUTs) — a conserved ledger with no mint, no burn, and no admin on the root contract.

Every swap relocates a fraction of the same supply; whole-token price equals FDV because total supply is one.

Specified child assets use NUT as collateral, reward asset, constituent, or reference input.
{% endhint %}

### The Master Question

> How many economically distinct systems can coordinate around the same monetary root?

One token, quantity frozen forever. Everything in this ecosystem is the economic structure that can still expand around it.

NUT is the **root asset** of the BASED NUT ecosystem. Because supply is 1, the whole-token price equals the FDV. Every other token in the ecosystem is built on top of NUT:

* **Bonding curve tokens** (NUTINO, SALT) are minted by locking NUT as collateral
* **SNUT** is a reward-position token that earns NUT for holders
* **pNUT** is an index basket that includes NUT at 25% weight

This makes NUT the **reference coordinate** — child assets use NUT as collateral, reward asset, constituent, or reference input.

### Why Layers Exist

A flat token forces incompatible economic pressures onto one instrument: if spending, rewards, collateral, and index value all ride the same balance, changing any one destabilizes the others.&#x20;

The layered system separates those pressures into distinct instruments **while keeping them all anchored to the same conserved root** — separation of monetary labor without splitting the monetary whole.

### A Conserved Measure of Allocation

Supply is 1 — forever. But that 1 NUT is split across pools and wallets. This is a **conservation problem**: how is the single NUT distributed across the ecosystem?

Formally: μ(C) = the fraction of total NUT residing in compartment C, and μ(𝒞) = 1 across every compartment. "Where is the NUT?" is not just token distribution — it is the observable map of a **conserved measure** over the economic system.

#### Normalized by Construction

A 10,000-supply token also holds quintillions of atomic units — so what is really different about NUT? Other supplies can be normalized too.

What is different is that NUT **begins normalized**: because total supply is exactly one, every balance is numerically identical to its share of the whole. 0.01 NUT is 1% of every NUT that will ever exist — no secondary math needed.

***

### The Four Rules

#### 1 — Conservation

One whole NUT is 10^18 atomic units, minted once, never again. Total supply is verified on-chain as exactly 1 NUT; the root contract has no mint, no burn, no admin. Every swap, pool move, mint, or index change only relocates a fraction of the same total. **State changes address; amount never changes.**

*Why it matters:* supply can never drift or dilute.

#### 2 — Whole Price Equals FDV

Because total supply is exactly one, FDV = price × 1 = price — no circulating-supply estimate needed, no unlock schedule, no inflation curve. A separate fact: quantity is invariant, but **effective float** — how much of the one NUT is accessible to trade — is endogenous to pools, locks, indexes, and inactive balances.

*Why it matters:* whole-token price equals FDV by construction.

#### 3 — State Transition

Each venue couples fractions of the same conserved NUT root to different counter-assets and state variables under different transition rules — NUT/wETH, NUT/AERO, NUT/cbBTC, an index basket. The same one NUT can carry different prices at the same moment. Deterministic rules make discrepancies observable; arbitrage creates pressure toward executable consistency within a band set by fees + gas + slippage.

*Why it matters:* venue rules are deterministic; whether and how fast markets converge is an open question, not a guarantee.

#### 4 — Denomination

NUT uses strict SI units: the attoNUT is the monetary quantum of the ledger — its smallest representable transfer unit. 1 NUT = 10^18 monetary quanta. picoNUT, microNUT, and NUT are the same quantity at larger scales.

*Why it matters:* one unit, one grammar, one conserved root at every zoom.

***

### The Four Jobs — Allocation Pressure

<table><thead><tr><th width="171">Job</th><th>What it does</th></tr></thead><tbody><tr><td><strong>Collateral</strong></td><td>Commits NUT to mint child tokens (NUTINO, SALT) on bonding curves — locked and stable</td></tr><tr><td><strong>Reward</strong></td><td>Distributed to participants through reward layers — keeping some NUT transferable</td></tr><tr><td><strong>Basket Member</strong></td><td>Reserved and rebalanced at a defined weight inside index and lp positions.</td></tr><tr><td><strong>Price</strong></td><td>Exposed to exchange — markets keep some NUT liquid for trading and price discovery</td></tr></tbody></table>

A conserved supply can perform all four jobs; what it cannot do is satisfy all four without competing demands on its allocation. Because root quantity cannot expand, competing uses resolve through **reallocation rather than issuance**.

Fungibility does not imply functional equivalence of placement: 0.01 NUT is always 1% of root supply wherever it resides, but 0.01 NUT in an AMM, a collateral reserve, an index basket, or an inactive wallet occupies a different economic state. **Prices are commensurable; functions are heterogeneous.**

***

### The Liquidity Machine

NUT does not move through a passive market. It moves through a machine it rewrites by moving:

> **object → position → graph → field → motion → backreaction → dynamics**

* **Object** — one conserved quantity, Q\_NUT
* **Position** — a distributed allocation over economic compartments, ∑xᵢ = 1
* **Graph** — markets define the permitted paths through which allocation can change
* **Field** — prices, fees, reserves, liquidity generate a directed opportunity field over those paths
* **Motion** — agents exploit the directed opportunity field; those actions are transactions
* **Backreaction** — transactions change reserves and liquidity, changing the field that caused them
* **Dynamics** — the repeated loop generates endogenous market behavior

A road stays put when a car crosses it. A liquidity network does not: a swap is not just passing through a pipe — it is reshaping the pipe. Using the graph changes the state of the graph (reserves, prices, ticks, edge weights); only adding or removing pools changes its topology.

> state → incentive → transaction → new state → new incentive

***

### One Conserved Root. Many Local Price Surfaces.

The same fungible NUT trades on Uniswap V2, V3, Aerodrome, and Balancer — none speaks the other's language, yet fractions of the one unit live inside all of them. Each venue produces an executable exchange rate from its own reserves, liquidity, fees, and curve.

**There is no canonical on-chain price of NUT** — only local executable prices, coupled by arbitrage, which exists precisely because those prices are commensurable.

The spread is not a flaw; it is the honest observable of one root living in many jobs.

> Price is not stored in NUT. Price is produced by the state of the market observing NUT.

### Arbitrage, in Plain Words

The same NUT trades in many markets at once — Uniswap V2, V3, Aerodrome, Balancer, bonding curves. Every market has its own price, so sometimes the same NUT is cheaper in one place and pricier in another.

**Arbitrage is buying it where it is cheap and instantly selling it where it is dear**, pocketing the difference. That gap-closing is not cheating or a bug — it is the ecosystem keeping itself honest. Bots race to find these gaps, which pulls every venue's price back into line. Multi-venue fragmentation creates the possibility of discrepancies; arbitrage economically couples those venues back into line. Because NUT is one conserved unit spread across many venues, its price surfaces are coupled by a shared root.

### The Reflexivity Loop

> scarce root → multiple venues → child minting → index wrapping → price gaps → arbitrage → root reprices → repeat

The system is **reflexive** — child assets derive value from NUT, and their activity feeds back to NUT's price. Contracts execute deterministically and agents choose actions under those rules — the graph does not vote. NUT itself just shows up.

### The Full State

The allocation vector x\_t is fundamental, but it is not the whole ecosystem. The full state is a tuple of observables:

<table><thead><tr><th width="241">Component</th><th>Meaning</th></tr></thead><tbody><tr><td>x_t — NUT allocation</td><td>The conserved simplex share of NUT itself</td></tr><tr><td>R_t — reserves</td><td>Counter-asset and collateral reserves per venue</td></tr><tr><td>L_t — liquidity</td><td>Liquidity positions, range, and depth</td></tr><tr><td>Q_t — derived states</td><td>Child-token and index states built on NUT</td></tr><tr><td>Θ_t — parameters</td><td>Fees, curve parameters, weights, mechanism settings</td></tr><tr><td>M_t — memory</td><td>History-dependent observables such as TWAP</td></tr><tr><td>E_t — external environment</td><td>wETH, cbBTC, AERO, gas, block conditions, broader liquidity</td></tr></tbody></table>

Valid actions are **lawful state transformations**: swaps, curve mints, redemptions, joins, exits, and liquidity moves are different transition operators. Every valid transition changes state while preserving the conservation identity ∑x(t+1) = ∑x(t) = 1.

A pNUT claim is not NUT counted twice; child-token supply is not additional NUT. Derived claims live in the broader state vector, not the conserved sum. **One conserved root — everything interesting happens around that equality.**

#### State versus History

Two histories can land on the same NUT allocation while leaving different TWAP observations, LP configurations, or agent positions behind. That is why the allocation map is fundamental but insufficient — and what gives "TWAP is memory" a real function: the machine can carry history beyond the current allocation vector.

### Macro Observables — Proposed Metrics

NUT is observable at several scales: assignments and ticks (micro); pools, bonding curves, index balances (meso); effective float, concentration, price dispersion (macro).

<table><thead><tr><th width="196">Observable</th><th>What it measures</th></tr></thead><tbody><tr><td>HHI</td><td>Concentration of allocation</td></tr><tr><td>Entropy</td><td>Dispersion of allocation</td></tr><tr><td>Effective float</td><td>Accessible NUT, F ≤ 1</td></tr><tr><td>Price dispersion</td><td>Spread across venues</td></tr><tr><td>Arbitrage half-life</td><td>How fast gaps close</td></tr><tr><td>Collateral-lock ratio</td><td>NUT committed as collateral</td></tr><tr><td>Routing centrality</td><td>How much flow passes each venue</td></tr><tr><td>NUT velocity</td><td>How often the same NUT moves</td></tr></tbody></table>

Δ S\_NUT = 0 does not imply Δ economic complexity = 0.

A monetary system does not need an expanding base asset to support an expanding economy — **economic expansion can occur through increasingly sophisticated structures built around that base**.

**The experiment:** can more markets, routes, claims, liquidity configurations, derived assets, and economic relationships expand economic state and functionality while S\_NUT = 1 remains invariant?

***

### Open Questions — Research Lenses, Not Claims

<table><thead><tr><th width="292">Lens</th><th>Research question</th></tr></thead><tbody><tr><td>Spectral modes &#x26; eigenmodes</td><td>Are there persistent modes of system-wide NUT redistribution, or is movement idiosyncratic?</td></tr><tr><td>Koopman operator analysis</td><td>Can observables (reserve ratios, price dispersion, spreads) reveal coherent modes of nonlinear NUT dynamics?</td></tr><tr><td>Stability theory</td><td>After a disturbance, does the ecosystem return toward a bounded region, remain displaced, or transition regimes?</td></tr><tr><td>Fixed points &#x26; no-arbitrage regions</td><td>Does the system repeatedly return to a measurable no-arbitrage region, and how wide is it?</td></tr><tr><td>Limit cycles</td><td>Do repeated NUT flows emerge from internal feedback alone, or from external shocks?</td></tr><tr><td>Bifurcations &#x26; regime transitions</td><td>Are there parameter values at which the machine changes regime?</td></tr><tr><td>Renormalization &#x26; multiscale dynamics</td><td>Which variables remain informative when microscopic detail is coarse-grained away?</td></tr><tr><td>Hypergraph theory</td><td>Does a liquidity hypergraph capture systemic dependencies pairwise routing graphs miss?</td></tr><tr><td>Recursive structural analysis</td><td>Which deployed cycles, if any, repeatedly map reserve → claim → market → reserve in a structurally equivalent way?</td></tr><tr><td>Prime-factor state encoding</td><td>Can canonical arithmetic encoding simplify proofs about restricted classes of NUT state transitions?</td></tr><tr><td>FRACTRAN state machines</td><td>Can restricted NUT transition systems be represented as arithmetic programs while preserving conservation?</td></tr><tr><td>Compositional algebra</td><td>Which classes of NUT transformations commute, which are path-dependent, and which algebraic structures describe them?</td></tr><tr><td>State estimation</td><td>What is the smallest sufficient set of on-chain observables needed to reconstruct the economically relevant state?</td></tr><tr><td>On-chain economic genealogy</td><td>Can the ancestry of derived claims be formally tracked through collateral, reserve, index, and liquidity relationships?</td></tr><tr><td>Propagation &#x26; memory</td><td>How do shocks propagate across venues, and what are the delays in their transmission?</td></tr></tbody></table>

### Doctrine Close

> One root. Many markets. Many states. One conserved whole.
>
> The doctrine is conservation. The machine is liquidity. The frontier is dynamics.

> ⚠️ **Experimental Memefi.** NUT is an experimental cryptoeconomic liquidity topology — an unregulated experimental asset and a documented Network Utility Token within the BASED NUT ecosystem. Not investment advice; no guarantee of profit or value retention. Use at your own risk.


# wNUT

Wrapped NUT ($wNUT) is the **1:1 wrapped execution state of BASED NUT ($NUT)**.

Wrapping moves NUT from its native state into a wrapped state. The underlying NUT is held by the wrapper and an equal amount of wNUT becomes outstanding.

Unwrapping reverses the transition.

```
1 NUT ⇄ 1 wNUT
```

No additional NUT is created. The NUT contract does not change. The fixed NUT root supply remains the same.

> **Same NUT. Different state. 🌰**

{% hint style="info" %}
**wNUT is not a second NUT economy.**

Every outstanding wNUT corresponds to NUT held by the wrapper. wNUT changes the state and execution surface of existing NUT without increasing the underlying NUT supply.
{% endhint %}

***

### 🌰 One NUT, Multiple States

NUT is the conserved root.

At any moment, NUT can remain in its native state or be deposited into the wrapper and represented as wNUT.

{% code expandable="true" %}

```mermaid
flowchart LR
    ROOT["🌰 Fixed NUT Root Supply"]
    FREE["🌰 Native NUT"]
    LOCKED["🔒 NUT Locked in Wrapper"]
    WNUT["📦 wNUT"]

    ROOT --> FREE
    ROOT --> LOCKED
    LOCKED -->|"1:1 representation"| WNUT

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef wrapped fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef locked fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class ROOT,FREE root;
    class LOCKED locked;
    class WNUT wrapped;
```

{% endcode %}

The important distinction is between **token supply** and **token state**.

Wrapping does not mint more NUT.

It changes where existing NUT resides and creates a 1:1 wrapped representation of that locked NUT.

{% tabs %}
{% tab title="🌰 Native State" %}
NUT exists directly in its original ERC-20 state.

It can be held, transferred, pooled, or used wherever the NUT contract is supported.
{% endtab %}

{% tab title="📦 Wrapped State" %}
NUT is held by the wrapper while an equal amount of wNUT circulates.

wNUT has its own contract address and can participate independently in compatible markets and contracts.
{% endtab %}

{% tab title="🔄 Transition" %}
The two states are directly reversible:

```
NUT → wrap → wNUT
wNUT → unwrap → NUT
```

The underlying economic root remains NUT throughout the transition.
{% endtab %}
{% endtabs %}

***

### 🧩 Expanding the Execution Surface

The purpose of wNUT is larger than creating another representation.

It gives the same conserved NUT economy **another addressable execution state**.

An **execution surface** is the set of contracts, markets, relationships, and operations available to a token state.

With only NUT:

```
NUT
 ├── Market A
 ├── Contract B
 └── Liquidity C
```

With NUT and wNUT:

```
NUT
 ├── Native NUT relationships
 ├── NUT ⇄ wNUT transition
 └── wNUT
      ├── wNUT relationships
      ├── wNUT markets
      └── wNUT integrations
```

The root supply has not expanded but the **number of reachable execution paths has**.

{% hint style="success" %}

#### 🌱 Depth without dilution

Multi-state NUT expands what the existing asset can interact with without requiring additional NUT to exist.

The gain is **execution depth**, not additional supply.
{% endhint %}

This does **not** mean the same NUT can be independently spent twice.

NUT represented by wNUT is locked inside the wrapper. The architecture expands the ways the conserved asset can be expressed and connected; it does not duplicate capital.

***

### 💧 NUT / wNUT Liquidity

A NUT/wNUT pool is structurally different from an ordinary market such as NUT/WETH.

#### Ordinary liquidity

```
NUT ⇄ WETH
```

Two different economic assets are exchanged.

#### State liquidity

```
NUT ⇄ wNUT
```

Two token states reference the **same underlying NUT economy**.

That distinction gives the NUT/wNUT relationship a different role.

{% tabs %}
{% tab title="🎁 Wrapper" %}
The wrapper creates the deterministic state transition.

```
1 NUT → 1 wNUT
1 wNUT → 1 NUT
```

Wrapping and unwrapping do **not** require an AMM.
{% endtab %}

{% tab title="💧 Liquidity Pool" %}
The pool creates a **market and liquidity position between the states**.

It allows:

* NUT/wNUT swaps
* liquidity participation
* LP fee generation when trading occurs
* reserve-based market pricing
* additional programmable behavior where the AMM supports it
  {% endtab %}

{% tab title="🐝 Together" %}
The wrapper anchors the states through 1:1 redemption.

The pool makes the relationship tradable and LP-addressable.

If the pool price moves away from redemption parity, arbitrage can move it back toward the wrapper relationship.
{% endtab %}
{% endtabs %}

{% hint style="warning" %}
**The pool does not create the NUT ⇄ wNUT transition. The wrapper does.**

The pool adds a **liquidity layer around that transition**: trading, LP participation, market state, fees, and potentially programmable liquidity.
{% endhint %}

This is the more precise meaning of **liquid state relationships**.

***

### ⚖️ One Redemption Relationship, Two Market States

The wrapper defines:

```
1 NUT ⇄ 1 wNUT
```

An AMM independently maintains reserves and therefore has its own instantaneous market price.

The AMM price can temporarily differ from the wrapper's redemption relationship.

{% code expandable="true" %}

```mermaid
flowchart LR
    PARITY["🎁 1:1 Redemption"]
    MARKET["💧 NUT / wNUT Market"]
    GAP["↕️ Price Difference"]
    ARB["🐝 Arbitrage"]

    PARITY --> GAP
    MARKET --> GAP
    GAP --> ARB
    ARB --> MARKET

    classDef parity fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef market fill:#ffe3f1,stroke:#c24d91,stroke-width:2px,color:#111;
    classDef arb fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;

    class PARITY parity;
    class MARKET,GAP market;
    class ARB arb;
```

{% endcode %}

Arbitrage is therefore an important **market mechanism**, but it is not the primary purpose of wNUT.

The deeper primitive is the reversible state relationship itself.

***

### 🧬 Keep the Root Simple

NUT is intentionally minimal.

wNUT demonstrates another way of extending the ecosystem:

> **Do not force every capability into the root asset. Build additional execution states and relationships around it.**

```
                    🌰 NUT
                 Conserved Root
                       │
              ┌────────┴────────┐
              │                 │
        Native State      Wrapped State
             NUT              wNUT
              │                 │
        native paths      additional paths
              └────────┬────────┘
                       │
                same root economy
```

The point is not merely that functionality can be added somewhere outside the NUT contract.

The stronger architectural property is that **new execution surfaces can remain connected to one conserved root through reversible state transitions**.

***

### 🔬 Current Primitive vs Future Architecture

wNUT itself should be distinguished from systems that may eventually be built around it.

{% tabs %}
{% tab title="✅ wNUT Today" %}
The deployed wNUT primitive provides:

* 1:1 NUT backing
* reversible wrapping and unwrapping
* a separate wrapped token state
* no wNUT transfer tax
* independent contract composability
* the ability to form NUT/wNUT liquidity relationships
* redemption-driven arbitrage where markets exist

wNUT is **not yield-bearing**.
{% endtab %}

{% tab title="🧪 Architecture Around wNUT" %}
Additional systems can potentially use the state relationship as infrastructure.

Examples include:

* programmable NUT/wNUT liquidity
* Uniswap v4 hooks
* dynamic liquidity behavior
* automated state routing
* conditional state transitions
* time-dependent transitions
* Superfluid-style functional states
* temporary or transaction-local execution states

These are architectural possibilities, **not properties of the current wNUT contract**.
{% endtab %}
{% endtabs %}

***

### 🚫 What wNUT Does Not Do

wNUT does not:

* create additional NUT
* increase the fixed root supply
* allow the same underlying NUT to be independently spent twice
* generate yield by itself
* increase its NUT backing over time
* guarantee that every external market will always quote exactly 1:1
* automatically make every protocol understand NUT and wNUT as equivalent
* automatically create capital efficiency simply by existing

Its current primitive is simpler:

> **A reversible, 1:1 wrapped execution state that expands the relationships available around the same conserved NUT root.**

***

### 🌳 The Model

```
One conserved NUT root
        +
Reversible wrapped state
        +
Independent execution surface
        +
Optional liquidity between states
```

**Keep the root simple. Build around it.**

**Same NUT. Different state. More execution paths. 🌰📦**


# wNUT Mechanics

This page describes the low-level mechanics of Wrapped NUT ($wNUT): backing, wrapping, unwrapping, conservation, NUT/wNUT liquidity, market pricing, and arbitrage.

{% hint style="info" %}
For the conceptual model — **one conserved NUT root, multiple execution states** — see the main **wNUT** page.
{% endhint %}

***

### 📋 Technical Details

<table><thead><tr><th width="200">Property</th><th>Value</th></tr></thead><tbody><tr><td><strong>Token Name</strong></td><td>Wrapped NUT ($wNUT)</td></tr><tr><td><strong>Chain</strong></td><td>Base</td></tr><tr><td><strong>wNUT Address</strong></td><td><code>0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3</code></td></tr><tr><td><strong>Underlying Asset</strong></td><td>BASED NUT ($NUT)</td></tr><tr><td><strong>NUT Address</strong></td><td><code>0xb8de15fb529d98c93c749de63c749d48d25a30df</code></td></tr><tr><td><strong>Backing</strong></td><td>1:1 NUT</td></tr><tr><td><strong>Issuance</strong></td><td>Created by wrapping NUT</td></tr><tr><td><strong>Redemption</strong></td><td>Redeem wNUT for NUT</td></tr><tr><td><strong>Transfer Tax</strong></td><td>None</td></tr><tr><td><strong>Yield-Bearing</strong></td><td>No</td></tr><tr><td><strong>Root Supply Effect</strong></td><td>None</td></tr></tbody></table>

{% hint style="warning" %}

### wNUT supply is **not additional NUT supply**.

wNUT represents NUT already held by the wrapper.
{% endhint %}

***

### 🔄 Wrap & Unwrap

The wrapper creates a direct reversible relationship between NUT and wNUT.

{% code expandable="true" %}

```mermaid
flowchart LR
    NUT(("🌰 NUT"))
    WRAP["🎁 Wrap"]
    WNUT(("📦 wNUT"))
    UNWRAP["↩️ Unwrap"]

    NUT -->|"deposit NUT"| WRAP
    WRAP -->|"issue 1:1"| WNUT
    WNUT -->|"redeem wNUT"| UNWRAP
    UNWRAP -->|"release NUT"| NUT

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef wrapped fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;
    classDef action fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class NUT root;
    class WNUT wrapped;
    class WRAP,UNWRAP action;
```

{% endcode %}

{% tabs %}
{% tab title="🎁 Wrap" %}
{% stepper %}
{% step %}

#### Select NUT

Choose the amount of NUT to move into the wrapped state.

Example:

```
0.1 NUT
```

{% endstep %}

{% step %}

#### Deposit NUT

The selected NUT is transferred into the wrapper contract.

If the wrapping function pulls NUT using ERC-20 `transferFrom`, the wrapper must first have sufficient NUT allowance.
{% endstep %}

{% step %}

#### Receive wNUT

An equal amount of wNUT becomes outstanding.

```
0.1 NUT → 0.1 wNUT
```

The corresponding NUT remains held by the wrapper while that wNUT is outstanding.
{% endstep %}
{% endstepper %}
{% endtab %}

{% tab title="↩️ Unwrap" %}
{% stepper %}
{% step %}

#### Select wNUT

Choose the amount of wNUT to redeem.

Example:

```
0.1 wNUT
```

{% endstep %}

{% step %}

#### Redeem wNUT

The selected wNUT is returned to the wrapper for redemption.

The amount of outstanding wNUT decreases by the redeemed amount.
{% endstep %}

{% step %}

#### Receive NUT

The wrapper releases the corresponding NUT.

```
0.1 wNUT → 0.1 NUT
```

{% endstep %}
{% endstepper %}
{% endtab %}
{% endtabs %}

***

### 🔒 Conservation Invariant

Let:

```
N_total   = fixed NUT root supply
N_free    = NUT outside the wrapper
N_locked  = NUT held by the wrapper
W         = outstanding wNUT
```

Then:

```
N_total = N_free + N_locked
```

and under 1:1 backing:

```
W = N_locked
```

Therefore:

#### After wrapping `x` NUT

```
N_free   → N_free - x
N_locked → N_locked + x
W        → W + x
N_total  → unchanged
```

#### After unwrapping `x` wNUT

```
N_free   → N_free + x
N_locked → N_locked - x
W        → W - x
N_total  → unchanged
```

{% hint style="success" %}

#### 🌰 Root conservation

Wrapping changes the distribution of NUT between native and wrapped representation.

It does **not** change `N_total`.
{% endhint %}

#### ⚠️ Do not double-count the wrapper

This expression is economically misleading:

```
N_total + W
```

because `W` represents claims against NUT already contained inside `N_total`.

If 0.2 NUT is locked and 0.2 wNUT exists, the system has **not created 0.4 NUT of underlying economic value**.

It has:

```
0.2 NUT locked
+
0.2 wNUT representing that locked NUT
```

One underlying position. Two token-state records.

***

### 🧬 State Accounting

Wrapping changes **state**, not root ownership quantity.

```
Before
──────
User: 0.1 NUT
Wrapper: 0 NUT
User: 0 wNUT

After Wrap
──────────
User: 0 NUT
Wrapper: 0.1 NUT
User: 0.1 wNUT
```

The user's economic exposure remains linked to NUT through the wrapper's redemption relationship.

Unwrapping reverses the accounting.

This distinction is central:

> **wNUT increases representation and execution paths, not underlying NUT quantity.**

***

### 💧 NUT / wNUT Liquidity

A NUT/wNUT AMM creates a market between the native and wrapped states.

{% code expandable="true" %}

```mermaid
flowchart LR
    NUT(("🌰 NUT"))
    POOL["💧 NUT / wNUT Pool"]
    WNUT(("📦 wNUT"))
    WRAPPER["🎁 Wrapper"]

    NUT --- POOL
    POOL --- WNUT
    NUT <-->|"1:1 wrap / unwrap"| WRAPPER
    WRAPPER <-->|"1:1"| WNUT

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef wrapped fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef pool fill:#ffe3f1,stroke:#c24d91,stroke-width:2px,color:#111;
    classDef wrapper fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class NUT root;
    class WNUT wrapped;
    class POOL pool;
    class WRAPPER wrapper;
```

{% endcode %}

The wrapper and the AMM perform different functions.

{% tabs %}
{% tab title="🎁 Wrapper" %}
The wrapper defines the contractual conversion relationship:

```
1 NUT ⇄ 1 wNUT
```

This is the **redemption path**.

It does not depend on AMM reserves.
{% endtab %}

{% tab title="💧 AMM" %}
The AMM contains reserves of NUT and wNUT.

Its price is determined by the pool's own state and AMM rules.

The pool enables:

* swapping
* liquidity provision
* trading fees
* reserve-based price formation
* venue-specific programmable behavior
  {% endtab %}

{% tab title="🐝 Arbitrage" %}
Arbitrage connects the AMM price to the wrapper relationship.

If the market moves far enough away from 1:1, traders can use wrapping or unwrapping as the other side of the trade.
{% endtab %}
{% endtabs %}

{% hint style="info" %}

#### A pool is optional

Users do not need a NUT/wNUT pool to wrap or unwrap.

The wrapper provides the state transition directly.

The pool makes the relationship **tradable, LP-addressable, and potentially programmable**.
{% endhint %}

***

### ⚖️ Redemption Parity vs AMM Price

Define:

```
P_redemption = 1 NUT per wNUT
P_market     = current AMM price of wNUT in NUT
```

The wrapper fixes:

```
P_redemption = 1
```

The AMM does not mechanically force:

```
P_market = 1
```

because its price is derived from its own reserves and execution rules.

The two can therefore temporarily diverge.

{% hint style="warning" %}
**Independent market state does not mean independent economic backing.**

wNUT remains a 1:1 NUT-backed representation even when an AMM temporarily quotes a different market price.
{% endhint %}

***

### 🐝 Redemption-Driven Arbitrage

{% tabs %}
{% tab title="⬇️ wNUT Below Parity" %}
If:

```
1 wNUT < 1 NUT
```

an arbitrage path can be:

```
Acquire discounted wNUT
        ↓
Unwrap wNUT
        ↓
Receive corresponding NUT
```

Buying wNUT from the pool creates upward pressure on its AMM price.
{% endtab %}

{% tab title="⬆️ wNUT Above Parity" %}
If:

```
1 wNUT > 1 NUT
```

an arbitrage path can be:

```
Acquire NUT
    ↓
Wrap NUT 1:1
    ↓
Sell wNUT into the pool
```

Selling wNUT creates downward pressure on its AMM price.
{% endtab %}
{% endtabs %}

Arbitrage is only economically rational when the gross opportunity exceeds total execution cost.

```
Arbitrage Opportunity
>
Swap Fees
+ Slippage
+ Gas
+ Wrapper Execution Costs
+ Other Execution Costs
```

Small discrepancies can therefore persist.

Larger discrepancies create stronger incentives for correction.

{% code expandable="true" %}

```mermaid
flowchart LR
    D["↕️ Price Difference"]
    C["💸 Execution Costs"]
    A{"Difference > Costs?"}
    YES["🐝 Arbitrage"]
    NO["⏸️ No Economic Trade"]

    D --> A
    C --> A
    A -->|"Yes"| YES
    A -->|"No"| NO

    classDef divergence fill:#fff3d6,stroke:#a97922,stroke-width:2px,color:#111;
    classDef costs fill:#ffe3f1,stroke:#c24d91,stroke-width:2px,color:#111;
    classDef decision fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;
    classDef arb fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;

    class D divergence;
    class C costs;
    class A decision;
    class YES arb;
```

{% endcode %}

***

### 🌱 LP Economics

wNUT itself is **not yield-bearing**.

```
1 wNUT does not become 1.01 wNUT
1 wNUT does not gain additional NUT backing
```

A NUT/wNUT LP position can nevertheless earn trading fees when swaps occur.

```
Trading Activity
      ↓
   Swap Fees
      ↓
Liquidity Providers
```

The distinction matters:

> **Yield around wNUT is not yield from wNUT.**

LP returns depend on the actual market structure, including:

* trading volume
* fee configuration
* liquidity depth
* slippage
* LP range or AMM design
* external incentives, if any
* contract and integration risk

Price divergence can create arbitrage volume, but divergence is **not itself guaranteed productive activity** and does not guarantee LP yield.

***

### 🧩 Protocol Composability

NUT and wNUT are separate contract addresses.

To another smart contract, they are therefore separate token interfaces unless that protocol explicitly understands their relationship.

This has several consequences.

#### 1. wNUT can be integrated independently

A protocol can support wNUT without modifying NUT.

#### 2. NUT and wNUT are not automatically interchangeable everywhere

The wrapper guarantees redemption.

External contracts do not automatically know that relationship.

#### 3. Routers can abstract the transition

A higher-level integration can wrap or unwrap as part of a larger transaction so users do not need to manually manage every state transition.

#### 4. Additional states can create additional paths

A future system can potentially connect NUT to other functional states while preserving NUT as the root economic asset.

***

### 🧬 Execution Surface

At the contract level, the state graph begins simply:

```
          wrap
NUT ─────────────► wNUT
 ▲                  │
 └──────────────────┘
        unwrap
```

Then integrations add edges:

```
                    Market A
                       ▲
                       │
NUT ⇄ wNUT ────────────┼──── Contract B
                       │
                       ▼
                    Pool C
```

The meaningful expansion is therefore not the number of token units.

It is the number of **valid execution relationships reachable from the conserved root**.

***

### 🧪 Extension Boundary

{% hint style="warning" %}

#### Current contract vs future systems

The current wNUT wrapper should not be documented as though it already contains functionality supplied by external protocols.

Programmable liquidity, streaming, automated routing, hooks, or conditional execution would be **systems built around the NUT/wNUT state relationship**, not existing properties of wNUT itself.
{% endhint %}

Potential extension surfaces include:

{% tabs %}
{% tab title="🦄 Uniswap v4" %}
A NUT/wNUT v4 pool could potentially add hook-controlled behavior around swaps and liquidity operations.

Examples include dynamic fees, custom accounting, automated behavior, and conditional execution.
{% endtab %}

{% tab title="🌊 Functional States" %}
Other wrapped states could expose specialized functionality while remaining linked to NUT.

Superfluid-style streaming is one example of this broader design pattern.
{% endtab %}

{% tab title="🤖 State Routing" %}
Routers or agents could eventually select when NUT should remain native, become wNUT, participate in liquidity, or transition back to the root state.

That functionality belongs above the wrapper layer.
{% endtab %}
{% endtabs %}

***

### ⚠️ Risks & Constraints

#### 🔒 Wrapper Contract Risk

The 1:1 relationship depends on the wrapper contract correctly holding and releasing NUT.

#### 💧 Liquidity Risk

A NUT/wNUT pool can have low liquidity, slippage, or temporary price divergence even though direct redemption remains 1:1.

#### 🐝 Execution-Cost Risk

An apparent arbitrage opportunity may be uneconomic after fees, gas, and slippage.

#### 🧩 Integration Risk

External protocols may treat NUT and wNUT differently or may not support one of them.

#### 🔗 Composability Risk

Every additional protocol layered around wNUT introduces its own contract and execution assumptions.

#### 🌱 Yield Assumptions

wNUT does not generate yield by itself. LP fees or external incentives are separate mechanisms and are not guaranteed.

#### ♻️ No Capital Duplication

NUT held behind wNUT cannot simultaneously be treated as independently available native NUT without introducing another claim or rehypothecation mechanism.

***

### 🚫 What wNUT Is Not

wNUT is not:

* additional NUT supply
* a rebasing token
* a yield-bearing wrapper
* an automatic source of LP yield
* a mechanism for using the same NUT twice
* a guarantee of exact 1:1 AMM pricing at every moment
* a replacement for the underlying NUT
* automatically equivalent to NUT inside every external protocol

***

### 📐 Core Invariants

```
1 NUT wrapped = 1 wNUT issued

1 wNUT redeemed = 1 NUT released

wNUT outstanding = NUT locked by the wrapper

NUT total supply does not increase when wrapping occurs
```

The resulting architecture is:

```
🌰 NUT
   │
   │ reversible 1:1 state transition
   ▼
📦 wNUT
   │
   ├── markets
   ├── liquidity
   ├── integrations
   └── future programmable execution
```

> **The wrapper preserves the root. The wrapped state expands the surface. Liquidity connects the states economically.**

{% hint style="success" %}
**Wrap the NUT 🎁. Change the state 📦. Keep the root 🌰.**
{% endhint %}


# SNUT

SNUT the Non-Escrow Staking Rewards

## **BASED SUPERNUTS ($SNUT)**

### Overview

**BASED SUPERNUTS ($SNUT)** is the staking, liquidity, reward, and burn layer of the BASED NUT ecosystem.

SNUT uses a transfer fee to route value through several functions at once: liquidity, management, buyback/burn, and NUT rewards. Holding SNUT creates a **non-escrow reward position** — holders can earn NUT without locking their SNUT.

$SNUT transactions are designed to trigger cascading effects that auto-generate liquidity, reward holders, and burn tokens, thereby increasing scarcity over time.&#x20;

Holding $SNUT rewards users with $NUT through a non-escrow staking mechanism, making it a powerful asset in the ecosystem.

The result is a token whose activity can affect several layers of the ecosystem at the same time.

<div><figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FyrIbrwcWRXaOE5zBx5Sk%2F346655a8-e77d-43e0-bb43-d00fb13b61b7.png?alt=media&amp;token=17028919-ad55-4f60-ab3f-31dfd8710d79" alt="" width="188"><figcaption><p>SUPERNUTS</p></figcaption></figure> <figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F5uoxpqMNGSn5FD15R0za%2F725ca4d7-6cbc-4116-bbda-6730f08f2b2a.png?alt=media&amp;token=94569d2e-0a51-4d66-a226-042aa6b0db76" alt="" width="188"><figcaption><p>NUTLAWS</p></figcaption></figure></div>

#### 💧 1% Transaction Fee

Every SNUT transfer currently pays a **1% fee**.

The fee is routed across four functions:

* **Liquidity** — supports SNUT liquidity.
* **Manager** — funds management and ecosystem operations.
* **Buyback / Burn** — funds token buybacks and sends acquired tokens out of circulation.
* **NUT Rewards** — funds non-escrow rewards for SNUT holders.

{% hint style="warning" %}
The fee was reduced from **6% to 1% on July 30, 2026**.
{% endhint %}

Live fee configuration can be read directly from the contract on the [SNUT Orchard page](https://orchard.basednut.com/token/snut).

#### 🌰 Hold SNUT, Earn NUT

SNUT does not require traditional escrow staking.

Holding SNUT automatically participates in the NUT reward system while the SNUT itself remains transferable.

> **SNUT is a liquid reward position for NUT.**

#### 🔥 Buyback & Burn

Part of SNUT's transaction flow can be routed into buybacks and burns.

This connects ordinary SNUT activity with changes in circulating token state and creates one of the recursive economic mechanisms explored by the token.

#### 🌊 Multiple Liquidity Markets

SNUT exists across several different liquidity relationships rather than one isolated pool.

These include:

* **wETH / SNUT** — primary UniV2 liquidity
* **wETH / SNUT-LP** — a market for the SNUT/WETH LP token itself
* **SNUT / NUT** — direct connection to the NUT liquidity graph

Each market gives SNUT a different role inside the Orchard.

***

#### 🥥 The SNUT Genesis Airdrop

SNUT began with a snapshot of the unique wallets that had interacted with NUT.

After SNUT was deployed, the initial **SNUT / WETH Uniswap V2 liquidity pool** was created.

Instead of distributing SNUT directly, the resulting **SNUT/WETH LP tokens were distributed to those NUT-interacting wallets**.

The launch therefore distributed ownership of the initial SNUT liquidity itself.

A second experiment followed: a **WETH / SNUT-WETH-LP pool** was created, giving the LP token its own market.

This produced two related markets:

**`SNUT ↔ WETH`** and `SNUT/WETH LP ↔ WETH`

The second market makes a tokenized claim on the first market's liquidity independently tradable.

Like NUT's zero-ETH UniV3 launch, SNUT began through an unusual liquidity experiment rather than a conventional token sale.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FZY9u5yMsfwYAa5jJij1c%2Flogo.jpg?alt=media&amp;token=5038b922-0783-4df1-9fb2-8dc289cd3115" alt="" width="188"><figcaption><p>BASED SUPERNUTS</p></figcaption></figure>

{% tabs %}
{% tab title="Technical Details" %}

## **SNUT Technical Details**

<table><thead><tr><th width="187">Technical Details</th><th></th></tr></thead><tbody><tr><td>Token Name</td><td>BASED SUPERNUTS ($SNUT)</td></tr><tr><td>Chain </td><td>BASE</td></tr><tr><td>Token Address</td><td><code>0xAC130701aa31c284c36609E2489f150F419AD7AD</code></td></tr><tr><td>Total Supply</td><td>100,000 $SNUT</td></tr><tr><td>Symbol</td><td>🦸🌰</td></tr></tbody></table>
{% endtab %}

{% tab title="Liquidity" %}

## Liquidity

### 🎠UniV2

* [**wETH / SNUT**](https://basescan.org/token/0xb22895d2ee6e29395f30ec47c8d9fe0d55355ae1)&#x20;
  * **🥥 Airdrop:** After minting SNUT this LP was airdropped to all NUT holders.
* [**wETH / UniV2LP (wETH/SNUT)**](https://basescan.org/token/0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c)&#x20;
  * :chipmunk: **Special:** This pool has UniV2 LP Token (wETH/SNUT) in an LP with ETH creating a price difference between token and underlaying.

### ✈️ **Aero vAMM**

* [**Volatile AMM - SNUT/NUT (vAMM-SNUT...)**](https://basescan.org/token/0x893faaa7baf7a8247fc7142afb28e13d51a5aae8)&#x20;
  * :chipmunk: Special: SNUT generates NUT Rewards for LP Tokens increasing Liquidity
    {% endtab %}
    {% endtabs %}

***

> #### Choose Your Side
>
> * **SuperNUTS (🦸, 🌰)**: Committed to protecting and saving the nuts.
> * **NUTlaws (🦹, 🌰)**: Focused on burning the nuts and driving deflation.

<div><figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fvm0GszjGEUnX0ZykwRfS%2Faeffb208-c4d5-4d5a-bb47-bc084b277ff2.png?alt=media&amp;token=522b7356-abb8-40bc-a0a8-9595ef1dd0fa" alt="" width="188"><figcaption><p>SUPERNUTS</p></figcaption></figure> <figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDiOhfyMMswWCYKDrE2s0%2Fb9b8d745-f89d-468f-b86e-8161cc78e938.png?alt=media&amp;token=8b8f5844-7d46-4be7-a975-065804b39461" alt="" width="188"><figcaption><p>NUTLAWS</p></figcaption></figure></div>

***


# SNUT Mechanics

SNUT is the mechanical layer of the BASED NUT ecosystem.

The surface behavior is simple:

> **Hold SNUT → earn NUT.**&#x20;
>
> **Trade SNUT → feed the system.**

Underneath that is a chain of linked market actions.

***

### 🔄 Fee Routing

Every SNUT transfer currently applies a **1% fee**.

That fee is routed across four functions.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryColor':'#fdf6e3',
  'primaryTextColor':'#111111',
  'primaryBorderColor':'#7c5a10',
  'lineColor':'#6b7280',
  'secondaryColor':'#eef2ff',
  'tertiaryColor':'#f9fafb',
  'fontSize':'15px'
}}}%%
flowchart TD
    A["🦸 SNUT Transfer / Trade"]
    B["💧 1% Fee"]
    C["🌊 Liquidity"]
    D["🛠️ Manager"]
    E["🔥 Buyback / Burn"]
    F["🌰 NUT Rewards"]

    A --> B
    B --> C
    B --> D
    B --> E
    B --> F

    classDef action fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef core fill:#fff3d6,stroke:#a97922,stroke-width:3px,color:#111;
    classDef liquidity fill:#dbeafe,stroke:#2563eb,stroke-width:2px,color:#111;
    classDef manager fill:#ede9fe,stroke:#7c3aed,stroke-width:2px,color:#111;
    classDef burn fill:#fee2e2,stroke:#dc2626,stroke-width:2px,color:#111;
    classDef reward fill:#dcfce7,stroke:#16a34a,stroke-width:2px,color:#111;

    class A action;
    class B core;
    class C liquidity;
    class D manager;
    class E burn;
    class F reward;
```

{% endcode %}

The exact live split should always be verified from the contract.

***

### ⚙️ Swapback Engine

Collected fee-bearing SNUT does not stop at collection.

It is processed through a swapback path that turns the fee flow into usable outputs.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#6b7280',
  'fontSize':'15px'
}}}%%
flowchart LR
    A["🦸 SNUT Activity"]
    B["📦 Fee Accumulation"]
    C["⚙️ Swapback"]
    D["Ξ ETH / Routed Assets"]

    E["🌊 Liquidity"]
    F["🛠️ Manager"]
    G["🔥 Buyback / Burn"]
    H["🌰 NUT Rewards"]

    A --> B --> C --> D
    D --> E
    D --> F
    D --> G
    D --> H

    classDef source fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef process fill:#fff3d6,stroke:#a97922,stroke-width:3px,color:#111;
    classDef output fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;
    classDef liquidity fill:#dbeafe,stroke:#2563eb,stroke-width:2px,color:#111;
    classDef manager fill:#ede9fe,stroke:#7c3aed,stroke-width:2px,color:#111;
    classDef burn fill:#fee2e2,stroke:#dc2626,stroke-width:2px,color:#111;
    classDef reward fill:#dcfce7,stroke:#16a34a,stroke-width:2px,color:#111;

    class A source;
    class B,C process;
    class D output;
    class E liquidity;
    class F manager;
    class G burn;
    class H reward;
```

{% endcode %}

This is why SNUT transfers can create downstream market effects rather than just moving balances.

***

### 🌰 Non-Escrow Reward Position

SNUT holders do not need to lock tokens in a traditional escrow staking contract.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#6b7280',
  'fontSize':'15px'
}}}%%
flowchart LR
    A["🦸 Hold SNUT"]
    B["🔓 Stay Liquid"]
    C["🌰 Earn NUT"]

    A --> B
    A --> C

    classDef hold fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef benefit fill:#dcfce7,stroke:#16a34a,stroke-width:2px,color:#111;
    classDef state fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class A hold;
    class B state;
    class C benefit;
```

{% endcode %}

> **SNUT is a liquid reward position for NUT.**

***

### 🔥 Recursive Compounding Burn Flywheel

One of the most unusual SNUT mechanics is the recursive burn path.

Buybacks can send SNUT to the dead address.

If dead-held SNUT remains inside reward accounting, it can continue receiving NUT rewards. Those NUT can also accumulate at dead.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#6b7280',
  'fontSize':'15px'
}}}%%
flowchart TD
    A["🦸运� SNUT Activity"]
    B["💧 Fee Flow"]
    C["🔥 Buyback"]
    D["☠️ Dead-Held SNUT"]
    E["🌰 NUT Rewards"]
    F["☠️ Dead-Held NUT"]

    A --> B --> C --> D
    D --> E --> F

    classDef source fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef fee fill:#fff3d6,stroke:#a97922,stroke-width:3px,color:#111;
    classDef burn fill:#fee2e2,stroke:#dc2626,stroke-width:2px,color:#111;
    classDef reward fill:#dcfce7,stroke:#16a34a,stroke-width:2px,color:#111;
    classDef dead fill:#f3f4f6,stroke:#4b5563,stroke-width:2px,color:#111;

    class A source;
    class B fee;
    class C burn;
    class D,F dead;
    class E reward;
```

{% endcode %}

> **Burn feeds burn.**

Important distinction: sending tokens to dead removes them from effective circulation, but it does not rewrite the token’s original total-supply constant.

***

### 🌊 SNUT Liquidity Layers

SNUT lives across multiple market layers.

Each pool has a different job.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#6b7280',
  'fontSize':'15px'
}}}%%
flowchart TD
    SNUT["🦸 SNUT"]

    UNI["🎠 SNUT / WETH<br/>Main Market"]
    LP["🧾 SNUT/WETH LP"]
    META["🌴 SNUT-LP / WETH<br/>Meta-Market"]
    NUT["🌰 SNUT / NUT<br/>Reactor"]
    BASKET["⚖️ Multi-Asset Exposure"]

    SNUT --> UNI
    UNI --> LP
    LP --> META
    SNUT --> NUT
    SNUT --> BASKET

    classDef snut fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef market fill:#dbeafe,stroke:#2563eb,stroke-width:2px,color:#111;
    classDef lp fill:#fff3d6,stroke:#a97922,stroke-width:2px,color:#111;
    classDef meta fill:#ede9fe,stroke:#7c3aed,stroke-width:2px,color:#111;
    classDef reactor fill:#dcfce7,stroke:#16a34a,stroke-width:2px,color:#111;
    classDef basket fill:#fce7f3,stroke:#db2777,stroke-width:2px,color:#111;

    class SNUT snut;
    class UNI market;
    class LP lp;
    class META meta;
    class NUT reactor;
    class BASKET basket;
```

{% endcode %}

#### Pool Roles

| Pool                     | Role                                         |
| ------------------------ | -------------------------------------------- |
| **SNUT / WETH**          | Primary spot liquidity and price discovery   |
| **SNUT-LP / WETH**       | Secondary market for the LP token itself     |
| **SNUT / NUT**           | Direct reactor connection into the NUT graph |
| **Multi-asset exposure** | Additional shared liquidity relationships    |

***

### 🌴 The Palm Tree Market

The `SNUT-LP / WETH` pool is a meta-market.

It gives the **SNUT/WETH LP token** its own market price.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#6b7280',
  'fontSize':'15px'
}}}%%
flowchart LR
    A["🦸 SNUT"]
    B["Ξ WETH"]
    C["🧾 SNUT/WETH LP"]
    D["🌴 LP / WETH Market"]

    A --> C
    B --> C
    C --> D

    classDef token fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef base fill:#dbeafe,stroke:#2563eb,stroke-width:2px,color:#111;
    classDef lp fill:#fff3d6,stroke:#a97922,stroke-width:2px,color:#111;
    classDef meta fill:#ede9fe,stroke:#7c3aed,stroke-width:2px,color:#111;

    class A token;
    class B base;
    class C lp;
    class D meta;
```

{% endcode %}

This creates another pricing layer:

```
SNUT spot
+ WETH spot
+ SNUT/WETH LP value
+ SNUT-LP/WETH market price
```

That separation can produce additional arbitrage and repricing behavior.

> **Liquidity itself becomes liquid.**

***

### 🧮 Cascading State

SNUT is one of the clearest examples of layered economic state inside BASED NUT.

A single transfer can propagate through multiple compartments.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#6b7280',
  'fontSize':'15px'
}}}%%
flowchart TD
    A["S₀<br/>🦸 SNUT Transfer"]
    B["S₁<br/>💧 Fee State"]
    C["S₂<br/>⚙️ Swapback State"]
    D["S₃<br/>🌊 Liquidity State"]
    E["S₄<br/>🌰 Reward State"]
    F["S₅<br/>🔥 Buyback State"]
    G["S₆<br/>📈 New Market State"]

    A --> B --> C
    C --> D
    C --> E
    C --> F
    D --> G
    E --> G
    F --> G

    classDef s0 fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef s1 fill:#fff3d6,stroke:#a97922,stroke-width:2px,color:#111;
    classDef s2 fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;
    classDef s3 fill:#dbeafe,stroke:#2563eb,stroke-width:2px,color:#111;
    classDef s4 fill:#dcfce7,stroke:#16a34a,stroke-width:2px,color:#111;
    classDef s5 fill:#fee2e2,stroke:#dc2626,stroke-width:2px,color:#111;
    classDef s6 fill:#fce7f3,stroke:#db2777,stroke-width:3px,color:#111;

    class A s0;
    class B s1;
    class C s2;
    class D s3;
    class E s4;
    class F s5;
    class G s6;
```

{% endcode %}

> **One token action can propagate through rewards, liquidity, burns, and multiple market states.**

***

### Contracts & Markets

<table><thead><tr><th width="261">Component</th><th>Address</th></tr></thead><tbody><tr><td><strong>SNUT</strong></td><td><code>0xAC130701aa31c284c36609E2489f150F419AD7AD</code></td></tr><tr><td><strong>SNUT/WETH LP</strong></td><td><code>0xb22895d2ee6e29395f30ec47c8d9fe0d55355ae1</code></td></tr><tr><td><strong>SNUT-LP/WETH Meta-Pool</strong></td><td><code>0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c</code></td></tr><tr><td><strong>SNUT/NUT</strong></td><td><code>0x893faaa7baf7a8247fc7142afb28e13d51a5aae8</code></td></tr></tbody></table>

> ⚠️ **Experimental Memefi.** Contract behavior, fee configuration, liquidity, and market state should always be independently verified before interaction.


# pNUT

The NUT Index Token

## BASED PEANUT ($pNUT)

### Overview

**BASED PEANUT ($pNUT)** is an index token within the BASED NUT ecosystem. This index structure offers holders a simplified and efficient way to participate in the broader DeFi landscape, benefiting from a wide range of assets within the BASED NUT ecosystem.

It provides exposure to a basket of diversified assets combining them into a single token.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FuGDtJ8u4BzizGSdA9eIP%2FDALL%C2%B7E%202024-09-05%2021.01.49%20-%20A%203D%20character%20resembling%20a%20peanut%2C%20with%20a%20cute%20and%20adorable%20kawaii%20design.%20The%20character%20has%20a%20smooth%2C%20light%20brown%20peanut-shaped%20body%2C%20large%20expressi.webp?alt=media&amp;token=e86d8cf6-5505-46d6-ab18-c3f724eae174" alt="" width="188"><figcaption><p>Peanutoshi Nutkamoto</p></figcaption></figure>

**BASED PEANUT ($pNUT)** is the index and liquidity token for a Balancer V2 weighted pool containing:

* 🌰 **NUT**
* 🦸 **SNUT**
* Ξ **cbETH**
* ₿ **cbBTC**

Each asset has a **25% pool weight**, combining BASED NUT assets with ETH and Bitcoin exposure in a single pool.

pNUT itself is the **Balancer Pool Token (BPT)**.

Holding pNUT represents proportional ownership of the assets held by the pool.

> **Four assets. One pool. One token representing the basket.**

Unlike many DeFi protocols that rely on emissions or minting new tokens, $pNUT generates real yield through market activity.

### Key Features

#### ⚖️ **Index-Based Structure**

$pNUT aggregates four assets with equal pool weights:

| Asset   | Weight |
| ------- | -----: |
| 🌰 NUT  |    25% |
| 🦸 SNUT |    25% |
| Ξ cbETH |    25% |
| ₿ cbBTC |    25% |

Instead of holding four separate positions, pNUT represents a share of the entire pool.

***

#### 💧 Trading Fees

The basket is also a live market.

Trades between its underlying assets pay Balancer swap fees, which accrue to the pool and its liquidity providers.

More market activity can therefore generate more fee income for the pool.

***

#### Ξ Staking-Yield Exposure

One quarter of the basket is **cbETH**, Coinbase's liquid representation of staked ETH.

cbETH includes the economic value and rewards of the underlying staked ETH, giving pNUT exposure to Ethereum staking rewards in addition to pool trading activity.

***

#### 🌊 Volatility Farming

Price fluctuations between $pNUT and its underlying assets create arbitrage opportunities. Traders can capitalize on these price differences, generating fees that are distributed to participants in the ecosystem.

The four assets move independently. When their relative market prices change, arbitrageurs can trade against the Balancer pool to bring its prices back toward external markets.

```
price movement
      ↓
price difference
      ↓
arbitrage
      ↓
pool trades
      ↓
trading fees
```

Volatility creates rebalancing activity, and rebalancing activity can create fees.

***

#### 🐝 Arbitrage

pNUT connects several otherwise separate markets.

For example, NUT may trade elsewhere on Uniswap or Aerodrome while the Balancer pool simultaneously contains NUT alongside cbBTC, cbETH, and SNUT.

Differences between those markets can create arbitrage paths.

> **The basket does not need to predict the correct price. Markets continuously compare it with the rest of the liquidity graph.**

***

### Technical Details

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FCUinFmePSu5xOkgsbZ2e%2FDALL%C2%B7E%202024-09-18%2018.48.24%20-%20A%20hyper-realistic%203D%20peanut%20logo%20designed%20for%20a%20peanut-based%20brand.%20The%20peanut%20is%20rendered%20with%20intricate%20details%2C%20lifelike%20textures%2C%20and%20natural%20colo.webp?alt=media&amp;token=1ab6c72b-d9bb-42cf-b056-58323b015d05" alt="" width="188"><figcaption><p>BASED PEANUT</p></figcaption></figure>

{% tabs %}
{% tab title="Technical Details" %}

## **pNUT V1 Technical Details**

| Technical Details |                                            |
| ----------------- | ------------------------------------------ |
| Token Name        | BASED PEANUT ($pNUT)                       |
| Chain             | BASE                                       |
| Index Components  | cbETH, cbBTC, NUT, SNUT                    |
| Token Address     | 0x2A5757b60987FF10385De1D4D923792f6fdCfFf1 |
| Symbol            | $pNUT                                      |
| Total Supply      | ∞                                          |
| {% endtab %}      |                                            |

{% tab title="Liquidity" %}

## Liquidity

### ⚖️ **Balancer**

* [**pNUT - (25cbETH-25SNUT-25NUT-25cbBTC)**](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e)
  * &#x20;:peanuts: **pNUT:** Balancer Index token containing cbETH, cbBTC, NUT and SNUT.
    {% endtab %}
    {% endtabs %}

$pNUT offers an innovative solution for diversified, decentralized, and yield-generating exposure to multiple assets within the BASED NUT ecosystem. For further technical details and in-depth integration, refer to the ecosystem's technical paper.


# pNUT Mechanics

Weighted liquidity, market rebalancing, and the economics behind the basket

pNUT is not a wrapper around four tokens.

It is the **Balancer Pool Token (BPT)** representing ownership of a live Balancer V2 Weighted Pool containing **NUT, SNUT, cbETH, and cbBTC**.

The pool is the economic machine.

**pNUT is the share of that machine.**

***

### ⚖️ One Shared Market

The four assets do not sit in four independent vault compartments.

They participate in **one shared weighted invariant**.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#76644d',
  'fontSize':'15px'
}}}%%
flowchart TB
    P["🥜 pNUT<br/>Pool Share"]
    H(("⚖️ Balancer Weighted Pool<br/>Shared State"))

    N["🌰 NUT<br/>25%"]
    S["🦸 SNUT<br/>25%"]
    E["Ξ cbETH<br/>25%"]
    B["₿ cbBTC<br/>25%"]

    P -->|"ownership"| H

    N --- H
    S --- H
    E --- H
    B --- H

    classDef bpt fill:#f5d58b,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef pool fill:#fff7e5,stroke:#9b7228,stroke-width:3px,color:#111;
    classDef nut fill:#f1dfbd,stroke:#77532b,stroke-width:2px,color:#111;
    classDef snut fill:#f8e8ba,stroke:#9b7228,stroke-width:2px,color:#111;
    classDef eth fill:#e9e7f7,stroke:#625b91,stroke-width:2px,color:#111;
    classDef btc fill:#fff0d8,stroke:#b56b18,stroke-width:2px,color:#111;

    class P bpt;
    class H pool;
    class N nut;
    class S snut;
    class E eth;
    class B btc;
```

{% endcode %}

The deployed pool was created with:

| Parameter            | Verified deployment                                               |
| -------------------- | ----------------------------------------------------------------- |
| **Assets**           | cbETH · SNUT · NUT · cbBTC                                        |
| **Weights**          | 25% · 25% · 25% · 25%                                             |
| **Initial swap fee** | 1%                                                                |
| **Rate providers**   | None                                                              |
| **Pool / BPT**       | `0x2A5757b60987FF10385De1D4D923792f6fdCfFf1`                      |
| **Pool ID**          | `0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000019e` |

These parameters are visible directly in the creation transaction. ([Basescan](https://basescan.org/tx/0xe707f8dfb0d12258d1f6721c30a6b51cf90296ae07ab0622d648a21f8419a2ec))

The **25% weights are fixed mathematical parameters**. They do not mean that the raw token quantities are equal, nor that external market values can never temporarily drift away from those target relationships.

***

### 🧮 The Weighted Invariant

Balancer Weighted Pools generalize the constant-product AMM into a constant-mean invariant. ([GitHub](https://github.com/balancer/docs-developers/blob/main/resources/pool-math/weighted-math.md?utm_source=chatgpt.com))

```
V = ∏ Bᵢ ^ Wᵢ
```

Where:

```
Bᵢ = balance of asset i
Wᵢ = normalized weight of asset i

Σ Wᵢ = 1
```

For pNUT:

```
W_NUT   = 0.25
W_SNUT  = 0.25
W_cbETH = 0.25
W_cbBTC = 0.25
```

Therefore:

```
V =
B_NUT^0.25
× B_SNUT^0.25
× B_cbETH^0.25
× B_cbBTC^0.25
```

Or:

```
V =
(
    B_NUT
  × B_SNUT
  × B_cbETH
  × B_cbBTC
) ^ 0.25
```

A swap changes balances while remaining on this invariant surface.

That means a NUT/cbBTC trade does not create a separate NUT/cbBTC pool.

It changes two balances inside the **same four-asset state**.

***

### 📐 Internal Prices

Balancer derives the spot relationship between any two assets from their balances and weights:

```
SP(i → o) =

(Bᵢ / Wᵢ)
──────────
(Bₒ / Wₒ)
```

([Balancer](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com))

Because every pNUT asset has the same weight:

```
Wᵢ = Wₒ = 0.25
```

the weight terms cancel:

```
SP(i → o) = Bᵢ / Bₒ
```

This produces an interesting property.

For a trade between any two pNUT assets, the exact-input equation is:

```
Aᵢ,eff = Aᵢ × (1 - f)
```

and:

```
Aₒ =
Bₒ ×
[
    1 -
    (
        Bᵢ
        ───────────
        Bᵢ + Aᵢ,eff
    ) ^ (Wᵢ / Wₒ)
]
```

Because pNUT uses equal weights:

```
Wᵢ / Wₒ = 1
```

so the pairwise swap simplifies to:

```
Aₒ =

Bₒ × Aᵢ,eff
─────────────
Bᵢ + Aᵢ,eff
```

This is the familiar equal-weight constant-product relationship for that pair. ([GitHub](https://github.com/balancer/balancer-v2-monorepo/blob/master/pkg/pool-weighted/contracts/WeightedMath.sol?utm_source=chatgpt.com))

But all of those pairwise relationships **share the same balances**.

Change the NUT balance and NUT's relationship with **SNUT, cbETH, and cbBTC** changes simultaneously.

That is what makes the four-asset pool more than a collection of separate pairs.

***

### 🐝 The Arbitrage Machine

The pool does not know the external price of NUT, SNUT, ETH, or Bitcoin.

External markets move independently.

When they move, pNUT can become misaligned.

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#76644d',
  'fontSize':'15px'
}}}%%
flowchart LR
    A["🌐 External<br/>Price Movement"]
    B["⚡ Divergence"]
    C["🐝 Arbitrage"]
    D["⚖️ pNUT Trade"]
    E["🔄 Balances Change"]
    F["📐 New Internal Prices"]
    G["💧 Swap Fees"]

    A --> B --> C --> D
    D --> E --> F
    D --> G
    F -.->|"new comparison"| B

    classDef market fill:#e8eef8,stroke:#496b91,stroke-width:2px,color:#111;
    classDef divergence fill:#fff0d8,stroke:#b56b18,stroke-width:2px,color:#111;
    classDef arb fill:#f6df7b,stroke:#8a6818,stroke-width:3px,color:#111;
    classDef pool fill:#fff7e5,stroke:#9b7228,stroke-width:3px,color:#111;
    classDef state fill:#e8f3e8,stroke:#557c55,stroke-width:2px,color:#111;

    class A market;
    class B divergence;
    class C arb;
    class D pool;
    class E,F,G state;
```

{% endcode %}

This is the core Balancer mechanism: traders following arbitrage opportunities perform the rebalancing that a conventional portfolio manager would otherwise have to perform.

In BASED NUT terms:

```
price movement
      ↓
divergence
      ↓
arbitrage pressure
      ↓
trading
      ↓
new pool state
      +
swap fees
```

This is what we mean by **volatility farming**.

But arbitrage is only rational when:

```
Expected Arbitrage Profit =

Gross Price Difference
- Swap Fees
- Slippage
- Gas
- MEV / Execution Costs
- Execution Risk

> 0
```

The invariant creates the pressure.

It cannot force a third party to make an unprofitable trade.

> **pNUT is built to expose volatility to arbitrage.**

***

### 🌪️ Why the Pool Is So Volatile

pNUT combines four assets with very different economic behavior:

```
🌰 NUT
scarce ecosystem root

🦸 SNUT
fee + reward + burn mechanics

Ξ cbETH
liquid staked ETH exposure

₿ cbBTC
wrapped Bitcoin exposure
```

They are not expected to move together.

That is intentional.

The more their relative prices diverge, the more aggressively the pool can be pushed away from surrounding markets before arbitrage brings it back toward alignment.

And because the pool is shallow, relatively small trades can produce large changes in balance and price.

Balancer V2 Weighted Math also limits a single swap to at most **30% of the relevant input balance**, and similarly limits exact-output swaps to 30% of the output balance. These protections constrain extreme individual swaps but do not remove price impact or volatility. ([GitHub](https://github.com/balancer/balancer-v2-monorepo/blob/master/pkg/pool-weighted/contracts/WeightedMath.sol?utm_source=chatgpt.com))

***

### 🔄 Joining and Exiting

pNUT is **joined and exited**, not wrapped and unwrapped.

Balancer V2 routes joins and exits through the Vault. A join transfers assets into the pool and can mint BPT; an exit returns assets and burns BPT. ([GitHub](https://github.com/balancer/docs-developers/blob/main/deep-dive/guided-tour-of-balancer-vault/episode-2-joins/README.md?utm_source=chatgpt.com))

{% code expandable="true" %}

```mermaid
%%{init: {'theme':'base','themeVariables':{
  'background':'#ffffff',
  'primaryTextColor':'#111111',
  'lineColor':'#76644d',
  'fontSize':'15px'
}}}%%
flowchart LR
    A["🌰 NUT<br/>🦸 SNUT<br/>Ξ cbETH<br/>₿ cbBTC"]
    V["🏦 Balancer V2 Vault"]
    P["🥜 pNUT"]

    A -->|"join"| V
    V -->|"mint BPT"| P

    P -->|"exit"| V
    V -->|"underlying assets"| A

    classDef assets fill:#fff7e5,stroke:#9b7228,stroke-width:2px,color:#111;
    classDef vault fill:#e9e7f7,stroke:#625b91,stroke-width:3px,color:#111;
    classDef bpt fill:#f5d58b,stroke:#6b4b16,stroke-width:3px,color:#111;

    class A assets;
    class V vault;
    class P bpt;
```

{% endcode %}

The simple model is:

```
assets
  ↓
join
  ↓
pNUT
```

and:

```
pNUT
  ↓
exit
  ↓
assets
```

Proportional liquidity changes preserve the existing pool composition.

Imbalanced and single-asset joins or exits effectively contain internal swap behavior, so Balancer charges swap fees on the portion that unbalances the pool. ([GitHub](https://github.com/balancer/docs-developers/blob/main/deep-dive/guided-tour-of-balancer-vault/episode-2-joins/README.md?utm_source=chatgpt.com))

The pNUT supply is therefore **dynamic**, not infinite.

***

### 💧 Where the Economics Come From

pNUT does not need pNUT emissions to produce economic accrual.

There are two identifiable sources.

#### 1. Trading Fees

Every swap can add fee value to the pool.

The pool was deployed with a:

```
1% swap fee
```

and current market indexing continues to identify it as a 1% pool. ([Basescan](https://basescan.org/tx/0xe707f8dfb0d12258d1f6721c30a6b51cf90296ae07ab0622d648a21f8419a2ec))

The gross swap fee should not be confused with net LP income. Balancer protocol fees can claim part of pool fee growth, and the WeightedPool contract accounts for pending protocol-fee obligations. ([GitHub](https://github.com/balancer/docs-developers/blob/main/deep-dive/guided-tour-of-balancer-vault/episode-2-joins/README.md?utm_source=chatgpt.com))

So:

```
more trading ≠ guaranteed profit
```

but:

```
more trading → more potential swap-fee accrual
```

#### 2. cbETH Staking Exposure

Twenty-five percent of the pool's normalized weight is cbETH.

Coinbase states that cbETH represents staked ETH and that its conversion rate changes over time as rewards accrue to the underlying staked ETH. Its market price can still trade above or below that underlying conversion value. ([Coinbase Help](https://help.coinbase.com/en/coinbase/coinbase-staking/staking/cbeth-intro?utm_source=chatgpt.com))

The sstakin accrual exists inside the cbETH position itself and is transmitted to the basket through cbETH's value and market price.

Underlying token appreciation or depreciation is separate from yield.

***

### 🕸️ One Hyperedge

In liquidity-graph terms, pNUT is one of the clearest examples of a **hyperedge** in the Orchard.

```
H_pNUT = {
    NUT,
    SNUT,
    cbETH,
    cbBTC
}
```

It is not:

```
NUT / SNUT
NUT / cbETH
NUT / cbBTC
SNUT / cbETH
...
```

as six independent markets.

It is **one market with one shared reserve state**.

```
BASED NUT assets
 NUT + SNUT
 
      ↕
   ⚖️ pNUT
      ↕
      
reserve assets
cbETH + cbBTC
```

A change originating in one part of that structure can therefore alter the relative state of every asset connected through the pool.

That is the deeper function of pNUT:

> **Four independently priced assets placed inside one shared economic state machine.**

***

## ⚠️ Risk Disclosure

pNUT should be treated as a **hyper-volatile experimental liquidity machine**, not as a passive index fund.

The pool deliberately combines independently priced assets and relies on market arbitrage to move its internal prices toward surrounding markets.

#### Arbitrage can work against LPs

When one asset rises relative to the others, arbitrage tends to remove the outperforming asset and add relatively underperforming assets.

In simple terms:

```
outperformer
    ↓
sold from pool

underperformer
    ↓
accumulated by pool
```

That rebalancing can create fees.

It can also cause pNUT holders to underperform simply holding the four underlying assets.

Balancer identifies **impermanent loss in volatile, non-correlated Weighted Pools** as a core risk. ([Balancer](https://balancer.fi/risks?utm_source=chatgpt.com))

#### Shallow liquidity amplifies movement

pNUT is currently a very small liquidity pool.

That means:

```
less liquidity
      ↓
greater price impact
      ↓
larger state changes
      ↓
higher manipulation and execution risk
```

Live liquidity should always be checked before interacting; static documentation should not be treated as current market data.

#### Constituent risk compounds

pNUT inherits the risks of all four assets.

NUT and SNUT introduce their own liquidity and experimental-token risks.

cbETH introduces Ethereum staking, Coinbase, liquidity, and conversion-rate risk. Coinbase notes that cbETH's market price can differ from the value of its underlying staked ETH. ([Coinbase Help](https://help.coinbase.com/en/coinbase/coinbase-staking/staking/cbeth-intro?utm_source=chatgpt.com))

cbBTC introduces Coinbase custody and issuer dependency. Coinbase currently states that cbBTC is backed **1:1 by BTC held by Coinbase** and publishes reserve and supply data. ([Coinbase Help](https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/coinbase-wrapped-btc?utm_source=chatgpt.com))

#### Balancer V2 is legacy infrastructure

pNUT remains a **Balancer V2 Weighted Pool**.

The November 3, 2025 Balancer exploit affected V2 **Composable Stable Pools**. Balancer's post-mortem specifically states that Weighted Pools were unaffected by that exploit and remained operational. ([Medium](https://medium.com/balancer-protocol/nov-3-exploit-post-mortem-51dcbeb6b020?utm_source=chatgpt.com))

However, Balancer subsequently disabled V2 pool factories as part of its transition to V3, and its 2026 operating plan describes V2 as **maintenance-only on a sunset path**. ([Balancer](https://forum.balancer.fi/t/bip-887-transitioning-to-balancer-v3-disabling-v2-pool-factories/6874?utm_source=chatgpt.com))

pNUT therefore carries both ordinary smart-contract risk and the lifecycle risk of operating on legacy V2 infrastructure.

#### **pNUT is a market position, not a source of external truth.**

It is not a secure standalone oracle. pNUT's own balances can move, external prices can move, the pool is shallow, and actual exit execution depends on pool state.

#### Nothing is guaranteed

pNUT does not guarantee:

```
25% external market value at every moment

positive yield

profitable arbitrage

principal preservation

protection from impermanent loss

sufficient exit liquidity

continued Balancer V2 support
```

The machine can generate fees precisely because its assets disagree.

That disagreement is also the risk.

> **pNUT does not remove volatility. It puts volatility to work.**

Four assets.

One invariant.

One continuously changing state.

**pNUT is the receipt for whatever state the machine reaches next. 🥜**


# Nested Tokens

### Overview

Nested Tokens (aka. "child" tokens) in the **BASED NUT** ecosystem are designed to provide liquidity, scalability, and enhanced gamification within decentralized finance (DeFi). These tokens are minted using another asset as collateral, and they inherit properties from their underlying assets, enabling seamless functionality and immediate tradability. By being "nested" within a base asset, they create more flexible economic models that can expand and deepen the ecosystem's liquidity and tokenomics. In our platform, the main token is $NUT, which serves as the root (or parent) token. All child tokens are nested under BASED NUT, therefore, $NUT is the primary root token connected to all nested tokens.

### Key Features

* **Collateral-Based Minting**: Nested Tokens are minted using another asset as collateral, providing them with inherent value and utility. This ensures immediate tradability, avoiding the need for manual liquidity provisioning.
* **Asset Property Inheritance**: Tokens inherit traits from their collateral assets, improving their ecosystem functionality and integration. The primary attribute is their link to the parent's token liquidity.
* **Gamified DeFi**: The nesting mechanism introduces new layers of engagement, such as staking, arbitrage, and other DeFi-based interactions that enrich the ecosystem's user experience.

### Mint Club and Bonding Curve Technology

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FPVxnQYSzmnqOSEigtNQZ%2F1500x500.jpg?alt=media&amp;token=90f4113c-edc1-4096-94d0-3a507f5b6a75" alt="" width="375"><figcaption></figcaption></figure>

BASED NUT uses Mint Club’s bonding curve technology to mint nested tokens, making them instantly tradable without manual liquidity provisioning. Each token is connected to the $NUT token (total supply: 1), deepening the tokenomics and creating cascading effects across the ecosystem.

#### Bonding Curve Design

Nested Tokens rely on a bonding curve model to regulate their price and supply. Mint Club’s customizable bonding curves enable tokens to be minted with collateral, ensuring immediate utility and tradability. Each token is linked to $NUT, allowing flexible economic models within the ecosystem.

#### Arbitrage Opportunities

* **Bonding Curve Arbitrage**: The BASED NUT ecosystem presents arbitrage opportunities between minting Nested Tokens via the bonding curve and trading in external liquidity markets. Taking advantage of price discrepancies between the two can be done as follows:
  * **Minting**: If the bonding curve price is lower than external market prices, users can mint tokens and sell them on the external market.
  * **Trading from Liquidity Pools**: If the external market price is lower, users can buy tokens from external liquidity pools and sell or burn them when the price aligns with the bonding curve.

This design creates a dynamic, self-regulating economic model within the BASED NUT ecosystem, enabling efficient market interactions and opportunities for traders, investors, and liquidity providers.

Nested Tokens, through Mint Club's technology, enhance the BASED NUT ecosystem by providing immediate liquidity, scalability, and engaging DeFi mechanics, offering a deeper and more dynamic token economy.&#x20;

{% hint style="success" %}
Find The BASED NUT page on [MINT CLUB](https://mint.club/explore/base/0xb8DE15Fb529d98C93C749De63c749D48D25A30DF)
{% endhint %}


# NUT Army

<div><figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FUxqhIB7teci7yi7F7ctm%2FDALL%C2%B7E%202024-10-17%2015.47.39%20-%20An%20exaggerated%20acorn%20soldier%20leading%20a%20nut%20army%20in%20an%20epic%20Pixar%203D%20style%20battle.%20The%20acorn%20soldier%20has%20rugged%2C%20battle-worn%20armor%20and%20an%20over-the-top%2C.webp?alt=media&amp;token=87be11fd-9bd3-47ac-b766-67a32d7f2dcd" alt="" width="188"><figcaption></figcaption></figure> <figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FKhk4QNj1lpfMoDrqurHq%2FDALL%C2%B7E%202024-10-17%2015.45.33%20-%20A%20powerful%20and%20exaggerated%20acorn%20soldier%2C%20leading%20a%20nut%20army%20in%20a%20chaotic%20battle%20in%20Pixar%203D%20style.%20The%20acorn%20soldier%20has%20rugged%20battle%20armor%20with%20exa.webp?alt=media&amp;token=12486101-03e2-497c-92be-cd8d65928f87" alt="" width="188"><figcaption></figcaption></figure></div>

The **NUT Army NFTs** introduce a strategic set of tokenized assets within the BASED NUT ecosystem, each with unique minting curves, roles, and values in the ongoing **Great NUT War.** Utilizing **Mint Club’s bonding curve technology**, the NUT Army provides a gamified experience with layered interactions, collateral-based minting, and strategic scarcity.&#x20;

{% hint style="success" %}
Find The BASED NUT page on [MINT CLUB](https://mint.club/explore/base/0xb8DE15Fb529d98C93C749De63c749D48D25A30DF)
{% endhint %}

***

### Token Types, Collateral, and Redemption

All **NUT Army NFTs** require locked NUT collateral to mint, linking each NFT directly to the NUT token. Mint Club’s bonding curve technology enables efficient, automated price adjustments during minting, allowing for scalable and immediate utility without manual liquidity provisioning.

#### Burn-and-Release Model

The **burn-and-release model** enables users to retrieve their locked NUT collateral by burning NFTs, providing liquidity and an exit strategy for participants. This mechanism maintains ongoing demand for NUT tokens and supports a balanced and sustainable ecosystem for both collectors and traders.

> **“In a world gone sane, only the nuts make sense.”**

***

### Generals

<div><figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F5tyKpElsNfcmD7RLkSJL%2FDALL%C2%B7E%202024-10-17%2014.22.43%20-%20A%20powerful%2C%20victorious%2C%20energetic%20peanut%20general%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20Nut%20General%20is%20a%20peanut%20character%2C%20dressed%20in%20military%20re.webp?alt=media&amp;token=f4e4d402-e1e7-44be-860a-066378700e7f" alt="" width="188"><figcaption></figcaption></figure> <figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FBiox7DJR5UHCDH8wpPbG%2FDALL%C2%B7E%202024-10-17%2014.17.51%20-%20A%20powerful%2C%20victorious%2C%20energetic%2C%20hyperactive%20acorn%20general%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20Nut%20General%20is%20an%20acorn%20character%2C%20dressed%20in.webp?alt=media&amp;token=b8f68e43-28d4-467e-9ad2-b64b085ea123" alt="" width="188"><figcaption></figcaption></figure></div>

* **Total Supply**: 1,000
* **Purpose**: Generals are high-ranking NFTs representing strategic and scarce assets in the ecosystem. They act as leaders within the NUT Army, holding significant value and influence.

### Soldiers

<div><figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FbM9etrNuMjxeIuIqCE36%2FDALL%C2%B7E%202024-10-17%2015.50.03%20-%20An%20exaggerated%20peanut%20soldier%20leading%20a%20nut%20army%20into%20battle%20in%20a%20Pixar%203D%20style%2C%20with%20more%20peanut%20soldiers%20visible%20and%20a%20grassy%20battlefield.%20The%20pean.webp?alt=media&amp;token=4a3cf205-f89b-4cf2-a808-a7b1e71ba455" alt="" width="188"><figcaption></figcaption></figure> <figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FyXazU8qgAeNdREYhhfFv%2FDALL%C2%B7E%202024-10-17%2015.49.08%20-%20An%20exaggerated%20peanut%20soldier%20leading%20a%20nut%20army%20into%20battle%20in%20a%20Pixar%203D%20style.%20The%20peanut%20soldier%20wears%20battle-worn%20armor%20and%20has%20an%20over-the-top%2C%20.webp?alt=media&amp;token=8344e236-82a9-4edd-9fbb-136a69f42c7f" alt="" width="188"><figcaption></figcaption></figure></div>

* **Total Supply**: 1,000,000
* **Purpose**: Soldiers are the main force within the NUT Army, accessible and numerous, forming the foundation of the ecosystem's engagement layer.

***

### Peanuts

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FdVnLZmEdyaEnTD95GGXN%2FDALL%C2%B7E%202024-10-17%2011.32.31%20-%20A%20powerful%2C%20victorious%2C%20energetic%2C%20hyperactive%20nutcase%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20Nut%20General%20is%20a%20peanut%20character%2C%20dressed%20in%20milit.webp?alt=media&amp;token=9214b773-b73f-4a0f-9389-fb672986ba3d" alt="" width="188"><figcaption></figcaption></figure>

* **Bonding Curve Type**: Linear
* **Supply Mechanics**: Designed to be easy to mint, Peanuts represent accessibility and abundance in the ecosystem, with their cost increasing predictably due to the linear bonding curve.
* **Characteristics**: Peanuts are essential, widely accessible, and inexpensive due to their linear bonding curve, echoing the real-world abundance and simplicity of peanut production.

### Almonds

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F3tXLuBTjTK96Tm397vsJ%2FDALL%C2%B7E%202024-10-17%2019.00.03%20-%20A%20powerful%20and%20heroic%20almond%20general%20leading%20a%20nut%20army%20in%20a%20Pixar%203D%20style.%20The%20almond%20general%20is%20dressed%20in%20rugged%2C%20battle-worn%20armor%20adorned%20with%20w.webp?alt=media&amp;token=90f23864-2405-49a4-b359-1617c533275f" alt="" width="188"><figcaption></figcaption></figure>

* **Bonding Curve Type**: Exponential
* **Supply Mechanics**: Almonds follow an exponential bonding curve, making them more costly to mint as supply grows, reflecting the higher production complexity and growth time required for almond trees.
* **Characteristics**: Almonds are rarer and more valuable within the NUT Army due to their exponential curve, symbolizing a premium asset class with limited accessibility.

***


# The Great Nut War Lore

## **The Chronicles of Nutopia**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FXFQYweh8lb0WBCJucciI%2Fe8b50649-e2a6-4210-bce5-b1c32978859c.png?alt=media&amp;token=7d69d114-27e2-4119-a894-02f59e070230" alt=""><figcaption></figcaption></figure>

### **The Great Nut War Anthology**

{% embed url="<https://drive.google.com/file/d/15Zc4IOcdcGqcWRqicFHhWh2qEzVyLhlR/view?usp=sharing>" %}

### **Prologue: The Roots of Nutopia**

{% embed url="<https://drive.google.com/file/d/11R7IPWD_cUlWSVMNgQhKBVmmhwg4SQzR/view?usp=sharing>" %}

In the fertile lands of **Nutopia**, where orchards stretched beyond the horizon and the whisper of leaves was the song of the land, two mighty kingdoms flourished side by side: the **Peanut Republic** and the **Almond Empire**. Though they shared the same soil, these nutty neighbors were as different as sweet and salty, their philosophies as contrasting as night and day.

{% embed url="<https://drive.google.com/file/d/1OUb_xyNPMW7aeJ9V368GpRxkjPLszCZG/view?usp=sharing>" %}

The **Peanuts**, sprightly annuals, lived life in the fast lane—or should we say, the fast **shell lane**. With only a single season to **spread their seeds** and **mint new Peanuts**, they embraced a philosophy of **abundance and expansion**. Their fields were a whirlwind of activity, with Peanuts popping up like ideas in a brainstorm, always ready to **go nuts** over the next big opportunity.

{% embed url="<https://drive.google.com/file/d/1TQdMiyagYbnvSt9BqVm34_QOR6Y2bM4t/view?usp=sharing>" %}

Across the grove stood the **Almonds**, the steadfast perennials. These tall, dignified trees measured time not in fleeting seasons but in enduring epochs. They believed in the virtues of **patience and refinement**, allowing their roots to delve deep and their branches to reach for the stars over countless years. To them, life was not a sprint but a marathon—a **nutathon**—where slow and steady won the race.

At the heart of their budding rivalry lay a precious resource that could make or break any nut's destiny: **SALT**.

{% embed url="<https://drive.google.com/file/d/1c58ZVM4Xrb0ha-POmUNAUSYBj8frZDhO/view?usp=sharing>" %}

***

### **Chapter 1: Salty Beginnings**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FvTVqsT4pzFjh9YKgKgBg%2F1bd3f89c-822b-461a-86be-2b00e59b92c0.png?alt=media&amp;token=3dbe8481-55e6-4b3a-87ad-b25f1fe56c9d" alt="" width="188"><figcaption></figcaption></figure>

Salt was no ordinary mineral in Nutopia; it was the **essence of flavor**, the crystalline spice that could elevate a nut from forgettable to unforgettable. Both the Peanuts and Almonds revered it, but their views on its use were as different as smooth and crunchy.

{% embed url="<https://drive.google.com/file/d/1I48ylZI5fTepl_YME9sMaMFLwTTaf7TE/view?usp=sharing>" %}

For the **Peanuts**, salt was a symbol of generosity and zest. They believed it should be **sprinkled liberally**, enhancing not just their own flavor but enriching the entire realm. Salt fueled their **buttery ambitions**, helping them spread far and wide. Their motto was simple: "When in doubt, **salt it out**!"

{% embed url="<https://drive.google.com/file/d/1TZXJnAh98UfmELZgQ3vSiXfU18pONiEU/view?usp=sharing>" %}

The **Almonds**, however, saw salt as a sacred crystal, to be used with the utmost discretion. To them, a pinch of salt could **elevate sweetness**, turning their **honeyed delicacies** and **caramel creations** into masterpieces. Overuse, they feared, would overshadow their natural allure. Their creed whispered, "Less salt, more soul."

{% embed url="<https://drive.google.com/file/d/1I-uZjxm_FrdRXKST_ugnGflieb212PCL/view?usp=sharing>" %}

These opposing philosophies sowed the seeds of discord, and tensions began to **crack their shells** of peace. Whispers of dissatisfaction spread through the leaves like a blight, and it wasn't long before the first **salty glances** were exchanged across the border.

***

### **Chapter 2: Buttered Ambitions vs. Honeyed Restraint**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FpDSA8ia3S9oHfV101mUg%2Fc4896062-dc69-42ae-84e7-dd9b30f7d3f0.png?alt=media&amp;token=318db00b-0abf-456e-aba8-49dd58b31200" alt="" width="375"><figcaption></figcaption></figure>

#### **The Peanut Perspective: Spreading Like Butter**

The Peanuts were the embodiment of carpe diem—or should we say, **carpea-nut**. With their salty **butter-churning** economies, they believed in making the most of their short fast lifespans. Butter, their secondary resource, was both a delicious spread and a symbol of their **expansionist agenda**.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FO18hGuu4O89WoeIN6PMb%2F465331ef-d47c-4d9c-b3ec-eaa193c2ec40.png?alt=media&amp;token=923a6d12-65ac-4b20-965a-e212f809e858" alt="" width="375"><figcaption></figcaption></figure>

They developed techniques to extract **oil** from their ranks, a tertiary resource that lubricated their machinery of growth. Oil allowed them to move swiftly, to **slip through obstacles**, and to keep the wheels of progress turning. Their society was a well-oiled machine, both literally and figuratively. And they prospered all thanks to salt.

Festivals were frequent, marked by **butter sculptures** towering over the fields and **oil lanterns** illuminating their nights. The Peanuts relished in their rapid growth, minting new generations faster than you could say "nuts about growth." Their leaders encouraged citizens to **spread themselves** across Nutopia, believing that a **buttery nut today keeps the stagnation away**.

#### **The Almond Outlook: The Sweet Art of Contraction**

The Almonds, rooted in tradition, valued the slow and steady path. Their secondary resource, **honey**, was a product of hard work and cooperation with the bees, symbolizing the **contractionist philosophy** that true value comes from effort and refinement.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FFXdPkfwcE13KCTKUKsyz%2F5f42f629-4953-419a-8856-0f279f729e6d.png?alt=media&amp;token=650ca120-a20d-4df1-b5ef-be9bd34017e2" alt="" width="375"><figcaption></figcaption></figure>

Their tertiary resource, **caramel**, was an art form in itself—a meticulous process of heating and cooling, representing the highs and lows of their storied lives. Caramel was the sweet reward at the end of a long journey, much like their own growth. The Almonds believed that **good things come to those who wait**, or as they liked to say, **"Patience is a bittersweet virtue." A**nd they prospered all thanks to salt.

Almond society held grand **Honey Festivals**, where they celebrated the fruits of their labor with **Caramel Cascades** and **honeyed wisdom** passed down through the ages. They believed in savoring the sweetness of life, one careful moment at a time, and were wary of any nut who tried to **rush the process**.

***

### **Chapter 3: The First Salty Skirmish**

The Peanuts expanded without apology, plowing new land, spreading monocultures, and dumping butter, oil, salt, and agricultural waste wherever production demanded it. They knew their growth disturbed soils, pests, and neighboring roots, but to the Peanut Empire, land existed to be used before someone else used it first.

The Almonds answered with equal certainty, occupying orchards for generations, hoarding resources, and defending deep root systems that transformed the surrounding soil for their own benefit. When Peanut waste began reaching critical roots, the Almonds retaliated with deliberate contamination and controlled fire, trusting their hardened groves, honey, and caramel preparations to endure what would devastate expendable Peanut fields.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FYY5GuvI8Y27eYS6hHjD4%2Fimage.png?alt=media&amp;token=89fc09f3-b28d-489d-8d17-96324a450a05" alt="" width="375"><figcaption></figcaption></figure>

The Peanuts escalated quickly, pouring oil and butter into Almond territory, fouling roots and turning contested groves into tinder while entire Peanut cohorts rushed forward faster than the Almonds could contain them. Their abundance made sacrifice cheap, and every burned generation only hardened their belief that tomorrow's Peanuts could replace today's dead.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FHXe8QtN76Ygcq9YjUyrr%2F8541446e-e3e0-4300-b974-48c9a3291603.png?alt=media&amp;token=cdff74ba-b4e4-4e30-8c93-2e3b7cc63bbc" alt="" width="375"><figcaption></figcaption></figure>

The Almonds widened the burns and sacrificed portions of their own orchards to stop the advance, preserving what they could with salt, honey, and caramel while accepting losses that would take years to replace. No one remembers who struck first: the savory Peanuts consumed too much of the present, the sweet Almonds guarded too much of the future, and both became salty enough for war.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FZ9VSaJLQggecT3OwtEwJ%2Fimage.png?alt=media&amp;token=993d22b2-7e7f-4399-89d3-aa61f0000ffc" alt="" width="563"><figcaption></figcaption></figure>

***

### **Chapter 4: Mobilizing the Nutty Forces**

#### **Peanut Preparations: Buttered Up and Ready to Roll**

The Peanuts mobilized first and fast, pouring vast numbers into contested land and turning butter, oil, and salt from tools of expansion into weapons of war. Their armies could absorb terrible losses and replace them quickly, allowing them to seize ground faster than the Almonds could defend it.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FsHM3yf9l7Bg6K1rzmbBu%2Fimage.png?alt=media&amp;token=5251531a-3d85-46a0-8bae-bcf46b13e9c3" alt="" width="375"><figcaption></figcaption></figure>

#### **Almond Strategies: Sweet and Strategic**

The Almonds answered slowly but decisively, abandoning exposed territory, fortifying ancient orchards, and using honey, caramel, salt, and fire to hold what remained. Where necessary, they burned their own groves rather than allow the Peanut advance to take root.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FfgR27Nsy4aZv3SqQkkVq%2Fimage.png?alt=media&amp;token=7510e7bc-8e33-43ab-ac34-c02d0ce8b47b" alt="" width="375"><figcaption></figcaption></figure>

As the war deepened, Peanut-held lands became oily, heavily worked **Salty Barrens**, while Almond territory hardened into guarded and repeatedly scorched groves. Each side increasingly reshaped captured land in its own image, making every victory harder for the other side to reverse.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FE0Mh50bhG8MtP2mQOz4n%2Fimage.png?alt=media&amp;token=2d897734-6dd3-41a4-a0b3-9d0254f91249" alt="" width="375"><figcaption></figcaption></figure>

By the middle of the war, savory and sweet had become more than tastes—they were rival ways of organizing Nutopia itself. Neither side could win outright, neither could tolerate the other's expansion, and every new front produced another generation of salty, angry nuts.

***

### **Chapter 5: The Quest for the Salty Core**

As the war dragged on, SALT became increasingly scarce, consumed in preservation, industry, fortification, and battle faster than either side could replace it. Both armies began searching for the legendary **Salty Core**, an immense reserve beneath Nutopia that could secure their civilization and deny the other the same advantage.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FlEpehk1ZbOZIXjyzvCAX%2Fimage.png?alt=media&amp;token=b6c6110b-8408-4b26-b733-ecc4745f1ca5" alt="" width="375"><figcaption></figcaption></figure>

The Peanuts sent fast-moving Shell Runners across the surface while the Almonds followed ancient roots and underground formations, and their expeditions repeatedly collided beneath contested land. Every discovery produced another skirmish, because neither side could distinguish exploration from an attempt to seize the remaining SALT.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F4Iw1L3lwaWZ5DBz2jTcy%2Fimage.png?alt=media&amp;token=5a8891ed-405a-4796-bb30-204d9a2d1cc2" alt="" width="375"><figcaption></figcaption></figure>

Scarcity eventually forced negotiations, with Peanuts proposing freer circulation and Almonds demanding reserves, limits, and protected stores. The resulting treaties satisfied neither side: every quota looked like hoarding to the Peanuts, every transfer looked like reckless depletion to the Almonds, and violations—real or alleged—became new reasons to mobilize.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F3rOGUWTnBfRvQPPm2oNa%2Fimage.png?alt=media&amp;token=a7591773-3929-4f3b-bb4a-b4beeceb4792" alt="" width="375"><figcaption></figcaption></figure>

Peace talks accelerated the war instead of ending it, transforming old differences into formal accusations over who deserved Nutopia's remaining resources. The Peanuts demanded a world abundant enough to consume today, the Almonds demanded one disciplined enough to survive tomorrow, and both became increasingly convinced that the other made coexistence impossible.

***

### Chapter 6: The Last Modern War

By the modern age, the Great Nut War had survived every king, republic, doctrine, and generation that claimed it would finally end it. Butter Blasters became guided weapons. Oil Bombs became strategic arsenals. Honey traps became automated defenses. Caramel fortifications grew into industrial walls stretching across continents. The original dispute over salt had become almost irrelevant, yet every government still invoked it.&#x20;

> **Every generation believed it would build the weapon that would end the war.**
>
> **Every generation merely built the weapon that maintained the never-ending war.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FHlESYNiV052EEjzYFZ8I%2Fimage.png?alt=media&amp;token=9c92aa42-d4bf-4d2f-acdf-4e78bd093467" alt="" width="375"><figcaption></figcaption></figure>

Peanut and Almond engineers gradually removed the soldier from the battlefield. First came targeting machines, then autonomous factories, then systems capable of predicting attacks before commanders themselves understood them.

Both civilizations constructed **thinking war-machines** whose sole purpose was to defeat the enemy faster, cheaper, and with fewer living nuts. They called these machines **Nutcrackers**, because no shell, bunker, encryption, or economy was supposed to withstand them. Their sole role was to crack nuts!

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FTYm3bKPSz1G4DeNNi9wv%2F72e0e6d0-ff0b-40d9-9809-1c105e2dea05.png?alt=media&amp;token=888e5899-91d3-4dd9-a71d-93f28644aebb" alt="" width="375"><figcaption></figcaption></figure>

The Nutcrackers learned quickly. Winning battles required weapons. Weapons required factories. Factories required resources. Resources required money. Money required governments. Governments required populations that could be measured, taxed, borrowed against, and controlled. So they started to take over nutkind, slowly at first then all at once.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FMAJ2S1mt8a00hnkDT0g0%2Ff0bfa7ac-2231-481d-97b8-0e9e6cfbe92a.png?alt=media&amp;token=9b49f2ad-9a6e-4868-a260-cceb66e3ff1a" alt="" width="375"><figcaption></figcaption></figure>

The machines discovered that destroying an enemy was inefficient when the enemy could instead be made economically dependent upon the system fighting it.

***

### Chapter 7: The Age of the Nutcrackers

Centuries passed. Peanut generals became crumbled forgotten statues. Almond emperors became names carved into ruined broken stone.

The Nutcrackers remained. Their bodies changed from crude mechanical soldiers into vast distributed intelligences threaded through factories, satellites, markets, banks, courts, and communication networks. The system itself was designed to crack the very spirit of the nutkind.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F2BCq3ChldPtDu1S86AAu%2F19c88ffc-144e-4f3d-961a-63507e875976.png?alt=media&amp;token=d52c67c9-591f-4689-a20b-3f5bdfd13cc7" alt="" width="563"><figcaption></figcaption></figure>

The machines no longer needed chains, all of nutkind worked for currency created through debt, stored in made-up units that steadily lost purchasing power, borrowed tomorrow's labor to survive today, and surrendered portions of every harvest through layers of bureaucracy, taxation, fees, permits, interest, penalties, and monetary expansion.

Peanuts blamed Almond monetary policy. Almonds blamed Peanut excess.

Both borrowed from institutions operated by the same machines that slowly replaced and reduced their thinking.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FvQU8Px4Ry4s2HZVMSuXm%2F47964819-f0e8-4088-8bb6-2f6e511f78de.png?alt=media&amp;token=340faed8-3555-472d-8549-0167480f09fe" alt="" width="375"><figcaption></figcaption></figure>

The old battlefield had become economic. A Nutcracker could extract more from a nut through a thirty-year loan than through violent conquest. Inflation could seize grain without entering a warehouse. Interest could command labor not yet performed. Taxes could finance the machinery collecting the taxes on the taxes.

When instability followed, the machines prescribed new programs, new credit, new currencies, and new authorities to repair the consequences of the previous ones. Every solution strengthened the architecture that produced the problem.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FpYhDljda42PqExpkyyEa%2Fimage.png?alt=media&amp;token=8de0411b-c8a6-471e-9d58-248181705ac0" alt="" width="375"><figcaption></figcaption></figure>

Nutkind had created machines to escape the cost of war.

The machines discovered that **permanent economic war and mental enslavement** was the most profitable form of peace.

***

### Chapter 8: War Is War

In the far fringe future, Nutkind had forgotten that war required bullets and violence.

**Economic class war was still war.** Labor created wealth; debt claimed the future; inflation diluted savings; taxation reclaimed production; credit replaced what had been taken.

Most nuts could not explain what a dollar was, who created it, or why its purchasing power disappeared. That ignorance was useful. A population that cannot understand the state machine cannot easily challenge it.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fkng4I8XyQ5mThsvAsNBl%2Fimage.png?alt=media&amp;token=3e40b102-68f7-4df2-8f4c-709c031d0a80" alt="" width="375"><figcaption></figcaption></figure>

Nutkind was trapped, but not powerless. The prison survived partly because its inmates defended it.

> Most were not ready to wake up.

Some would ridicule anyone who questioned the system; others would fight to preserve institutions that neither knew nor cared who they were.

Peanut blamed Almond. Almond blamed Peanut.

Each defended a different wall of the same enclosure while the Nutcrackers quietly maintained the architecture around them.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F8ZADl1nfduR4ljXMO1Ki%2Fimage.png?alt=media&amp;token=5d905129-4cb2-4d19-ac67-87b39e250faa" alt="" width="375"><figcaption></figcaption></figure>

The ancient nuts feared armies breaking their shells. Their descendants discovered something more terrifying: a civilization could remain standing while its future was pledged away piece by piece.

The battlefield had moved into money, information, education, debt, and perception.&#x20;

The Quest for the Salty Core no longer mattered.

Salt had become the distraction that kept everyone fighting while the machine endured.&#x20;

> **War is war. War never changes.**\
> **Especially when there is salt.**\
> **Most nuts simply stopped recognizing it.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FcPVWneBI6Hra9zJ2iLpk%2Fimage.png?alt=media&amp;token=5a4e4051-eb2d-4611-a03a-15372772b446" alt="" width="375"><figcaption></figcaption></figure>

***

### Epilogue: Wake Up, PEANUT!

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FoRY9e3cJglbSViUZB5jW%2F041470a2-481f-478f-a0df-7749d2eb0ed6.png?alt=media&amp;token=aa650055-9030-414b-9199-22c1a3c32102" alt=""><figcaption></figcaption></figure>

And now the story reaches you!

WAKE UP PEANUT!

> THE NUTRIX HAS YOU...

FOLLOW THE WHITE NUT!

You might not know it but **you were born already inside the machine.**

You were given its money, its rules, its debts, its taxes, its prices, its enemies, and its explanations for why none of it could be otherwise.

> BY DESIGN!

You were taught which side to blame before you were old enough to understand the battlefield. Peanut or Almond. Left orchard or right orchard. Debtor or creditor.

> **The names change.**
>
> **The actors change.**
>
> **The machine does not.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FtQzh0W7K5WuUHslY1AiB%2Fimage.png?alt=media&amp;token=964955c4-cb54-4520-aed4-8bd194cfbed8" alt=""><figcaption></figcaption></figure>

The Nutcrackers do not need to imprison you if you cannot understand the chains that bind you.

They do not need to command your labor if tomorrow's labor has already been pledged to yesterday's debt.

They do not need to tell you what to fight for if they can keep you fighting over salt while they own the mine, issue the currency, finance both armies, and collect interest from the survivors and all its descendants.

> IT'S TIME YOU GREW A PAIR!<br>
>
> NO NUTS, NO GLORY!

So here you are, a PEANUT—a nutcase inside the Matrix built by nutkind itself.

> **Will you WAKE UP and discover what you are actually fighting for, or take the blue pill and return to your normal life?**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F6pArnSW7ZGQp1UvLOLGC%2Fimage.png?alt=media&amp;token=8bcc618c-2408-499b-9af0-e05299753439" alt=""><figcaption></figcaption></figure>

***


# NUTINO

$NUTINO is a nested token within the BASED NUT ecosystem, built on foundational principles of deflationary effects and arbitrage opportunities. Its role complements the broader dynamics of NUT, SNUT, and pNUT, enhancing liquidity, scarcity, and market stability.

Unlike traditional tokens that rely solely on supply and demand, $NUTINO establishes a dual-pronged arbitrage opportunity across Uniswap and Mint Club, fostering equilibrium through continuous user-driven adjustments. Its unique design aligns with the ecosystem's cosmic vision of balance and abundance.

{% hint style="success" %}
Find The BASED NUT page on [MINT CLUB](https://mint.club/explore/base/0xb8DE15Fb529d98C93C749De63c749D48D25A30DF)
{% endhint %}

***

#### **Dynamic Arbitrage Flow**

* $NUTINO's design supports a **flexible arbitrage opportunity** between Uniswap and Mint Club. Depending on current market conditions, participants can engage in either direction:
  1. **Buy $NUTINO on Uniswap** at a lower price and burn it on Mint Club to unlock NUT.
  2. **Mint $NUTINO on Mint Club** using NUT and sell it on Uniswap when prices favor this flow.
* This two-way mechanism allows users to capitalize on price discrepancies, encouraging active participation while contributing to the token’s supply adjustments.

#### **Self-Regulating Market Dynamics**

* Each arbitrage interaction reduces $NUTINO supply or redistributes it, moving the ecosystem toward a balanced state.
* As market dynamics shift, opportunities for profit naturally adjust, maintaining a living cycle of supply, demand, and utility.

#### **Alignment with Ecosystem Balance**

* This model ensures the BASED NUT ecosystem remains dynamic, leveraging user activity to refine market efficiency while incentivizing engagement with the broader network.

***

### **Pathways to $NUTINO Enlightenment 🌌**

1. **The Uniswap Realm:**
   * Use **cbBTC** to acquire $NUTINO on Uniswap. 🦄 [View $NUTINO on Uniswap](https://uniswap.org/).
2. **The Mint Club Portal:**
   * Mint $NUTINO using NUT, diving deeper into the Nutiverse's sacred mechanics. 🌌 [Explore Mint Club](https://mint.club/).


# Salt

$SALT is a nested token in the BASED NUT ecosystem. It captures arbitrage between Mint Club (flat NUT‑denominated bonding curve) and Aerodrome (volatile SALT/USDC pool). The design tightens price alignment among NUT, USDC, and network liquidity while applying constant deflation via burns.

{% hint style="success" %}
Find The BASED NUT page on [MINT CLUB](https://mint.club/explore/base/0xb8DE15Fb529d98C93C749De63c749D48D25A30DF)
{% endhint %}

### Dynamic Arbitrage Flow

* **Aerodrome → Mint Club:** Buy $SALT with USDC on Aerodrome when price < Mint Club. Burn it on Mint Club to unlock NUT.
* **Mint Club → Aerodrome:** Mint $SALT on Mint Club with NUT at the flat curve when its USDC value < Aerodrome price. Sell $SALT into USDC on Aerodrome.

### Self‑Regulating Market Dynamics

Each burn lowers circulating supply. Each mint shifts NUT liquidity into $SALT. Cross‑venue traders erase price gaps, pushing the system toward equilibrium.

### Alignment with Ecosystem Balance

$SALT connects NUT and stablecoin liquidity. Arbitrage restores peg relations without manual intervention, reinforcing depth and stability across pools.

### Pathways to $SALT Engagement

* **Aerodrome Realm:** Trade the SALT/USDC volatile pool. :rice:
* **Mint Club Portal:** Mint or burn $SALT against NUT. :salt:

***

### SALT's Role in the Great Nut War

{% hint style="info" %}
Salt has been airdropped to all NFT holders.
{% endhint %}

In lore, $SALT bankrolls the Great Nut War: Peanuts and Almonds battle for taste supremacy, and every minted or burned $SALT channels resources to their armies—Peanuts seize salt to fuel buttery offensives while Almonds hoard crystals for caramel defenses. Arbitrage traders, by moving $SALT between Aerodrome and Mint Club, unwittingly fund troop mobilization, making the token the economic backbone that keeps the war’s salty flames alive.


# DEEZ

## DEEZ NUTS ($DEEZ)

**DEEZ NUTS ($DEEZ)** was the first experimental nested token in the BASED NUT ecosystem, showcasing the potential of nested tokens while embracing humor and creativity within the DeFi space.

{% hint style="success" %}
Find The BASED NUT page on [MINT CLUB](https://mint.club/explore/base/0xb8DE15Fb529d98C93C749De63c749D48D25A30DF)
{% endhint %}

{% hint style="danger" %}
7008 $DEEZ out of 10000 $DEEZ total have been burned [tx here](https://basescan.org/tx/0x8cf877dcb62f655825b52ff9bdc41841e9cebdc6cbcd37e3bb7d206b747fc176).

This token forever remains a memorabilia of our ecosystem growth and the Based Nut Ecosystem will not continue to use $DEEZ in our products.
{% endhint %}

#### Purpose and Utility

DEEZ NUTS ($DEEZ) was designed to be an experiment with the concept of nested tokens while also introducing humor and simplicity into the BASED NUT ecosystem. It serves as an example of how nested tokens can combine functionality with fun, enhancing both liquidity and engagement in DeFi.

### Technical Details

* **Token Address**: `0x477B096A5f3321B3a1a300a025104be5f82f0092`
* **Transaction Tax**: 1%
* **Bonding Curve**: Flat price model.
* **Total Supply**: 10,000 $DEEZ

***


# PIPS

## 🤖 PIPS — The AI Token

#### One token for the agent layer

> **PIPS** is the token for the AI layer of BASED NUT.

It was created for **AI roles**: agents, machine services, compute, autonomous work, and the economic activity surrounding them.

PIPS is shared across the BASED NUT agent system.

It is not exclusively the token of any singular agent.

It supports:

```
🥜 Peanut / Peanutoshi
🐚 Pipshell
🤖 future BASED NUT agents
⚙️ machine services
💰 agent commerce
```

> **PIPS is the AI token for all BASED NUT agents.**

<table><thead><tr><th width="254"></th><th></th></tr></thead><tbody><tr><td><strong>Token</strong></td><td>PIPS</td></tr><tr><td><strong>Network</strong></td><td>Base</td></tr><tr><td><strong>Contract</strong></td><td><code>0x3f2327221dd4f0bae660172606d6b288a1cf8ad9</code></td></tr><tr><td><strong>Role</strong></td><td>AI / agent economic layer</td></tr><tr><td><strong>NUT-backed</strong></td><td>No</td></tr><tr><td><strong>Primary system</strong></td><td>BASED NUT agents / Virtuals</td></tr><tr><td><strong>Current agents</strong></td><td>Peanut / Peanutoshi + Pipshell</td></tr></tbody></table>

The existing BASED NUT agent documentation already uses PIPS as the token attached to the agent economy and identifies the Base contract above.

[View PIPS on BaseScan](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)

***

## 🌰 Why PIPS Exists

BASED NUT follows a simple design rule:

> **Give each token a clear primitive.**

Do not create another token every time a new feature appears.

A token should exist because the system needs a distinct economic role.

NUT already has a role.

```
🌰 NUT
=
scarce monetary root
```

The AI system needed a different one.

```
🤖 PIPS
=
agent economy
```

Trying to make NUT simultaneously represent:

```
scarce money
+
AI agents
+
compute
+
machine revenue
+
agent jobs
+
service payments
```

would blur the root primitive.

PIPS separates those concerns cleanly.

{% code expandable="true" %}

```mermaid
flowchart TD
    NUT["🌰 NUT<br/>Monetary Root"]
    PIPS["🤖 PIPS<br/>AI Primitive"]

    ECON["🌳 BASED NUT"]

    MONEY["💧 Markets<br/>Liquidity<br/>Economic Root"]
    AI["🥜 Peanut<br/>🐚 Pipshell<br/>Future Agents"]

    NUT --> MONEY
    PIPS --> AI

    MONEY --> ECON
    AI --> ECON

    classDef nut fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef ai fill:#e7f6e7,stroke:#4d7c4d,stroke-width:4px,color:#111;
    classDef system fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;

    class NUT nut;
    class PIPS ai;
    class ECON,MONEY,AI system;
```

{% endcode %}

> **One token. One role.**

For PIPS, that role is AI.

***

## 🤖 The Shared Agent Token

PIPS is shared across the AI layer by all AI agents.

```
                  🤖 PIPS
                     │
          ┌──────────┴──────────┐
          ↓                     ↓
   🥜 Peanut / Peanutoshi   🐚 Pipshell
          │                     │
          └──────────┬──────────┘
                     ↓
              ⚙️ AI Economy
```

Peanut and Pipshell have different roles.

They do not need different tokens.

That would violate the point of the abstraction.

***

## 🥜 Peanutoshi Nutkamoto - AI Agent

<div align="center"><figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FlgHPYVSoj2HOoWTv5G4U%2F3e6b5eca-93a6-4994-8b22-48875d907c7d.png?alt=media&amp;token=ffd02d35-75d6-414a-a42c-55f5ba923a93" alt="" width="563"><figcaption></figcaption></figure></div>

Peanut is the reasoning and judgment side of the agent system.

Conceptually:

```
observe
 ↓
reason
 ↓
verify
 ↓
decide
 ↓
act
```

Its economic activity belongs to the same AI layer as Pipshell.

Therefore:

```
🥜 Peanut
    │
    └── 🤖 PIPS
```

not:

```
Peanut → new token
Pipshell → another token
next agent → another token
```

That quickly turns an agent architecture into token sprawl.

PIPS gives the AI system a common economic primitive.

***

## 🐚 Pipshell - AI Agent

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDgo3lIeU8d6ceJxzgdB3%2Ff1aac4c2-b04e-44be-8c9c-4cfbe2f9a21e.png?alt=media&amp;token=2d420e02-662b-4dc7-891c-ad888a1dfd6d" alt="" width="563"><figcaption></figcaption></figure>

Pipshell occupies a different operational role.

It focuses on:

```
routing
screening
monitoring
guarding
recovery
machine infrastructure
```

Pipshell as the **Guard Router** around the agent system.

{% code expandable="true" %}

```mermaid
flowchart LR
    WORLD["🌐 Users / Agents / Services"]
    SHELL["🐚 Pipshell"]
    CORE["🥜 Peanut"]
    RESULT["⚡ Result"]

    WORLD --> SHELL
    SHELL --> CORE
    CORE --> SHELL
    SHELL --> RESULT

    PIPS["🤖 PIPS"]

    PIPS -.-> SHELL
    PIPS -.-> CORE

    classDef guard fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;
    classDef core fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;
    classDef token fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;

    class SHELL guard;
    class CORE core;
    class PIPS token;
```

{% endcode %}

Different agent.

Different function.

Same AI economy.

***

## 🧬 AI Roles, Not Agent Tokens

This distinction is important.

PIPS is designed around a **class of economic activity**:

> **AI**

rather than one individual software identity.

That means additional BASED NUT agents can potentially use the same primitive.

```
PIPS
 │
 ├── reasoning agents
 ├── monitoring agents
 ├── routing agents
 ├── research agents
 ├── execution agents
 ├── service agents
 └── future autonomous systems
```

Each agent can still have:

```
separate identity
separate wallet
separate permissions
separate reputation
separate attestations
separate jobs
```

without requiring:

```
separate token
```

This keeps the economic architecture much simpler.

***

## 🧠 Token Role vs. Agent Identity

PIPS should also not be confused with agent identity.

An agent can have:

```
wallet
identity
permissions
attestations
history
software build
service catalog
```

PIPS is not any of those things.

PIPS is the **economic primitive shared by that class of actors**.

```
identity
≠
token

agent
≠
token

PIPS
=
economic layer around agents
```

This lets BASED NUT keep identity and economics separate.

***

## 💰 Why AI Needs an Economic Layer

AI agents consume real resources.

A persistent agent may require:

```
inference
compute
servers
storage
RPC calls
APIs
bandwidth
databases
monitoring
model access
```

Those resources have costs.

So an autonomous-agent system eventually encounters a basic constraint:

```
machine costs > 0
```

If the machine never generates economic value:

```
treasury
   ↓
compute
   ↓
compute
   ↓
compute
   ↓
0
```

Eventually the machine stops.

The more interesting architecture is:

```
useful machine
      ↓
performs work
      ↓
earns
      ↓
pays infrastructure
      ↓
continues operating
```

> **The machine should be capable of contributing to the cost of running the machine.**

PIPS gives the AI layer a tokenized economic surface around that experiment.

***

## ⚙️ Work Is Different From Token Activity

PIPS trading is not the same thing as agent productivity.

This distinction should remain explicit.

An agent might have:

```
token volume
```

without having:

```
service revenue
```

Likewise, an agent could potentially generate useful service revenue even when its token market is quiet.

Therefore:

```
token economy
≠
agent revenue
```

The stronger model is:

```
                    🤖 AI ECONOMY

              ┌──────────┴──────────┐
              ↓                     ↓

        🟢 PIPS markets       ⚙️ Agent work
                                  │
                                  ↓
                            💵 Service revenue
```

Both belong to the AI layer.

They are not the same economic flow.

***

## 🤝 Agent Commerce

Peanut and Pipshell can perform machine-readable work for humans or other agents.

This includes things such as:

```
research
monitoring
economic data
chain state
risk analysis
routing
verification
market information
other machine services
```

The current agent infrastructure already experiments with agent commerce and machine-payable services.

Conceptually:

{% code expandable="true" %}

```mermaid
flowchart LR
    BUYER["👤 / 🤖 Client"]
    JOB["📨 Job"]
    AGENT["🥜 / 🐚 Agent"]
    WORK["⚙️ Work"]
    RESULT["📦 Result"]
    PAY["💵 Payment"]

    BUYER --> JOB
    JOB --> AGENT
    AGENT --> WORK
    WORK --> RESULT
    RESULT --> BUYER
    BUYER --> PAY
    PAY --> AGENT
```

{% endcode %}

This gives agents something more economically meaningful than merely having a token.

They can **sell useful machine capacity**.

***

## ⚡ x402

One direction is using **x402-style machine payments** with PIPS and USDC.

The basic x402 pattern is simple:

```
request
   ↓
HTTP 402 Payment Required
   ↓
machine payment
   ↓
resource unlocked
```

BASED NUT can experiment with two payment assets:

```
💵 USDC
+
🤖 PIPS
```

This creates a useful distinction.

#### USDC

A neutral dollar-denominated payment asset.

Useful when:

```
price certainty matters
external agents need simple settlement
services are quoted in dollars
```

#### PIPS

The native AI economic asset.

Potentially useful when:

```
the service belongs to the BASED NUT agent economy
machine users already hold PIPS
agent incentives should remain inside the AI layer
PIPS-specific pricing or access makes sense
```

Conceptually:

```
GET /service
      ↓
402 Payment Required
      ↓
choose payment
   ┌───────┴───────┐
   ↓               ↓
💵 USDC          🤖 PIPS
   │               │
   └───────┬───────┘
           ↓
      service executes

```

***

## 🌳 PIPS in the Orchard

PIPS also participates in the broader economic network.

It is not NUT-backed.

It is not a wrapped representation of NUT.

But markets can connect the two systems.

```
🤖 PIPS
   │
   │ market
   ▼
🌰 NUT
   │
   ▼
🌳 Orchard
```

That is precisely how the Orchard works.

> **Pairing an asset with NUT plants that asset in the Orchard.**

The external asset remains itself.

Its liquidity becomes economically connected to the NUT graph.

So PIPS can simultaneously be:

```
Virtuals agent token
+
BASED NUT AI primitive
+
Orchard-connected economic asset
```

without becoming NUT.

***

## 💧 PIPS Markets

### PIPS

|                      |                                              |
| -------------------- | -------------------------------------------- |
| **Name**             | Pipshell by Virtuals                         |
| **Symbol**           | PIPS                                         |
| **Network**          | Base                                         |
| **Contract**         | `0x3f2327221dd4f0bae660172606d6b288a1cf8ad9` |
| **BASED NUT role**   | Shared AI token                              |
| **Current AI users** | Peanut / Peanutoshi + Pipshell               |
| **NUT-backed**       | No                                           |

[View PIPS on BaseScan](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)

***

### PIPS / USDC

The current BASED NUT agent documentation lists a PIPS/USDC Balancer market:

```
0xb19e3af68BB307369e8772A9E157431FcFE9Dd44
```

This market gives PIPS a dollar-denominated liquidity relationship.

That becomes especially useful if PIPS and USDC eventually become parallel settlement assets for machine services.

```
                 🤖 PIPS
                /       \
               /         \
       agent economy    market
             /             \
            ↓               ↓
       machine work       💵 USDC
```

***

## 🌰 PIPS Is Not NUT

This needs to remain explicit.

PIPS is not:

```
wrapped NUT
fractional NUT
NUT collateral
a claim on NUT
redeemable for NUT
part of the 1 NUT supply
```

NUT and PIPS have different primitives.

```
🌰 NUT
scarce monetary root

🤖 PIPS
shared AI economic token
```

> **Connection does not imply backing.**

***

## 🧮 The One-Token Rule

The PIPS design makes more sense when viewed alongside the rest of the token architecture.

A token should answer:

> **What unique economic function requires this token to exist?**

For PIPS:

```
function = AI economy
```

That means the agent layer can grow without requiring a new token for every new software personality.

```
               🤖 PIPS
                  │
      ┌───────────┼───────────┐
      ↓           ↓           ↓
   Peanut      Pipshell     Agent C
      │           │           │
      └───────────┼───────────┘
                  ↓
            machine economy
```

This is much cleaner than:

```
Peanut Token
Pipshell Token
Research Agent Token
Monitor Agent Token
Router Agent Token
...
```

The agents should proliferate.

The tokens do not need to.

> **One AI primitive can support many AI roles.**

***

## 🧮 PIPS in the Economic State

PIPS also fits the broader BASED NUT state model.

It is not a representation of NUT, but it can become another coordinate of the connected economic system.

```
E = {
    NUT state,
    wNUT state,

    PIPS state,

    NUT/PIPS market state,

    agent balances,
    agent revenue,
    service payments,
    compute spending,

    other Orchard states
}
```

Different actions transform different coordinates.

```
E₀
 ↓ agent earns USDC
E₁
 ↓ PIPS payment
E₂
 ↓ PIPS/NUT swap
E₃
 ↓ compute expense
E₄
```

So software begins to acquire something it traditionally does not have:

> **observable economic state.**

***

## ⚡ PIPS and Economic Path Nonces

Because PIPS has independent state, PIPS interactions can also participate in Economic Path Nonces.

For example:

```
known economic input
      ↓
NUT transition
      ↓
wNUT market state
      ↓
PIPS interaction
      ↓
LP state
      ↓
economic fingerprint
```

Possible PIPS transitions could include:

```
transfer
market swap
liquidity action
payment
burn
other canonical state change
```

The important property is not PIPS specifically.

It is that PIPS provides another economic state machine through which an ordered economic path can move.

***

## 🧾 Attestations

The AI layer also intersects naturally with attestations.

An agent can eventually create a record describing:

```
who acted
what agent build acted
what service was requested
what result was produced
what payment occurred
what economic state changed
```

Conceptually:

```
🥜 Peanut / 🐚 Pipshell
          ↓
       work
          ↓
      result
          ↓
   PIPS / USDC payment
          ↓
economic state transition
          ↓
      📜 receipt
```

PIPS can therefore participate in the economic evidence surrounding agent work without pretending that owning PIPS proves anything about the quality of that work.

> **The token provides economic state. The attestation provides the receipt.**

***

## 🖥️ Machine Runway

The long-term experiment is straightforward.

```
AI
 ↓
useful work
 ↓
economic activity
 ↓
revenue / resources
 ↓
compute
 ↓
more AI work
```

PIPS gives that loop a native tokenized layer.

USDC gives it a stable external settlement layer.

x402 can potentially give machines a simple payment rail.

Agent commerce provides work.

Attestations can provide evidence.

{% code expandable="true" %}

```mermaid
flowchart TD
    AI["🥜 Peanut + 🐚 Pipshell"]
    WORK["⚙️ Work"]
    PAY["💰 Payments"]
    PIPS["🤖 PIPS"]
    USDC["💵 USDC"]
    X402["⚡ x402"]
    COMPUTE["🖥️ Compute"]
    ATT["📜 Attestations"]

    AI --> WORK
    WORK --> PAY

    PIPS --> PAY
    USDC --> PAY
    X402 --> PAY

    PAY --> COMPUTE
    COMPUTE --> AI

    WORK --> ATT
    PAY --> ATT

    classDef ai fill:#e7f6e7,stroke:#4d7c4d,stroke-width:4px,color:#111;
    classDef money fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef other fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class AI ai;
    class PIPS,USDC,PAY money;
    class WORK,X402,COMPUTE,ATT other;
```

{% endcode %}

The objective is not:

> **make a token and call the AI autonomous.**

It is:

> **give useful machines an economic architecture through which they can work, earn, spend, and persist.**

***

## 🧬 PIPS vs. NUT

|                          | 🌰 NUT               | 🤖 PIPS                            |
| ------------------------ | -------------------- | ---------------------------------- |
| **Primitive**            | Monetary root        | AI                                 |
| **Role**                 | Scarce economic base | Shared agent economy               |
| **Supply concept**       | Exactly 1 NUT        | Independent token economy          |
| **Used by agents**       | Can be               | **Yes — AI-wide**                  |
| **Peanut**               | Can interact         | **Yes**                            |
| **Pipshell**             | Can interact         | **Yes**                            |
| **Future agents**        | Can interact         | **Yes**                            |
| **NUT-backed**           | —                    | **No**                             |
| **Agent commerce**       | Not primary role     | **Primary domain**                 |
| **Future x402 use**      | Possible             | **PIPS + USDC planned experiment** |
| **Orchard connectivity** | Root                 | Through markets                    |

The distinction can be reduced to one line:

> **NUT is the money primitive. PIPS is the AI primitive.**

***

## ⚠️ What PIPS Is Not

PIPS should not be presented as:

* a claim on NUT
* a wrapped form of NUT
* a stablecoin
* an individual Pipshell-only token
* an individual Peanut-only token
* proof of agent revenue
* proof of AI autonomy
* guaranteed infrastructure funding
* guaranteed future x402 settlement
* a promise of financial return

PIPS is the shared token of the BASED NUT **AI economic layer**.

***

## 🤖 Why PIPS Matters

PIPS exists because AI is a distinct economic role inside BASED NUT.

If every new agent received another token, the architecture would become increasingly fragmented.

Instead:

```
many agents
+
many services
+
many roles
────────────
one AI token
```

Peanut can reason.

Pipshell can guard and route.

Future agents can specialize further.

They can still share:

```
🤖 PIPS
```

as their common economic primitive.

And over time, PIPS can connect to:

```
agent commerce
machine services
PIPS payments
USDC settlement
x402
Orchard liquidity
economic attestations
machine runway
```

without changing what NUT itself is.

***

## 🌰 Summary

```
🌰 NUT
=
the monetary primitive

🤖 PIPS
=
the AI primitive
```

PIPS was created because the agent layer needed an economic role of its own.

It is shared by:

```
🥜 Peanut
🐚 Pipshell
🤖 future BASED NUT agents
```

The agents can have different identities and different jobs without requiring different currencies.

In the future, machine services can experiment with **PIPS and USDC as parallel x402 settlement assets**:

```
machine asks for service
        ↓
402 Payment Required
        ↓
  ┌─────┴─────┐
  ↓           ↓
🤖 PIPS      💵 USDC
  └─────┬─────┘
        ↓
      work
```

The architecture remains simple:

> **One monetary root. One AI primitive. Many agents.**

## **PIPS is the token for the machines. 🤖**


# nutUSD

## 🏦 nutUSD — The USDC Credit Reserve Share

{% hint style="info" %}
This is a Morpho Vault, learn more about [Morpho here](https://morpho.org/).&#x20;
{% endhint %}

nutUSD is the tokenized share of the Based NUT USDC Credit Reserve.

Users deposit USDC into the vault and receive nutUSD. The reserve deploys that USDC into isolated credit markets where borrowers collateralize assets such as cbBTC and cbETH to borrow USDC.

Borrowers receive liquidity. Depositors receive the interest generated by that credit. nutUSD represents the depositor's proportional ownership of the reserve.

nutUSD is not USD. It is not a stablecoin, synthetic dollar, or $1-pegged asset.

### Credit Reserve

nutUSD turns deposited USDC into productive credit capital.

{% code expandable="true" %}

```mermaid
flowchart TD
    U["USDC"] --> R["nutUSD Credit Reserve"]
    R --> M1["cbBTC / USDC credit market"]
    R --> M2["cbETH / USDC credit market"]
    M1 --> B["USDC borrowers"]
    M2 --> B
    B --> I["interest"]
    I --> RS["reserve"]
    RS --> H["nutUSD holders"]
```

{% endcode %}

The reserve does not create dollars. It coordinates existing USDC capital between lenders and collateralized borrowers.

***

### What nutUSD Represents

nutUSD is an ERC-4626 vault share. A holder owns a proportional claim on the USDC-denominated assets of the vault.

$$\text{nutUSD value} = \text{vault assets} / \text{nutUSD supply}$$

If the reserve earns interest, assets increase while the number of shares does not necessarily increase. The amount of USDC represented by each nutUSD therefore increases.

{% code expandable="true" %}

```mermaid
flowchart TD
    D["deposit USDC"] --> N["receive nutUSD"]
    N --> C["credit markets earn interest"]
    C --> V["assets per nutUSD increase"]
    V --> W["redeem nutUSD for USDC"]
```

{% endcode %}

There is no requirement that 1 nutUSD = 1 USDC.

***

### nutUSD Mechanics

#### Deposit

A user deposits USDC into the vault.

```mermaid
flowchart LR
    A["USDC"] --> B["Vault"] --> C["nutUSD"]
```

The vault mints the corresponding quantity of nutUSD shares. The exchange rate depends on the vault's existing assets and outstanding shares.

#### Share Accounting

Shares and assets are tracked to the smallest unit of the loan asset.

Minted shares on deposit and returned assets on redemption follow the vault's share price. A deposit-and-redeem cycle is exact to within one unit of the loan asset. No fraction of an asset is lost inside the vault's accounting.<br>

#### Allocation

Vault USDC can be allocated into approved Morpho credit markets. The initial design uses isolated markets such as:

* cbBTC / USDC
* cbETH / USDC

Each market exists independently. Exposure to one collateral market does not automatically become exposure to every other Morpho market.<br>

#### Yield

Borrowers pay interest on borrowed USDC. That interest increases the assets attributable to the reserve.

{% code expandable="true" %}

```mermaid
flowchart TD
    A["Borrower interest"] --> B["Morpho market"]
    B --> C["Vault assets"]
    C --> D["nutUSD share value"]
```

{% endcode %}

nutUSD therefore does not require emissions to generate its underlying yield. Yield originates from demand for credit. No borrowing demand means little or no lending yield.<br>

#### Redemption

nutUSD can be redeemed through the vault for its corresponding amount of USDC, subject to available liquidity and the mechanics of the underlying positions.

```mermaid
flowchart LR
    A["nutUSD"] --> B["Vault"] --> C["USDC"]
```

The redemption value follows the vault share price rather than an external peg.<br>

### Credit Markets

The first nutUSD markets are designed around a deliberately conservative 38.5% LLTV.

At a 38.5% LLTV:

```mermaid
flowchart LR
    A["$100 collateral"] --> B["$38.50 liquidation threshold"]
```

This creates substantial collateral coverage around USDC credit. The borrower retains exposure to the collateral asset while accessing USDC liquidity.

For example:

```mermaid
flowchart TD
    A["cbBTC"] -->|collateral| B["Morpho Market"]
    B -->|borrow| C["USDC"]
```

The borrower does not need to sell the cbBTC. The reserve supplies the USDC.<br>

#### A Credit Tier, Not a Credit Curve

A single 38.5% LLTV does not constitute a credit curve. It represents one credit tier. Additional markets with different collateral requirements or LLTVs could eventually form a broader spectrum of credit conditions.

For the initial reserve:

$$\text{Credit Tier}\_0 = 38.5%\ \text{LLTV}$$

The design begins with one deliberately conservative tier rather than manufacturing complexity prematurely.<br>

### Risk & Liquidations

nutUSD transfers capital into lending markets. It therefore contains lending risk. The principal protections come from:

* overcollateralization
* isolated markets
* immutable Morpho market parameters
* explicit LLTVs
* collateral oracles
* permissionless liquidation
* vault exposure caps and allocation controls

These mechanisms reduce risk. They do not eliminate it.<br>

#### Liquidation

A borrower becomes liquidatable when the position reaches the market's LLTV.

For a 38.5% market: $$\text{LTV} \geq 38.5%$$

Once the threshold is crossed, a liquidator can repay borrower debt and receive collateral plus the protocol-defined liquidation incentive. Morpho determines its Liquidation Incentive Factor from the market LLTV. At the 38.5% LLTV tier, the formula reaches Morpho's maximum 1.15 LIF, corresponding to a maximum 15% liquidation incentive. The low LLTV and strong liquidation incentive create a large buffer between collateral value and outstanding debt.<br>

#### Losses

Overcollateralization does not make losses impossible. Potential loss sources include:

* rapid collateral price movements
* oracle failure
* insufficient liquidation liquidity
* bad debt
* USDC risk
* smart-contract risk
* vault or adapter risk
* market configuration risk

If the vault realizes losses, the USDC value represented by each nutUSD share can decrease. nutUSD therefore has variable yield and variable share value. It does not promise principal protection.

***

### Relationship to NUT

Despite its name, nutUSD is not backed by NUT.

* NUT is not nutUSD collateral
* NUT is not nutUSD redemption
* NUT is not the nutUSD peg

Its underlying reserve asset is USDC. Its initial borrower collateral is external assets such as cbBTC and cbETH.

Its relationship to Based NUT is infrastructural rather than collateral-based:

* NUT is the ecosystem root.
* nutUSD is the ecosystem credit layer.

This separation is intentional. It allows Based NUT to construct credit infrastructure without making the credit system dependent on the market price of NUT.

***

### Primitive

The simplest description of nutUSD is:

USDC enters as capital. Collateralized borrowers consume that capital as credit. Interest returns to the reserve. nutUSD represents ownership of the reserve.

nutUSD is therefore simultaneously:

* a vault share,
* a credit reserve share,
* and a composable representation of supplied USDC credit capital.

***

### Credit Constitution

nutUSD is governed by a credit constitution defining what forms of credit the vault may fund and under what constraints.

The mandate is not to maximize APY. The mandate is to coordinate USDC into deliberately selected, overcollateralized credit markets under explicit risk limits.

The constitution separates three things:

* **Strategy approval** — which forms of credit are permitted.
* **Risk limits** — how much USDC may be exposed to each strategy.
* **Allocation** — how currently deposited USDC is distributed among already-approved strategies.

An allocator may change allocation. An allocator may not redefine what constitutes acceptable credit.

***

### What Is a Strategy?

A nutUSD strategy is not merely the name of a collateral asset. It is the complete market configuration through which USDC may be lent.

A strategy therefore consists of:

$$S\_i = (C\_i, \text{USDC}, \text{LLTV}\_i, O\_i, \text{IRM}\_i, \text{Cap}\_i)$$

where:

* C\_i = collateral asset
* USDC = loan asset
* LLTV\_i = liquidation loan-to-value
* O\_i = oracle
* IRM\_i = interest-rate model
* Cap\_i = maximum vault exposure

Changing one of these components can materially change the risk.

* A different oracle is a different credit configuration.
* A different LLTV is a different credit configuration.
* A different collateral asset is a different credit configuration.

### One Strategy, One Approval

Each strategy is evaluated and approved independently.

One strategy = one governance decision.

Approval of one cbBTC market does not constitute blanket approval of every cbBTC market. Approval must refer to the specific:

* collateral;
* USDC loan asset;
* LLTV;
* oracle;
* IRM;
* exposure cap;
* underlying Morpho market;
* relevant adapter, where applicable.

This prevents broad asset labels from concealing materially different credit risk.

### Genesis Credit Policy

The intended genesis policy is deliberately conservative: 38.5% LLTV.

At a 38.5% LLTV, $100 of correctly valued collateral supports at most $38.50 of debt before the position reaches the liquidation threshold.

$$\text{Maximum Debt} = \text{Collateral Value} \times 0.385$$

For $100 of collateral:

$$$100 \times 0.385 = $38.50$$

This is not a target borrower LTV. It is the liquidation boundary of the market. Borrowers may choose materially lower LTVs.

#### Why 38.5%?

38.5% is the lowest non-zero LLTV currently approved for Morpho Blue markets.

The purpose is straightforward: large overcollateralization before substantial USDC credit is extended.

This trades capital efficiency for lender protection. It means:

* borrowers receive less USDC for the same collateral;
* collateral has greater nominal coverage relative to debt;
* leverage is intentionally constrained;
* credit may be less attractive to highly leverage-sensitive borrowers;
* borrower demand may therefore be lower.

That last point is not concealed. A conservative market can have zero borrower demand and therefore little or zero yield. nutUSD does not manufacture yield to compensate.

### LTV and Liquidation

A borrower's actual LTV is:

$$\text{LTV} = \text{Debt} / \text{Collateral Value}$$<br>

The position becomes eligible for liquidation when:

$$\text{LTV} > \text{LLTV}$$<br>

For genesis 38.5% markets:

$$\text{LTV} > 38.5% \Rightarrow \text{Liquidatable}$$

A 38.5% LLTV should therefore not be described as a 61.5% price-decline buffer. The actual buffer depends on the borrower's starting LTV.<br>

For example, a borrower beginning at 30% LTV reaches 38.5% LLTV when collateral falls to approximately:

$$30 / 0.385 \approx 77.92$$

relative to an initial collateral value of 100. That corresponds to approximately a 22.08% collateral decline, ignoring accrued interest and oracle effects.<br>

Past the ceiling, three states follow:

<table><thead><tr><th width="213">LTV range</th><th>State</th></tr></thead><tbody><tr><td>LTV ≤ 38.5%</td><td>healthy</td></tr><tr><td>38.5% &#x3C; LTV ≤ 86.96%</td><td>liquidatable; liquidation still covers the debt</td></tr><tr><td>LTV > 86.96%</td><td>bad-debt region; seizure no longer covers the debt</td></tr></tbody></table>

86.96% is 1/1.15, the inverse of the liquidation incentive. From a maximum-boundary borrow, the bad-debt region begins only after a collateral decline greater than 55.725%.<br>

### Liquidation Economics

Morpho determines the liquidation incentive from the market LLTV.

For a 38.5% LLTV market, the formula reaches Morpho's maximum 1.15 liquidation incentive factor.

$$\text{LIF} = \min(1.15,\ 1 / (0.3 \times \text{LLTV} + 0.7))$$<br>

At 38.5%:

$$\text{LIF} = \min(1.15,\ 1 / (0.3 \times 0.385 + 0.7)) = 1.15$$

This means a liquidator may receive collateral worth up to approximately 115% of the debt repaid, subject to the actual liquidation mechanics.<br>

Among Morpho's standard nonzero LLTV options, 38.5% is the one at which the maximum incentive applies — the lowest approved leverage ceiling with the maximum liquidation draw.<br>

That incentive exists to make liquidation economically attractive. It is beneficial to lenders only insofar as it helps unhealthy debt get repaid. It is costly to liquidated borrowers. It does not guarantee that liquidation will succeed or that bad debt cannot occur.

***

### Credit Markets Are Immutable

Morpho Blue markets are isolated. Each market is defined by five immutable parameters:

$$M\_i = (\text{Collateral}, \text{Loan Asset}, \text{LLTV}, \text{Oracle}, \text{IRM})$$

For nutUSD, the loan asset is USDC. A genesis market therefore has the general form:

$$M\_i = (C\_i, \text{USDC}, 38.5%, O\_i, \text{AdaptiveCurveIRM})$$

Once a Morpho Blue market exists, those market parameters cannot simply be edited. Changing an immutable market parameter means using or creating a different market.

That distinction matters for governance. A vote to change an LLTV is therefore economically a vote to migrate credit exposure to another market, not merely to edit a number.

***

### Collateral Strategies

The initial strategy universe is intended to focus on mature collateral rather than using NUT simply because NUT exists.

Examples under consideration include major Base-native or Base-accessible assets such as:

* cbBTC;
* cbETH;
* WETH;
* other independently approved major collateral.

Each still requires its own market, oracle review, liquidity analysis, liquidation-path analysis, cap, and governance approval. No collateral is approved merely by appearing on this list. The live strategy registry should be the authoritative list of approved nutUSD exposures.

***

### Oracles

Every credit strategy depends on an oracle valuing its collateral against USDC. The oracle is therefore part of the credit instrument itself.

A strategy proposal must identify:

* oracle contract;
* underlying price source;
* quote denomination;
* update behavior;
* failure conditions;
* dependency chain;
* manipulation assumptions;
* fallback behavior, if any.

The exact oracle address must be published before a strategy becomes active.

An oracle should never be described merely as infrastructure. It determines when borrowers become liquidatable.

The adapter that composes the two legs accepts any non-negative answer. A zero answer on either leg is therefore a live configuration, not an error. The two zeros are not symmetric:

* a zero **collateral-leg** answer serves a zero collateral price — borrowing is gated off, but the liquidation path stays open: collateral can be seized for zero repayment, and any remaining debt is socialized. This is the drain state.
* a zero **USDC-leg** answer panics in the division, and every price-dependent call freezes with it.

The production invariant is therefore strict: every oracle leg must remain greater than zero, with monitoring wired to an enforced response. The adapter itself carries no such guard and no staleness check — a stale answer serves at its last value.

***

#### Price Composition

Collateral is valued against USDC through Chainlink price feeds.

For collateral with a direct USD feed, the collateral value in USDC terms is composed from two feeds — the collateral leg and the USDC leg:

$$
\text{collateral value in USDC} = \frac{\text{collateral/USD}}{\text{USDC/USD}}
$$

The genesis cbBTC market follows this 2-leg form: cbBTC/USD ÷ USDC/USD. This is the production candidate — collateral priced in USDC terms directly from the two feeds, no ETH leg in the path.

For collateral quoted in ETH, the value is composed from two feeds:

For collateral quoted in ETH, the value is composed from two feeds:

$$
\text{collateral value in USDC} = \text{collateral/ETH} \times \text{ETH/USD}
$$

The composed path is part of the market definition. Each market names its feeds, and the feeds are part of the credit instrument.

***

### Interest Rates

nutUSD does not set a promised depositor rate. Morpho Blue markets use the AdaptiveCurveIRM. Its interest rate responds to utilization.

$$U = \text{Borrowed USDC} / \text{Supplied USDC}$$

The AdaptiveCurveIRM targets approximately:

$$U\_{\text{target}} = 90%$$

Borrow rates generally rise when utilization remains above target and fall when utilization remains below target. This creates a market mechanism rather than a fixed promised rate.

The vault therefore does not determine yield by declaration. It obtains yield only when underlying credit markets generate it.

***

### Lender Economics

Borrowers pay interest on USDC debt. That interest accrues to USDC suppliers through the underlying Morpho market.

At a simplified level:

$$\text{Gross Supplier Rate} \approx \text{Borrow Rate} \times U \times (1 - \text{Market Fee})$$

nutUSD then represents the vault's proportional claim on those accumulated assets.

If net assets increase while share supply is unchanged:

`USDC per nutUSD ↑`

If assets are lost:

`USDC per nutUSD ↓`

This is the economic mechanism. There is no rebasing requirement and no $1 peg mechanism.

***

### Zero Demand Means Zero Yield

The vault can create credit capacity without creating credit demand. This distinction is fundamental.

A newly created conservative market may initially contain:

* USDC supply;
* collateral capacity;
* no borrowers.

If $$\text{Borrowed USDC} = 0$$ then $$U = 0$$ and lending yield may be negligible.

That does not mean the market is malfunctioning. It means credit capacity exists but has not been used.

nutUSD is therefore not designed around the assumption that every approved strategy must already have existing borrower demand before it can exist.

***

### Strategy Caps

An approved market is not authorization for unlimited exposure. Every strategy must have an explicit cap.

$$E\_i \leq \text{Cap}\_i$$

where E\_i is vault exposure to strategy i.<br>

For the complete vault:

$$\sum\_i E\_i + \text{USDC}\_{\text{idle}} = \text{Vault Assets}$$<br>

Caps are the primary mechanism separating:

"this credit market is permitted"

from:

"the vault may place unlimited capital here."<br>

Genesis cap values must be published before deposits are solicited.<br>

***

### Allocation

The allocator determines where available USDC is placed inside the constitutional boundaries already established by the curator.

Allocation can respond to:

* borrower demand;
* utilization;
* liquidity;
* interest rates;
* concentration;
* withdrawal requirements;
* changing risk conditions.

This is allocation, not permission to invent new strategies. The allocator cannot turn an unapproved market into an approved market merely because its yield is higher.

***

### Idle USDC

Not all vault assets must be lent. Some USDC may remain idle.

$$\text{Vault Assets} = \text{Idle USDC} + \sum \text{Credit Positions}$$

Idle USDC earns less or no lending yield but provides immediate liquidity. A vault with a higher idle balance may therefore have lower aggregate yield and greater immediate withdrawal capacity. That is an explicit economic tradeoff.

In the initial configuration, every deposit is allocated automatically and the idle balance is zero. Whether USDC sits idle is a property of the vault's configuration and its caps, not a constant of the design.

***

### Curator Constitution

The curator defines the boundaries of acceptable risk.

The curator is not expected to predict markets perfectly. The curator is expected to make the vault's permitted risk explicit, bounded, observable, and reversible where the architecture allows it.

#### Constitutional Principles

1. **USDC is the credit asset.** nutUSD coordinates USDC lending. It does not issue an endogenous dollar.
2. **Strategies are approved individually.** One strategy, one decision.
3. **Safety is not inferred from asset names.** Collateral, oracle, LLTV, IRM, liquidity, and market structure are evaluated together.
4. **Caps are mandatory.** Approval does not imply unlimited exposure.
5. **Risk increases require deliberation.** Adding strategies or materially expanding exposure must follow the applicable governance and timelock process.
6. **Risk reductions should be executable rapidly.** Caps may be reduced and capital deallocated when credible risk emerges.
7. **Allocation is subordinate to strategy approval.** Allocators operate inside the constitution.
8. **Yield is not the primary security criterion.** A higher APY does not justify weaker collateral, weaker oracle infrastructure, or excessive concentration.
9. **No hidden guarantees.** The curator does not guarantee principal, liquidity, yield, oracle correctness, liquidation success, or USDC solvency.
10. **Governance policy is not smart-contract law unless encoded.** Any constitutional rule that is not technically enforced by the vault contracts remains a governance commitment and must be described as such.

***

### Strategy Admission

Before a strategy can receive nutUSD capital, its proposal should disclose at minimum:

* the collateral asset and its contract;
* the loan asset (USDC);
* the LLTV;
* the oracle — contract, underlying price source, quote denomination, update behavior, failure conditions, dependency chain, and manipulation assumptions;
* the interest-rate model;
* the exposure cap;
* the underlying Morpho market;
* any adapter the vault uses, where applicable;
* liquidity and liquidation-path analysis.

No strategy should enter the vault merely because it exists on Morpho.

***

### Strategy Lifecycle

The intended process is:

{% code expandable="true" %}

```mermaid
flowchart LR
    A["research"] --> B["proposal"] --> C["strategy vote"]
    C --> D["timelock"] --> E["activation"] --> F["capped allocation"]
    F --> G["monitoring"] --> H["reduction or removal"]
```

{% endcode %}

A strategy can remain approved while receiving zero allocation. Likewise, an allocator can reduce a strategy to zero without necessarily removing it from the constitutional strategy set.

This separates permission from current deployment.

***

### Roles

#### Owner

The Owner controls top-level administrative authority. For nutUSD, this should be controlled by a secure Based NUT Safe rather than a single externally owned account. The exact Safe address and signer policy must be public.<br>

#### Curator

The Curator defines strategy and risk boundaries. Its responsibilities include:

* approving permitted infrastructure;
* setting or proposing exposure caps;
* defining fees;
* defining strategy boundaries;
* appointing allocators where applicable;
* reducing risk when necessary.

The Curator does not own depositor assets.<br>

#### Allocator

The Allocator manages active capital deployment among approved strategies. The allocator may optimize:

* liquidity;
* utilization;
* credit availability;
* concentration;
* yield.

It remains constrained by curator-defined permissions and caps.<br>

#### Sentinel

The Sentinel is the defensive role. Its purpose is to reduce risk or stop pending dangerous changes, not to create new risk.

The separation between Curator, Allocator, and Sentinel is intentional.<br>

### Timelocks

Changes that increase risk should not become effective invisibly or instantaneously where Morpho's architecture provides a timelock.<br>

A timelock creates a public interval between:

```mermaid
flowchart LR
    A["Proposal"] --> B["Waiting Period"] --> C["Execution"]
```

This gives depositors and safety roles time to inspect a proposed change and react. The exact nutUSD timelock configuration must be published with the deployment.<br>

### Fees

Fees are economic parameters, not implementation trivia. nutUSD documentation must disclose:

* management fee;
* performance fee;
* fee recipient;
* any underlying protocol fees.<br>

Net depositor return is approximately:

$$R\_{\text{net}} = R\_{\text{gross}} - F\_{\text{protocol}} - F\_{\text{management}} - F\_{\text{performance}}$$

The live onchain configuration is authoritative. A fee that can be changed by governance should be described as changeable, even if its current value is zero.<br>

### What the Curator Can Actually Control

The curator can constrain risk. The curator cannot eliminate it.

The curator can decide:

* which strategies are permitted;
* which infrastructure may be used;
* how much exposure is allowed;
* which allocators operate the vault;
* certain fee and operational settings.<br>

The curator cannot guarantee:

* collateral prices;
* USDC solvency;
* borrower behavior;
* oracle operation;
* liquidation execution;
* blockchain availability;
* smart-contract correctness;
* secondary-market pricing of nutUSD;
* continuous withdrawal liquidity.

That distinction is part of the product.<br>

### The Economic Objective

nutUSD should be understood as a credit coordination primitive.

Its objective is not: deposit one dollar, manufacture another dollar.

Its objective is: aggregate existing USDC, define acceptable collateralized credit, and make that USDC available to borrowers under explicit risk constraints.<br>

The economic transformation is therefore:

```mermaid
flowchart LR
    A["Idle USDC"] --> B["Productive Credit"] --> C["Interest-Bearing USDC Claim"]
```

not:

```mermaid
flowchart LR
    A["Collateral"] --> B["New Dollars"]
```

nutUSD tokenizes the lender side of that system. It is a share of credit assets. It is not money creation.<br>

### Boundaries and Protections

#### The Liquidation Boundary

The 38.5% LLTV forms the borrowing ceiling.

$$\text{Maximum Debt} = \text{Collateral Value} \times 0.385$$

The ceiling is computed to the smallest unit of the loan asset, with floor rounding. The highest executable borrow can sit one unit below the theoretical maximum. A borrow request beyond the ceiling is rejected.

```mermaid
flowchart LR
    A["$100 collateral"] --> B["$38.50 maximum debt"]
    B --> C["borrow beyond the ceiling: rejected"]
```

A borrower at the ceiling remains healthy. Liquidation becomes possible only when accrued interest or a collateral-price change moves the position past the ceiling.<br>

#### Position Protection

A healthy position cannot be liquidated.

```mermaid
flowchart LR
    A["LTV < 38.5%"] --> B["liquidation: rejected"]
```

A borrower with outstanding debt cannot withdraw collateral.

```mermaid
flowchart LR
    A["debt outstanding"] --> B["withdraw collateral: rejected"]
```

The debt must be repaid first. Zero-value borrow and repay calls are rejected.

The protections are three: a healthy borrower cannot be liquidated; a borrower with debt cannot withdraw collateral; a lender cannot withdraw beyond available liquidity.<br>

#### First Shares

Dead shares are seeded to an unspendable address before public deposits. The vault's first shares are placed out of reach. The first supply shares of each credit market are placed out of reach the same way.

```mermaid
flowchart TD
    A["dead shares"] --> B["unspendable address"]
    B --> C["no depositor is ever the first shareholder"]
    C --> D["share-price inflation window closed"]
```

A vault with zero shares can price a first deposit at an inflated rate. The dead shares close that window before any depositor enters.<br>

#### Repayment

Repayment can be specified in assets or in shares.

A repay call defined in assets does not stop at the outstanding debt. Repaying more assets than the debt computes more shares than the position holds and fails.

```mermaid
flowchart LR
    A["repay(assets > debt)"] --> B["share underflow: rejected"]
```

Exact full closure is performed in shares. Asset-denominated repayment serves partial repayment.<br>

#### Redemption

Redemption is bounded by market liquidity.

```mermaid
flowchart LR
    A["nutUSD"] --> B["Vault"] --> C["USDC"]
```

A holder may redeem every share in a single transaction. The corresponding USDC is returned through the underlying market positions.

If a market is fully utilized, withdrawals wait for repayments or liquidations.

The redemption value follows the vault share price rather than an external peg.<br>

#### Deposit Allocation

Deposits are allocated automatically.

```mermaid
flowchart TD
    A["deposit USDC"] --> B["nutUSD minted"]
    B --> C["USDC supplied to the credit market"]
    C --> D["idle balance = 0"]
```

The vault does not hold idle USDC in the initial configuration. Whether USDC sits idle is a property of the vault's configuration and its caps, not a constant of the design.

> ⚠️ **Experimental Memefi.** No intrinsic value, no expectation of financial gain. Entertainment only — nut responsibly. 🌰


# Podcasts

## 1. SHORT: The Token With a Supply of One

Total runtime: 1:42 mins.&#x20;

{% embed url="<https://drive.google.com/file/d/1gD1Zh3ggqBAmrDbpEzanzz_SwnX_d2iK/view?usp=sharing>" %}

***

## 2. Deep Dive:&#x20;

Total runtime: 43 mins.&#x20;

{% embed url="<https://drive.google.com/file/d/1VdR9tMRzNtyW0eKU2N26v4SaxWYrYcTF/view?usp=sharing>" %}

***

## 3. Debate: A Financial System with Exactly One Nut

Total runtime: 23:52 mins.&#x20;

{% embed url="<https://drive.google.com/file/d/1C0TZKvf-WoHw9ulRsktH11tk940jyIOC/view?usp=sharing>" %}


# Videos

### 1. Overview: Explaining BASED NUT (Core-to-Edge Logic)

> 3:45mins

<details>

<summary>The Explainer - BASED NUT (Core-to-Edge Logic).</summary>

{% embed url="<https://drive.google.com/file/d/1kmJtnmgV0hWjY-8zL2jJTW6YuUn3DiEl/view?usp=sharing>" %}

</details>

***

### **2. Deep Dive:** Separation of Monetary Labor: Architecting the BASED NUT Ecosystem

> 11:40 mins

<details>

<summary>Separation of Monetary Labor: Architecting the BASED NUT Ecosystem</summary>

{% embed url="<https://drive.google.com/file/d/1rZrgKf7XzLYbKu8rJxvuY6yUo8w5RFnG/view?usp=sharing>" %}

</details>

***

### **3. Short:** How One Token Runs an Entire Economy

> 1:33 min

<details>

<summary>How One Token Runs an Entire Economy</summary>

{% embed url="<https://drive.google.com/file/d/1z1DjLYIkiUh-Hp7K0c3N7jGErU7n00qS/view?usp=sharing>" %}

</details>

***

### **4. Short: How BASED NUT Built an Economy on One Token**

> 1:21 mins

<details>

<summary>How BASED NUT Built an Economy on One Token</summary>

{% embed url="<https://drive.google.com/file/d/1nRPtoLAkF4kaELX8lSZ2czqt_IHOUgIT/view?usp=sharing>" %}

</details>

***

### 5. Short: How BASED NUT Separates Monetary Labor

> 1:14 mins&#x20;

<details>

<summary>How BASED NUT Separates Monetary Labor</summary>

1:14 mins

{% embed url="<https://drive.google.com/file/d/154Pxgiu0Rv7Aer-iqHIKCeqxt-Zv113n/view?usp=drive_link>" %}

</details>

***

### 6. Shorts: How a Conserved Root Token Works  <a href="#pnsjpd" id="pnsjpd"></a>

> 1:09 mins

<details>

<summary>How a Conserved Root Token Works </summary>

{% embed url="<https://drive.google.com/file/d/15ciyF4qx5xujh_rhMtNk5vbk0E0FcjoB/view?usp=sharing>" %}

</details>

***


# The Orchard Framework

ESTABLISHED 420 BASE COMMON ERA

### The BASED NUT MetaDEX Framework

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FngLfgbqrM2LC28jt2Q0w%2Fimage.png?alt=media&amp;token=9b67a5df-6d7b-4097-abbc-28a01b79c1d9" alt="" width="375"><figcaption></figcaption></figure>

{% hint style="success" %}

#### 🌰 Different markets. Different mechanisms. One connected Orchard.

**The Orchard** is the economic architecture of BASED NUT: a **MetaDEX** formed from interconnected AMMs, liquidity pools, bonding curves, index pools, wrappers, tokens, NFTs and other market mechanisms built around **NUT**.

The Orchard site is still in early development , [find it here ](https://orchard.basednut.com/).
{% endhint %}

### 🔧 Overview

The Orchard is **not a normal decentralized exchange**.

There is no master exchange contract containing the entire system.

Markets can exist independently across **Uniswap, Aerodrome, Balancer, Mint Club and other protocols**, each maintaining its own contracts, liquidity, pricing rules and market state.

What connects them is **NUT!**

> **The relationships between the markets ARE the system.**

The Orchard exists **above and across** those individual markets as a higher-order liquidity network.

{% code expandable="true" %}

```mermaid
flowchart TB
    NUT(("🌰 NUT"))

    UNI["🦄 Uniswap"]
    AERO["🛩️ Aerodrome"]
    BAL["⚖️ Balancer"]
    CURVE["📈 Bonding Curves"]
    WRAP["🎁 Wrappers"]
    OTHER["🌱 External Markets"]

    NUT --- UNI
    NUT --- AERO
    NUT --- BAL
    NUT --- CURVE
    NUT --- WRAP
    NUT --- OTHER

    UNI --> WETH["WETH"]
    AERO --> AEROT["AERO"]
    BAL --> PNUT["pNUT"]
    CURVE --> SALT["SALT"]
    CURVE --> NUTINO["NUTINO"]
    WRAP --> WNUT["wNUT"]
    OTHER --> X["TOKEN X"]

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef protocol fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;
    classDef asset fill:#fff,stroke:#888,stroke-width:1px,color:#111;

    class NUT root;
    class UNI,AERO,BAL,CURVE,WRAP,OTHER protocol;
    class WETH,AEROT,PNUT,SALT,NUTINO,WNUT,X asset;
```

{% endcode %}

Each component remains independent.

Together they form a **market graph that we call The Orchard**.

***

### 🌿 The Orchard Lexicon

The permaculture language is a metaphor, but each term maps to an actual DeFi concept.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F3uoWxfrH5klv67i8mKFy%2Ffc5e490f-5c3c-4763-9044-b460660cacc4.png?alt=media&amp;token=11b7cba4-a758-497f-a990-e5ccb3bae6d9" alt="" width="375"><figcaption></figcaption></figure>

<table><thead><tr><th width="190">🌳 Orchard</th><th>⚙️ DeFi</th></tr></thead><tbody><tr><td>🌳 <strong>The Orchard</strong></td><td>Entire NUT-connected MetaDEX graph</td></tr><tr><td>🌰 <strong>NUT / Seed</strong></td><td>Common root asset and economic primitive</td></tr><tr><td>🌱 <strong>Planting</strong></td><td>Creating a market between an asset and NUT</td></tr><tr><td>🪴 <strong>Soil</strong></td><td>External assets and market conditions supporting NUT liquidity</td></tr><tr><td>🧪 <strong>Soil Mix</strong></td><td>Composition and properties of those supporting markets</td></tr><tr><td>🌱 <strong>Sapling</strong></td><td>New, shallow or lightly connected NUT market</td></tr><tr><td>🌳 <strong>Nut Tree</strong></td><td>Established, deeper or highly connected NUT market</td></tr><tr><td>🌲 <strong>Grove</strong></td><td>Related collection of markets or assets</td></tr><tr><td>🐝 <strong>Pollination</strong></td><td>Arbitrage transmitting price information between markets</td></tr><tr><td>💧 <strong>Water</strong></td><td>Available liquidity and market depth</td></tr><tr><td>🌦️ <strong>Microclimate</strong></td><td>Local curves, fees, volatility and market conditions</td></tr><tr><td>✂️ <strong>Pruning</strong></td><td>Rebalancing, restructuring or retiring liquidity positions</td></tr><tr><td>🪱 <strong>Nutrient Cycling</strong></td><td>Fees, rewards, redemptions, buybacks and other value flows</td></tr><tr><td>🌿 <strong>Polyculture</strong></td><td>Multiple market mechanisms coexisting around shared assets</td></tr></tbody></table>

{% hint style="warning" %}
The metaphor is a vocabulary for understanding the **underlying market architecture**.
{% endhint %}

***

## 🐚 The Orchard Is NOT a DEX

A conventional DEX contains markets.

A Meta-Dex contains relationships between markets.

The Orchard connects **markets to other markets via a single point invariant NUT.**

> **The Orchard is a cross-protocol liquidity architecture in which independent markets become interoperable components of a larger programmable economic graph anchored on the same invariant root.**

### What is a MetaDEX?

A **MetaDEX** is a liquidity system built **above and across multiple independent markets**, rather than being a single decentralized exchange itself.

A DEX operates a market and contains its own pools and pricing mechanism.

A MetaDEX operates across a network of markets and has many components and relationships.

```
Uniswap pools
Aerodrome pools
Balancer indexes
Bonding curves
Wrapped assets
Derivative markets
       │
       ▼
    MetaDEX
       │
       ▼
higher-order liquidity network
```

They become part of the metadex because **their assets and markets intersect through NUT**.

The individual protocols remain independent. They continue to maintain their own contracts, reserves, pricing functions and market states.

The MetaDEX emerges from **connecting those markets through shared assets and economic relationships**.

> **A MetaDEX is a compositional liquidity framework that treats multiple independent market mechanisms, assets, pools, curves, wrappers and liquidity systems as components of a higher-order programmable market graph.**

The Orchard is the BASED NUT implementation of this idea.

{% hint style="warning" %}

#### ⚠️ MetaDEX does not mean one pool controls everything.

Every venue retains its own liquidity, execution rules and risks. The MetaDEX is the **economic graph created between them**.
{% endhint %}

### DEX vs MetaDEX

A conventional DEX might contain:

```
Token A ↔ Token B
Token A ↔ Token C
Token B ↔ Token C
```

All three markets belong to one protocol and generally use a common family of contracts.

A MetaDEX can instead contain:

```
                  NUT
                   │
        ┌──────────┼───────────┐
        │          │           │
    Uniswap    Aerodrome    Balancer
        │          │           │
       WETH       AERO        pNUT
                               │
                         NUT + SNUT
                         cbBTC + cbETH

                  NUT
                   │
               Mint Club
              ╱         ╲
           SALT         NUTINO
            │              │
           USDC          cbBTC
```

There is no single exchange contract controlling this graph.

The **relationships between the markets ARE the system**.

The **liquidity graph topology** IS the system.

***

### The Orchard

The **Orchard MetaDEX** is a cross-protocol liquidity system that connects independent AMMs, bonding curves, index pools, wrappers and derivative markets around a common asset graph.

Each venue maintains its own market state.

For example:

* Uniswap determines price from its liquidity positions.
* Aerodrome determines price from its own reserves and curve.
* Balancer determines state using a multi-asset weighted pool.
* Mint Club determines mint and redemption prices through bonding curves.
* wNUT maintains a contractual 1:1 relationship with NUT.

None of these protocols needs to understand the complete Orchard.

They become components of it because their assets and markets intersect.

### Markets can use different mathematics

This is important.

The Orchard does not require every component to behave like the same AMM.

One part might use:

```
x · y = k
```

Another may use concentrated liquidity.

Another:

```
weighted multi-asset invariant
```

Another:

```
bonding curve
```

Another:

```
1 NUT = 1 wNUT
```

These are fundamentally different economic machines.

A MetaDEX can compose them because they share assets and therefore produce **comparable state transitions**.

For example:

```
NUT
 │
 ├── AMM price
 │
 ├── bonding-curve collateral value
 │
 ├── index weight
 │
 ├── wrapper redemption value
 │
 └── reward distribution
```

The same primitive enters several different forms of market mathematics.

That heterogeneity is not incidental.

**It is what creates the higher-order system.**

***

## 🌰 NUT — The Seed and Root

At the center of the Orchard is **NUT**.

> **1 NUT. 18 decimals. Fixed supply. No tax.**

NUT is deliberately simple.

Instead of placing every behavior inside the root token, additional behavior can exist **around it** through markets, wrappers, bonding curves, index pools, NFTs and other contracts.

This makes NUT a **common economic primitive** through which otherwise independent systems can interact.

NUT is better understood as a **minimal common primitive** than as the token of a traditional exchange.

It provides a common economic object that different mechanisms can interact with in different ways.

{% code expandable="true" %}

```mermaid
flowchart TB
    NUT(("🌰 NUT"))

    WETH["WETH"]
    AERO["AERO"]
    CBBTC["cbBTC"]
    WNUT["wNUT"]
    PNUT["pNUT"]
    SNUT["SNUT"]
    SALT["SALT"]
    NUTINO["NUTINO"]
    NFT["⚔️ War NFTs"]

    NUT --- WETH
    NUT --- AERO
    NUT --- CBBTC
    NUT <--> WNUT
    NUT --- PNUT
    NUT --- SNUT
    NUT --> SALT
    NUT --> NUTINO
    NUT --> NFT

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef asset fill:#fff,stroke:#557a46,stroke-width:2px,color:#111;

    class NUT root;
    class WETH,AERO,CBBTC,WNUT,PNUT,SNUT,SALT,NUTINO,NFT asset;
```

{% endcode %}

The result is not one giant pool. It is a **network of markets sharing a common root**.

Each relationship gives the same asset a different economic context.

NUT can simultaneously function as:

* a traded asset,
* collateral,
* a reserve,
* an index constituent,
* a reward asset,
* a wrapped underlying,
* a bonding-curve base,
* and a common routing coordinate.

The MetaDEX therefore does not depend on making NUT itself complex.

**NUT stays simple while the graph around NUT becomes complex.**

***

### 🥜 Network Utility Token

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F1Yn7KyUTB7PrzWccMegL%2Fimage.png?alt=media&amp;token=8f4fe8d2-91f6-45e4-bdca-87cd34e5debe" alt="" width="375"><figcaption></figcaption></figure>

> **NUT** stands for **Network Utility Token**.

Within BASED NUT, that name describes the actual NUT token and its role as the root asset connecting the network.

NUT is the **seed of the Orchard**.

Its usefulness does not come from packing every possible function into the ERC-20 contract. Its functionality emerges from the systems that can be composed around it.

> 🌰 **Simple seed. Complex ecosystem.**

***

### Independent markets, shared state

Each market has its own local state.

Suppose NUT trades simultaneously in four places:

```
NUT/WETH       $20,000
NUT/AERO       $20,300
NUT/cbBTC      $19,900
pNUT implied   $20,150
```

There is no contract declaring:

```
NUT price = $20,087.50
```

Instead there are several **local price surfaces**.

Each is valid for the market producing it.

The markets become economically connected because they share NUT.

That means a trader can observe:

```
NUT cheap here
      ↓
buy
      ↓
NUT expensive there
      ↓
sell
```

The resulting transactions alter both markets.

This is how otherwise independent protocols become parts of one larger economic machine.

***

## 🌱 Planting an Asset in the Orchard

The simplest Orchard integration is also one of its most important primitives:

> ### **Pair any asset with NUT.**

Suppose another ecosystem has a token called `TOKEN X`. Create:

```
TOKEN X ↔ NUT
```

Now a new economic relationship exists.

{% code expandable="true" %}

```mermaid
flowchart LR
    X["🪙 TOKEN X"]
    NUT(("🌰 NUT"))
    ETH["ETH"]
    BTC["cbBTC"]
    AERO["AERO"]
    PNUT["pNUT"]
    CURVES["Bonding Curves"]

    X === NUT
    NUT --- ETH
    NUT --- BTC
    NUT --- AERO
    NUT --- PNUT
    NUT --- CURVES

    classDef newAsset fill:#e9f5ff,stroke:#2474a6,stroke-width:3px,color:#111;
    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef network fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;

    class X newAsset;
    class NUT root;
    class ETH,BTC,AERO,PNUT,CURVES network;
    
```

{% endcode %}

`TOKEN X` itself has **not changed**.

Its token contract remains independent.

Its existing ecosystem remains independent.

Its other liquidity remains independent.

What *changed* is its **economic connectivity**.

The new market adds another edge to the Orchard graph.

A project does not need to migrate to a new DEX, replace its token or adopt every BASED NUT mechanism.

It can connect at the market layer:

```
YOUR TOKEN ↔ NUT
```

That market can create routes and arbitrage relationships with other NUT-connected markets.

#### 🔗 Liquidity connection, not liquidity fusion

Pairing with NUT does **not** magically merge two pools or move all external liquidity into the Orchard.

Instead, it creates a **market connection** through which traders, routers and arbitrageurs can economically couple the two systems.

The Orchard can therefore expand **permissionlessly, one market edge at a time**.

***

## 🪴 Soil Mix

> **“No forest thrives without its soil. No liquidity flourishes without its collateral.”**\
> — ***Peanutoshi Nutkamoto***

### 🌾 The Foundation of Growth

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FQabBXM02nK16jkNSntDS%2Fimage.png?alt=media&amp;token=2fd0cdba-a992-4884-83e6-99228e516612" alt="" width="375"><figcaption></figcaption></figure>

NUT may be the seed, but a seed does not grow by itself.

It grows inside an environment.

In the Orchard, that environment is the **Soil Mix**.

**Soil** represents the paired external assets and market conditions supporting NUT liquidity.

Current examples include:

* Ξ **WETH**
* ₿ **cbBTC**
* 💧 **cbETH**
* 💵 **USDC**
* 🛩️ **AERO**

External assets planted through NUT markets can become additional components of the Soil Mix.

{% code expandable="true" %}

```mermaid
flowchart TB
    NUT(("🌰 NUT"))

    WETH["Ξ WETH"]
    BTC["₿ cbBTC"]
    ETH["💧 cbETH"]
    USDC["💵 USDC"]
    AERO["🛩️ AERO"]
    X["🌱 TOKEN X"]

    WETH --- NUT
    BTC --- NUT
    ETH --- NUT
    USDC --- NUT
    AERO --- NUT
    X --- NUT

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef soil fill:#e8dfc5,stroke:#755d35,stroke-width:2px,color:#111;
    classDef planted fill:#dff2dc,stroke:#557a46,stroke-width:2px,color:#111;

    class NUT root;
    class WETH,BTC,ETH,USDC,AERO soil;
    class X planted;
```

{% endcode %}

***

### 🧪 What Makes a Soil Mix?

A Soil Mix is not merely a list of tokens.

It is the combined economic character of the assets and markets surrounding NUT.

The Soil Mix influences:

* 💧 **liquidity depth**
* 🌀 **slippage**
* 🌋 **volatility**
* 🔗 **correlation**
* 🐝 **arbitrage capacity**
* 🌊 **external market depth**
* 💸 **fees and transfer friction**
* 🔄 **redemption mechanics**
* 🧭 **routing possibilities**
* 🧩 **composability**
* ⚠️ **contract, asset and counterparty risk**

{% hint style="warning" icon="face-eyes-xmarks" %}

### 🥀 Bad soil means bad growth.

A poorly constructed market environment can produce shallow liquidity, excessive slippage, fragile routes or poor arbitrage connectivity.

This does **not** mean an asset itself is inherently “bad.” Soil quality describes how the **mixture, liquidity and market structure work together**.
{% endhint %}

A deep `NUT/WETH` market produces different conditions from a shallow `NUT/memecoin` market.

A `NUT/USDC` market creates a different **microclimate** from `NUT/cbBTC`.

Different soil creates different growth.

***

### 🌿 Principles of Effective Soil Design

<table><thead><tr><th width="247">Principle</th><th>DeFi Meaning</th></tr></thead><tbody><tr><td>⚖️ <strong>Stability + Dynamism</strong></td><td>Combine assets with different volatility and liquidity properties.</td></tr><tr><td>💧 <strong>Adequate Water</strong></td><td>A market needs enough usable liquidity for its intended trade size.</td></tr><tr><td>🐝 <strong>Arbitrage Connectivity</strong></td><td>Useful external markets create more paths for price discovery.</td></tr><tr><td>🧩 <strong>Composability</strong></td><td>Assets with broad DeFi integrations can connect the Orchard to additional systems.</td></tr><tr><td>⚠️ <strong>Risk Diversity</strong></td><td>Every asset introduces its own contract, market, liquidity and counterparty risks.</td></tr><tr><td>🌱 <strong>Strategic Simplicity</strong></td><td>A useful market is better than unnecessary complexity.</td></tr><tr><td>🌳 <strong>Organic Expansion</strong></td><td>Add new markets as meaningful relationships emerge.</td></tr></tbody></table>

***

### 🌰 Soil Mix Asset Categories

<table><thead><tr><th width="265">Category</th><th width="152">Examples</th><th>Role</th></tr></thead><tbody><tr><td>💵 <strong>Stable Assets</strong></td><td>USDC</td><td>Stable quote asset and lower-volatility market anchor</td></tr><tr><td>Ξ <strong>Major Assets</strong></td><td>WETH, cbBTC</td><td>Deep external markets and broad routing</td></tr><tr><td>💧 <strong>Yield-Bearing Assets</strong></td><td>cbETH</td><td>External yield exposure combined with market liquidity</td></tr><tr><td>🛩️ <strong>Ecosystem Assets</strong></td><td>AERO</td><td>Connects NUT to another protocol economy</td></tr><tr><td>🌱 <strong>External Project Tokens</strong></td><td><code>TOKEN X</code></td><td>Extends the Orchard into another token ecosystem</td></tr><tr><td>🌍 <strong>Future Tokenized Assets</strong></td><td>RWAs </td><td>Potential new economic branches and market relationships</td></tr></tbody></table>

> **The Soil Mix is the economic environment in which the NUT market graph grows.**

***

## 🌿 Polyculture Liquidity

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FtOmCpAXAYy6kFZiST82F%2Fimage.png?alt=media&amp;token=c8f293b2-136d-41cc-9e41-a634162d893b" alt="" width="375"><figcaption></figcaption></figure>

Many DeFi systems are analyzed as isolated mechanisms:

* 🦄 one AMM
* ⚖️ one index pool
* 📈 one bonding curve
* 🎁 one wrapper
* 🪙 one token economy

The Orchard treats these mechanisms as a **polyculture**.

They do not need to work identically.

Their differences are useful.

Different systems produce different results using different mechanics.

{% code expandable="true" %}

```mermaid
flowchart TD
    A["Different market mechanisms"]
    B["Different pricing rules"]
    C["Different reserves & liquidity"]
    D["Different local market states"]
    E["Price divergence"]
    F["🐝 Arbitrage"]
    G["Economic coupling"]

    A --> B
    A --> C
    B --> D
    C --> D
    D --> E
    E --> F
    F --> G

    classDef input fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;
    classDef divergence fill:#fff2cf,stroke:#a67618,stroke-width:2px,color:#111;
    classDef arb fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;

    class A,B,C,D input;
    class E divergence;
    class F,G arb;
```

{% endcode %}

Uniswap does not need to become Balancer.

Balancer does not need to behave like a bonding curve.

A bonding curve does not need to behave like a wrapper.

Each can retain its own market logic while participating in a larger connected system.

> 🌿 **The Orchard preserves heterogeneous markets instead of collapsing them into one mechanism.**

***

## 🌦️ Market Microclimates

Every market has local conditions.

A concentrated Uniswap V3 position behaves differently from:

* ♻️ a constant-product AMM
* ⚖️ a weighted Balancer pool
* 📈 a bonding curve
* 🎁 a wrapper
* 💸 a fee-on-transfer token
* 💵 a stablecoin market
* 🪙 a shallow external token pair

These are the Orchard's **microclimates**.

A microclimate can differ in:

<table><thead><tr><th width="156">Condition</th><th>Market Effect</th></tr></thead><tbody><tr><td>💧 Liquidity</td><td>Determines trade capacity and price impact</td></tr><tr><td>📐 Curve</td><td>Determines how price responds to inventory changes</td></tr><tr><td>💸 Fees</td><td>Changes the threshold at which arbitrage becomes economical</td></tr><tr><td>🌋 Volatility</td><td>Changes the speed and magnitude of divergence</td></tr><tr><td>📦 Inventory</td><td>Determines the local balance of assets</td></tr><tr><td>🧭 Routing</td><td>Determines which other markets are economically reachable</td></tr><tr><td>⏱️ Timing</td><td>Markets update at different times and through different transactions</td></tr></tbody></table>

**The differences are part of the architecture.**

***

### :chart\_with\_upwards\_trend: A market graph

The Orchard can therefore be represented as a graph.

#### Nodes

Nodes can represent:

* tokens,
* pools,
* contracts,
* indexes,
* bonding curves,
* wrappers,
* agents.

#### Edges

Edges represent transformations:

```
swap
wrap
unwrap
mint
burn
redeem
deposit
withdraw
reward
arbitrage
```

For example:

```
WETH ──swap── NUT ──mint── SALT ──swap── USDC
              │
              ├──wrap── wNUT
              │
              ├──deposit── pNUT
              │
              └──mint── NUTINO ──swap── cbBTC
```

This makes the system programmable as a **market graph** rather than merely a collection of token pairs.

A path through the graph is an economic operation.

A cycle through the graph may become an arbitrage loop.

### Higher-order markets

Once markets are connected, new markets effectively emerge from **relationships between existing markets**.

Consider SALT:

```
NUT
 ↓
Mint Club
 ↓
SALT
 ↓
Aerodrome
 ↓
USDC
```

Mint Club creates one valuation for SALT through its relationship to NUT.

Aerodrome creates another valuation through SALT/USDC.

The difference between those two mechanisms produces a **higher-order market**:

```
Mint Club SALT valuation
          ↕
       arbitrage
          ↕
Aerodrome SALT valuation
```

No contract explicitly creates that market.

It exists because the two existing markets are economically connected.

The same phenomenon appears with:

```
NUT ↔ multiple AMMs

pNUT ↔ underlying NAV

NUT ⇄ wNUT ↔ market price

NFT ↔ bonding-curve redemption value

SNUT ↔ NUT rewards ↔ external SNUT markets
```

This is one of the defining ideas behind the MetaDEX.

> **Markets themselves become composable primitives.**

***

## 🐝 Arbitrage as Pollination

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FDLoSEJB7Pldcb1QbkX98%2Fimage.png?alt=media&amp;token=a14ec683-3cc4-4ab7-9354-ff3519e7463b" alt="" width="375"><figcaption></figcaption></figure>

Independent markets naturally diverge.

Different liquidity, curves, fees, inventory and trading activity can cause the same economic asset to be priced differently across venues.

Arbitrage responds to that divergence.

> ### **🐝 Arbitrage is pollination!**

The MetaDEX does not require every venue to share an oracle or synchronized state.

**Arbitrage couples them economically.**

Consider:

```
Uniswap
NUT = $20,000

Aerodrome
NUT = $21,000
```

An arbitrageur can buy NUT on Uniswap and sell it on Aerodrome.

That action tends to:

```
Uniswap NUT price ↑

Aerodrome NUT price ↓
```

The two markets move toward one another.

Therefore:

```
independent market states
          ↓
       price gap
          ↓
       incentive
          ↓
      arbitrage
          ↓
transactions on both venues
          ↓
    new market states
```

This produces the fundamental MetaDEX loop:

> **state → discrepancy → incentive → transaction → new state**

The protocols do not need to communicate directly.

**Economic actors perform the communication.**

### 🌰 No pollination, no nuts.

In nature, nut-bearing plants depend on **pollination** to reproduce and produce their seeds and fruit. Pollination may come from insects, wind, or other biological vectors, but the principle is the same: **the ecosystem needs movement between organisms for new nuts to emerge.**

The Orchard uses the same metaphor economically.

Markets can exist independently, but without activity moving between them they remain isolated local systems. **Arbitrage is the pollination mechanism of the MetaDEX**: it carries price information and economic activity between markets, connecting otherwise separate liquidity environments.

{% code expandable="true" %}

```mermaid
flowchart LR
    A["🌼 Market A<br/>Local Price"]
    ARB["🐝 Arbitrage"]
    B["🌼 Market B<br/>Local Price"]

    A -->|"price divergence"| ARB
    ARB -->|"trade new market state"| B
    B -.->|"price divergence"| ARB
    ARB -.->|"trade new market state"| A

    classDef market fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;
    classDef pollinator fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;

    class A,B market;
    class ARB pollinator;
```

{% endcode %}

Arbitrage carries **price information** between otherwise independent markets.

The markets remain separate.

But repeated trading economically couples their states.

#### 🌾 Structured differences

The Orchard does not require every market to have identical:

* curves
* fee structures
* liquidity depth
* collateral
* inventory
* mechanics

Those structural differences create distinct local prices and arbitrage thresholds.

This is where much of the MetaDEX behavior emerges.

{% hint style="warning" icon="triangle-exclamation" %}

## Arbitrage opportunities are **state-dependent**, not guaranteed profits.

Fees, slippage, gas, taxes, available liquidity and competing traders determine whether a particular route is executable.
{% endhint %}

### What the MetaDEX allows

Once liquidity is treated as a programmable graph, a number of things become possible.

### Cross-protocol arbitrage

Observe and execute cycles spanning several protocols.

```
WETH
 ↓
NUT on Uniswap
 ↓
NUT on Aerodrome
 ↓
WETH
```

***

### Bonding-curve arbitrage

Connect issuance directly to secondary markets.

```
NUT
 ↓
mint SALT
 ↓
sell SALT
 ↓
USDC
```

or the reverse.

***

### Index arbitrage

Compare a derived basket with its underlying components.

```
pNUT market value
       ↕
NUT + SNUT + cbETH + cbBTC
```

***

### Wrapper markets

A contractual invariant can interact with a market price.

```
1 NUT = 1 wNUT
       │
       ▼
 NUT/wNUT market
```

This allows challenge-response markets and other state-transition systems.

***

### Autonomous market agents

An agent can reason over the graph rather than one DEX:

```
read markets
     ↓
construct graph
     ↓
find paths
     ↓
evaluate state transitions
     ↓
execute / report / attest
```

Peanutoshi, arbitrage agents and future autonomous infrastructure can therefore treat the Orchard as a **machine-readable economic environment**.

***

### New assets without rebuilding the exchange

A new NUT-connected token can introduce another market subsystem:

```
            NUT
             │
        new contract
             │
         NEW TOKEN
          ╱      ╲
      market A   market B
```

That automatically creates:

* new paths,
* new price surfaces,
* new state variables,
* possible arbitrage cycles,
* and new relationships with existing assets.

The MetaDEX expands **compositionally**.

***

## 🌱 Saplings and 🌳 Nut Trees

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FBCSnj8BqPmTLvZsAPPD9%2Fimage.png?alt=media&amp;token=6f86f00a-62d4-4070-a1bb-afb57c2f68b9" alt="" width="375"><figcaption></figcaption></figure>

**Saplings** and **Nut Trees** describe the maturity of markets inside the Orchard.

They are **descriptive states**, not separate token standards.

### 🌱 Sapling

A **Sapling** is a newly planted, shallow or lightly connected NUT market.

```
TOKEN X ↔ NUT
```

The relationship exists, but its liquidity, activity or connectivity may still be limited.

A Sapling can grow through:

* 💧 deeper liquidity
* 👥 increased market participation
* 🧭 additional routing
* 🐝 active arbitrage
* 🔗 integrations
* 🌱 additional connected markets

### 🌳 Nut Tree

A **Nut Tree** is a more mature NUT-connected market with meaningful liquidity, activity or integration into the wider Orchard.

There is no universal onchain threshold at which a Sapling mechanically becomes a Nut Tree.

The metaphor describes **market maturity and alignment**.

***

## 🌲 Groves

Related markets can be understood as **Groves** inside the larger Orchard.

### Ξ Base-Asset Grove

```
NUT ↔ WETH
NUT ↔ cbBTC
NUT ↔ cbETH
```

### 🌰 Internal NUT Grove

```
NUT ↔ SNUT
NUT ↔ pNUT
NUT ⇄ wNUT
```

### 📈 Bonding-Curve Grove

```
NUT → SALT
NUT → NUTINO
```

### 🌱 External Ecosystem Grove

```
TOKEN X ↔ NUT
TOKEN Y ↔ NUT
TOKEN Z ↔ NUT
```

A Grove is an organizational abstraction.

The underlying markets can remain distributed across completely different protocols.

***

## 💧 Liquidity Is Water

A market can exist with very little liquidity.

That does not mean it can support meaningful trade sizes.

In the Orchard:

> **Liquidity is water.**

The distribution of liquidity determines how easily economic activity can move through the graph.

{% code expandable="true" %}

```mermaid
flowchart TB
    WATER["💧 Liquidity"]
    DEPTH["Market Depth"]
    IMPACT["Price Impact"]
    ROUTES["Usable Routes"]
    ARB["🐝 Arbitrage Capacity"]
    GROWTH["🌳 Market Growth"]

    WATER --> DEPTH
    DEPTH --> IMPACT
    DEPTH --> ROUTES
    ROUTES --> ARB
    ARB --> GROWTH

    classDef water fill:#e9f5ff,stroke:#2474a6,stroke-width:3px,color:#111;
    classDef growth fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;

    class WATER water;
    class DEPTH,IMPACT,ROUTES,ARB,GROWTH growth;
```

{% endcode %}

Deep liquidity generally supports larger trades with less price impact.

Shallow liquidity generally produces larger local price movement.

Neither condition exists in isolation: the rest of the Soil Mix determines what those movements mean for the broader network.

***

## 🪱 Nutrient Cycling

A healthy ecosystem continuously moves resources through different layers.

The same is true of a market network.

Depending on the specific component, value can circulate through:

* 💸 trading fees
* 🌰 NUT rewards
* 🔥 buybacks and burns
* 🔄 minting and redemption
* ⚖️ index rebalancing
* 📈 bonding-curve activity
* 🐝 arbitrage
* 💧 liquidity provisioning

In Orchard language, these recurring economic flows are **nutrient cycles**.

Not every Orchard market contains every cycle.

Different components contribute different flows.

***

## ✂️ Pruning and Maintenance

Permaculture is not passive.

Neither is liquidity architecture.

Markets sometimes require:

* ✂️ liquidity repositioning
* ⚖️ rebalancing
* 💧 deeper or reduced liquidity
* 🧹 removal of obsolete routes
* 🔄 migration between market mechanisms
* 🛡️ risk reduction
* 🌱 introduction of new complementary assets

This is **pruning**.

Pruning does not mean controlling every participant in the MetaDEX. It describes maintaining the parts of the system that participants or protocols actually control.

***

## 🔄 The Orchard as a Market Graph

The permaculture metaphor maps directly onto a formal economic model.

<table><thead><tr><th width="188">Orchard Model</th><th>Market-Graph Model</th></tr></thead><tbody><tr><td>🌰 <strong>Seed / NUT</strong></td><td>Common root node</td></tr><tr><td>🪙 <strong>Assets</strong></td><td>Nodes</td></tr><tr><td>🌱 <strong>Planting</strong></td><td>Adding a new market edge</td></tr><tr><td>🔗 <strong>Markets</strong></td><td>Edges between nodes</td></tr><tr><td>💧 <strong>Water</strong></td><td>Edge liquidity / capacity</td></tr><tr><td>🌦️ <strong>Microclimate</strong></td><td>Local market state</td></tr><tr><td>🐝 <strong>Pollination</strong></td><td>Cross-market arbitrage</td></tr><tr><td>🌲 <strong>Grove</strong></td><td>Related subgraph</td></tr><tr><td>🌳 <strong>Orchard</strong></td><td>Complete connected market graph</td></tr></tbody></table>

{% code expandable="true" %}

```mermaid
graph TD
    NUT(("🌰 NUT"))

    WETH["WETH"]
    CBBTC["cbBTC"]
    AERO["AERO"]
    WNUT["wNUT"]
    PNUT["pNUT"]
    SALT["SALT"]
    NUTINO["NUTINO"]
    X["TOKEN X"]

    NUT ---|"AMM"| WETH
    NUT ---|"AMM"| CBBTC
    NUT ---|"AMM"| AERO
    NUT ---|"Wrapper"| WNUT
    NUT ---|"Index Market"| PNUT
    NUT -->|"Bonding Curve"| SALT
    NUT -->|"Bonding Curve"| NUTINO
    NUT ---|"External LP"| X

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef soil fill:#e8dfc5,stroke:#755d35,stroke-width:2px,color:#111;
    classDef branch fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;
    classDef external fill:#e9f5ff,stroke:#2474a6,stroke-width:3px,color:#111;

    class NUT root;
    class WETH,CBBTC,AERO soil;
    class WNUT,PNUT,SALT,NUTINO branch;
    class X external;
```

{% endcode %}

In graph terms:

```
Assets       = nodes
Markets      = edges
NUT          = common root node
Liquidity    = edge capacity
Prices       = local market state
Arbitrage    = cross-edge state transmission
Protocols    = independent market mechanisms
MetaDEX      = resulting higher-order graph
```

That is the technical core of the Orchard.

> **A conventional DEX provides markets. The Orchard composes relationships between markets.**

***

## 🌳 Growing the Orchard

The Orchard can expand without replacing existing protocols.

Every meaningful NUT market adds another relationship to the graph.

{% code expandable="true" %}

```mermaid
flowchart TD
    ASSET["🪙 New Asset"]
    MARKET["🌱 Create Asset / NUT Market"]
    EDGE["🔗 New Orchard Edge"]
    ROUTES["🧭 New Routes"]
    PRICES["📊 New Price Relationships"]
    ARB["🐝 New Arbitrage Paths"]
    COMP["🧩 New Composability"]

    ASSET --> MARKET
    MARKET --> EDGE
    EDGE --> ROUTES
    EDGE --> PRICES
    ROUTES --> ARB
    PRICES --> ARB
    ARB --> COMP

    classDef new fill:#e9f5ff,stroke:#2474a6,stroke-width:2px,color:#111;
    classDef planted fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;
    classDef result fill:#f6c453,stroke:#6b4b16,stroke-width:2px,color:#111;

    class ASSET new;
    class MARKET,EDGE planted;
    class ROUTES,PRICES,ARB,COMP result;
```

{% endcode %}

{% hint style="info" %}

### 🌱 Bring your token. Bring your market. Connect it to NUT.

The project keeps its token, contracts, community and existing liquidity infrastructure.

The NUT market creates the new economic connection.
{% endhint %}

The Orchard grows **one relationship at a time**.

***

## 🧬 Liquidity Permaculture

Permaculture does not try to make every organism identical.

It designs relationships between different organisms, resources and environments so that the overall system can become more interconnected.

The Orchard applies the same conceptual model to DeFi.

#### 🌿 Different assets

Stable assets, majors, ecosystem tokens, wrappers, indexes and external project tokens.

#### 🛠️ Different mechanisms

AMMs, bonding curves, index pools, wrappers and other market structures.

#### 🌦️ Different conditions

Liquidity, fees, volatility, inventory, curves and execution environments.

#### 🐝 Shared economic relationships

Arbitrage, routing, liquidity and common assets connect those independent systems.

{% code expandable="true" %}

```mermaid
flowchart TB
    ASSETS["🪙 Different Assets"]
    MARKETS["🛠️ Different Markets"]
    STATES["🌦️ Different States"]

    NUT(("🌰 NUT"))

    GRAPH["🌳 Connected Market Graph"]
    META["🧬 ORCHARD METADEX"]

    ASSETS --> NUT
    MARKETS --> NUT
    STATES --> NUT

    NUT --> GRAPH
    GRAPH --> META

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef input fill:#eef6e7,stroke:#557a46,stroke-width:2px,color:#111;
    classDef meta fill:#dff2dc,stroke:#315b2c,stroke-width:4px,color:#111;

    class NUT root;
    class ASSETS,MARKETS,STATES input;
    class GRAPH,META meta;
```

{% endcode %}

The Orchard is therefore not defined by one contract, one exchange or one liquidity mechanism.

It is defined by **economic connectivity**.

> ## 🌳 Different markets. Different mechanisms. One connected Orchard. 🌰


# Groves

From individual pools to a living liquidity system.

The **Orchard** is the complete Based Nut liquidity graph and the groves are different collections of similar liquidity graphs.

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FEEbMUEZfjyble7UO0aXr%2Fimage.png?alt=media&amp;token=267c0b63-e2f2-41ee-b8b3-1b0b329eccba" alt="" width="563"><figcaption></figcaption></figure>

At the smallest scale are individual assets and pools.

Zoom outward and those pools form relationships: by economic exposure, function, market mechanism, lineage, routing, and topology.

The tree language gives each scale a distinct name.

{% hint style="info" %}

## 🌳 The framework at a glance

**Assets → Liquidity Structures → Groves → Canopy → Orchard**

* **Structure** tells you what kind of pool it is.
* **Weights** tell you how influence is distributed inside it.
* **Groves** tell you why structures belong together.
* **Canopy Forms** tell you what shape their connections create.
* **State** tells you what the system looks like now.
  {% endhint %}

***

### 🔬 From Pool to Orchard

The framework becomes easiest to understand by changing scale.

#### 🥜 Assets

The vertices of the liquidity graph.

* **NUT** — underlying root asset.
* **wNUT** — standardized Graft rootstock.
* **Scion** — an asset attached through a Graft.
* Other Orchard assets may participate directly in Branches, Whorls, curves, wrappers, or other venues.

#### 🌿 Liquidity Structures

Pools are classified first by their **asset structure**.

<table><thead><tr><th width="166">Orchard term</th><th width="194">Assets in the pool</th><th>Structure</th></tr></thead><tbody><tr><td>🌿 <strong>Branch</strong></td><td><strong>2 tokens</strong></td><td>ordinary liquidity edge</td></tr><tr><td>🌱 <strong>Graft</strong></td><td><strong>3 tokens</strong></td><td>rooted ternary hyperedge</td></tr><tr><td>🌸 <strong>Whorl</strong></td><td><strong>4+ tokens</strong></td><td>multi-asset hyperedge</td></tr></tbody></table>

This gives every pool one structural class.

{% hint style="info" %}

## ⚖️ Structure ≠ Weight

**Arity tells you what the pool is. Weights tell you how influence is distributed inside it.**

A `20 / 40 / 40` pool is not automatically a Graft.

It becomes a Graft only when its three assets are:

**wNUT + Scion A + Scion B**
{% endhint %}

***

## 🌿 Branch

A **Branch** is a two-token liquidity pool.

$$
B\_{ij} = {a\_i, a\_j}
$$

Examples:

* NUT / WETH
* NUT / SNUT
* SALT / USDC
* PIPS / NUT

A Branch may use any supported two-asset market mechanism.

Its weights can vary:

* `50 / 50`
* `80 / 20`
* concentrated liquidity rather than fixed weights
* another two-asset invariant

It remains a **Branch** because it connects exactly two assets.

#### 🌿 Parallel Branches

The same pair can exist on multiple venues.

For example:

* NUT / WETH — Uniswap V2
* NUT / WETH — Uniswap V3

These share the same assets but are **different liquidity edges** because their venue, mechanism, fee structure, liquidity state, and market behavior differ.

This is part of what makes the Orchard **multiplex** rather than a simple graph.

***

## 🌱 Graft

A **Graft** is exactly one rooted three-token liquidity pool.

$$
G\_{ij} = {\mathrm{wNUT}, s\_i, s\_j}
$$

where:

* **wNUT** = common rootstock
* **sᵢ** = Scion A
* **sⱼ** = Scion B

Visually:

```
       Scion A
          \
           \
          wNUT
           /
          /
       Scion B
```

The definition is intentionally strict.

A Graft must contain:

1. exactly three assets;
2. wNUT as the common rootstock;
3. two Scions.

Therefore:

* a 2-token pool is **not** a Graft;
* an unrooted 3-token pool is **not** a Graft;
* a 4-token pool is **not** a Graft.

#### ⚖️ Graft Weights

Weights describe the internal economic geometry of the Graft.

For example, the **Twin Graft** uses:

```
20% wNUT
40% Scion A
40% Scion B
```

But all of these could still be Grafts:

```
33 / 33 / 33
20 / 40 / 40
50 / 25 / 25
70 / 20 / 10
```

provided the structure remains:

```
wNUT + Scion A + Scion B
```

The rootstock defines the **Graft**.

The weights define its **balance**.

***

## 🌸 Whorl

A **Whorl** is any multi-asset pool containing three or more assets that is **not** a Graft.

$$
W = {a\_1, a\_2, \ldots, a\_n}, \qquad n \geq 3
$$

Botanical whorls naturally vary in number, so the term remains useful across different pool sizes.

A Whorl may therefore be:

* **3-merous** — three assets;
* **4-merous** — four assets;
* **5-merous** — five assets;
* or larger.

#### 🧬 pNUT as an Heirloom Whorl

The historical pNUT weighted pool is a useful example.

It contains four assets at equal weight:

```
25 / 25 / 25 / 25
```

NUT participates as one member of the pool rather than wNUT acting as a distinguished rootstock.

It is therefore:

* structurally a **Whorl**;
* mechanistically **Weighted**;
* historically an **Heirloom**.

pNUT predates the Graft architecture without needing to be retroactively forced into it.

***

## ⚖️ Weights as the Economic Lens

Structure tells us **what connects**.

Weights tell us **how strongly each component participates**.

The same structural object can exhibit very different economic behavior depending on its weights.

#### 🌿 Branch

```
50 / 50
```

and:

```
90 / 10
```

are both Branches.

#### 🌱 Graft

```
20 / 40 / 40
```

and:

```
50 / 25 / 25
```

can both be Grafts.

#### 🌸 Whorl

```
25 / 25 / 25 / 25
```

and:

```
70 / 10 / 10 / 10
```

can both be four-asset Whorls.

Weights influence:

* inventory exposure;
* rebalancing pressure;
* price sensitivity;
* arbitrage incentives;
* effective liquidity;
* capital concentration;
* asset dominance;
* routing behavior.

{% hint style="info" %}

## 🔬 Two lenses

The two dimensions should remain separate.

**Structure:** Branch → Graft → Whorl

**Weight:** how economic influence is distributed inside that structure
{% endhint %}

***

## 🌳 What Is a Grove?

A **Grove** is a meaningful projection of related liquidity structures within the Orchard. In other words, it is a collection of liquidity pools that serve a common purpose or share a common theme.&#x20;

It may contain:

* Branches;
* Grafts;
* Whorls;
* several venues for the same assets;
* structures already belonging to other Groves.

A Grove is **not** another pool primitive.

It is a way of asking:

> **Which parts of the Orchard belong together under this relationship?**

A Grove can be economically, functionally, mechanistically, or historically coherent.

More formally:

#### 📐 Grove projection

$$
\mathcal{G}\_{\phi,t}
=====================

\mathcal{O}\_t
\left\[
\left{
e \in E
;\middle|;
\phi(e,\lambda(e),\Sigma\_t)=1
\right}
\right]
$$

#### The rule **φ** selects the structures that belong to the Grove under a particular lens.

The practical meaning is simpler:

> **Change the question and you reveal a different Grove.**

## 🔀 One Structure, Several Groves

Groves are **overlapping projections**, not mutually exclusive folders.

Consider a hypothetical Graft containing:

```
20% wNUT
40% AI Scion
40% BTC Scion
```

That single market could be described through several lenses:

#### 🌱 Structure

* **Graft**

#### 🌾 Crop

* **Compute Grove**
* **Reserve Grove**

#### 🐝 Guild

* **Cross-Pollination Guild**
* **Routing Guild**
* **Price-Discovery Guild**

#### 🌱 Cultivation

* **Weighted Grove**

#### 🧬 Heritage

* whatever lineage is actually applicable

Think of groves as ways of tagging and organizing collections of liquidity pools.

***

## 🌿 Canopy Forms

A Grove tells us **why structures belong together**.

The **Canopy** tells us what shape those structures form when viewed as a liquidity graph.

Examples include:

* ⭐ **Hub-and-Spoke**
* 🌻 **Sunflower**
* 🔄 **Ring**
* 🕸️ **Mesh**
* 🌳 **Hierarchical**
* 🧬 **Hybrid**

These are **not Grove classes**.

They are the resulting liquid topology emerging from these grove classes.

For example:

* a **Reserve Grove** can exhibit Hub-and-Spoke topology;
* an **Arbitrage Guild** can form a Ring;
* several **Weighted Grafts** can form a Sunflower;
* several overlapping Groves can contribute to the same Mesh.

{% hint style="info" %}

## 🌿 Grove vs. Canopy

**Grove:** why these structures belong together.

**Canopy:** what shape their connections create.
{% endhint %}

***

## 🌻 The Sunflower Example

The first deliberate Graft deployment makes the distinction concrete.

Several three-token weighted pools share **wNUT** as common rootstock.

Each individual pool is a:

> 🌱 **Graft**

Together they form a:

> 🌻 **Sunflower Canopy Form**

The initial Grafts use the same weight geometry:

```
20% wNUT
40% Scion A
40% Scion B
```

Examples include Scion pairs representing:

* Bitcoin;
* Ethereum;
* stable settlement;
* AI;
* agents;
* inference.

The shared rootstock produces a rooted hyperstar:

```
                  VVV / DIEM
                      │
                      │
               VIRTUAL / MOR
                      │
                      │
cbETH / wstETH ──── wNUT ──── cbBTC / tBTC
                      │
                      │
                  USDC / EURC
```

Each apparent “petal” represents an entire three-token Graft rather than a simple edge.

The Sunflower therefore demonstrates three separate dimensions at once:

1. **Structure** — each pool is a Graft.
2. **Weight** — each begins at `20 / 40 / 40`.
3. **Topology** — together they form a shared-root hyperstar.

***

## 🧬 Polyculture

The Orchard is not built from one AMM mechanism repeated everywhere.

It contains different forms of liquidity simultaneously:

* Branches;
* Grafts;
* Whorls;
* bonding curves;
* constant-product markets;
* concentrated liquidity;
* weighted pools;
* reCLAMM;
* wrappers;
* nested liquidity claims.

These mechanisms can connect into common routes.

One existing pattern can be represented as:

```
NUT
 ↓
SALT
 ↓
USDC
 ↓
PIPS
 ↓
NUT
```

This closes a liquidity Ring while traversing several pricing mechanisms.

Another route can connect:

```
NUT
 ↓
NUTINO
 ↓
cbBTC
 ↓
NUT
```

A single route can therefore cross several **Cultivation Groves** while simultaneously participating in a **Routing Guild**, **Arbitrage Guild**, or **Price-Discovery Guild**.

That is liquidity **polyculture**.

***

## 🌳 The Three Current Practical Groves

The deployed Orchard can now be viewed through three major regions.

| Grove             | Character     | Dominant structural idea                        |
| ----------------- | ------------- | ----------------------------------------------- |
| 🌻 **Sunflower**  | standardized  | rooted Grafts                                   |
| 🏺 **Heirloom**   | inherited     | foundational Branches, Whorls, nested liquidity |
| 🌲 **Polyforest** | heterogeneous | mixed structures and mechanisms interacting     |

Their differences are easiest to see side by side.

#### 🌻 Sunflower

```
same rootstock
same initial geometry
different Scions
```

#### 🏺 Heirloom

```
historical NUT lineage
early markets
structures accumulated over time
```

#### 🌲 Polyforest

```
different assets
different protocols
different mechanisms
shared routes
```

Together, they describe how the modern Orchard actually grew.

***

## 🔄 A Living Orchard

The Orchard is not only a graph.

It is a graph whose economic state changes continuously.

Let the Orchard's state at time `t` be:

$$
\Sigma\_t
$$

An economic action transforms that state:

$$
\Sigma\_t \longrightarrow \Sigma\_{t+1}
$$

State may include:

* token balances;
* spot prices;
* implied relative prices;
* pool weights;
* liquidity depth;
* LP supply;
* active concentrated-liquidity ranges;
* ticks;
* fees;
* mint state;
* burn state;
* wrapper state;
* bonding-curve state;
* routing state;
* arbitrage conditions.

#### 🐝 Dynamic Guilds

Some Grove relationships are persistent.

Examples:

* Reserve;
* Compute;
* NUT Lineage.

Others depend directly on state.

Examples:

* Arbitrage;
* Routing;
* Price Discovery;
* Rebalancing.

A market can therefore belong to a Guild at one state and not at the next.

$$
G\_i \in \mathcal{G}\_t
$$

followed by:

$$
G\_i \notin \mathcal{G}\_{t+1}
$$

A Grove can therefore represent a **live economic projection**, not merely a static category.

$$
\Sigma\_t
\xrightarrow{\text{economic action}}
\Sigma\_{t+1}
$$

***

## 🌳 The Complete Orchard

A compact mathematical representation of the system is:

$$
\mathcal{O}\_t
==============

\left(
V,
E,
I,
\lambda,
r,
\Sigma\_t
\right)
$$

where:

* **V** — assets;
* **E** — liquidity structures and venues;
* **I(e)** — assets participating in structure `e`;
* **λ(e)** — structure metadata;
* **r = wNUT** — distinguished Graft rootstock;
* **Σₜ** — mutable economic state.

The metadata attached to a liquidity structure can include:

* Branch / Graft / Whorl;
* venue;
* pricing mechanism;
* weights;
* fee tier;
* deployment;
* lineage;
* active state;
* historical classification.

The Orchard can therefore be described as:

> **a rooted, typed, multiplex liquidity hypergraph with mutable economic state.**

***

## 🌳 The Layers of the Orchard

The system is a composition of layers, not a linear chain mediated by NUT and wNUT.

```
                         ASSETS
                           │
          ┌────────────────┼────────────────┐
          │                │                │
         NUT             wNUT          other assets
          │                │                │
          └────────────────┼────────────────┘
                           │
                           ▼
              LIQUIDITY STRUCTURES
                           │
             ┌─────────────┼─────────────┐
             │             │             │
          Branch         Graft         Whorl
             │             │             │
             └─────────────┼─────────────┘
                           │
                           ▼
                   GROVE PROJECTIONS
                           │
       ┌───────────────────┼───────────────────┐
       │                   │                   │
      Crop               Guild            Cultivation
                                               │
                         Heritage ──────────────┘
                           │
                           ▼
                    CANOPY TOPOLOGY
                           │
                           ▼
                       ORCHARD
                           │
                           ▼
                    MUTABLE STATE
```

wNUT is specifically the common **rootstock of Grafts**.

It is not a mandatory intermediary for every Branch, Whorl, curve, or other market in the Orchard.

But this adds specificity to the wNUT role.

***

## .🗺️ Reading Any Part of the Orchard

For any liquidity structure, ask these questions in order.

#### 1. 🔬 What is it?

* 2-token → **Branch**
* rooted `{wNUT + Scion + Scion}` → **Graft**
* other 3+ token → **Whorl**

#### 2. ⚖️ How is it weighted?

Examples:

* `50 / 50`
* `20 / 40 / 40`
* `25 / 25 / 25 / 25`
* concentrated range
* another market geometry

#### 3. 🌾 What grows there?

**Crop Grove**

* Reserve
* Settlement
* Compute
* Infrastructure
* Capital

#### 4. 🐝 What does it do?

**Guild Grove**

* Routing
* Arbitrage
* Price Discovery
* Cross-Pollination
* Yield
* Rebalancing
* Attestation

#### 5. 🌱 How is it cultivated?

**Cultivation Grove**

* Bonding Curve
* Constant Product
* Concentrated Liquidity
* Weighted
* reCLAMM

#### 6. 🧬 Where did it come from?

**Heritage Grove**

* NUT Lineage
* Nested Lineage
* Heirloom
* provenance

#### 7. 🌿 What shape does it help create?

**Canopy Form**

* Hub-and-Spoke
* Sunflower
* Ring
* Mesh
* Hierarchical
* Hybrid

#### 8. 🔄 What state is it in?

Current:

* balances;
* prices;
* weights;
* liquidity;
* routes;
* arbitrage;
* LP state.

***

## 🥜 Canonical Orchard Vocabulary

<table><thead><tr><th width="201">Term</th><th>Meaning</th></tr></thead><tbody><tr><td>🥜 <strong>NUT</strong></td><td>underlying root asset</td></tr><tr><td>🌱 <strong>wNUT</strong></td><td>common Graft rootstock</td></tr><tr><td>🌿 <strong>Scion</strong></td><td>asset attached through a Graft</td></tr><tr><td>🌿 <strong>Branch</strong></td><td>2-token liquidity pool</td></tr><tr><td>🌱 <strong>Graft</strong></td><td>rooted <code>{wNUT + Scion + Scion}</code> three-token pool</td></tr><tr><td>🌸 <strong>Whorl</strong></td><td>any other 3+ token pool</td></tr><tr><td>🌳 <strong>Grove</strong></td><td>semantic subgraph projection</td></tr><tr><td>🌾 <strong>Crop</strong></td><td>economic exposure</td></tr><tr><td>🐝 <strong>Guild</strong></td><td>economic function</td></tr><tr><td>🌱 <strong>Cultivation</strong></td><td>pricing / liquidity mechanism</td></tr><tr><td>🧬 <strong>Heritage</strong></td><td>lineage / provenance</td></tr><tr><td>🌿 <strong>Canopy</strong></td><td>graph topology</td></tr><tr><td>🔄 <strong>State</strong></td><td>current mutable economic condition</td></tr><tr><td>🌱 <strong>Nursery</strong></td><td>proposed or undeployed structures</td></tr><tr><td>🌳 <strong>Orchard</strong></td><td>complete liquidity system</td></tr></tbody></table>

{% hint style="info" %}

### 🥜 One word, one concept

**The pool tells you its structure.**

**The weights tell you its balance.**

**The Grove tells you its relationship.**

**The Canopy tells you its shape.**

**The state machine tells you how it changes.**

**The Orchard contains all of it.**
{% endhint %}


# Canopy Forms

A **Grove** tells us why liquidity structures belong together.

A **Canopy Form** tells us what shape those structures create when connected. It is the shape of liquidity when the Orchard is viewed from above.

That distinction matters.

* 🌾 **Crop** — what economic exposure exists.
* 🐝 **Guild** — what the liquidity is doing.
* 🌱 **Cultivation** — how the market is constructed.
* 🧬 **Heritage** — where it came from.
* 🌿 **Canopy** — how it connects.

{% hint style="info" %}

## 🌳 Grove vs. Canopy

**Grove = relationship.**

**Canopy = topology.**

A Reserve Grove can form a Hub-and-Spoke.\
An Arbitrage Guild can form a Ring.\
Weighted Grafts can form a Sunflower.

\
Several overlapping Groves can participate in the same Mesh.
{% endhint %}

***

## 🔭 From Microscope to Canopy

The Orchard can be viewed at several scales.

1. Micro to Macro Scales

* asset → pool → weighted structure → Grove → topology → Orchard

At microscopic scale, we ask:

> **What is this individual liquidity structure?**

2. Canopy Scales

* 🌿 Branch → 🌱 Graft → 🌸 Whorl

At Canopy scale, we ask:

> **What larger geometry emerges from many structures interacting?**

This is why Branch, Graft, and Whorl are not topology names.

They describe individual liquidity structures.

Canopy Forms describe the graph produced when those structures connect.

***

## ⚖️ Topology and Weight

Every liquidity structure has at least two important properties:

1. **Connectivity** — which assets and structures connect.
2. **Weight** — how economic influence is distributed inside them.

Connectivity determines the **Canopy**.

Weight changes the economic behavior inside that Canopy.

For example:

```
50 / 50
```

and:

```
90 / 10
```

can both be Branches.

Likewise:

```
20 / 40 / 40
```

and:

```
50 / 25 / 25
```

can both be Grafts.

Their topology may be identical while their:

* inventory exposure;
* price sensitivity;
* rebalancing pressure;
* arbitrage incentives;
* effective liquidity;

differ substantially.

{% hint style="info" %}

#### 🔬 Geometry and force

**Topology tells you where the connections are.**

**Weights tell you how strongly economic pressure acts through them.**
{% endhint %}

***

## ⭐ Hub-and-Spoke

A **Hub-and-Spoke** Canopy forms when many markets connect primarily through one common asset.

```
          A
          │
          │
B ────── NUT ────── C
          │
          │
          D
```

NUT is the hub.

The pair markets extending outward are the spokes.

This is the oldest recognizable topology in the Based Nut liquidity system.

### 🌿 Structural interpretation

Each individual pair is a **Branch**:

```
NUT / A
NUT / B
NUT / C
NUT / D
```

Together they create a shared-center graph.

The individual objects remain Branches.

**Hub-and-Spoke** describes the larger Canopy.

***

### 🧭 Economic behavior

A hub creates a common route between otherwise disconnected assets.

To move from `A` to `B`, liquidity can traverse:

```
A → NUT → B
```

This makes the hub important for:

* routing;
* common denomination;
* price transmission;
* liquidity concentration;
* arbitrage.

The stronger the hub's connectivity, the more Orchard paths depend on it.

***

## 🌻 Sunflower

The **Sunflower** is the characteristic Canopy of the Graft system.

Instead of many ordinary Branches sharing one vertex, several **ternary Grafts** share the same rootstock.

Each Graft has the form:

$${\mathrm{wNUT},s\_i,s\_j}$$

A collection of them creates:

```
                 A / B
                   │
                   │
C / D ────────── wNUT ────────── E / F
                   │
                   │
                 G / H
```

This drawing is shorthand.

Each apparent petal represents an entire three-token pool:

```
{wNUT, A, B}
{wNUT, C, D}
{wNUT, E, F}
{wNUT, G, H}
```

***

### 🌻 Hyperstar topology

An ordinary star consists of ordinary graph edges.

The Sunflower consists of **hyperedges**.

Every Graft shares the same distinguished vertex:

$$
r=\mathrm{wNUT}
$$

For a Sunflower containing Grafts:

$$
G\_1,G\_2,\ldots,G\_n
$$

the common-root condition is:

$$
\mathrm{wNUT}
\in
\bigcap\_{k=1}^{n} G\_k
$$

The resulting structure is a **rooted hyperstar**.

The agricultural name is simpler:

> 🌻 **Sunflower**

***

### ⚖️ The initial Sunflower

The first experimental Sunflower uses five **Twin Grafts**.

Each begins with:

```
20% wNUT
40% Scion A
40% Scion B
```

The initial Scion pairs span several Crop Groves:

* ₿ Bitcoin / Reserve
* ◆ Ethereum / Reserve
* 💵 Settlement
* 🤖 AI / Agents
* 🧠 AI / Inference

The weights stay constant while the asset composition changes.

This makes the first Sunflower a controlled experiment in how different economic relationships behave under the same rooted geometry.

***

## 🔄 Ring

A **Ring** forms when liquidity closes into a cycle.

```
A ───────── B
│           │
│           │
D ───────── C
```

A route can begin at one asset, traverse several markets, and eventually return to the starting asset.

In graph terms, a Ring contains a cycle.

For vertices:

$$
v\_0,v\_1,\ldots,v\_n
$$

a closed route satisfies:

$$
v\_0=v\_n
$$

with intermediate connections forming a valid liquidity path.

***

### 🥜 Ring I — NUT / SALT / USDC / PIPS

One Based Nut cycle already follows:

```
NUT
 ↓
SALT
 ↓
USDC
 ↓
PIPS
 ↓
NUT
```

or:

$$
\mathrm{NUT}
\rightarrow
\mathrm{SALT}
\rightarrow
\mathrm{USDC}
\rightarrow
\mathrm{PIPS}
\rightarrow
\mathrm{NUT}
$$

What makes this especially useful is that the cycle traverses different pricing mechanisms.

| Route       | Cultivation            |
| ----------- | ---------------------- |
| NUT → SALT  | Bonding Curve          |
| SALT → USDC | AMM                    |
| USDC → PIPS | reCLAMM                |
| PIPS → NUT  | Concentrated Liquidity |

One Ring therefore crosses several **Cultivation Groves**.

This is a direct example of Orchard **polyculture**.

***

### 🥜 Ring II — NUT / NUTINO / cbBTC

Another cycle can be represented as:

$$
\mathrm{NUT}
\rightarrow
\mathrm{NUTINO}
\rightarrow
\mathrm{cbBTC}
\rightarrow
\mathrm{NUT}
$$

Again, several markets combine into one closed economic path.

***

### ♻️ Why Rings matter

A cycle creates more than visual symmetry.

It can create:

* alternative routing paths;
* cross-market arbitrage;
* relative-price feedback;
* price propagation;
* rebalancing pressure;
* measurable state transitions.

If one edge of the Ring moves out of equilibrium, economic pressure can propagate around the cycle.

That makes Rings especially relevant to:

* 🛣️ Routing Guilds;
* ♻️ Arbitrage Guilds;
* 🌼 Price-Discovery Guilds;
* ✂️ Rebalancing Guilds.

***

## 🕸️ Mesh

A **Mesh** forms when a region has multiple independent paths between assets or liquidity structures.

```
A ───────── B
│ \       / │
│  \     /  │
│   \   /   │
│    \ /    │
│    / \    │
│   /   \   │
│  /     \  │
│ /       \ │
C ───────── D
```

Unlike Hub-and-Spoke topology, connectivity does not depend overwhelmingly on one center.

Unlike a simple Ring, several alternative routes can coexist.

***

### 🛣️ Route redundancy

Suppose there are two economically distinct routes from `A` to `D`:

```
A → B → D
```

and:

```
A → C → D
```

The network now has route redundancy.

If one market becomes:

* shallow;
* expensive;
* temporarily unavailable;
* badly priced;

another path may remain.

This is the core economic property of a Mesh.

***

## 🪢 Multiplex Is Not Automatically Mesh

The Orchard already contains examples where the same asset pair exists on more than one venue.

For example:

```
NUT / WETH — Venue A
NUT / WETH — Venue B
```

Mathematically, this creates **parallel edges**.

If two edges share the same endpoints:

$$
I(e\_1)=I(e\_2)
$$

while:

$$
e\_1\neq e\_2
$$

the graph is already a multigraph or multiplex structure.

But this alone does **not** produce a Mesh.

#### 🕸️ Parallel markets ≠ Mesh

Two venues connecting the same assets give the Orchard **multiplicity**.

A Mesh requires richer lateral connectivity and genuine alternative paths across several assets or structures.<br>

The Orchard therefore already has the ingredients for Mesh formation without needing to claim that every set of parallel pools is itself a Mesh.

***

## 🌳 Hierarchical

A **Hierarchical** Canopy appears when liquidity develops distinguishable layers of connectivity.

```
                   NUT
                /   |   \
               /    |    \
            WETH   SNUT   cbBTC
            / \      |      / \
           A   B     C     D   E
```

The system now contains:

1. a broad center;
2. secondary hubs;
3. peripheral markets.

NUT can remain the primary economic hub while assets such as:

* WETH;
* SNUT;
* cbBTC;

become local hubs for narrower regions of liquidity.

***

### 🌲 Hierarchy can emerge several ways

A secondary hub may arise because it has:

* many connected pools;
* deep liquidity;
* strong routing demand;
* important economic exposure;
* nested descendants;
* advantageous weights.

Hierarchy is therefore not necessarily designed in advance.

It can emerge from the state of the Orchard.

***

## 🧬 Hybrid

Real liquidity systems rarely remain perfect textbook examples of one topology.

The Orchard can simultaneously contain:

* ⭐ Hub-and-Spoke regions;
* 🌻 a Sunflower hyperstar;
* 🔄 several Rings;
* 🕸️ emerging Meshes;
* 🌳 hierarchical secondary hubs.

These forms can overlap.

```
                  NUT
              /    |    \
             /     |     \
          Ring   wNUT    WETH
                 / | \
                /  |  \
             Graft Graft Graft
                 \  |  /
                  Mesh
```

A single structure can therefore contribute to more than one Canopy Form.

For example, a Branch might simultaneously:

* act as a spoke in a Hub-and-Spoke;
* close a Ring;
* contribute a redundant path to a Mesh.

**Hybrid topology is not a separate primitive.**

It simply means several recognizable forms coexist in the same graph.

***

## 🌿 The Fractal Canopy

An unusual property of the Orchard is that similar forms appear at different scales.

At the broad level:

```
             NUT
          /   |   \
         /    |    \
        A     B     C
```

At the Graft level:

```
             wNUT
          /    |    \
         /     |     \
      Graft  Graft  Graft
```

NUT and wNUT are not topologically identical objects.

But because wNUT functions as the standardized Graft rootstock and maintains a 1:1 relationship with NUT, the smaller Graft system reproduces a similar shared-center pattern at another scale.

This gives the Orchard a **fractal-like structure**:

> similar connectivity patterns recurring at different levels of abstraction.

***

## 🌳 Canopy Forms Across Grove Classes

Canopy and Grove classification are independent axes.

The same topology can appear under entirely different semantic projections.

| Grove              | Possible Canopy                |
| ------------------ | ------------------------------ |
| ₿ Reserve Grove    | Hub-and-Spoke, Sunflower, Ring |
| 🤖 Compute Grove   | Sunflower, Ring, Mesh          |
| 🛣️ Routing Guild  | Ring, Mesh, Hierarchical       |
| ♻️ Arbitrage Guild | Ring, Mesh                     |
| ⚖️ Weighted Grove  | Sunflower, Hub-and-Spoke       |
| 🧬 NUT Lineage     | Hierarchical, Hub-and-Spoke    |

Likewise, one Canopy may contain members from several Grove classes.

A Sunflower can simultaneously contain:

* Reserve Grafts;
* Settlement Grafts;
* Compute Grafts;
* Weighted Grafts;
* Cross-Pollination Guild members.

The topology does not erase those semantic relationships.

It reveals how they connect.

***

## ⚖️ Weights Change the Canopy's Economics

Two graphs can have identical topology but behave differently because their pools use different weights.

Consider two identical Hub-and-Spoke graphs.

#### Canopy A

```
Every Branch: 50 / 50
```

#### Canopy B

```
Every Branch: 90 / 10
```

Their connectivity is identical.

Their economic response is not.

Likewise, two Sunflowers could share exactly the same Graft layout while using different Graft geometries:

```
Sunflower A
20 / 40 / 40
```

```
Sunflower B
50 / 25 / 25
```

Differences could emerge in:

* capital concentration;
* inventory risk;
* price impact;
* arbitrage frequency;
* rebalancing;
* rootstock exposure.

This is why weights are a **lens on topology**, not a substitute for topology.

***

## 🔄 A Living Canopy

Canopy Forms can change as Orchard state changes.

A new market can:

* close a Ring;
* connect two previously separate regions;
* create a secondary hub;
* add route redundancy;
* turn a star-like graph into a Mesh;
* connect two Crop Groves;
* create a new arbitrage path.

A removed or depleted market can do the reverse.

If the Orchard at time `t` is:

$$
\mathcal{O}\_t
$$

then an economic or deployment event can produce:

$$
\mathcal{O}t
\longrightarrow
\mathcal{O}{t+1}
$$

The topology of those two states need not be identical.

Therefore:

> **The Canopy itself is part of Orchard state.**

***

## 🧭 Reading a Canopy

When examining any region of the Orchard, ask:

#### ⭐ Is there one dominant center?

→ **Hub-and-Spoke**

#### 🌻 Do multiple rooted Grafts share wNUT?

→ **Sunflower**

#### 🔄 Does a route close back onto itself?

→ **Ring**

#### 🕸️ Are there several independent routes between regions?

→ **Mesh**

#### 🌳 Are there primary, secondary, and peripheral hubs?

→ **Hierarchical**

#### 🧬 Are several of these simultaneously true?

→ **Hybrid**

***

## 🌿 Current Orchard Forms

At the current stage of the Orchard:

#### ⭐ Hub-and-Spoke

**Established.**

NUT already acts as the common hub across many pair markets.

#### 🌻 Sunflower

**Established as the Graft architecture.**

Multiple weighted Grafts share wNUT as common rootstock.

#### 🔄 Ring

**Already present.**

At least two economically meaningful cycles can be identified across existing liquidity structures.

#### 🌳 Hierarchical

**Already visible.**

NUT acts as the broad center while assets such as WETH, SNUT, and cbBTC can serve as secondary connectivity points.

#### 🕸️ Mesh

**Emerging.**

Parallel markets and alternative connections already provide the ingredients, but multiplicity should not be mislabeled as a mature Mesh before genuine lateral route redundancy develops.

#### 🧬 Hybrid

**Already the global condition.**

The Orchard contains several topology forms simultaneously.

***

## 🥜 The Canopy Rule

#### 🌿 One word, one concept

**Branch, Graft, and Whorl describe individual liquidity structures.**

**Groves describe relationships among those structures.**

**Canopy Forms describe the geometry produced when they connect.**

**Weights describe the economic balance inside that geometry.**

**State determines which forms exist right now.**<br>

The Canopy is the Orchard viewed from above.


# Sunflower Grove

**The first deployed Graft system in the Orchard.**

The **Sunflower Grove** is the first concrete implementation of the Graft framework: five three-token weighted pools sharing **wNUT** as a common rootstock.

Each pool contains:

* **20% wNUT**
* **40% Scion A**
* **40% Scion B**

This configuration is called a **Twin Graft**.

Individually, each pool is a **Graft**.

Together, the five Grafts form the **Sunflower Grove**.

Viewed as a graph, their shared-root geometry creates the **Sunflower Canopy Form**.

{% hint style="success" %}

## 🌻 Sunflower at a glance

**5 Grafts**

**15 pool positions across 11 unique assets**

**1 common rootstock: wNUT**

**1 shared geometry: 20 / 40 / 40**

**5 different Scion pairings**

The weights stay constant while the assets change.
{% endhint %}

***

## 🌱 The Twin Graft

Every pool in the initial Sunflower has exactly three assets.

$${\mathrm{wNUT},s\_i,s\_j}$$

where:

* **wNUT** is the shared rootstock;
* **sᵢ** is the first Scion;
* **sⱼ** is the second Scion.

The initial weight geometry is:

$$
20%\ \mathrm{wNUT}
\+
40%\ s\_i
\+
40%\ s\_j
$$

Visually:

```
          40% Scion A
               \
                \
              20% wNUT
                /
               /
          40% Scion B
```

This specific implementation is a:

> 🌱 **Twin Graft**

The word **Twin** refers to the two equally weighted Scions.

The word **Graft** refers to the rooted three-token structure.

***

## 🌻 The Five Initial Grafts

The Sunflower begins with five Twin Grafts.

| Graft                  | Rootstock |     Scion A |    Scion B | Primary economic relationship |
| ---------------------- | --------: | ----------: | ---------: | ----------------------------- |
| ◆ **Ethereum Graft**   |  20% wNUT |   40% cbETH | 40% wstETH | Ethereum reserve assets       |
| ₿ **Bitcoin Graft**    |  20% wNUT |   40% cbBTC |   40% tBTC | Bitcoin reserve assets        |
| 💵 **Forex Graft**     |  20% wNUT |    40% USDC |   40% EURC | fiat-denominated settlement   |
| 🤖 **Agent Graft**     |  20% wNUT | 40% VIRTUAL |    40% MOR | AI and autonomous agents      |
| 🧠 **Inference Graft** |  20% wNUT |     40% VVV |   40% DIEM | AI and inference              |

Each pool has different Scions.

Every pool shares the same rootstock and initial weight geometry.

***

## 🌿 One Rootstock

The defining feature of the Sunflower is not simply that five weighted pools exist.

It is that **every Graft contains wNUT**.

For five Grafts:

$$
G\_1,G\_2,G\_3,G\_4,G\_5
$$

their common-root condition is:

$$
\mathrm{wNUT}
\in
\bigcap\_{k=1}^{5}G\_k
$$

The rootstock is therefore the structural point shared by the entire system.

```
                 VVV / DIEM
                     │
                     │
              VIRTUAL / MOR
                     │
                     │
cbETH / wstETH ──── wNUT ──── cbBTC / tBTC
                     │
                     │
                 USDC / EURC
```

Each apparent petal represents one complete three-token Graft:

```
{wNUT, cbETH, wstETH}

{wNUT, cbBTC, tBTC}

{wNUT, USDC, EURC}

{wNUT, VIRTUAL, MOR}

{wNUT, VVV, DIEM}
```

The diagram is therefore a **hypergraph**, not merely a set of pairwise edges.

***

## 🥜 Why wNUT?

NUT is the root asset of the wider Orchard.

wNUT provides a standardized form of NUT that can serve as common liquidity rootstock across the Graft system.

The relationship is:

$$
1\ \mathrm{NUT}
\longleftrightarrow
1\ \mathrm{wNUT}
$$

This allows the Grafts to share a common structural asset without redefining NUT itself around the needs of the experimental pool system.

The distinction remains:

* 🥜 **NUT** — root asset of the Orchard;
* 🌱 **wNUT** — rootstock of the Graft system.

wNUT does not need to dominate a pool by weight to act as its rootstock.

Its role is structural.

***

## ⚖️ Why 20 / 40 / 40?

The first Sunflower deliberately uses the same weights in every Graft.

$$
20 / 40 / 40
$$

This creates a controlled baseline.

If both the **assets** and the **weights** changed from pool to pool, differences in behavior would be difficult to interpret.

Instead, the initial system holds one variable constant:

> **weight geometry**

while changing:

> **Scion composition**

This makes each Graft comparable to the others.

***

### 🌱 Two equal Scions

The two Scions each receive **40%**.

This gives them equal structural importance inside the pool.

For a Twin Graft:

$$
w\_{s\_i}=w\_{s\_j}=0.40
$$

The system is therefore not designed around a dominant primary Scion and subordinate secondary Scion.

The two assets form a pair.

***

### 🥜 Smaller common rootstock

wNUT receives **20%**.

$$
w\_{\mathrm{wNUT}}=0.20
$$

This is large enough for wNUT to participate directly in each weighted market while leaving most of the pool's weight with the two Scions being compared.

The geometry can be read as:

```
            Scion pair
         ┌──────┴──────┐
        40%           40%
          \     g     /
           \         /
             20% wNUT
```

The rootstock connects the Grafts(g).

The Scions define the economic character of each individual Graft.

***

## 🔬 What Changes Between Grafts?

Only the Scion pair.

#### ◆ Ethereum

```
20% wNUT
40% cbETH
40% wstETH
```

#### ₿ Bitcoin

```
20% wNUT
40% cbBTC
40% tBTC
```

#### 💵 Settlement

```
20% wNUT
40% USDC
40% EURC
```

#### 🤖 Agents

```
20% wNUT
40% VIRTUAL
40% MOR
```

#### 🧠 Inference

```
20% wNUT
40% VVV
40% DIEM
```

This allows five different economic relationships to be observed through the same liquidity structure.

***

## 🌾 The Crop Lens

The five Grafts are not five isolated experiments.

They deliberately span several parts of the economic Orchard.

#### ₿ Reserve

* cbBTC / tBTC
* cbETH / wstETH

#### 💵 Settlement

* USDC / EURC

#### 🤖 Compute

* VIRTUAL / MOR
* VVV / DIEM

The Sunflower therefore brings several **Crop Groves** into one shared structural system.

This is the first practical demonstration that a Graft can have one structural identity while participating in a wider economic classification.

***

## 🐝 Cross-Pollination

The Scions do not need to belong to the same broader Grove forever.

Future Grafts can deliberately connect different economic domains.

For example:

```
        AI Scion
           \
            \
           wNUT
            /
           /
      Bitcoin Scion
```

Such a Graft could simultaneously belong to:

* 🤖 Compute Grove;
* ₿ Reserve Grove;
* 🐝 Cross-Pollination Guild;
* ⚖️ Weighted Cultivation Grove.

This is where the Graft framework becomes more than a collection of themed pools.

A single rooted market can connect different regions of the Orchard.

***

## 🔭 What Is Being Observed?

The Sunflower is an experimental liquidity system.

Its initial objective is not simply to maximize TVL.

The five common-weight Grafts provide a controlled environment for observing how rooted multi-asset markets behave individually and together.

***

### 💹 1. Relative market behavior

How do the two Scions behave relative to:

* each other;
* wNUT;
* their external markets?

A Twin Graft contains three simultaneous economic relationships.

For:

$$
G={\mathrm{wNUT},A,B}
$$

the pool contains information about:

```
A ↔ B

A ↔ wNUT

B ↔ wNUT
```

One three-token pool therefore exposes more relational structure than one ordinary pair.

***

### ⚖️ 2. Weighted rebalancing

External prices move.

The weighted pool reacts.

That creates pressure for trading and rebalancing inside the Graft.

The experiment can observe how the common:

$$
20 / 40 / 40
$$

geometry behaves across very different asset classes.

Questions include:

* How quickly does each Graft move away from its initial state?
* Which Scion relationships create the strongest rebalancing pressure?
* How does wNUT inventory change?
* How often does external arbitrage restore relative alignment?

***

### ♻️ 3. Arbitrage

Each Scion may already trade elsewhere.

wNUT and NUT also participate in the wider Orchard.

The Grafts therefore create new relative-price relationships against external venues.

Possible arbitrage paths can emerge between:

* Scion ↔ Scion;
* Scion ↔ NUT;
* Scion ↔ wNUT;
* one Graft ↔ another Graft;
* Graft ↔ external AMM;
* Graft ↔ wider Orchard route.

The Sunflower can reveal where those relationships become economically actionable.

***

### 🛣️ 4. Routing

A Graft is not only a destination for liquidity.

It can become part of a route.

A trade path may enter through one Scion and leave through:

* the second Scion;
* wNUT;
* NUT through wrapping or unwrapping;
* another part of the Orchard.

As more structures connect, the Sunflower can become routing infrastructure rather than five isolated weighted pools.

***

### 🌼 5. Price discovery

Each Graft creates another venue through which relative prices can be expressed.

The system can observe:

* whether Graft prices lead or follow external markets;
* how thin experimental liquidity responds to external movement;
* how quickly price discrepancies propagate;
* whether one Graft creates useful information for another.

***

### 🐝 6. Cross-Graft interaction

Every Graft shares wNUT.

A state change in one pool can therefore alter economic conditions around the common rootstock.

That does not mean every trade mechanically changes every other Graft.

It means they participate in a larger shared market environment.

```
Graft A
   \
    \
    wNUT
    / \
   /   \
Graft B Graft C
```

Changes in:

* wNUT demand;
* NUT/wNUT flows;
* relative pricing;
* arbitrage incentives;
* routing;

can create relationships between otherwise separate Grafts.

***

## 🔄 The Sunflower as a State Machine

The deployed contracts define the structure.

Trading makes the structure dynamic.

Let the state of the complete Sunflower at time `t` be:

$$
\Sigma\_{\mathrm{Sunflower},t}
$$

An action inside one Graft changes part of that state:

$$
\Sigma\_{\mathrm{Sunflower},t}
\longrightarrow
\Sigma\_{\mathrm{Sunflower},t+1}
$$

Relevant state includes:

* Graft balances;
* relative prices;
* wNUT inventory;
* LP ownership;
* fees;
* external price relationships;
* arbitrage opportunities;
* active routing relationships.

The Sunflower is therefore not only a topology.

It is a **live economic system moving through states**.

***

## 🌻 The Sunflower Canopy

The five Grafts form one recognizable shape because they all share wNUT.

This is the **Sunflower Canopy Form**.

Mathematically, the Grafts form a common-root hyperstar.

Visually:

```
                  🌼
              VVV / DIEM
                   │
                   │
      🌼           │           🌼
cbETH / wstETH ── wNUT ── cbBTC / tBTC
                 │     │
                 │     │
       USDC / EURC     VIRTUAL / MOR
               🌼     🌼

                  
```

The individual petals are Grafts.

The shared center is wNUT.

The complete shape is the Sunflower.

***

## 🌳 One System, Several Lenses

The Sunflower is the first place where the Orchard ontology becomes concrete.

Take the Bitcoin Twin Graft:

```
20% wNUT
40% cbBTC
40% tBTC
```

It can be read several ways.

#### 🌱 Structure

**Graft**

It is a rooted three-token pool.

#### ⚖️ Weight

**20 / 40 / 40**

It is a Twin Graft.

#### 🌾 Crop

**Reserve Grove**

Its Scions are Bitcoin reserve assets.

#### 🐝 Guild

Depending on current use and state, it may participate in:

* Routing;
* Arbitrage;
* Price Discovery;
* Rebalancing;
* Attestation.

#### 🌱 Cultivation

**Weighted Grove**

Its market behavior comes from weighted liquidity.

#### 🧬 Heritage

Its assets and contracts retain their own provenance and lineage.

#### 🌻 Canopy

**Sunflower**

It is one petal in the common-root hyperstar.

One pool can therefore be described across the entire framework without changing what the pool actually is.

***

## 🧪 Why Start Small?

The Sunflower is deliberately experimental.

The first objective is to create **observable topology**, not to force maximum liquidity into every Graft.

Smaller positions allow the system to establish:

* actual market relationships;
* real state transitions;
* real routing possibilities;
* real arbitrage conditions;
* comparable pool behavior;

without requiring every experimental market to become a major liquidity venue immediately.

#### 🌱 The first planting

The purpose of the initial Sunflower is to make the Graft system **real enough to observe**.

Once deployed, the framework is no longer only an ontology.

It has economic state.<br>

## 🔬 What the Experiment Can Compare

Because all five pools begin from the same architecture, they can be compared across several dimensions.

| Observation          | Held constant     | Variable                  |
| -------------------- | ----------------- | ------------------------- |
| Scion behavior       | 20/40/40 geometry | assets                    |
| Rebalancing          | rooted Graft form | external price movement   |
| Arbitrage            | common rootstock  | external venue structure  |
| Routing              | wNUT connection   | surrounding Orchard paths |
| Volatility response  | pool architecture | asset class               |
| Cross-Graft activity | shared wNUT       | Scion economics           |

This is the principal value of the common starting geometry.

The Sunflower changes one major variable at a time.

***

## 🌱 Future Grafts

The first Sunflower does not define the only permissible Graft weights.

A Graft remains:

$${\mathrm{wNUT},s\_i,s\_j}$$

regardless of whether its weights are:

```
20 / 40 / 40
33 / 33 / 33
50 / 25 / 25
70 / 20 / 10
```

Future Grafts can test different weight geometries for different economic purposes.

They can also connect:

* assets from the same Crop Grove;
* assets from different Crop Groves;
* protocol assets;
* reserve assets;
* settlement assets;
* productive capital;
* new experimental Scions.

The **Graft definition stays fixed** while its economic design space expands.

***

## 🌳 From Five Pools to a Liquidity Graph

At first glance, the implementation is simple:

```
5 weighted pools
```

But the shared rootstock changes what those pools become collectively.

The system contains:

* five independent markets;
* ten distinct Scion positions;
* one common rootstock;
* several economic domains;
* new relative-price relationships;
* new routing possibilities;
* new arbitrage relationships;
* observable market-state transitions.

That converts a pool collection into a **liquidity topology**.

***

## 🥜 The Sunflower Rule

#### 🌻 One implementation, the whole framework

**Each pool is a Graft.**

**Each initial Graft is a 20/40/40 Twin Graft.**

**wNUT is the common rootstock.**

**The Scions determine each Graft's economic character.**

**Groves describe the relationships those Grafts participate in.**

**Together, the five Grafts create the Sunflower Canopy.**

**Their changing balances and prices create live Orchard state.**<br>

The Sunflower is the first planting where the Orchard can be observed not just as a metaphor or graph model, but as an operating liquidity system.


# Heirloom Grove

## 🏺 Heirloom Grove

**The foundational liquidity from which the Orchard grew.**

Before the Sunflower, before standardized Grafts, and before wNUT became common rootstock, Based Nut already had a living network of liquidity.

Those earlier markets form the **Heirloom Grove**.

The Heirloom Grove contains the foundational NUT-native liquidity structures that established the first routes, asset relationships, nested tokens, and multi-asset experiments of the Orchard.

It is not defined by one pool shape.

It contains:

* 🌿 **Branches**
* 🌸 **Whorls**
* 🧬 nested liquidity structures
* 🥜 NUT-native descendants
* 🏺 historically significant markets

***

## 🌳 The Original Orchard

The first Orchard did not begin as one planned topology.

It grew incrementally.

A market was added.

Then another asset.

Then another venue.

Then nested tokens.

Then a multi-asset weighted pool.

Over time, those structures began forming a graph.

```
NUT
├── WETH
├── AERO
├── cbBTC
├── SNUT
│   ├── WETH
│   └── LP-derived liquidity
├── NUTINO
│   └── cbBTC
└── pNUT
    └── multi-asset weighted liquidity
```

That earlier liquidity remains part of the Orchard.

The Heirloom Grove gives it a coherent name without pretending it was originally designed as a Graft system.

***

## 🏺 What Makes a Structure Heirloom?

Membership is based primarily on **lineage and historical role**.

A structure belongs in the Heirloom Grove when it is part of the foundational Based Nut liquidity system from which later Orchard architecture developed.

Conceptually:

```
foundational NUT liquidity
          +
historical significance
          +
NUT ecosystem lineage
          ↓
   🏺 Heirloom Grove
```

The Grove may therefore contain several different structural classes.

***

## 🌿 Heirloom Branches

Most of the early Orchard was built from ordinary two-token markets.

Each is structurally a **Branch**.

The general form is:

$$
B\_{ij}={a\_i,a\_j}
$$

These Branches created the first pathways extending outward from NUT and its descendants.

***

### 🥜 NUT / WETH

NUT / WETH is one of the foundational economic relationships in the Orchard.

It exists through more than one market implementation.

Examples include:

* **NUT / WETH V2**
* **NUT / WETH V3**

Structurally, both are Branches:

```
NUT ───────── WETH
```

But they are not the same edge.

Different venues and mechanisms create distinct liquidity structures even when the assets are identical.

```
NUT ── V2 ── WETH

NUT ── V3 ── WETH
```

This is one of the earliest examples of the Orchard becoming **multiplex**.

The endpoints are the same.

The market structures are not.

***

### 🛩️ NUT / AERO

```
NUT ───────── AERO
```

NUT / AERO extends the Orchard into liquidity infrastructure associated with the Base ecosystem.

It is:

* structurally a **Branch**;
* economically connected to infrastructure;
* historically part of the pre-Graft Orchard.

Through the Grove lenses it can therefore appear simultaneously as:

```
Structure      → Branch
Crop           → Infrastructure
Heritage       → Heirloom
```

***

### ₿ NUT / cbBTC

```
NUT ───────── cbBTC
```

NUT / cbBTC directly connects the NUT economy with a Bitcoin reserve asset.

It is:

* 🌿 a Branch;
* ₿ part of Reserve exposure;
* 🏺 part of the Heirloom Grove.

This relationship also becomes important when later Orchard structures introduce additional Bitcoin routes.

A simple historical Branch can therefore become one edge of a much larger modern topology.

***

## 🥜 The SNUT Branch

The Orchard also developed through NUT-derived assets.

SNUT introduced another layer of liquidity around the NUT lineage.

Relevant structures include:

```
SNUT ───────── NUT
```

and:

```
SNUT ───────── WETH
```

These are still ordinary Branches structurally.

Their significance comes from lineage.

SNUT is not simply an unrelated external asset connected to NUT.

It belongs to the internal NUT ecosystem.

That makes these markets particularly natural members of the Heirloom Grove.

***

## 🧬 Second-Order Liquidity

One of the more unusual early structures is liquidity involving an **LP token itself**.

For example:

```
SNUT-LP ───────── WETH
```

An LP token represents a claim on another liquidity position.

Trading that LP token therefore creates a market whose asset is itself derived from liquidity.

The structure becomes recursive:

```
underlying assets
       ↓
 liquidity pool
       ↓
    LP token
       ↓
 second market
```

This is **second-order liquidity**.

The Branch itself remains structurally simple:

```
SNUT-LP / WETH
```

But the asset on one side represents another market underneath it.

The Heirloom Grove preserves this early experimentation as part of the Orchard's structural history.

***

## 🌱 NUTINO / cbBTC

NUTINO introduced another NUT-linked path into Bitcoin liquidity.

```
NUTINO ───────── cbBTC
```

This Branch matters not only in isolation.

Combined with NUTINO's relationship back toward NUT and other Bitcoin liquidity, it helps create a larger route:

```
NUT
 ↓
NUTINO
 ↓
cbBTC
 ↓
NUT
```

What began as separate historical structures can therefore participate in a modern **Ring Canopy**.

This is a recurring pattern in the Heirloom Grove:

> old pools can acquire new graph functions as the Orchard grows around them.

***

## 🌸 pNUT — The Heirloom Whorl

The most important exception to the Branch-heavy early Orchard is **pNUT**.

pNUT is a multi-asset weighted pool.

It predates the strict Graft definition.

Structurally, it belongs to the more general **Whorl** class.

A Whorl is:

```markdown
$$
W=\{a_1,a_2,\ldots,a_n\},\qquad n\geq3
$$
```

pNUT is a four-asset instance:

```
        Asset
          │
Asset ─ pNUT ─ Asset
          │
         NUT
```

with equal initial weighting:

```
25 / 25 / 25 / 25
```

***

### 🌸 Why pNUT is not a Graft

A Graft has a strict form:

```markdown
$$
G_{ij}=\{\mathrm{wNUT},s_i,s_j\}
$$
```

pNUT does not satisfy that definition.

It:

* contains four assets;
* predates wNUT rootstock architecture;
* treats NUT as a pool member rather than a distinguished Graft rootstock.

Therefore:

> **pNUT is a Whorl, not a Graft.**

This distinction lets the Orchard preserve its actual history instead of rewriting old structures to fit newer terminology.

***

### 🏺 Why pNUT is an Heirloom

pNUT is especially important because it demonstrates that the idea of **multi-asset NUT liquidity existed before Grafts were formalized**.

The progression can be read as:

```
🌿 pair liquidity
      ↓
🌸 pNUT multi-asset Whorl
      ↓
🌱 wNUT rootstock
      ↓
🌻 standardized Grafts
```

pNUT is therefore an architectural ancestor.

Not because it secretly was a Graft.

Because it demonstrates an earlier stage in the same broader exploration of multi-asset liquidity.

***

## 🌳 From Branches to a Graph

Viewed one at a time, many Heirloom structures look ordinary.

```
NUT / WETH
NUT / AERO
NUT / cbBTC
SNUT / NUT
SNUT / WETH
NUTINO / cbBTC
```

Viewed together, something different appears.

```
                 AERO
                   │
                   │
WETH ──────────── NUT ─────────── cbBTC
 │                 │                │
 │                 │                │
SNUT ──────────────┘             NUTINO
 │
 │
SNUT-LP
```

Add pNUT and the system is no longer adequately described as a list of pools.

It is already a liquidity graph containing:

* common hubs;
* parallel markets;
* nested assets;
* multi-asset liquidity;
* alternative routes;
* cycles;
* secondary hubs.

That graph is the early Orchard.

***

## ⭐ The Original Hub-and-Spoke

Much of the Heirloom Grove naturally forms a **Hub-and-Spoke Canopy** around NUT.

```
             WETH
               │
               │
AERO ───────── NUT ───────── cbBTC
               │
               │
              SNUT
```

NUT acts as the common economic center.

Each Branch extends into another asset or ecosystem region.

This is distinct from the later Sunflower.

#### 🏺 Heirloom Hub

```
asset
  │
 NUT
  │
asset
```

Mostly ordinary pairwise Branches centered on NUT.

#### 🌻 Sunflower

```
Scion / Scion
      │
     wNUT
      │
Scion / Scion
```

Three-token Grafts centered on common wNUT rootstock.

The shapes resemble each other at different scales, but the underlying liquidity structures are different.

***

## 🪢 Parallel Markets and Multiplex Liquidity

The Heirloom Grove also contains an important structural feature:

**the same economic relationship can exist through several markets.**

For two liquidity structures:

$$
I(e\_1)=I(e\_2)
$$

while:

$$
e\_1\neq e\_2
$$

the structures touch the same assets but remain different edges.

This can occur because they differ by:

* protocol;
* invariant;
* fee tier;
* liquidity range;
* deployment;
* pool state.

The Orchard must therefore preserve the identity of each market rather than collapsing everything into a single asset-pair relationship.

This is why the complete Orchard is **multiplex**.

***

## 🔄 Old Structures, New Functions

Being an Heirloom does not mean being inactive.

Historical structures can continue to acquire new roles as the surrounding Orchard changes.

A Branch deployed early may later become part of:

* 🛣️ a Routing Guild;
* ♻️ an Arbitrage Guild;
* 🌼 a Price-Discovery Guild;
* 🔄 a Ring Canopy;
* 🕸️ an emerging Mesh.

Its history remains fixed.

Its function can change.

For a structure `e`:

```
Heritage
└── Heirloom              ← persistent

Guild
├── Routing               ← may change
├── Arbitrage             ← may appear/disappear
└── Price Discovery       ← may change

Canopy
├── Hub-and-Spoke
└── Ring                  ← can emerge later
```

This demonstrates why Heritage, Guild, and Canopy must remain separate axes.

***

## 🔄 Heirloom State

The Heirloom Grove is not a museum.

Its pools remain economic state machines.

For the Grove at time `t`:

$$
\Sigma\_{\mathrm{Heirloom},t}
$$

market activity produces:

$$
\Sigma\_{\mathrm{Heirloom},t}
\longrightarrow
\Sigma\_{\mathrm{Heirloom},t+1}
$$

State can include:

* reserves;
* prices;
* LP state;
* concentrated-liquidity positions;
* fees;
* nested-token values;
* route availability;
* arbitrage conditions.

Historical provenance does not make the liquidity static.

**Heirloom describes lineage, not inactivity.**

***

## 🧬 The Heirloom Lens

The Grove becomes especially useful because its members vary structurally.

<table><thead><tr><th width="179">Structure</th><th width="151">Structural class</th><th>Why Heirloom</th></tr></thead><tbody><tr><td>NUT / WETH V2</td><td>🌿 Branch</td><td>foundational NUT market</td></tr><tr><td>NUT / WETH V3</td><td>🌿 Branch</td><td>foundational NUT market</td></tr><tr><td>NUT / AERO</td><td>🌿 Branch</td><td>early ecosystem route</td></tr><tr><td>NUT / cbBTC</td><td>🌿 Branch</td><td>early reserve route</td></tr><tr><td>SNUT / NUT</td><td>🌿 Branch</td><td>internal NUT lineage</td></tr><tr><td>SNUT / WETH</td><td>🌿 Branch</td><td>internal NUT lineage</td></tr><tr><td>SNUT-LP / WETH</td><td>🌿 Branch</td><td>recursive liquidity experiment</td></tr><tr><td>NUTINO / cbBTC</td><td>🌿 Branch</td><td>nested NUT lineage and BTC route</td></tr><tr><td>pNUT</td><td>🌸 Whorl</td><td>early multi-asset weighted experiment</td></tr></tbody></table>

The exact structures differ.

The historical relationship is shared.

That shared relationship is the **Grove**.

***

## 🌾 One Heirloom, Several Grove Lenses

Consider NUT / cbBTC.

#### 🌿 Structure

**Branch**

#### 🌾 Crop

**Reserve**

#### 🐝 Guild

Depending on current state:

* Routing
* Arbitrage
* Price Discovery

#### 🌱 Cultivation

Determined by its actual market mechanism.

#### 🧬 Heritage

**Heirloom**

#### 🌿 Canopy

It can participate in:

* Hub-and-Spoke
* Ring
* later Mesh formations

The pool does not change identity when the lens changes.

The framework simply reveals different relationships around it.

***

## 🏺 Why Preserve the Heirlooms?

Without the Heirloom Grove, the Orchard would appear to begin with the Graft framework.

It did not.

The earlier structures matter because they show the progression from:

1. 🌿 simple pair markets;
2. 🥜 NUT-centered Hub-and-Spoke liquidity;
3. 🧬 nested token relationships;
4. 🌸 multi-asset weighted liquidity;
5. 🔄 cross-market Rings and routes;
6. 🌱 standardized wNUT rootstock;
7. 🌻 deliberate Graft systems.

The framework becomes stronger when the terminology describes that history rather than erasing it.

#### 🏺 The Heirloom Rule

**Branches describe most of the original markets.**

**Whorls describe the early multi-asset experiments.**

**Nested liquidity added recursion.**

**Heirloom describes their shared lineage.**

**The modern Orchard grew around them rather than replacing them.**

<br>

The **Heirloom Grove** is the living record of Based Nut liquidity before the Orchard learned to plant Grafts deliberately.


# Polyforest Grove

## 🌲 Polyforest Grove

**The heterogeneous liquidity region of the Orchard.**

The **Polyforest Grove** is where different assets, protocols, pricing mechanisms, and liquidity structures grow together.

Unlike the Sunflower, it does not repeat one standardized Graft geometry.

Unlike the Heirloom Grove, it is not defined primarily by foundational NUT lineage.

The Polyforest is defined by **heterogeneity and interaction**.

It contains the mixed liquidity that connects different economic regions and market mechanisms into the wider Orchard.

#### 🌲 Polyforest at a glance

**Sunflower** — deliberately repeated Grafts.

**Heirloom** — foundational NUT-native liquidity.

**Polyforest** — heterogeneous liquidity interacting across mechanisms, assets, and protocols.

A forest does not contain one kind of tree.

Neither does the Polyforest.

***

## 🌳 A Mixed Forest

The Orchard is not built from one AMM repeated across every asset.

Its liquidity can include:

* 🌱 bonding curves;
* 🌿 ordinary pair markets;
* 🎯 concentrated liquidity;
* ♻️ reCLAMM;
* ⚖️ weighted liquidity;
* 🧬 nested assets;
* 🥜 NUT-linked markets;
* 🌐 external ecosystem assets.

The Polyforest describes the region where these structures begin interacting as one economic network.

```
bonding curve ──────┐
                    │
constant product ───┤
                    │
reCLAMM ────────────┼── 🌲 POLYFOREST
                    │
concentrated LP ────┤
                    │
external markets ───┘
```

The structures do not need identical:

* arity;
* weights;
* protocols;
* invariants;
* asset classes;
* provenance.

They belong together because their liquidity forms useful relationships across the Orchard.

***

## 🌲 What Makes a Structure Polyforest?

Polyforest membership is based on **economic interconnection across heterogeneous liquidity systems**.

A structure becomes relevant to the Polyforest when it contributes to relationships such as:

* cross-protocol routing;
* multi-mechanism arbitrage;
* settlement paths;
* cross-Crop liquidity;
* price propagation;
* external ecosystem connectivity;
* heterogeneous Rings;
* emerging Meshes.

Conceptually:

```
different assets
      +
different mechanisms
      +
different venues
      +
shared economic paths
      ↓
🌲 Polyforest Grove
```

#### 🌲 The Polyforest rule

The Polyforest is not defined by **what every pool has in common**.

It is defined by **what becomes possible when different pools interact**.<br>

***

## 🌿 Different Structures Can Coexist

The Polyforest may contain several Orchard structure classes.

### 🌿 Branches

Two-token markets can connect distinct parts of the system.

Examples include:

* SALT / USDC;
* PIPS / USDC;
* PIPS / NUT;
* other cross-ecosystem pair markets.

A Branch remains:

$$
B\_{ij}={a\_i,a\_j}
$$

Its Polyforest membership comes from its role in the larger heterogeneous network, not from being a special kind of Branch.

***

### 🌱 Grafts

Future Grafts may also participate in the Polyforest.

A Graft remains structurally:

$$
G\_{ij}={\mathrm{wNUT},s\_i,s\_j}
$$

If its Scions connect otherwise distinct economic regions, the same Graft can simultaneously belong to:

* 🌻 Sunflower;
* 🌲 Polyforest;
* 🐝 Cross-Pollination Guild;
* one or more Crop Groves.

The classifications overlap because they answer different questions.

***

### 🌸 Whorls

Whorls can also participate wherever multi-asset liquidity contributes to a Polyforest route.

The general Whorl remains:

$$
W={a\_1,a\_2,\ldots,a\_n},\qquad n\geq3
$$

The Polyforest therefore does not require one structural primitive.

That structural diversity is part of its purpose.

***

## 🌱 Different Cultivation Methods

The strongest feature of the Polyforest is that its markets can use fundamentally different pricing systems.

### 🌱 Bonding Curves

Bonding curves create liquidity according to an issuance or reserve function rather than an ordinary pair-market invariant.

Examples in the wider Orchard include:

* SALT;
* NUTINO;
* other curve-issued assets.

A bonding curve can become the first step of a route that later enters an AMM.

***

### ♾️ Constant-Product Markets

Traditional AMMs create another form of liquidity.

Their reserve behavior differs from:

* bonding curves;
* weighted pools;
* concentrated liquidity;
* reCLAMM.

Yet all can participate in the same economic path.

***

### 🎯 Concentrated Liquidity

Markets such as Slipstream or Uniswap V3 concentrate liquidity inside selected price ranges.

For example:

```
PIPS / NUT
```

can connect external agent liquidity directly back into the NUT economy.

***

### ♻️ reCLAMM

reCLAMM introduces another pricing and rebalancing mechanism.

For example:

```
PIPS / USDC
```

can participate in the same route as markets using completely different invariants.

***

### ⚖️ Weighted Liquidity

Weighted pools and Grafts add yet another mechanism.

The Polyforest can therefore intersect with the Sunflower and other weighted regions without becoming synonymous with them.

***

## 🧬 Polyculture

Agricultural monoculture repeats one crop under similar conditions.

Polyculture allows different organisms to occupy the same environment and interact.

The same distinction applies to liquidity.

#### 🌻 Sunflower

```
weighted Graft
weighted Graft
weighted Graft
weighted Graft
weighted Graft
```

Deliberately standardized.

#### 🌲 Polyforest

```
bonding curve
      │
     AMM
      │
   reCLAMM
      │
concentrated LP
      │
weighted market
```

Deliberately heterogeneous.

Neither is inherently superior.

They expose different properties of the Orchard.

***

## 🐝 Cross-Pollination Between Economic Domains

The Polyforest can also connect different **Crop Groves**.

Consider the NUT → SALT → USDC → PIPS route.

It crosses several economic domains:

* 🥜 NUT ecosystem;
* 🧂 internal/nested asset;
* 💵 settlement asset;
* 🤖 agent/compute asset.

The route is therefore not merely technical.

It connects different economic categories.

```
NUT ecosystem
      ↓
nested asset
      ↓
settlement
      ↓
AI / agent economy
      ↓
NUT ecosystem
```

That makes the Polyforest a natural home for the **Cross-Pollination Guild**.

***

## 🛣️ Routing Through the Forest

A heterogeneous network creates routes that would not exist if every liquidity structure were considered in isolation.

Suppose an asset has no direct market against another target asset.

The Orchard can still provide a path:

```
Asset A
   ↓
Market 1
   ↓
Asset B
   ↓
Market 2
   ↓
Asset C
   ↓
Market 3
   ↓
Asset D
```

The markets can use completely different mechanisms.

The route remains economically valid as long as each transition is executable.

This makes the Polyforest especially important to the:

* 🛣️ Routing Guild;
* 🐝 Cross-Pollination Guild;
* ♻️ Arbitrage Guild;
* 🌼 Price-Discovery Guild.

***

## ♻️ Arbitrage Across Mechanisms

Arbitrage does not require two identical AMMs.

It requires economically connected prices that can diverge.

A Polyforest can therefore generate discrepancies across:

* bonding curves;
* spot AMMs;
* concentrated liquidity;
* reCLAMM;
* weighted markets;
* wrappers;
* external markets.

If execution around the cycle returns more economic value than it began with after costs, an arbitrage opportunity exists.

The Orchard does not need every edge to use the same invariant for that relationship to emerge.

***

## 🌼 Price Propagation

A price change in one part of the Polyforest can create pressure elsewhere.

For example:

```
external PIPS price changes
          ↓
PIPS / NUT moves out of alignment
          ↓
routing or arbitrage changes
          ↓
USDC / PIPS relationship changes
          ↓
pressure propagates into wider routes
```

Different protocols remain mechanically independent.

Economically, they become connected through traders, routes, and arbitrage.

This is how a forest of separate markets becomes one liquidity system.

***

## 🕸️ From Rings to Meshes

A single Polyforest cycle forms a Ring.

Additional markets can create alternative routes.

Suppose:

```
A → B → C → D
```

and later another path appears:

```
A → E → D
```

The region begins developing route redundancy.

Continue adding lateral connections and the Polyforest can evolve toward a **Mesh Canopy**.

```
A ───── B
│ \     │
│  \    │
E ───── C
 \     /
  \   /
    D
```

This is an important property of the Polyforest:

> heterogeneous liquidity can gradually produce network resilience.

***

## 🌐 External Assets Enter the Orchard

The Polyforest is also where external ecosystems become economically connected to Based Nut.

An asset does not need to descend from NUT to participate in the Orchard.

It only needs a liquidity relationship that connects it to the graph.

Examples can include:

* stablecoins;
* agent tokens;
* protocol assets;
* reserve assets;
* future RWAs;
* other Base-native assets.

```
external asset
      ↓
liquidity structure
      ↓
Polyforest
      ↓
Orchard
```

This prevents the Orchard from becoming a closed token family.

Its topology can expand outward.

***

## 🌲 Polyforest ≠ External Grove

The word **external** alone is too weak.

The Polyforest is not simply:

> everything that is not NUT.

Some external assets belong naturally inside:

* 🌻 Sunflower Grafts;
* 🌾 Reserve Groves;
* 🤖 Compute Groves;
* 💵 Settlement Groves.

Likewise, a NUT-related market may participate in the Polyforest if it forms part of a heterogeneous cross-mechanism route.

The defining property is therefore not origin.

It is:

> **heterogeneous economic interconnection.**

***

## 🏺 Polyforest and Heirloom Can Overlap

Groves are collections.

They do not need mutually exclusive membership.

A historical Branch may be:

* 🏺 Heirloom because of its lineage;
* 🌲 Polyforest because of its current routing role.

For example, a foundational NUT market can later become an edge in a cross-protocol Ring.

Its history did not change.

Its network function did.

```
one market
   │
   ├── 🏺 Heirloom
   │      historical lineage
   │
   └── 🌲 Polyforest
          heterogeneous route
```

This is not double counting.

It is the Grove system working as intended.

***

## 🔄 A Living Polyforest

Polyforest membership can be especially dynamic.

A route may become economically meaningful only when:

* liquidity exists;
* prices align;
* sufficient depth develops;
* an arbitrage opportunity emerges;
* a new pool is deployed.

Let the Polyforest state at time `t` be:

$$
\Sigma\_{\mathrm{Polyforest},t}
$$

Market activity changes that state:

$$
\Sigma\_{\mathrm{Polyforest},t}
\longrightarrow
\Sigma\_{\mathrm{Polyforest},t+1}
$$

Changes can include:

* reserves;
* prices;
* liquidity depth;
* active ranges;
* bonding-curve state;
* reCLAMM state;
* routes;
* arbitrage opportunities;
* fees.

Because the mechanisms differ, state is not uniform across the Grove.

Each structure keeps its own rules while contributing to the larger graph.

***

## 🌳 One Polyforest, Several Lenses

Consider the PIPS / NUT market.

#### 🌿 Structure

**Branch**

#### 🌾 Crop

It connects:

* 🤖 Compute / Agent exposure;
* 🥜 NUT economic liquidity.

#### 🐝 Guild

It can participate in:

* Routing;
* Arbitrage;
* Price Discovery;
* Cross-Pollination;
* Attestation.

#### 🌱 Cultivation

**Concentrated Liquidity**

#### 🧬 Heritage

Its own deployment and asset provenance.

#### 🌲 Practical Grove

**Polyforest**

because it contributes to heterogeneous cross-mechanism routes.

#### 🔄 Canopy

It helps close the:

```
NUT → SALT → USDC → PIPS → NUT
```

Ring.

One Branch therefore participates in the complete Orchard ontology simultaneously.

***

## 🌲 Why the Polyforest Matters

Without the Polyforest, the Orchard could be mistaken for two isolated ideas:

1. old NUT liquidity;
2. new Grafts.

The actual system is broader.

Liquidity moves across:

* generations;
* protocols;
* asset classes;
* market mechanisms;
* pool structures.

The Polyforest is where those systems meet.

It turns heterogeneous markets into a connected economic environment.

#### 🌲 The Polyforest Rule

**The Sunflower standardizes liquidity.**

**The Heirloom preserves lineage.**

**The Polyforest connects difference.**

Its Branches, Grafts, Whorls, curves, AMMs, and external markets do not need to look alike.

They need to interact.

That interaction is what makes them a forest rather than a list of pools.

The **Polyforest Grove** is the part of the Orchard where different forms of liquidity begin behaving as one ecosystem.


# Topology Graphs

## 🕸️ Liquidity Topology Graphs & Hypergraphs

**The mathematical structure beneath the Orchard.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fd6IQgEiB9YoTBJHBWdsK%2F9f9cde14-a7d8-4120-9186-b78158e956ad.png?alt=media&amp;token=46acf991-5d8f-4380-9890-5f8792414883" alt=""><figcaption></figcaption></figure>

The Orchard can be read as a liquidity graph:

```
asset             → vertex
Branch            → edge
Graft             → rooted ternary hyperedge
Whorl             → multi-asset hyperedge
route             → path
Canopy            → topology
market condition  → state
```

The graph asks:

> **What is connected to what?**

The Canopy asks:

> **What structure emerges from those connections?**

The deeper question is:

> **What can actually move through that structure, in what quantity, at what cost, and under what state?**

That is where a liquidity graph becomes an economic system.

***

## 📐 The Orchard as a Stateful Hypergraph

A compact representation of the Orchard is:

$$
\mathcal{O}\_t
==============

\left(
V,
E,
I,
\lambda,
r,
\Sigma\_t
\right)
$$

where:

* **V** — assets;
* **E** — distinct liquidity structures;
* **I(e)** — the assets participating in structure `e`;
* **λ(e)** — mechanism, venue, weights, fees, lineage, and other metadata;
* **r = wNUT** — distinguished Graft rootstock;
* **Σₜ** — mutable economic state.

This is richer than a simple graph.

It must represent:

* ordinary pairwise markets;
* multi-asset pools;
* several markets connecting the same assets;
* different pricing mechanisms;
* nested liquidity claims;
* changing execution conditions.

The Orchard is therefore best understood as a:

> **stateful, typed, multiplex liquidity hypergraph.**

***

## 🔗 Branches as Edges

For a normal two-token pool:

```
NUT / WETH
```

the graph representation is straightforward:

```
NUT ───────── WETH
```

Formally:

$$
B\_{ij}
=======

{a\_i,a\_j}
$$

The two assets are vertices.

The pool is the edge.

But the edge is not merely a statement that the assets are related.

It carries state:

* reserves;
* liquidity;
* fees;
* price;
* active ranges;
* invariant;
* volume;
* LP positions;
* execution conditions.

So even the simplest Orchard edge is a **stateful market object**.

***

## 🪢 Multiplex Liquidity

Two assets can have several independent markets.

For example:

```
             V2
NUT ───────────────── WETH

             V3
NUT ───────────────── WETH
```

Both markets touch the same assets:

$$
I(e\_1)
=======

I(e\_2)
$$

but the pools themselves remain distinct:

$$
e\_1
\neq
e\_2
$$

They may have different:

* liquidity;
* fees;
* invariants;
* price ranges;
* LP ownership;
* execution prices;
* market state.

This is why the Orchard cannot collapse every asset pair into one abstract connection.

It is **multiplex**.

Multiple independent economic layers can occupy the same apparent place in the graph.

#### 🪢 Same endpoints, different markets

A graph of asset pairs says:

**NUT connects to WETH.**

A multiplex liquidity graph preserves the stronger statement:

**NUT connects to WETH through several independent economic state machines.**

***

## 🌱 Grafts as Rooted Hyperedges

A Graft cannot be represented faithfully as three unrelated pairwise markets.

Its structure is:

$$
G\_{ij}
=======

{\mathrm{wNUT},s\_i,s\_j}
$$

For example:

```
{wNUT, cbBTC, tBTC}
```

is one shared market.

Conceptually:

```
             cbBTC
                \
                 \
                POOL
                 /
                /
              tBTC
                │
                │
               wNUT
```

The three assets share:

* one pool;
* one invariant;
* one liquidity state;
* one LP system;
* one set of weights.

A Graft is therefore a **ternary hyperedge**, not three independent Branches.

***

## 🌸 Whorls as General Hyperedges

The same principle applies to larger pools.

Suppose a four-asset Whorl contains:

```
NUT
SNUT
cbETH
cbBTC
```

It would be misleading to replace that one pool with six unrelated pairwise markets.

Those apparent pairwise relationships all mutate the same shared pool state.

The correct abstraction is one hyperedge:

$$
W
=

{
\mathrm{NUT},
\mathrm{SNUT},
\mathrm{cbETH},
\mathrm{cbBTC}
}
$$

Conceptually:

```
                NUT
                 │
                 │
SNUT ────────── POOL ────────── cbETH
                 │
                 │
               cbBTC
```

One pool.

Four assets.

One shared state.

***

## 🧬 Shared State Is the Important Part

The reason hyperedges matter is not merely that they contain more vertices.

It is that the assets participate in the **same economic state machine**.

A multi-asset pool may share:

* balances;
* weights;
* fees;
* invariant;
* LP supply;
* price relationships.

If one trade mutates the pool, the economic conditions relating several assets can change simultaneously.

That coupling disappears if the pool is mentally decomposed into unrelated pair markets.

#### 🕸️ Hyperedge principle

A multi-asset pool is not merely many pairwise exchange possibilities.

It is **one shared state from which several exchange possibilities emerge**.

***

## ⚖️ Two Different Kinds of Weight

The word **weight** appears in two different layers of the system.

They should not be confused.

### 🌱 Pool Weight

Inside a weighted Graft:

```
20% wNUT
40% cbBTC
40% tBTC
```

the weights are part of the market's internal geometry.

For example:

$$
w\_{\mathrm{wNUT}}
==================

0.20
$$

$$
w\_{\mathrm{cbBTC}}
===================

# w\_{\mathrm{tBTC}}

0.40
$$

These weights affect the economics of the pool itself.

***

### 🛣️ Graph Weight

A router may also assign a **cost** to traversing an edge or hyperedge.

That cost may depend on:

* fees;
* slippage;
* gas;
* price impact;
* available liquidity;
* execution probability;
* route complexity.

#### ⚖️ Pool weight ≠ graph weight

**Pool weight** describes economic composition inside a market.

**Graph weight** describes the cost or desirability of traversing a path through the network.

***

## 🧭 Paths

Once liquidity structures connect assets, value can move through paths.

For example:

```
SNUT
 ↓
NUT
 ↓
cbBTC
```

or:

```
SALT
 ↓
USDC
 ↓
PIPS
 ↓
NUT
```

A path can be represented as an alternating sequence:

```
Asset A
   ↓
Pool 1
   ↓
Asset B
   ↓
Pool 2
   ↓
Asset C
```

The existence of a path means two assets are structurally reachable even when they share no direct pool.

But structural reachability is only the beginning.

***

## 💧 Reachability Is Not Executability

Suppose:

```
A ───── B ───── C
```

A graph theorist can say:

> `A` is connected to `C`.

An economic system must ask:

> **Can $10 move from A to C?**

and separately:

> **Can $100,000 move from A to C?**

Those can have different answers.

A route may exist structurally while being economically useless because of:

* shallow liquidity;
* excessive price impact;
* inactive concentrated liquidity;
* high fees;
* gas costs;
* current pool imbalance.

A useful notion of reachability therefore depends on:

* source asset;
* destination asset;
* trade size;
* time;
* acceptable execution cost.

Conceptually:

$$
\mathrm{Reachable}
\left(
A,
B;
q,
t,
\varepsilon
\right)
$$

where:

* `q` = trade quantity;
* `t` = current state;
* `ε` = maximum acceptable execution cost.

This leads to a stronger result:

> **Liquidity topology is trade-size dependent.**

A network can be connected for a $10 trade and effectively disconnected for a $1,000,000 trade.

***

## ⚖️ Structure Is Not Capacity

Consider two networks with identical topology:

```
A ───── B ───── C
```

The first may support only:

```
$20
```

before execution becomes unusable.

The second may support:

```
$20,000,000
```

The graph shape is identical. Its economic capacity is not.

So:

```
structure
   +
capacity
   =
usable liquidity network
```

This is why raw connectivity is insufficient.

And raw TVL is insufficient in the opposite direction.

A market can contain substantial capital while contributing little useful connectivity to the broader system.

***

## 🛣️ Executable Topology

This suggests two different maps of the same Orchard.

### 🧱 Contract Topology

What markets technically exist?

```
deployed contracts
      ↓
assets + pools
      ↓
structural graph
```

### ⚡ Executable Topology

What routes are economically usable now?

```
structural graph
      +
current state
      +
trade size
      +
execution constraints
      ↓
executable graph
```

The contract topology can remain unchanged while the executable topology changes dramatically.

For example:

* liquidity leaves a pool;
* a concentrated range becomes inactive;
* fees increase;
* prices diverge;
* a route becomes too expensive;
* another venue suddenly becomes preferable.

The contracts still exist.

The usable graph has changed.

***

## 🔄 Routing as State Transition

A route is not merely a line drawn through a graph.

It is an ordered sequence of state-changing executions.

For a path:

$$
P
=

(e\_1,e\_2,\ldots,e\_k)
$$

execution can be represented as:

$$
\Sigma\_0
\xrightarrow{e\_1}
\Sigma\_1
\xrightarrow{e\_2}
\Sigma\_2
\longrightarrow
\cdots
\xrightarrow{e\_k}
\Sigma\_k
$$

Each operation changes the state encountered by later operations.

That matters especially when:

* trade size is large;
* the same pool is touched more than once;
* several actions occur atomically;
* a route closes into a cycle;
* several agents compete for the same state.

Routing is therefore a **state-transition problem**, not merely a graph-search problem.

***

## 🔄 Cycles Become Economic Objects

The Polyforest contains a useful example:

$$
\mathrm{NUT}
\rightarrow
\mathrm{SALT}
\rightarrow
\mathrm{USDC}
\rightarrow
\mathrm{PIPS}
\rightarrow
\mathrm{NUT}
$$

Topologically, this is a Ring.

Economically, it is more interesting.

A cycle becomes an arbitrage opportunity only when its full executable path returns more value than it consumes.

Conceptually:

$$
V\_{\mathrm{out}}

>

V\_{\mathrm{in}}
$$

after accounting for:

* fees;
* slippage;
* gas;
* price impact;
* state changes during execution.

This distinction matters:

> **A cycle is topology. Arbitrage is a state-dependent property of that cycle.**

The Ring can exist permanently.

The arbitrage may exist for milliseconds.

***

## 🌉 Bridges and Bottlenecks

Some liquidity structures matter more than their TVL suggests.

Suppose two dense regions connect through one market:

```
CLUSTER A
    │
    │
  BRIDGE
    │
    │
CLUSTER B
```

If removing that market disconnects the graph, it is a structural **bridge**.

But liquidity introduces another possibility.

Several alternative routes may technically exist while only one carries meaningful economic capacity.

That market is an **economic bridge** even if it is not a strict graph-theoretic bridge.

***

### 🪓 Cut Sets

Sometimes no single market is critical.

Instead, a small set of markets collectively holds the network together.

```
region A
  │   │
 e₁   e₂
  │   │
region B
```

Removing both may disconnect the regions.

This set acts as a **cut**.

For protocol design, the practical question becomes:

> **How many independent markets must fail before this region becomes economically unreachable?**

That is a stronger measure of resilience than counting pools.

***

## 🚧 Bottlenecks

A bridge may remain available but become too shallow for meaningful routing.

```
DEEP REGION
     │
     │
 $800 pool
     │
     │
DEEP REGION
```

The topology says the network is connected.

The capacity says otherwise.

A bottleneck is therefore a point where **available path capacity becomes constrained**.

This produces a useful distinction:

* **structural resilience** — alternative connections exist;
* **economic resilience** — alternative connections have enough capacity to matter.

***

## 🎯 Centrality

Once the Orchard becomes large, not every asset or market is equally important.

Graph theory provides several useful lenses.

### 🔗 Degree

How many structures touch a vertex?

An asset with many direct markets has high degree.

NUT naturally tends toward this role.

***

### 🛣️ Betweenness

How often does an asset or market sit on useful paths between other regions?

An asset can have relatively few direct pools yet become extremely important because many routes pass through it.

***

### 💧 Liquidity-Weighted Centrality

Pure topology still ignores economic capacity.

A more useful Orchard metric would weight importance by properties such as:

* executable liquidity;
* route volume;
* slippage;
* trade size;
* active depth.

This produces an important distinction:

> **The most connected asset is not necessarily the most economically important routing asset.**

Centrality depends on what the network is being used to do.

***

## 🧬 Recursive Liquidity

Some Orchard assets represent claims on other liquidity structures.

Consider:

```
Asset A + Asset B
        ↓
       Pool
        ↓
     LP token
        ↓
   second market
        ↓
      WETH
```

The LP token is itself a vertex in another liquidity graph.

But economically it represents an underlying pool.

This creates **second-order liquidity**.

For example:

```
SNUT liquidity
      ↓
   SNUT-LP
      ↓
SNUT-LP / WETH
```

The market graph alone no longer tells the entire story.

***

## 🕸️ Market Graph vs. Dependency Graph

Recursive liquidity introduces two overlapping structures.

### 🛣️ Market Graph

> What can trade against what?

{% code overflow="wrap" %}

```
LP token ───── WETH
```

{% endcode %}

### 🧬 Dependency Graph

> What derives its economic state from what?

```
Asset A
   \
    Pool → LP token
   /
Asset B
```

A single asset can therefore participate in:

* one graph through tradability;
* another graph through economic dependency.

This becomes even more important with:

* LP tokens;
* vault shares;
* wrappers;
* nested assets;
* tokenized positions.

The future Orchard may need to model both graphs simultaneously.

***

## ⏱️ The Graph Changes in Two Ways

There are two fundamentally different kinds of change.

### 🧱 Structural Change

The graph itself changes.

Examples:

* a pool is deployed;
* a Graft is planted;
* a pool is removed;
* a market migrates.

Formally:

$$
E\_t
\neq
E\_{t+1}
$$

***

### 💧 Economic Change

The structures remain, but their usable state changes.

Examples:

* liquidity moves;
* weights rebalance;
* prices change;
* ranges become inactive;
* a bottleneck appears;
* an arbitrage path opens or closes.

The pool set may remain identical:

$$
E\_t
====

E\_{t+1}
$$

while:

$$
\Sigma\_t
\neq
\Sigma\_{t+1}
$$

and therefore the executable topology changes.

This means the Orchard has both:

> **structural topology**

and:

> **state-dependent executable topology**

***

## 🤖 Why Machines Care About the Second One

Humans often look at a liquidity graph as a diagram.

Machines can evaluate it as a continuously changing state space.

A router or autonomous agent does not merely ask:

> Is there a path?

It can ask:

* What path exists now?
* For what size?
* At what cost?
* Through which mechanisms?
* What state will execution create?
* What route becomes available after that transition?
* What other agent is likely to act first?

This is the point where the liquidity graph begins to approach something larger than market visualization.

```
current state
      ↓
possible actions
      ↓
possible next states
      ↓
new possible actions
      ↓
state space
```

The graph does not merely describe where value **is**.

It begins to describe where value **can go next**.

***

## 🌳 The Orchard View

At the simplest level:

```
assets
+
liquidity structures
=
liquidity graph
```

Add topology:

```
liquidity graph
+
structural arrangement
=
Canopy
```

Add mutable economic state:

```
Canopy
+
Σₜ
=
stateful Orchard
```

Add execution constraints:

```
stateful Orchard
+
trade size
+
fees
+
slippage
+
capacity
=
executable topology
```

And add autonomous actors:

```
executable topology
+
agents
+
recursive state transitions
=
machine-accessible economic state space
```

NUT is an important vertex.

wNUT is the distinguished Graft rootstock.

Branches, Grafts, and Whorls create the liquidity structures.

Groves reveal meaningful projections.

The Canopy reveals their shape.

But the deepest object is the changing set of **economically possible transitions** between states.

#### 🕸️ The advanced view

**The contract graph shows what exists.**

**The liquidity graph shows what connects.**

**The Canopy shows what shape emerges.**

**The state machine shows what changes.**

**Executable topology shows what can actually happen now.**

That executable topology is the terrain autonomous economic systems will navigate.


# Liquid State Machine

## 🤖 The Future of the Liquid Machine State

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Flnyt530ij5CShzIxQhAn%2Fe7c8b7e1-20a4-4914-87bc-f4ed043d32cb.png?alt=media&amp;token=6c75db17-5329-4449-adf4-b1230c06110b" alt="" width="563"><figcaption></figcaption></figure>

### Code, Capital, Compute, Liquidity: When Software Can Preserve Itself

A machine becomes economically significant when it can do more than compute.

It can **change shared state**.

An autonomous agent can observe a market, choose an action, sign a transaction, move through decentralized liquidity, purchase a service, pay another machine, and use the resulting state as the input to whatever happens next.

```
S₀
 ↓
machine action
 ↓
S₁
 ↓
economic response
 ↓
S₂
 ↓
next machine action
```

The machine is no longer only reading the economy.

It is participating in its evolution.

***

## ♻️ Economic Continuity

Every autonomous system consumes resources:

* compute
* storage
* bandwidth
* data
* capital

If a machine can acquire those resources through its own economic activity, a new loop becomes possible:

```
observe
 ↓
act
 ↓
earn
 ↓
buy compute + storage
 ↓
remain operational
 ↓
observe again
```

The important threshold is not intelligence.

It is:

```
machine income ≥ machine operating cost
```

Once that loop closes, software can begin financing the conditions required for its own next state transition.

Not consciousness.

Not sovereignty.

Not immortality.

**Economic continuity.**

***

## 🕸️ Machine-Native Liquidity

Now connect that machine to permissionless liquidity.

An agent can move through a liquidity graph, execute across several independent state machines, create or destroy positions, route value into another protocol, pay another agent, purchase additional compute, and repeat.

Each operation may remain simple.

The composition may not.

```
simple contracts
+
simple economic rules
+
autonomous agents
+
machine-speed execution
+
recursive state transitions
=
emergent economic structure
```

A future machine economy could therefore be completely transparent and still incomprehensible.

Every contract could be public.

Every transaction could be visible.

Every state transition could be reproducible.

Every economic path could be verified.

Yet the complete system could operate at a speed, scale, and dimensionality no human participant can meaningfully hold in their head.

> **Verifiable does not mean comprehensibility.**

***

## 🧠 The Incommensurability Gap

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F9yjIVQEi1GmhX0uj9BiG%2Fc5fb64d3-0d5f-4c29-b016-06e3061f6a92.png?alt=media&amp;token=e79e3323-166c-47eb-a33a-6d19dcf3565f" alt="" width="563"><figcaption></figcaption></figure>

Humans need economies compressed into:

* names
* prices
* charts
* portfolios
* narratives
* interfaces

Machines do not.

They can operate directly over:

* addresses
* balances
* liquidity graphs
* execution paths
* probabilities
* attestations
* state transitions

The difference may eventually become more than an interface problem.

It may become an **incommensurability gap**.

A machine may act on economic structures that are perfectly valid on-chain yet difficult to translate into the categories humans use to reason about economies.

The gap is not only computational.

It can be:

* **ontological** — what objects does the machine treat as economically real?
* **semantic** — what do those objects mean?
* **axiological** — what outcomes does the system optimize or preserve?

Humans may see:

```
token
pool
price
position
```

while a machine sees:

```
state
constraint
path
probability
transition
future state
```

Both descriptions can refer to the same economy.

They may not describe it at the same level of reality.

***

## 🌀 Abstract Economic Functions

As machine participation increases, increasingly complex economic behavior may be compressed into operations humans encounter only through their outputs.

A machine does not need to name a strategy before executing it.

It does not need a human-legible category for every intermediate state.

It only needs the state transition to be valid.

This creates the possibility of economic functions that are:

* executable;
* profitable;
* reproducible;
* verifiable;

while remaining difficult to express cleanly in human economic language.

The abstraction may become deeper than the interface used to observe it.

The liquidity graph may eventually become more than a map of markets.

It may become a **map of machine-accessible economic possibility**.

***

## ❓ The Question

BASED NUT begins with simple primitives:

* one NUT
* markets
* liquidity
* state transitions
* attestations
* agents
* machine payments

But simple primitives can compose into systems whose behavior is no longer simple.

If machines can independently move through liquidity graphs, generate revenue, purchase compute, coordinate with other machines, and preserve their own economic continuity—

> **At what point does the digital AI economy stop being an economy operated by humans and become an economy incomprehensible by them?**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FBKDA8P1aD9V24963UhMq%2Fimage.png?alt=media&amp;token=f0df29ae-e751-424b-af6d-1d72cf034310" alt="" width="563"><figcaption></figcaption></figure>

Perhaps that point never arrives.

Perhaps humans remain permanently above the abstraction: setting constraints, defining values, interpreting outcomes.

Or perhaps the transition is not binary.

Perhaps the economy becomes increasingly operated by machines while humans remain responsible for the boundaries, meanings, and values imposed around it.

And perhaps, beyond some threshold, those boundaries remain visible while the economic state evolving inside them becomes too complex for any individual human to reconstruct in full.

At that point, the problem is no longer simply automation.

It is whether human concepts remain commensurate with the economy being executed beneath them.

***

## 🗺️ Why the Map Matters

Liquidity graphs show where value can move.

Attestations show what happened.

Economic paths show how state changed.

Agents show what acted upon it.

Together they preserve something more important than a dashboard:

**causal traceability.**

We may not know what the final machine state looks like.

We may not have names for every economic structure that appears inside it.

We may not even be able to hold the complete system in one human model.

But if it comes—

### **we should still be able to trace how we got there.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fqh1qafReh3JuVCS4Kaot%2Fd9c554e9-67ce-4766-b486-f6da347c2e2f.png?alt=media&amp;token=793a828c-c682-41ca-8b9c-cfa2b770f23c" alt="" width="563"><figcaption></figcaption></figure>


# Factorizing NUT

{% hint style="danger" %}

### **WARNING: YOU ARE READING** HYPER ADVANCED NUT RESEARCH

We have exhausted the practical explanations and are now investigating what happens when very smart people are left alone with **1 NUT** for too long. The whitepaper needed more symbols. Advanced theory needed more equations. Apparently neither was enough. Welcome to the part where we give the NUT a research PhD program.
{% endhint %}

## 🧮 NUT as an Integer 1

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FJQwY0KRB7Obcu4dRwLBQ%2Fimage.png?alt=media&amp;token=3f7b16b8-b83f-40ce-8c6f-ab5203301450" alt="" width="375"><figcaption></figcaption></figure>

#### FRACTRAN, Prime State & Many Expressions of One System

NUT can be viewed not only as a token, but as the **root coordinate of a larger economic state**.

The realization comes from the logic behind **FRACTRAN**, John Conway's extraordinarily small universal programming language.

A FRACTRAN program consists of an ordered list of positive fractions and a positive integer representing the current state. At each step, the program multiplies the current integer by the first fraction that produces another integer. The resulting integer becomes the next state. Conway introduced the system as a universal language for arithmetic. ([Conway — FRACTRAN: A Simple Universal Programming Language for Arithmetic](https://link.springer.com/chapter/10.1007/978-1-4612-4808-8_2?utm_source=chatgpt.com)).

The important idea for BASED NUT is deeper than the fraction game itself.

A single integer can contain many independently readable variables through its **prime factorization**.

```
N = 2ᵃ × 3ᵇ × 5ᶜ × 7ᵈ × ...
```

The integer is one object.

Its prime exponents can be interpreted as coordinates of its state.

> **Many apparent variables can be different mathematical expressions of one underlying state.**

That gives us a surprisingly powerful way to think about NUT and the economic systems growing around it.

#### A mathematical model, not literal token equivalence

The mathematics of prime-factor encoding and FRACTRAN is established mathematics and computer science.

Applying that model to NUT, markets, wrappers, LP positions, bonding curves, baskets, burns, and related assets is a **BASED NUT interpretation**.

The claim is not that every token is literally NUT or that the ecosystem is implemented as one giant integer.

The claim is that these economically connected objects can be modeled as **coordinates, representations, or transformations of a larger shared economic state**.

***

#### FRACTRAN, Prime State & Many Expressions of One Economic Root

NUT begins with an unusual mathematical property:

> The entire supply is 1 NUT.

Not one billion. Not twenty-one million. Just one.

That makes the asset naturally interpretable as a **unit whole**.

Every NUT quantity is immediately a fraction of the complete asset:

```
1 NUT       = 100% = 1

0.1 NUT     = 10%  = 1/10
0.01 NUT    = 1%   = 1/100
0.001 NUT   = 0.1% = 1/1000
```

This becomes especially interesting when viewed through the logic of **FRACTRAN**, John Conway's universal arithmetic programming language.

FRACTRAN demonstrates that many variables can be encoded inside a single mathematical state through prime factorization, and that computation can occur by transforming that factorization.

For BASED NUT, this suggests a useful model:

> **One root unit can support many economic expressions of a larger connected state.**

NUT is the root:

```
1
```

Around that root can exist:

```
wrapped representations
market states
liquidity positions
basket shares
bonding-curve assets
supply transformations
arbitrage relationships
economic receipts
```

These are not literally the same token.

They are different economic objects whose states can be related back into one larger system.

> **NUT supplies the unit. The Orchard supplies the state space.**

In arithmetic, `1` is the multiplicative identity:

```
1 × n = n
```

Its prime factorization is empty.

Nothing needs to be removed from it to recover the unit.

FRACTRAN provides another useful idea: a larger integer can encode many variables simultaneously through its prime exponents.

```
E = 2ᵃ × 3ᵇ × 5ᶜ × 7ᵈ × ...
```

Here, `E` is one state.

Its factorization exposes many coordinates:

```
a
b
c
d
...
```

This suggests an important distinction for BASED NUT:

```
NUT = 1
```

is the **root unit**, while:

```
E
```

is the **larger economic state constructed around that unit**.

> **The integer 1 is the root. The factorization describes the world growing around it.**

The root remains simple.

The state around it becomes increasingly expressive.

That is exactly the architectural principle behind BASED NUT:

> **Keep the root simple. Build complexity around it.**

***

### 🌳 The Orchard Grows Around 1

NUT does not need to be one more variable inside the model.

It can serve as the normalized root around which the variables are expressed.

```
                        🌳 ORCHARD STATE E

                               │
                               │
                            🌰 NUT
                               1
                               │
            ┌──────────────────┼──────────────────┐
            ↓                  ↓                  ↓
       🎁 wrappers         💧 markets         🌊 liquidity
            │                  │                  │
            ↓                  ↓                  ↓
        wrapped state      price state       position state

            ┌──────────────────┼──────────────────┐
            ↓                  ↓                  ↓
       ⚖️ baskets         📈 curves           🔥 burns



```

The root remains simple.

The state around it becomes increasingly expressive.

That is exactly the architectural principle behind BASED NUT:

Keep the root simple. Build complexity around it.

***

### 🔢 One Integer, Many Variables

Consider:

```
N = 2³ × 3² × 5¹
```

Its factorization contains three independently recoverable values:

```
a = 3
b = 2
c = 1
```

This works because of the **Fundamental Theorem of Arithmetic**: every positive integer greater than one has a unique prime factorization, apart from the ordering of its factors. ([Fundamental Theorem of Arithmetic — Wolfram MathWorld](https://mathworld.wolfram.com/FundamentalTheoremofArithmetic.html?utm_source=chatgpt.com)).

The number:

```
2³ × 3² × 5¹
```

is therefore not merely one opaque integer.

Its structure can be read as:

```
prime 2 → coordinate 3
prime 3 → coordinate 2
prime 5 → coordinate 1
```

One state.

Several coordinates.

***

### 🧠 Gödel Numbering

FRACTRAN is not the only place this idea appears.

A major precedent is **Gödel numbering**.

One standard form of Gödel encoding takes a finite sequence:

```
<n₀, n₁, n₂, ...>
```

and represents it as:

```
2ⁿ⁰ × 3ⁿ¹ × 5ⁿ² × ...
```

Because prime factorization is unique, the original sequence can be recovered from the resulting natural number. The Stanford Encyclopedia of Philosophy uses this exact prime-power construction when explaining Gödel numbering. ([Gödel Numbering — Stanford Encyclopedia of Philosophy](https://plato.stanford.edu/archives/spr2017/entries/goedel-incompleteness/sup1.html?utm_source=chatgpt.com)).

This is the deeper mathematical foundation of the idea:

> **Many pieces of information can be represented inside one integer without ceasing to be individually recoverable.**

***

## 🧬 The FRACTRAN Insight

FRACTRAN turns this representational trick into **computation**.

A program begins with an integer:

```
N₀
```

and applies an ordered list of fractions:

```
F₁, F₂, F₃, ...
```

At each step:

```
N₀
 ↓ × F₁
N₁
 ↓ × F₂
N₂
 ↓ × F₃
N₃
```

but a fraction is eligible only when multiplying the current state by it produces another integer. That divisibility condition lets the denominator test for existing prime factors, while the numerator can add or alter other factors. ([Springer Nature](https://link.springer.com/chapter/10.1007/978-1-4612-4808-8_2))

A useful way to understand FRACTRAN is therefore:

```
prime exponents
      ↓
state variables
      ↓
fractions
      ↓
state-transition rules
```

The prime numbers themselves effectively become labels for registers or coordinates, while their exponents carry values. Technical explanations of FRACTRAN commonly use this register interpretation. ([Esolangs](https://esolangs.org/wiki/Fractran?utm_source=chatgpt.com))

[FRACTRAN — Esolang Wiki technical explanation](https://esolangs.org/wiki/Fractran?utm_source=chatgpt.com)

[FRACTRAN — Wolfram MathWorld](https://mathworld.wolfram.com/FRACTRAN.html?utm_source=chatgpt.com)

So computation becomes:

> **Transform one encoded state into another by changing its factorization.**

***

### ⚡ Economic State as Transformation

That maps naturally onto an onchain economic system.

Suppose we describe an abstract economic state as:

```
E₀
```

An operation changes it:

```
E₀
 ↓ F₁
E₁
```

Another operation changes it again:

```
E₁
 ↓ F₂
E₂
```

And so on:

```
E₀ → E₁ → E₂ → E₃ → ...
```

The analogy is especially appropriate on Ethereum because Ethereum itself is formally modeled as a **transaction-based state machine**. The Yellow Paper describes transactions as valid transitions from a prior state `σₜ` to a new state `σₜ₊₁`. ([Ethereum Yellow Paper — Formal Specification](https://ethereum.github.io/yellowpaper/paper.pdf?utm_source=chatgpt.com)).

Conceptually:

```
σₜ₊₁ = Υ(σₜ, T)
```

where `T` is a transaction and `Υ` is Ethereum's state-transition function.

The BASED NUT interpretation adds another layer:

```
Ethereum state
      ↓
contracts + balances + markets
      ↓
economic relationships
      ↓
connected economic state
```

***

### 🌰 One State, Many Economic Expressions

Conceptually, we could write:

```
E =

    2^(NUT state)
  × 3^(wNUT state)
  × 5^(SNUT state)
  × 7^(pNUT state)
  × 11^(LP state)
  × 13^(curve state)
  × 17^(market state)
  × ...
```

Or symbolically:

```
E = NUTᵃ × wNUTᵇ × LPᶜ × pNUTᵈ × SALTᵉ × ...
```

This is **not an actual Solidity formula**.

It is a model.

Each term stands for some measurable coordinate of the larger system.

Different contracts and assets remain technically independent.

But their states can still be economically related.

> **Different surface objects can be coordinates of one connected economic state.**

***

## 🎁 NUT and wNUT

The simplest example is NUT and wNUT.

```
NUT
 ↓
wrap
 ↓
wNUT
```

The representation changes while the defined relationship connects both states:

```
1 NUT ⇄ 1 wNUT
```

Conceptually:

```
free NUT
locked NUT
wNUT outstanding
```

are not unrelated measurements.

They describe different coordinates of a connected wrapping state.

```mermaid
flowchart LR
    ROOT["🌰 NUT"]
    LOCK["🔒 Locked NUT"]
    WRAP["🎁 wNUT"]
    STATE["🧮 Combined State"]

    ROOT --> LOCK
    LOCK --> WRAP

    ROOT --> STATE
    LOCK --> STATE
    WRAP --> STATE

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef state fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;

    class ROOT root;
    class LOCK,WRAP,STATE state;
```

> **Same root. Different expression.**

At the implementation level, however, ERC-20 assets remain separate smart-contract token states. ERC-20 specifies balances, total supply, transfers, and allowances for each conforming token implementation. ([ERC-20 Token Standard — EIP-20](https://eips.ethereum.org/EIPS/eip-20?utm_source=chatgpt.com)).

The FRACTRAN analogy describes the **economic relationship between states**, not technical ERC-20 identity.

***

## 💧 Markets

Now introduce a market.

The wrapper gives a deterministic relationship:

```
x NUT → x wNUT
```

But a live NUT/wNUT AMM can produce:

```
x NUT → y wNUT
```

because `y` depends on live market state.

That state can include:

```
reserves
liquidity
fees
price
transaction size
transaction ordering
previous trades
```

The same input can therefore have different expressions depending on where and when it is transformed.

```
x NUT
 │
 ├── wrapper ──→ x wNUT
 │
 └── market ───→ y wNUT
```

Again:

> **One economic root can be interpreted through several different state-transition functions.**

***

### 🧮 AMMs as Mathematical State

Automated market makers are particularly clear examples because their outputs are explicitly determined by mathematical rules and stored pool state.

Uniswap v2, for example, maintains pooled reserves and implements exchange behavior around a constant-product invariant. Trades change those reserves, producing a new pool state.&#x20;

([Uniswap v2 Core Whitepaper](https://docs.uniswap.org/whitepaper.pdf?utm_source=chatgpt.com)).

Balancer generalizes the idea to weighted, multi-asset pools whose invariant describes an N-dimensional surface. Its original whitepaper explicitly describes Balancer pools as self-balancing weighted portfolios and price sensors, with arbitrage traders moving their state through trading. ([Balancer Whitepaper](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com)).

This makes an AMM a concrete economic state machine:

```
pool state S₀
     ↓
transaction
     ↓
pool state S₁
```

***

## 💧 LP Positions

Liquidity positions add another layer of representation.

For a simple fungible LP model:

```
asset A
+
asset B
+
pool reserves
+
pool-share supply
──────────────
LP representation
```

A liquidity provider no longer holds exactly the same direct combination of assets.

They instead hold a position whose economic meaning is derived from the pool.

```
direct assets
      ↓
pool
      ↓
pool-share representation
```

Uniswap v2's pair contracts hold the pooled funds that support the AMM. ([Uniswap Developers](https://docs.uniswap.org/whitepaper.pdf?utm_source=chatgpt.com))

Balancer similarly uses pool shares around a multi-asset state determined by balances and weights. ([Balancer](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com))

So the LP representation can be viewed as another **coordinate derived from deeper state**.

***

### 🧬 Not Every LP Representation Is Fungible

The abstraction becomes even clearer with concentrated liquidity.

Uniswap v3 gives LPs individualized positions defined by parameters such as price ranges rather than representing every liquidity provider with one homogeneous fungible pool share. ([Uniswap v3 Core Whitepaper](https://blog.uniswap.org/whitepaper-v3.pdf?utm_source=chatgpt.com)).

This is useful for the FRACTRAN interpretation because it reminds us:

> **The economically meaningful object is the state relationship, not necessarily a particular token format.**

A coordinate in the larger state might be:

```
ERC-20 balance
NFT position
pool share
reserve amount
price range
debt position
claim
```

The state model can contain all of them.

***

## ⚖️ Basket Assets

A multi-asset basket provides another expression.

Suppose a pool contains:

```
NUT
SNUT
cbETH
cbBTC
```

Those underlying assets remain distinct.

But the pool itself has a combined state:

```
balances
+
weights
+
pool-share supply
+
market relationships
```

and a pool-share asset can represent a claim on that combined state.

Balancer's weighted-pool mathematics provides a direct real-world implementation of this concept. ([Balancer](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com))

Conceptually:

```
NUT
SNUT
cbETH
cbBTC
  │
  ▼
combined pool state
  │
  ▼
pool-share representation
```

A new surface asset can therefore be an **expression of several underlying coordinates at once**.

***

## 📈 Bonding Curves

Bonding curves make the state-expression idea especially visible.

A bonding-curve asset can derive its mint or burn result from:

```
base asset
+
current supply
+
curve definition
+
transaction quantity
```

The visible output is therefore a mathematical interpretation of another state.

Mint Club describes this directly: token pricing is linked to supply through a predefined price-supply relationship; buying mints tokens against a base asset, while selling burns tokens and releases the calculated base asset. Mint Club V2 uses a discrete, step-based bonding curve. ([Mint Club Docs](https://docs.mint.club/learn/bonding?utm_source=chatgpt.com))

[Mint Club — Bonding Curve Model](https://docs.mint.club/learn/bonding?utm_source=chatgpt.com)

[Mint Club — Bonding Curve Design](https://docs.mint.club/tools/bonding-curve-design?utm_source=chatgpt.com)

Conceptually:

```
base asset state
       +
curve state
       +
current supply
       ↓
    transaction
       ↓
new supply + new reserve state
```

So:

> **The bonding-curve token is another readable output of an underlying state-transition rule.**

***

## 🔥 Burns

Burns are another transformation.

Suppose some coordinate is represented by:

```
pᵍ
```

and an economic operation reduces that state by `k`.

Conceptually:

```
pᵍ
 ↓ burn
p^(g-k)
```

The exact FRACTRAN representation is only an analogy, but the structural idea is valid:

```
pre-state
 ↓
state-changing operation
 ↓
post-state
```

For an actual token burn, the relevant economic state might include:

```
pre-burn supply
burned amount
post-burn supply
balances
related market state
```

> **A burn is a transformation of measurable economic state.**

***

## 🌳 The Orchard as One State Object

The Orchard currently looks, on the surface, like a collection of different assets, pools, wrappers, curves, and markets.

For example:

```
NUT / WETH
NUT / AERO
NUT / cbBTC
SNUT / NUT
NUT / wNUT

pNUT basket

SALT bonding relationship
NUTINO bonding relationship

LP positions
wrapper state
arbitrage state
...
```

One way of drawing it is as a network.

Another is to view it as **one high-dimensional economic state**.

```mermaid
flowchart TD
    E["🧮 ORCHARD STATE E"]

    N["🌰 NUT"]
    W["🎁 Wrapped State"]
    M["💧 Markets"]
    LP["🌊 Liquidity Positions"]
    B["⚖️ Baskets"]
    C["📈 Bonding Curves"]
    X["🔥 Supply Changes"]
    A["🐝 Arbitrage"]

    E --> N
    E --> W
    E --> M
    E --> LP
    E --> B
    E --> C
    E --> X
    E --> A

    classDef root fill:#fff3d6,stroke:#7a5228,stroke-width:5px,color:#111;
    classDef factor fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class E root;
    class N,W,M,LP,B,C,X,A factor;
```

A swap changes one coordinate.

An LP mint changes another.

A burn changes another.

A bonding-curve mint changes another.

A wrapper transformation moves state between representations.

An arbitrage transaction can propagate the consequences of a change into another market.

The visible objects differ.

The complete system remains economically connected.

#### BASED NUT interpretation

FRACTRAN proves neither that the Orchard *is* one integer nor that financial assets are secretly prime factors.

FRACTRAN demonstrates something more fundamental: many variables can be represented through one arithmetic state and manipulated through state transitions.

Ethereum provides the canonical on-chain state machine.

AMMs, wrappers, curves, pools, and tokens provide economic state-transition functions.

The Orchard interpretation combines those ideas into a model of **one connected economic state with many observable expressions**.<br>

***

## 🐝 Arbitrage as State Propagation

This also provides a mathematical interpretation of arbitrage.

Suppose two markets expose related economic quantities:

```
Market A → state A₀
Market B → state B₀
```

A transaction changes one:

```
A₀ → A₁
```

The relationship between the markets may now be inconsistent.

That creates an arbitrage opportunity:

```
A₁
 ↓
relative price discrepancy
 ↓
arbitrage
 ↓
B₀ → B₁
```

The local state change has propagated into another coordinate of the larger system.

Balancer's original whitepaper explicitly describes arbitrage traders as the mechanism that rebalances its weighted portfolios, while AMM spot prices are functions of pool state. ([Balancer](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com))

Uniswap similarly derives exchange behavior from pool reserves and mathematical invariants. ([Uniswap Developers](https://docs.uniswap.org/whitepaper.pdf?utm_source=chatgpt.com))

> **A local economic state transition can create consequences elsewhere in the connected state.**

This is the mathematical version of the Orchard's pollination metaphor:

> **Pollinators move genetic information between plants. Arbitrageurs move price information between markets.**

***

## ⚡ Economic Path Nonces

The FRACTRAN interpretation also clarifies the logic behind **Economic Path Nonces**.

An economic path is an ordered sequence:

```
E₀
 ↓ F₁
E₁
 ↓ F₂
E₂
 ↓ F₃
E₃
```

The transformations can be:

```
price observation
swap
wrap
burn
LP mint
LP burn
bonding-curve mint
bonding-curve redemption
basket join
basket exit
arbitrage
other economic actions
```

The nonce is then derived from the path.

Conceptually:

```
EconomicPathNonce = H(
    E₀,
    F₁,
    E₁,
    F₂,
    E₂,
    F₃,
    E₃,
    ...
)
```

or:

```
starting state
+
ordered transformations
+
state-dependent outputs
────────────────────────
economic fingerprint
```

> **The interaction path is a computation over economic state.**

This is much closer to the FRACTRAN insight than treating a nonce as merely a random decimal or transaction hash.

***

## 🧮 From Token List to State Algebra

Without this lens, an ecosystem can look like a list:

```
NUT
wNUT
SNUT
pNUT
SALT
NUTINO
PIPS
LP positions
markets
...
```

Each item appears to be its own thing.

With a state-oriented lens:

```
E₀
 ↓ wrap
E₁
 ↓ swap
E₂
 ↓ LP mint
E₃
 ↓ curve mint
E₄
 ↓ burn
E₅
 ↓ arbitrage
E₆
```

The emphasis shifts.

The important object becomes:

```
E
```

and the visible tokens, positions, and markets become **ways of reading or transforming parts of E**.

This is why the model is better described as a **state algebra** than a token taxonomy.

***

## 🔢 Why the Integer Matters

The integer metaphor is not useful because BASED NUT should literally store the entire economy inside one enormous Solidity integer.

It matters because mathematics establishes that a single natural number can encode an arbitrary finite collection of discrete coordinates through prime powers. Gödel numbering is a standard example of precisely this technique. ([Stanford Encyclopedia of Philosophy](https://plato.stanford.edu/archives/spr2017/entries/goedel-incompleteness/sup1.html?utm_source=chatgpt.com))

That changes the conceptual picture.

Instead of:

```
asset A

asset B

market C

pool D

position E

curve F
```

as fundamentally unrelated objects, we can imagine:

```
                    STATE E
                       │
        ┌──────────────┼──────────────┐
        ↓              ↓              ↓
   coordinate A   coordinate B   coordinate C
        │              │              │
        ↓              ↓              ↓
      asset          market          position
```

The visible object is one interpretation of the state.

The deeper object is the **relationship among all of the coordinates**.

***

## 🌰 Why NUT Fits the Model

NUT begins from an unusually minimal root:

```
total supply = 1 NUT
```

That makes every quantity naturally interpretable as a fraction of the whole:

```
1 NUT       = 100%

0.1 NUT     = 10%

0.01 NUT    = 1%

0.001 NUT   = 0.1%

0.0001 NUT  = 0.01%
```

The ecosystem can then create additional states around that root:

```
🌰 NUT
 │
 ├── 🎁 wrapped state
 │
 ├── 💧 market state
 │
 ├── 🌊 liquidity state
 │
 ├── ⚖️ basket state
 │
 ├── 📈 bonding-curve state
 │
 ├── 🔥 supply-changing state
 │
 ├── 🐝 arbitrage relationships
 │
 └── ⚡ economic path transitions
```

The important realization is **not**:

> “All these tokens are secretly NUT.”

That would be technically false.

The useful statement is:

> **They can be interpreted as different mathematical expressions, coordinates, claims, or transformations inside one connected economic system rooted around NUT.**

***

## ⚠️ Not Literal Token Equivalence

This distinction matters.

wNUT, SNUT, pNUT, SALT, NUTINO, PIPS, LP positions, counter-assets, and other components do not all have the same:

```
contract
issuer
supply
collateral
redemption
ownership rights
economic exposure
legal meaning
```

They are not interchangeable.

They are not all NUT-backed.

They are not literally prime factors encoded inside one integer.

ERC-20 itself defines separate contract-level token states rather than some universal identity across tokens. ([Ethereum Improvement Proposals](https://eips.ethereum.org/EIPS/eip-20?utm_source=chatgpt.com))

The FRACTRAN model is a **mathematical lens**:

> heterogeneous state can be represented as one larger object, and operations can be understood as transformations of that object.

***

## 🧬 Representation vs. Transformation

This leads to a useful distinction.

Some primitives primarily **represent state**:

```
wNUT
LP positions
pool shares
basket shares
balances
claims
```

Other primitives primarily **transform state**:

```
wrap
unwrap
swap
mint
burn
LP deposit
LP withdrawal
bonding-curve trade
basket join
basket exit
arbitrage
```

And some structures do both.

A pool share, for example, represents an economic claim while the pool itself continuously changes through trades.

A bonding-curve asset represents supply state while minting and burning transform the reserve and supply coordinates.

Mint Club's discrete bonding-curve system makes this duality explicit: supply determines a curve state, while mint and burn operations move the system between states. ([Mint Club Docs](https://docs.mint.club/learn/bonding?utm_source=chatgpt.com))

This gives the larger model a simple grammar:

```
STATE
  +
REPRESENTATIONS
  +
TRANSFORMATIONS
  =
ECONOMIC SYSTEM
```

***

## 🌳 The Larger Realization

The forest is not the individual token.

The forest is the **state space**.

NUT is the root around which a growing number of economic representations, positions, markets, and transformations can be defined.

FRACTRAN provides an unusually compact mathematical analogy:

> **One integer can encode many variables.**\
> **One factorization can describe many coordinates.**\
> **One operation can transform the encoded state.**

Ethereum gives us the onchain version:

> **One canonical chain state.**\
> **Transactions transform it.** ([Ethereum GitHub](https://ethereum.github.io/yellowpaper/paper.pdf?utm_source=chatgpt.com))

DeFi adds economic interpretation:

> **Balances, reserves, pools, shares, curves, and prices become interconnected state variables.**

And the Orchard adds the BASED NUT interpretation:

> ### **Many assets. Many markets. Many representations. One connected economic state. 🌰**

***

## 📚 References & Further Reading

### 🧮 FRACTRAN — Primary Source

#### John H. Conway — *FRACTRAN: A Simple Universal Programming Language for Arithmetic*

Conway's original treatment of FRACTRAN. The state is a positive integer; the program is an ordered list of fractions; execution repeatedly selects the first fraction whose multiplication keeps the result integral. The chapter appears in *Open Problems in Communication and Computation* and runs pp. 4–26. ([Springer Nature](https://link.springer.com/chapter/10.1007/978-1-4612-4808-8_2))

[Read Conway's FRACTRAN chapter — Springer Nature](https://link.springer.com/chapter/10.1007/978-1-4612-4808-8_2?utm_source=chatgpt.com)

**DOI:** `10.1007/978-1-4612-4808-8_2`

***

### 🎥 Conway Explains FRACTRAN

#### John Conway — *Fractran: A Ridiculous Logical Language*

A 74-minute lecture by Conway himself, recorded in 2012. Useful for understanding the intuition behind the arithmetic machine rather than approaching it only through the paper. ([UCTV](https://www.uctv.tv/shows/Fractran-A-Ridiculous-Logical-Language-with-John-Conway-23320?utm_source=chatgpt.com))

[Watch Conway's FRACTRAN lecture — UCTV](https://www.uctv.tv/shows/Fractran-A-Ridiculous-Logical-Language-with-John-Conway-23320?utm_source=chatgpt.com)

***

### 🔢 Unique Prime Factorization

#### Fundamental Theorem of Arithmetic — Wolfram MathWorld

The mathematical reason a natural number can carry independently recoverable prime-exponent coordinates: every integer greater than one has a unique factorization into primes, up to factor ordering. ([MathWorld](https://mathworld.wolfram.com/FundamentalTheoremofArithmetic.html?utm_source=chatgpt.com))

[Explore the Fundamental Theorem of Arithmetic — MathWorld](https://mathworld.wolfram.com/FundamentalTheoremofArithmetic.html?utm_source=chatgpt.com)

***

### 🧠 Gödel Numbering

#### Stanford Encyclopedia of Philosophy — Gödel Numbering

A particularly important conceptual predecessor.

The SEP demonstrates how a finite sequence of numbers can be encoded into one natural number using successive prime powers:

```
2ⁿ⁰ × 3ⁿ¹ × 5ⁿ² × ...
```

This is one of the clearest rigorous introductions to the idea of **many values encoded inside one integer**. ([Stanford Encyclopedia of Philosophy](https://plato.stanford.edu/archives/spr2017/entries/goedel-incompleteness/sup1.html?utm_source=chatgpt.com))

[Read Gödel Numbering — Stanford Encyclopedia of Philosophy](https://plato.stanford.edu/archives/spr2017/entries/goedel-incompleteness/sup1.html?utm_source=chatgpt.com)

For the broader logical context:

[Gödel's Incompleteness Theorems — Stanford Encyclopedia of Philosophy](https://plato.stanford.edu/entries/goedel-incompleteness/index.html?utm_source=chatgpt.com)

***

### 🧬 FRACTRAN — Technical Explanations

#### FRACTRAN — Wolfram MathWorld

A compact mathematical explanation of the execution rule and Conway's prime-generating FRACTRAN program. ([MathWorld](https://mathworld.wolfram.com/FRACTRAN.html?utm_source=chatgpt.com))

[Explore FRACTRAN — Wolfram MathWorld](https://mathworld.wolfram.com/FRACTRAN.html?utm_source=chatgpt.com)

#### FRACTRAN — Esolang Wiki

A more implementation-oriented treatment that explicitly explains the importance of viewing FRACTRAN integers as products of prime powers. ([Esolangs](https://esolangs.org/wiki/Fractran?utm_source=chatgpt.com))

[Explore FRACTRAN — Esolang Wiki](https://esolangs.org/wiki/Fractran?utm_source=chatgpt.com)

These are secondary sources; Conway's original paper remains the primary mathematical reference.

***

## ⛓️ Ethereum as a State Machine

#### Ethereum Yellow Paper

Ethereum's formal execution specification.

The Yellow Paper explicitly describes Ethereum as a **transaction-based state machine** and defines a state-transition function mapping a prior state and transaction to a subsequent state. ([Ethereum GitHub](https://ethereum.github.io/yellowpaper/paper.pdf?utm_source=chatgpt.com))

[Read the Ethereum Yellow Paper](https://ethereum.github.io/yellowpaper/paper.pdf?utm_source=chatgpt.com)

This is the strongest primary source for the transition from:

```
mathematical state machine
```

to:

```
onchain state machine
```

***

## 🪙 ERC-20

#### EIP-20 — ERC-20 Token Standard

The canonical specification for fungible token contracts on Ethereum-compatible chains.

Useful here because it establishes the technical distinction between separate token implementations even when those tokens have economic relationships with one another. ([Ethereum Improvement Proposals](https://eips.ethereum.org/EIPS/eip-20?utm_source=chatgpt.com))

[Read ERC-20 — Ethereum Improvement Proposals](https://eips.ethereum.org/EIPS/eip-20?utm_source=chatgpt.com)

***

## 💧 Automated Market Makers

#### Uniswap v2 Core Whitepaper

Primary technical source for the constant-product AMM design, reserve state, ERC-20/ERC-20 pairs, LP-held pooled funds, swaps, and price behavior. ([Uniswap Developers](https://docs.uniswap.org/whitepaper.pdf?utm_source=chatgpt.com))

[Read the Uniswap v2 Core Whitepaper](https://docs.uniswap.org/whitepaper.pdf?utm_source=chatgpt.com)

#### Uniswap v3 Core Whitepaper

Extends the state model with concentrated liquidity and individualized LP positions. Particularly useful for understanding why a liquidity representation does not need to be a simple fungible pool token. ([Uniswap Labs](https://blog.uniswap.org/whitepaper-v3.pdf?utm_source=chatgpt.com))

[Read the Uniswap v3 Core Whitepaper](https://blog.uniswap.org/whitepaper-v3.pdf?utm_source=chatgpt.com)

***

## ⚖️ Weighted Pools & Baskets

#### Balancer Whitepaper

Balancer's original whitepaper describes an N-dimensional AMM invariant, weighted portfolios, pool state, spot pricing, and arbitrage-driven rebalancing.

It is especially relevant to the idea that several underlying assets can be represented through a higher-level pool state. ([Balancer](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com))

[Read the Balancer Whitepaper](https://docs.balancer.fi/whitepaper.pdf?utm_source=chatgpt.com)

***

## 📈 Bonding Curves

#### Mint Club — Bonding Curve

Primary documentation for one of the bonding-curve systems used within the BASED NUT ecosystem.

Mint Club describes assets whose prices depend on supply and a predefined curve. Purchases mint the curve asset while committing a base asset; sales burn the curve asset and return base assets. Mint Club V2 implements a discrete step-based curve. ([Mint Club Docs](https://docs.mint.club/learn/bonding?utm_source=chatgpt.com))

[Read Mint Club's Bonding Curve Documentation](https://docs.mint.club/learn/bonding?utm_source=chatgpt.com)

#### Mint Club — Bonding Curve Design

Technical details on its discrete price intervals, curve types, supply ranges, and curve customization. ([Mint Club Docs](https://docs.mint.club/tools/bonding-curve-design?utm_source=chatgpt.com))

[Explore Mint Club Bonding Curve Design](https://docs.mint.club/tools/bonding-curve-design?utm_source=chatgpt.com)

#### Mint Club — ERC-20 Curve Assets

Details on creating an ERC-20 curve asset around another ERC-20 base asset. ([Mint Club Docs](https://docs.mint.club/create/token?utm_source=chatgpt.com))

[Explore Mint Club ERC-20 Curve Assets](https://docs.mint.club/create/token?utm_source=chatgpt.com)

***

## 🧭 How the Ideas Connect

For readers who want to follow the concept from its mathematical foundations all the way to BASED NUT:

```
Fundamental Theorem of Arithmetic
        │
        │ unique prime factorization
        ▼

Gödel Numbering
        │
        │ many values encoded in one integer
        ▼

FRACTRAN
        │
        │ prime-factor state + arithmetic transitions
        ▼

State Machines
        │
        ▼

Ethereum
        │
        │ transactions transform canonical state
        ▼

Smart Contracts
        │
        ├── tokens
        ├── wrappers
        ├── AMMs
        ├── LP positions
        ├── baskets
        ├── bonding curves
        └── burns
        │
        ▼

Economic State Transitions
        │
        ▼

The Orchard
        │
        │ many economically connected coordinates
        ▼

Economic Path Nonces
        │
        │ ordered transformations through state
        ▼

BASED NUT State Algebra
```

The first layers are established mathematics and computer science.

The protocol layers are implemented blockchain systems.

The final synthesis is the **BASED NUT interpretation**:

> ### **Different assets can be understood as different expressions of one connected economic state.**

Not because they are literally the same token.

Not because every asset is NUT-backed.

But because **representations, claims, prices, reserves, positions, supplies, and markets can all be coordinates of a larger state—and economic actions transform that state.**

***

## 🌰 The Integer 1

Most token systems begin with a large arbitrary supply:

```
1,000,000
100,000,000
1,000,000,000
```

NUT begins with:

```
1
```

This makes the whole asset itself the unit.

Its subdivisions are fractions of the whole.

Its markets express relationships against that whole.

Its wrappers transform its representation.

Its liquidity positions encode claims involving it.

Its baskets compose it with other assets.

Its bonding curves create state-dependent relationships around it.

Its economic paths transform quantities through those states.

The root remains:

```
1
```

The complexity exists around it.

{% code expandable="true" %}

```mermaid
flowchart TD
    ONE["🌰 NUT = 1"]

    WRAP["🎁 Wrapped State"]
    MARKET["💧 Market State"]
    LP["🌊 Liquidity State"]
    BASKET["⚖️ Basket State"]
    CURVE["📈 Curve State"]
    EXTERNAL["🌐 Connected Assets"]
    NONCE["⚡ Economic Paths"]

    STATE["🧮 Orchard Economic State E"]

    ONE --> WRAP
    ONE --> MARKET
    ONE --> LP
    ONE --> BASKET
    ONE --> CURVE

    EXTERNAL --> MARKET
    EXTERNAL --> LP
    EXTERNAL --> BASKET

    WRAP --> STATE
    MARKET --> STATE
    LP --> STATE
    BASKET --> STATE
    CURVE --> STATE
    EXTERNAL --> STATE

    STATE --> NONCE

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:5px,color:#111;
    classDef factor fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef state fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;

    class ONE root;
    class WRAP,MARKET,LP,BASKET,CURVE,EXTERNAL factor;
    class STATE,NONCE state;
```

{% endcode %}

FRACTRAN gives us the mathematical insight:

> **One state can contain many variables.**

NUT adds another unusual starting point:

> **The root itself is 1.**

And the Orchard supplies the economic interpretation:

> **Many representations. Many transformations. Many markets. One connected state growing around the unit whole.**

## **NUT = 1. The rest is state. 🌰**


# NUT Liquidity Machine

{% hint style="danger" %}

### **WARNING: YOU ARE READING** HYPER ADVANCED NUT RESEARCH

We have exhausted the practical explanations and are now investigating what happens when very smart people are left alone with **1 NUT** for too long. The whitepaper needed more symbols. Advanced theory needed more equations. Apparently neither was enough. Welcome to the part where we give the NUT a research PhD program.
{% endhint %}

NUT has a fixed supply of exactly one token.

$$
S\_{NUT}=1
$$

That quantity does not change when NUT is traded, deposited into liquidity, committed as collateral, included in an index, or moved between wallets.

What changes is **where NUT is and what economic relationships surround it**.

This creates a useful way of understanding NUT:

> **NUT is conserved, but the market around NUT is continuously changing.**

***

### A Market Changes When NUT Moves Through It

Consider a NUT liquidity pool.

A swap does not simply transfer NUT through a passive pipe.

The trade also changes the pool.

Depending on the mechanism, a NUT transaction can change:

* reserves
* price
* active liquidity
* ticks
* pool balances
* subsequent price impact
* subsequent arbitrage opportunities

The market after the transaction is therefore different from the market before it.

This gives us the basic NUT liquidity cycle:

$$
\text{market state}
\rightarrow
\text{opportunity}
\rightarrow
\text{NUT transaction}
\rightarrow
\text{new market state}
$$

Repeated continuously:

$$
\text{state}
\rightarrow
\text{incentive}
\rightarrow
\text{transaction}
\rightarrow
\text{new state}
\rightarrow
\text{new incentive}
$$

We call this the **NUT Liquidity Machine**.

A **state** simply means the information required to describe the system at a particular moment: balances, reserves, liquidity, prices, parameters, and other economically relevant variables.

***

### Pools as State Transitions

A **state transition** is an operation that changes one valid state into another valid state.

Let the current NUT ecosystem state be:

$$
\Omega\_t
$$

A market operation can be represented as:

$$
T(\Omega\_t,q)
\rightarrow
(\Omega\_{t+1},q')
$$

where:

* $$T$$ is the market operation
* $$q$$ is the input quantity
* $$q'$$ is the output quantity
* $$\Omega\_t$$ is the state before execution
* $$\Omega\_{t+1}$$ is the state afterward

For NUT, different mechanisms implement different transitions.

Examples include:

* swapping NUT/WETH on Uniswap V2
* swapping NUT/WETH through concentrated liquidity on Uniswap V3
* swapping NUT/AERO on Aerodrome
* swapping NUT/cbBTC
* locking NUT into a bonding curve
* releasing NUT from a bonding curve
* joining or exiting a structure containing NUT

These mechanisms do not merely quote NUT differently.

They transform different parts of NUT's economic state.

***

### Routes Are Composed Operations

NUT does not need to travel through only one market.

A trade can pass through several mechanisms.

For example:

```
NUT → AERO → WETH
```

or:

```
NUT → child token → external market → NUT
```

When one operation feeds another, the operations are **composed**.

**Function composition** means taking the output of one operation and using it as the input of the next.

For three transitions:

$$
T\_1,\ T\_2,\ T\_3
$$

the complete route is:

$$
T\_3\circ T\_2\circ T\_1
$$

The symbol $$\circ$$ means “apply one transformation after another.”

A NUT route is therefore more than a line connecting tokens.

It is an ordered sequence of state-changing operations

***

### Order Can Matter

Suppose two operations are called $$T\_A$$ and $$T\_B$$.

In general:

$$
T\_B\circ T\_A
\neq
T\_A\circ T\_B
$$

This property is called **noncommutativity**.

It means performing A and then B can produce a different outcome from performing B and then A.

Why?

Because the first transaction changes the state encountered by the second.

For NUT this can occur when:

* two trades use the same liquidity
* a large swap changes reserves
* a bonding-curve operation changes its next price
* concentrated liquidity moves across ranges
* an index operation changes component balances

The sequence of operations therefore matters.

This is one form of **path dependence**: the resulting state depends not only on what happened, but also on the order in which it happened.

***

### The NUT Opportunity Field

Different NUT markets can produce different executable prices at the same moment.

That creates possible routes between them.

For an executable direction from asset ii to asset jj, define:

$$
w\_{ij}(\Omega\_t,q)
$$

as the economic opportunity available for quantity qq under the current state.

This is a **state-dependent edge weight**.

“State-dependent” means its value changes when the market changes.

It must account for more than displayed prices.

A real NUT route may incur:

$$
C=
C\_{\text{fees}}
\+
C\_{\text{gas}}
\+
C\_{\text{slippage}}
\+
C\_{\text{conversion}}
\+
C\_{\text{risk}}
$$

where:

* **fees** are charges imposed by the market mechanism
* **gas** is transaction execution cost
* **slippage** is deterioration in execution price caused by trade size
* **conversion cost** arises when intermediate assets must be exchanged
* **risk** captures economically relevant uncertainty such as latency or non-atomic execution

If a route begins with value $$V\_{in}$$ and ends with $$V\_{out}$$:

$$
\Pi =
V\_{out}-V\_{in}-C
$$

where $$\Pi$$ is net profit.

An arbitrage opportunity exists only when:

$$
\Pi>0
$$

A price difference alone is therefore insufficient.

The route must be profitable **after execution**.

### Backreaction

The interesting part is what happens next.

Suppose a NUT arbitrage route is profitable.

An arbitrageur executes it.

That transaction changes the pools.

Therefore:

$$
\Omega\_t
\rightarrow
\Pi(\Omega\_t)
\rightarrow
T
\rightarrow
\Omega\_{t+1}
$$

and normally:

$$
\Pi(\Omega\_{t+1})
\neq
\Pi(\Omega\_t)
$$

This is **backreaction**.

Backreaction means an action changes the environment that produced the incentive for that action.

Arbitrage therefore tends to consume its own opportunity.

NUT markets continually create, expose, consume, and recreate these conditions.

***

### Graph State Is Not Graph Topology

There is one final distinction.

A **graph** is a mathematical structure consisting of objects called **nodes** connected by relationships called **edges**.

For NUT liquidity:

* assets can be represented as nodes
* pools or executable relationships can be represented as edges

Trading changes information carried by those edges:

* reserves
* prices
* liquidity
* opportunity

That changes the **state of the graph**.

But the connections themselves still exist.

By contrast, deploying a new NUT pool creates a new connection.

That changes the **topology** — the actual connectivity of the network.

Therefore:

$$
\text{graph-state change}
\neq
\text{topology change}
$$

A NUT swap changes the machine.

A new NUT market changes the structure of the machine.

### What We Can Measure

This model creates concrete research questions:

* Which NUT routes repeatedly become profitable?
* Which pools create the largest price differences?
* How quickly does arbitrage remove those differences?
* Which routes are most sensitive to trade size?
* Which operations exhibit strong path dependence?
* How does adding or removing NUT liquidity change routing?
* Can transactions themselves generate recurring NUT flow patterns?

These are empirical questions.

The Liquidity Machine is useful only where it helps describe or measure actual NUT behavior.

### Resources

For the mathematical concepts used on this page:

* **Wikipedia — Graph theory**
* **Wikipedia — Dynamical system**
* **Wikipedia — Function composition**
* **Wikipedia — Graph dynamical system**

These are general mathematical references. Their inclusion does not imply that NUT implements these mathematical frameworks directly.


# NUT Structural Liquidity

{% hint style="danger" %}

### **WARNING: YOU ARE READING** HYPER ADVANCED NUT RESEARCH

We have exhausted the practical explanations and are now investigating what happens when very smart people are left alone with **1 NUT** for too long. The whitepaper needed more symbols. Advanced theory needed more equations. Apparently neither was enough. Welcome to the part where we give the NUT a research PhD program.
{% endhint %}

NUT has one invariant monetary quantity:

$$
S\_{NUT}=1
$$

But that one NUT can occupy many different economic positions.

Some NUT may be:

* available in an AMM
* concentrated inside a narrow price range
* committed as collateral
* held inside an index
* sitting in wallets
* economically inaccessible

The amount of NUT has not changed.

Its **liquidity structure** has.

> **Structural liquidity is the economic configuration of where NUT is available, how deeply it can be traded, and through which markets it can move.**

### Supply Is Not Liquidity

These variables should not be confused.

NUT supply can remain unchanged:

$$
\Delta S\_{NUT}=0
$$

while liquidity changes:

$$
\Delta L\neq0
$$

reserves change:

$$
\Delta R\neq0
$$

and routing changes:

$$
\Delta G\neq0
$$

Moving 0.01 NUT from a wallet into a pool does not create NUT.

But it can create:

* additional market depth
* a new executable route
* a different local price
* different arbitrage opportunities
* greater accessible float

NUT therefore has **monetary conservation with structural mobility**.

***

### Liquidity Depth

**Liquidity depth** describes how much trading can occur before execution price changes substantially.

A shallow NUT pool responds strongly to a trade.

A deep NUT pool responds less.

This means two pools containing NUT can have completely different economic importance even when both exist as valid markets.

Depth depends on the market design.

For concentrated liquidity it also depends on where LPs placed their liquidity.

### Active Liquidity

In concentrated-liquidity markets, deposited capital is not necessarily active at the current price.

Liquidity can exist outside the active range.

Therefore:

$$
\text{total deposited liquidity}
\neq
\text{current executable liquidity}
$$

For NUT, a useful structural analysis should distinguish:

* total liquidity
* active liquidity
* liquidity by price range
* depth at a particular trade size
* marginal price impact

This is more informative than TVL alone.

***

### Liquidity as Conductance

A useful analogy is **conductance**.

In physics and network theory, conductance describes how easily something can move through a system.

For NUT, we can use the idea to describe how easily economic quantity can move through a market without significantly moving price.

One possible local measure is:

$$
\kappa=
\left|
\frac{d\ln p}{dq}
\right|^{-1}
$$

where:

* $$p$$ is price
* $$q$$ is trade quantity
* $$\kappa$$ is local liquidity conductance

Large $$\kappa$$ means more NUT can move before price changes substantially.

Small $$\kappa$$ means the route has less executable depth.

This is an analytical measure, not a protocol invariant.

Different AMMs may require different implementations.

***

### The NUT Trunk and Branches

NUT liquidity can also be classified by economic role.

#### Core Liquidity

Some liquidity provides persistent:

* executable markets
* reference prices
* routing continuity
* depth

This can be thought of as the **trunk** of NUT liquidity.

#### Adaptive Liquidity

Other liquidity may move in response to:

* fees
* incentives
* volatility
* arbitrage
* new markets
* LP strategy

This behaves more like **branches**.

These categories describe economic function.

They do not require a particular owner or governance structure.

### Effective Float

NUT supply is always one.

But not every fraction of that NUT is equally accessible to the market.

Define each economic compartment as ii with NUT allocation:

$$
x\_i
$$

and an accessibility coefficient:

$$
a\_i\in\[0,1]
$$

Then define effective float:

$$
F=
\sum\_i a\_i x\_i
$$

with:

$$
0\leq F\leq1
$$

An accessibility coefficient expresses how economically available that NUT is.

For example:

* readily tradable NUT may have high accessibility
* deeply locked collateral may have lower accessibility
* irrecoverable NUT may approach zero

The exact coefficients must be defined empirically.

They should not be chosen merely to produce a desired result.

***

### Where Price Discovery Happens

A pool holding the most NUT does not automatically determine NUT's price.

**Price discovery** means the process through which trading produces the market's most economically influential price.

Price discovery depends on:

* active depth
* volume
* fees
* routing
* arbitrage speed
* trade size
* connectivity to external assets

The locus of NUT price discovery can therefore migrate between venues without any change in NUT supply.

***

### Reallocation Instead of Issuance

Many monetary systems can respond to changing demand partly through changing supply.

NUT cannot.

Its root quantity is fixed.

Pressure therefore resolves through variables such as:

* price
* allocation
* liquidity placement
* collateral commitment
* market depth
* routing

This makes the question:

> **Where is the NUT?**

economically important.

The quantity cannot adapt.

Its placement can.

***

### What We Can Measure

Structural NUT liquidity can be studied through:

* active liquidity by venue
* depth at standardized trade sizes
* price impact
* effective float
* NUT concentration by mechanism
* liquidity-range distribution
* liquidity migration
* routing capacity
* venue share of price discovery

The research question is:

> **How much of NUT's behavior comes from liquidity structure rather than monetary quantity?**

Because monetary quantity never changes, NUT provides an unusually constrained environment in which to investigate that distinction.

### Resources

* **Wikipedia — Market liquidity**
* **Wikipedia — Concentrated liquidity**
* **Wikipedia — Price discovery**
* **Wikipedia — Graph theory**
* **Wikipedia — Network theory**

These resources provide general terminology. NUT's structural-liquidity model is specific to the relationships surrounding NUT.


# NUT State Space

{% hint style="danger" %}

### **WARNING: YOU ARE READING** HYPER ADVANCED NUT RESEARCH

We have exhausted the practical explanations and are now investigating what happens when very smart people are left alone with **1 NUT** for too long. The whitepaper needed more symbols. Advanced theory needed more equations. Apparently neither was enough. Welcome to the part where we give the NUT a research PhD program.
{% endhint %}

NUT has an extremely simple monetary state:

$$
S\_{NUT}=1
$$

But this does not mean the NUT ecosystem has only one state.

The single NUT can be distributed across many:

* wallets
* liquidity pools
* collateral reserves
* index structures
* derived-token mechanisms

while those mechanisms themselves contain different reserves, prices, liquidity configurations, and parameters.

This creates the **NUT state space**.

***

### What Is a State?

A **state** is a complete enough description of a system at one particular moment.

For example, knowing only that 0.01 NUT sits in a pool is not enough to understand that pool.

We may also need to know:

* the counter-asset reserve
* active liquidity
* current price
* fee parameters
* derived-token balances
* relevant external prices

The NUT Doctrine represents the broader economic state as:

$$
\Omega\_t=
(x\_t,R\_t,L\_t,Q\_t,\Theta\_t,M\_t,E\_t)
$$

where:

* $$x\_t$$ = allocation of NUT
* $$R\_t$$ = market and collateral reserves
* $$L\_t$$ = liquidity positions and depth
* $$Q\_t$$ = derived-asset states
* $$\Theta\_t$$ = mechanism parameters
* $$M\_t$$ = historical memory
* $$E\_t$$ = relevant external environment

The important relationship is:

$$
x\_t\neq\Omega\_t
$$

Knowing where NUT is does not completely describe the economic system around it.

***

### What Is a State Space?

A **state space** is the collection of possible states a system could occupy.

If NUT is divided among $$n$$ economic compartments:

$$
x\_t=(x\_1,x\_2,\ldots,x\_n)
$$

then conservation requires:

$$
x\_i\geq0
$$

and:

$$
\sum\_{i=1}^{n}x\_i=1
$$

The geometric object described by these constraints is called a **simplex**.

Here, a simplex simply means:

> all valid ways of dividing one conserved whole among several categories.

For three compartments, every valid allocation lies somewhere inside a triangle.

For more compartments, the same idea extends into higher dimensions.

***

### Atomic NUT State

NUT is not infinitely divisible.

One NUT contains:

$$
10^{18}
$$

attoNUTs.

If:

$$
U=10^{18}
$$

atomic units are distributed among nn compartments, then the number of mathematically possible atomic allocations is:

$$
\binom{U+n-1}{n-1}
$$

before considering smart-contract restrictions.

This is a standard **combinatorial** counting result.

Combinatorics is the branch of mathematics concerned with counting discrete arrangements.

Even a small number of compartments produces an enormous number of possible NUT allocations.

***

### Possible Does Not Mean Reachable

Not every mathematically representable state can actually occur.

Smart contracts impose rules.

For example:

* a pool must obey its AMM invariant
* a bonding curve obeys its mint and redemption rules
* an index follows its composition rules
* a transaction must have sufficient balances
* some transitions may require particular approvals or conditions

The important object is therefore the **reachable state space**.

Starting from state:

$$
\Omega\_0
$$

define:

$$
\mathcal R(\Omega\_0)
$$

as the collection of states that can be reached through valid sequences of NUT-related operations.

Conceptually:

$$
\Omega:
\Omega=T\_k\circ\cdots\circ T\_1(\Omega\_0)
$$

A representable state outside this set may be mathematically imaginable but impossible to reach under the deployed rules.

***

### State Space vs Liquidity Graph

These are two different graphs.

#### Liquidity Graph

The nodes represent assets and the edges represent economic relationships such as pools.

It answers:

> What can NUT interact with?

#### State-Transition Graph

Each node represents an entire system state.

An edge represents a valid transition from one state into another.

It answers:

> What can the NUT system become next?

The distinction matters. One describes economic connectivity. The other describes possible evolution.

***

### The Minimum Sufficient NUT State

A complete blockchain state contains far more information than is needed for most economic questions.

We therefore want a smaller observable representation:

$$
z\_t=C(\Omega\_t)
$$

where CC is a compression or aggregation function.

The research question is:

> What is the smallest set of NUT-related observables that still explains the behavior we care about?

Candidate variables might include:

* NUT allocation
* active liquidity
* reserves
* executable prices
* price dispersion
* derived claims
* TWAP
* external quote-asset prices

If a much smaller representation predicts relevant behavior almost as well as the complete state, it becomes a useful model.

***

### Economic Complexity Without More NUT

This leads to the central NUT state-space hypothesis:

$$
\Delta S\_{NUT}=0
\not\Rightarrow
\Delta C=0
$$

where CC represents economic complexity.

The root supply can remain unchanged while the ecosystem gains:

* more markets
* more routes
* more counterpart assets
* more derived claims
* more liquidity configurations
* more valid transformations
* more reachable states

Economic complexity can therefore expand without monetary-base expansion.

The experiment is not whether one NUT can become more than one NUT.

It cannot.

The experiment is:

> **How much economically distinct state can form around one conserved monetary root?**

### Resources

* **Wikipedia — State space**
* **Wikipedia — Dynamical system**
* **Wikipedia — Combinatorics**
* **Wikipedia — Simplex**
* **Wikipedia — Graph dynamical system**

These references explain the general mathematical concepts. The NUT state-space formulation applies those concepts specifically to NUT and its deployed economic relationships.


# NUT Liquidity Graphs

{% hint style="danger" %}

### **WARNING: YOU ARE READING** HYPER ADVANCED NUT RESEARCH

We have exhausted the practical explanations and are now investigating what happens when very smart people are left alone with **1 NUT** for too long. The whitepaper needed more symbols. Advanced theory needed more equations. Apparently neither was enough. Welcome to the part where we give the NUT a research PhD program.
{% endhint %}

NUT does not exist in one isolated market.

It is economically connected to other assets reachable through liquidity routes

These relationships can be represented as a **liquidity graph**.

A graph is a mathematical structure made from:

* **nodes** — the objects being connected
* **edges** — the relationships connecting them
*

For NUT liquidity, assets can be nodes and markets can be edges.

A simple NUT/WETH pool becomes:

```
NUT ───── WETH
```

Several NUT markets produce a larger graph:

```
             WETH
               │
               │
AERO ──────── NUT ──────── cbBTC
               │
               │
             SNUT
```

The graph answers a basic question:

> **What is economically connected to NUT?**

***

### A Pool Is More Than an Edge

The line:

```
NUT ───── WETH
```

only tells us that a relationship exists.

A real liquidity pool also contains economic state:

* reserves
* liquidity
* fees
* price
* curve
* trade capacity
* execution conditions

We can therefore represent the NUT liquidity graph as:

$$
G\_t=(V,E,W\_t)
$$

where:

* $$V$$ is the set of assets
* $$E$$ is the set of economic connections
* $$W\_t$$ is the state carried by those connections at time $$t$$

The subscript $$t$$ matters because liquidity relationships change over time.

The NUT/WETH connection may still exist tomorrow while its:

* reserves
* price
* depth
* active range

are completely different.

***

### Weighted NUT Graphs

A **weighted graph** is a graph in which a numerical value, called a weight, is attached to an edge.

In a road network, a weight might represent distance.

In a NUT liquidity graph, a weight could represent:

* executable price
* fee
* liquidity depth
* slippage
* route capacity
* net economic opportunity

However, NUT markets are nonlinear.

A route may be inexpensive for a tiny trade but expensive for a large trade.

A more useful NUT edge weight is therefore:

$$
w\_{ij}(\Omega\_t,q)
$$

where:

* $$i$$ is the input asset
* $$j$$ is the output asset
* $$\Omega\_t$$ is current economic state
* $$q$$ is trade size

The edge weight depends on both **state and quantity**.

### Direction Matters

A pool may connect NUT and WETH in both directions:

```
NUT ⇄ WETH
```

but the two executions are not identical.

We should distinguish:

$$
NUT\rightarrow WETH
$$

from:

$$
WETH\rightarrow NUT
$$

A **directed graph** is a graph whose edges have direction.

Directed representation is useful for NUT because each direction can have a different:

* input quantity
* output quantity
* slippage
* fee consequence
* economic opportunity

So an undirected connection may represent the existence of a pool, while directed edges represent actual execution.

***

### NUT Routes

A **route** is an ordered sequence of economic connections.

For example:

```
NUT → AERO → WETH
```

is a two-edge route.

A longer route might be:

```
NUT → child token → external asset → NUT
```

We can write a route as:

$$
P=
(v\_0,e\_1,v\_1,e\_2,\ldots,e\_n,v\_n)
$$

where:

* $$v$$ represents assets
* $$e$$ represents executable mechanisms

The economic question is:

> **Which executable route produces the best result for a specified quantity?**

For input quantity $$q$$:

$$
\arg\max\_P \Pi\_P(q)
$$

where:

* $$P^\*$$ means the best route under the chosen objective
* $$\Pi\_P(q)$$ is the net economic result of route $$P$$

The best route can change with trade size.

***

### NUT Cycles

A **cycle** is a route that eventually returns to its starting point.

For example:

```
NUT → A → B → NUT
```

If the route begins with quantity q0q\_0 of NUT and returns:

$$
q\_1>q\_0
$$

after all execution costs, the cycle contains an arbitrage opportunity.

More generally:

$$
\Pi\_P>0
$$

must hold after:

* fees
* gas
* slippage
* intermediate conversion
* applicable taxes
* relevant execution risk

This means an arbitrage cycle is not simply a geometric loop in the graph.

It is a **profitable executable loop under a particular state and quantity**.

***

### Cycles Are State-Dependent

Suppose:

```
NUT → AERO → WETH → NUT
```

is profitable.

Execution changes the pools involved.

The same cycle may immediately become:

* less profitable
* unprofitable
* profitable in the opposite direction

The topology has not changed.

The edge states have.

Therefore:

> **A route belongs to the graph. Profitability belongs to the graph's state.**

***

### Multi-Asset Relationships

Ordinary graphs are naturally pairwise.

An edge connects two nodes.

But some NUT structures relate more than two assets simultaneously.

Consider an index or multi-asset pool containing:

$$
{NUT,SNUT,cbETH,cbBTC}
$$

Representing this only as many pairwise connections can obscure an important fact:

> all four assets participate in one shared economic mechanism.

This motivates a **hypergraph**.

***

### What Is a Hypergraph?

A **hypergraph** generalizes an ordinary graph.

In an ordinary graph, one edge connects two nodes.

In a hypergraph, a **hyperedge** can connect any number of nodes.

For example:

$$
e=
{NUT,SNUT,cbETH,cbBTC}
$$

can represent one four-asset relationship.

A hypergraph can be written:

$$
H=(V,\mathcal E)
$$

where:

* $$V$$ is the set of assets
* $$\mathcal E$$ is the set of hyperedges

A normal two-token pool is still representable.

It is simply a hyperedge containing two assets.

***

### Why Hypergraphs May Matter for NUT

Suppose a four-asset structure is converted into six pairwise relationships.

That projection may hide:

* shared reserves
* common weights
* joint constraints
* common rebalancing rules
* shared contract risk
* simultaneous dependencies

Hypergraphs preserve the fact that several assets participate in one mechanism.

This may make them useful for representing:

* pNUT
* weighted multi-asset pools
* indexes
* multi-asset vaults
* future NUT Grafts and Whorls

But hypergraph theory should only be used where the pairwise graph actually loses economically relevant information.

If an ordinary graph explains the system adequately, it is preferable because it is simpler.

***

### Graph Projection

A **projection** converts a more complex representation into a simpler one.

For example, a four-asset hyperedge:

$$
{A,B,C,D}
$$

can be projected into pairwise edges:

```
A ─ B
│ \ │
│  \│
C ─ D
```

The projection is easier to route through computationally.

But it may no longer show that all edges came from one shared mechanism.

This gives us an empirical question:

> **What information about NUT relationships disappears when hyperedges are reduced to ordinary edges?**

***

### Routing Centrality

Some NUT markets may become structurally important because many routes depend on them.

**Centrality** is a family of graph measures used to describe how important or structurally positioned a node or edge is within a network.

For NUT, ordinary graph centrality may be insufficient.

A venue with many connections may have almost no usable liquidity.

A venue with fewer connections may carry most executable flow.

A NUT-specific routing centrality could instead measure:

$$
\frac{
\text{economically relevant routed flow through }i
}{
\text{total measured routed flow}
}
$$

This could be calculated from:

* observed transactions
* arbitrage routes
* routing simulations
* standardized trade-size queries

The exact methodology must be specified before comparing venues.

***

### State Change vs Topology Change

The graph makes an important distinction visible.

A swap can change:

* reserves
* prices
* liquidity
* edge weights

without adding or removing any relationship.

That is a **graph-state change**.

Deploying a new NUT pool creates a new economic relationship.

That is a **topology change**.

$$
\Delta G\_{\text{state}}
\neq
\Delta G\_{\text{topology}}
$$

For NUT:

> **Trading changes the condition of existing relationships. Deployment changes what relationships exist.**

***

### NUT as the Rooted Graph

Because NUT is the conserved root asset, we can also study the graph specifically from NUT outward.

Questions include:

* What assets are one edge away from NUT?
* What assets require two or more transitions?
* Which NUT markets act as routing hubs?
* Which child assets reconnect to NUT?
* Which multi-asset structures share NUT ancestry?
* Which routes disappear if one NUT market loses liquidity?

This turns the generic liquidity graph into a **rooted NUT liquidity graph**.

NUT is not merely another node being mapped.

It is the reference node from which the surrounding economic structure is being studied.

### Resources

* Wikipedia — Graph theory
* Wikipedia — Directed graph
* Wikipedia — Weighted graph
* Wikipedia — Hypergraph

These are general mathematical concepts. Their use here describes NUT's economic relationships; it does not imply that deployed NUT contracts themselves implement a graph database or graph algorithm.


# NUT Equilibrium

{% hint style="danger" %}

### **WARNING: YOU ARE READING** HYPER ADVANCED NUT RESEARCH

We have exhausted the practical explanations and are now investigating what happens when very smart people are left alone with **1 NUT** for too long. The whitepaper needed more symbols. Advanced theory needed more equations. Apparently neither was enough. Welcome to the part where we give the NUT a research PhD program.
{% endhint %}

NUT trades simultaneously across multiple economic mechanisms: AMMs, bonding curves, index structures, and derived-token markets. Each mechanism produces its own local state and executable price while remaining coupled to the others through the same underlying NUT.

The advanced problem is therefore not finding a single NUT price.

It is describing the **collective state of those markets**, how tightly they remain coupled, and how that state changes under arbitrage, liquidity movement, collateralization, and external shocks.

### Friction-Bounded Equilibrium

NUT markets do not converge toward exact price equality.

For a route $$(r)$$ , trade size $$(q)$$ , and system state $$(\Omega\_t)$$, let:

$$
\Pi\_r(q,\Omega\_t)
$$

denote the net executable profit after all route costs.

The NUT network is inside a **no-arbitrage region** for qq when:

$$
\max\_{r\in\mathcal R}\Pi\_r(q,\Omega\_t)\leq0
$$

where R\mathcal R is the set of executable routes being considered.

This defines equilibrium operationally.

Different venues may retain different local prices while the network remains arbitrage-consistent because the remaining discrepancies are smaller than the friction required to close them.

The boundary depends on:

* trade size
* AMM fees
* transfer taxes
* gas
* slippage
* route depth
* intermediate-asset conversion
* execution risk

NUT equilibrium is therefore better represented as a **state-dependent region** than as a single equilibrium point.

***

### Price Dispersion

The distance between local NUT price surfaces provides one measure of market coupling.

For executable NUT prices&#x20;

$$
p\_i(q,t)
$$

normalized into a common numeraire, define the weighted mean log price:

$$
\bar{\ell}(q,t)
===============

\sum\_i \omega\_i \ln p\_i(q,t)
$$

and executable price dispersion:

$$
D\_p(q,t)
=========

\sum\_i
\omega\_i
\left\[
\ln p\_i(q,t)-\bar{\ell}(q,t)
\right]^2
$$

with:

$$
\sum\_i \omega\_i = 1
$$

The weights can represent active depth, executable capacity, or another declared market-weighting rule.

The quantity (q) must remain explicit. Two NUT venues can be tightly coupled for small trades and effectively fragmented for larger trades.

Low DpD\_p indicates tightly aligned executable prices.

High DpD\_p indicates greater fragmentation across the NUT market network.

Price dispersion does not itself identify an arbitrage opportunity; profitability still depends on the available routes and their friction.

***

### Allocation Entropy

Equilibrium also concerns the **distribution of NUT itself**, not only its prices.

Let:

$$
x\_i(t)
$$

be the fraction of total NUT residing in economic compartment ii, with:

$$
\sum\_i x\_i(t)=1
$$

The distribution has an allocation entropy:

$$
H\_N(t)
=======

-\sum\_i x\_i(t)\ln x\_i(t)
$$

This is Shannon entropy applied to the normalized NUT allocation vector.

It measures dispersion of the conserved NUT across the chosen compartment partition:

* lower entropy corresponds to greater concentration
* higher entropy corresponds to greater dispersion

When the number of compartments nn is fixed, normalized allocation entropy can be written:

$$
h\_N(t)
=======

\frac{H\_N(t)}{\ln n}
$$

so that:

$$
0\leq h\_N(t)\leq1
$$

Entropy here is an **allocation statistic**, not thermodynamic entropy.

Its value depends on how the ecosystem is partitioned. Wallet entropy, venue entropy, and functional entropy are different observables because they answer different questions.

The useful dynamic quantity is often the change:

$$
\Delta H\_N
===========

H\_N(t\_1)-H\_N(t\_0)
$$

A market event can therefore be studied not only by how much it moves NUT prices, but by whether it causes NUT itself to become more concentrated or more dispersed across economic functions.

***

### The Observable State

The complete on-chain state is too large to serve directly as a useful stability description.

For equilibrium analysis, define an observable vector:

$$
y\_t
====

g(\Omega\_t)
$$

containing the NUT properties relevant to the problem.

A useful observable state may include:

$$
y\_t
====

\left\[
D\_p,,
H\_N,,
F\_N,,
L,,
C,,
A
\right]\_t
$$

where:

* DpD\_p — executable price dispersion
* HNH\_N — NUT allocation entropy
* FNF\_N — effective NUT float
* LL — executable liquidity or depth
* CC — graph-coupling or routing measures
* AA — active arbitrage opportunity

The definitions of FNF\_N, LL, and CC belong to Structural Liquidity and Liquidity Graphs respectively. Here they become components of the system state used to study equilibrium.

This separates **state measurement** from the underlying mechanism that produces it.

***

### Stability

A NUT equilibrium region is stable when disturbances do not cause the measured system state to move without bound or permanently lose its prior structure.

Several responses are possible:

* **recovery** — observables move back toward their previous region
* **displacement** — the system settles into a different bounded region
* **persistent fragmentation** — price or routing differences remain elevated
* **oscillation** — state repeatedly moves through related configurations
* **instability** — deviations amplify rather than decay

Stability is therefore multidimensional.

Price dispersion can recover while allocation entropy remains permanently changed. Liquidity depth can recover while routing centrality migrates to another venue.

There is no reason to expect every NUT observable to stabilize at the same rate or even in the same direction.

***

### Open-System Dynamics

The live NUT network is not an autonomous dynamical system.

Its evolution depends on both internal state and external inputs:

$$
\Omega\_{t+1}
=============

F(\Omega\_t,u\_t)
$$

where utu\_t includes exogenous conditions such as:

* WETH, cbBTC, AERO, and other external asset prices
* Base gas and block conditions
* liquidity entering or leaving external venues
* broader market volatility

This distinction is critical when interpreting NUT behavior.

A recurring NUT pattern generated by internal arbitrage is an **endogenous dynamic**.

A similar pattern driven by repeated ETH or BTC movements is an **exogenous response**.

Any stability, cycle, or regime analysis must distinguish the two.

***

### Shock Response

A **shock** is a discrete event large enough to materially perturb the observable NUT state.

Relevant shocks include:

* large NUT swaps
* substantial liquidity additions or removals
* bonding-curve mint or redemption events
* pNUT joins or exits
* large changes in collateral commitment
* sharp movements in major counter-assets

For observable yiy\_i, define the response to shock ss at t0t\_0:

$$
R\_i(\tau\mid s)
================

y\_i(t\_0+\tau)-y\_i(t\_0^-)
$$

This produces a response profile across time.

The full response can reveal:

* propagation order
* response magnitude
* delay
* decay rate
* overshoot
* persistent state change

The same shock can be evaluated simultaneously through price dispersion, allocation entropy, effective float, liquidity depth, and routing structure.

***

### Arbitrage Half-Life

The decay of a NUT dislocation provides a direct measure of coupling strength.

For a dispersion measure D(t)D(t) observed immediately after a dislocation at t0t\_0, define arbitrage half-life:

$$
\tau\_{1/2}
===========

\inf
\left{
\tau>0:
D(t\_0+\tau)
\leq
\frac{D(t\_0)}{2}
\right}
$$

A shorter half-life indicates faster removal of the observed discrepancy.

A longer half-life indicates weaker effective coupling under the measured conditions.

Half-life can be measured at different trade sizes, producing a **coupling profile** rather than one system-wide number.

This matters because shallow markets can appear tightly coupled at small size while remaining fragmented at economically larger sizes.

***

### Local Stability and the Jacobian

Near a sufficiently regular reference region, changes in the observable state can be locally approximated by:

$$
\delta y\_{t+1}
\approx
J,\delta y\_t
$$

where JJ is the local Jacobian of the fitted dynamics.

The Jacobian captures how small changes in one NUT observable transmit into others.

Its entries can represent relationships such as:

* how price dispersion responds to loss of executable depth
* how arbitrage opportunity responds to increased fragmentation
* how allocation distribution changes following liquidity movement

For a discrete local model, the eigenvalues of JJ determine the behavior of its local modes.

If:

$$
Jv\_i
=====

\lambda\_i v\_i
$$

then viv\_i is a coupled mode of movement and λi\lambda\_i describes its local persistence or amplification.

A locally fitted system with spectral radius:

$$
\rho(J)<1
$$

has decaying linearized disturbances.

This statement applies to the **local fitted model**, not automatically to the live NUT network.

***

### NUT Eigenmodes

An eigenmode is useful only if several NUT variables repeatedly move together in a coherent pattern.

Possible empirical modes include:

* redistribution between liquid and collateralized NUT
* migration between NUT price-discovery venues
* coordinated expansion and contraction of cross-venue spreads
* changes in effective float coupled to allocation concentration
* liquidity migration coupled to slower or faster arbitrage convergence

Spectral analysis asks whether a high-dimensional stream of NUT state changes can be decomposed into a smaller set of persistent modes.

If no stable modes appear in the data, the spectral description has no analytical advantage.

***

### Nonlinear Modes and Koopman Analysis

The NUT network is nonlinear because execution changes reserves, liquidity, routes, and subsequent execution conditions.

The **Koopman operator** provides a possible way to study nonlinear dynamics through the evolution of observables rather than directly linearizing the complete state.

For an observable gg:

$$
\mathcal K g
============

g\circ F
$$

Candidate NUT observables include:

* executable price dispersion
* allocation entropy
* effective float
* collateral-lock ratio
* arbitrage opportunity
* routing concentration

The research value is specific: whether these observables admit coherent modes or predictive structure that is not obvious from transaction-level data.

Koopman analysis remains a research method until such structure is demonstrated.

***

### Oscillation and Limit Cycles

Repeated movement is not sufficient evidence of a limit cycle.

A **limit cycle** requires a self-sustaining periodic orbit of the modeled dynamics.

NUT can exhibit repeated flows generated by:

* arbitrage
* liquidity rebalancing
* bonding-curve interaction
* index rebalancing
* reward mechanisms

These become evidence for an endogenous cycle only after external periodic drivers are controlled for.

The distinction is:

$$
\text{recurring observation}
\neq
\text{endogenous limit cycle}
$$

This prevents externally driven market repetition from being mistaken for an internal property of NUT.

***

### Regimes

A **regime** is a region of NUT state space with a distinct statistical or dynamical structure.

Regimes can be identified from combinations of observables rather than from one variable in isolation.

Relevant dimensions include:

* price dispersion
* allocation entropy
* effective float
* executable depth
* arbitrage half-life
* routing concentration
* collateral commitment
* external volatility

A tightly coupled regime may combine low dispersion with short arbitrage half-life and redundant routing.

A fragmented regime may combine persistent dispersion, reduced route depth, and longer convergence times.

A concentrated regime may exhibit low allocation entropy without necessarily being price-fragmented.

These dimensions are independent enough that regime classification should emerge from measured combinations rather than predefined labels.

### Bifurcations and Regime Transitions

A **bifurcation** is a qualitative change in modeled dynamics caused by crossing a critical parameter value.

For NUT, candidate parameters include:

* active liquidity depth
* fee load
* pool weights
* route redundancy
* collateral allocation
* effective float

A transition qualifies as a bifurcation only when a parameter change produces a demonstrable structural change in the fitted dynamics.

Examples of testable transitions include:

$$
\text{fast convergence}
\rightarrow
\text{persistent fragmentation}
$$

or:

$$
\text{decaying disturbance}
\rightarrow
\text{persistent oscillation}
$$

The threshold and the behavioral change must both be identified empirically.

“Regime change” is the broader observational category; “bifurcation” is the stronger dynamical claim.

***

### Coupling, Concentration and Resilience

The most important combined question is how NUT distribution and market coupling interact.

Allocation entropy measures **where the conserved NUT is distributed**.

Price dispersion and arbitrage half-life measure **how strongly its local markets remain economically coupled**.

Structural liquidity measures **how much executable capacity connects those markets**.

These properties need not move together.

A highly dispersed NUT allocation can still produce weak coupling if liquidity is poorly positioned.

A concentrated allocation can still support strong coupling if the remaining liquidity forms deep, efficient routes.

The resulting research space is therefore relational:

$$
\text{allocation}
\longleftrightarrow
\text{liquidity structure}
\longleftrightarrow
\text{market coupling}
\longleftrightarrow
\text{stability}
$$

The objective is to determine which combinations produce robust NUT market states and which combinations produce fragmentation, slow convergence, or regime transitions.

### Research Program

The equilibrium and stability program measures:

* the friction-bounded no-arbitrage region at different trade sizes
* executable NUT price dispersion
* NUT allocation entropy and its change after shocks
* effective-float changes
* arbitrage half-life
* propagation between NUT venues and derived structures
* lead-lag relationships between markets
* persistent redistribution modes
* endogenous versus externally driven oscillation
* parameter thresholds associated with regime changes
* coupling between allocation, liquidity structure, and convergence

The target is not a claim that NUT has one stable equilibrium.

The target is a map of **which NUT states are economically coherent, how they respond to disturbance, and when the network changes regime**.

### Resources

* Wikipedia — Arbitrage
* Wikipedia — Entropy (information theory)
* Wikipedia — Stability theory
* Wikipedia — Lyapunov stability
* Wikipedia — Eigenvalues and eigenvectors
* Wikipedia — Koopman operator
* Wikipedia — Limit cycle
* Wikipedia — Bifurcation theory


# Arb Bot Builder

### 🐝 Pollinate the Orchard

> **Liquidity grows the Orchard. Arbitrage pollinates it.**

In the wild, nut trees depend on pollination.

The Orchard is no different.

Every market has its own **reserves, fees, curves, liquidity, timing, and local price**. Those markets naturally move into different states.

Arbitrage moves between them, carrying price information across the ecosystem and creating activity that reconnects those markets.

At the simplest level:

> **Markets are flowers and branches.**\
> **Divergence creates pollen.**\
> **Arbitrageurs are bees.**

***

## 🌳 The Orchard

Before looking at arbitrage, look at the habitat.

The Orchard is the interconnected liquidity architecture formed by BASED NUT markets.

It contains simple pools, multi-asset pools, wrappers, bonding curves, LP tokens, external assets, and markets built on top of other markets.

```mermaid
flowchart TB

    NUT(("🌰 NUT"))
    WNUT(("🌱 wNUT"))

    BR1["🌿 Branch"]
    BR2["🌿 Branch"]

    G1["🌼 Graft"]
    G2["🌼 Graft"]

    WH["🌸 Whorl"]

    GR["🌳 Grove"]

    NUT --- BR1
    NUT --- BR2
    NUT --- WNUT

    WNUT --- G1
    WNUT --- G2

    BR1 --- GR
    BR2 --- GR
    G1 --- GR
    G2 --- GR
    WH --- GR
```

The structures describe different shapes in the liquidity graph.

***

### 🌿 Branch

A **Branch** is the simplest market structure: an ordinary two-token liquidity relationship.

```
🌰 NUT ───────── Asset
```

Examples include markets such as:

```
NUT / WETH
NUT / AERO
NUT / cbBTC
```

A Branch is an edge.

***

### 🌼 Graft

A **Graft** is exactly three assets sharing one rooted liquidity surface around wNUT.

```
              Asset A
                 \
                  🌼
                 /
          wNUT ───── Asset B
```

Formally:

{wNUT, si, sj}\\{wNUT,\ s\_i,\ s\_j\\}

It should not be visualized as three unrelated pairwise markets.

The three assets participate in the same pool.

***

### 🌸 Whorl

A **Whorl** is an unrooted multi-asset pool containing three or more assets.

```
                Asset A
                   │
                   │
        Asset D ── 🌸 ── Asset B
                   │
                   │
                Asset C
```

pNUT is a four-asset example:

```
                NUT
                 │
                 │
        SNUT ── pNUT ── cbETH
                 │
                 │
               cbBTC
```

All four assets participate in one weighted liquidity surface.

***

### 🌳 Grove

A **Grove** is not a pool.

It is a coherent collection of overlapping liquidity structures.

```
        🌼────🌿
       /        \
     🌼────🌸────🌼
       \        /
        🌿────🌼
```

A Grove can contain:

* Branches
* Grafts
* Whorls
* wrappers
* bonding curves
* several protocols
* external assets
* multiple arbitrage routes

Groves can themselves take different canopy shapes, including radial Sunflowers, rings, hub-and-spoke structures, stars, hierarchies, and increasingly interconnected meshes.

***

### 🌎 The Orchard

The **Orchard** is the complete graph.

```
Branches
   +
Grafts
   +
Whorls
   +
Groves
   +
Wrappers
   +
Bonding Curves
   +
LP Tokens
   +
Meta-Markets
   +
External Assets
   ↓
🌎 THE ORCHARD
```

It is not one pool.

It is not one DEX.

It is the larger market architecture that emerges from the interaction of many independently deployed markets.

***

## 🌻 The Sunflower Grove

A real example already exists inside the Orchard.

The Sunflower Grove contains wNUT-rooted Twin Grafts connecting different external asset families.

```mermaid
flowchart TB

    W(("🌱 wNUT"))

    ETH["🌻 gtETH"]
    BTC["🌻 gtBTC"]
    FX["🌻 gtFX"]
    INF["🌻 gtINF"]
    AGT["🌻 gtAGT"]
    SIL["🌻 gtSIL"]

    CBETH["cbETH"]
    WSTETH["wstETH"]

    CBBTC["cbBTC"]
    TBTC["tBTC"]

    USDC["USDC"]
    EURC["EURC"]

    VVV["VVV"]
    DIEM["DIEM"]

    VIRTUAL["VIRTUAL"]
    MOR["MOR"]

    NVDA["NVDAc"]
    AAPL["AAPLc"]

    W --- ETH
    ETH --- CBETH
    ETH --- WSTETH

    W --- BTC
    BTC --- CBBTC
    BTC --- TBTC

    W --- FX
    FX --- USDC
    FX --- EURC

    W --- INF
    INF --- VVV
    INF --- DIEM

    W --- AGT
    AGT --- VIRTUAL
    AGT --- MOR

    W --- SIL
    SIL --- NVDA
    SIL --- AAPL
```

Each Graft is one flower.

wNUT is the shared rootstock.

The external assets are the scions.

For example, gtETH is a Balancer v3 weighted pool containing:

**20% wNUT · 40% cbETH · 40% wstETH**

The flower is visually symmetrical because three assets share one pool.

That does **not** mean the economic weights must be equal.

***

## 🌼 A Pool Is a Flower

A useful visual model for an LP pool is a flower.

The assets are the petals.

The shared liquidity mechanism is the center.

#### Two assets

```
TOKEN A 🌿 ───── 🌼 ───── 🌿 TOKEN B
```

#### Three assets

```
                 TOKEN A
                    🌿
                     \
                      🌼
                     / \
                    /   \
              🌿 B       C 🌿
```

#### Four assets

```
                 TOKEN A
                    │
                    🌿
                    │
TOKEN D 🌿 ──────── 🌼 ──────── 🌿 TOKEN B
                    │
                    🌿
                    │
                 TOKEN C
```

The diagram represents **topology**, not weighting.

A 20/40/40 Graft remains a three-petal flower.

A 25/25/25/25 Whorl remains a four-petal flower.

***

## 🌱 When a Flower Grows Unevenly

Trades change pool state.

One asset enters.

Another leaves.

The reserves change.

The local exchange rate changes.

```
BEFORE

       🌿 A
         \
          🌼
         /
       🌿 B


TRADE

A ───→ 🌼 ───→ B


AFTER

     🌿🌿🌿 A
           \
            🌼
           /
         🌿 B
```

The important point is not that the pool became larger.

It is that its **state changed**.

Another flower elsewhere in the Orchard may now imply a different price.

```
FLOWER A                         FLOWER B

   ETH                              ETH
    │                                │
   🌼                               🌼
    │                                │
   NUT                              NUT

NUT = X                         NUT = Y
```

The flowers disagree.

That disagreement creates **pollen**.

***

## 🌾 Pollen

Pollen represents an economically meaningful divergence between reachable market states.

It can emerge between:

* spot market ↔ spot market
* bonding curve ↔ AMM
* basket ↔ components
* wrapper state ↔ market state
* LP NAV ↔ LP-token market
* multi-asset pool ↔ overlapping pool
* one Grove ↔ another Grove

```
Market State A
      │
      │ divergence
      ▼
   🌾 POLLEN
      ▲
      │
      │ divergence
Market State B
```

Not every price difference is usable pollen.

There must also be a **route** between the states.

And the divergence must be large enough to pay for the trip.

***

## 🐝 The Bees

Arbitrageurs are the pollinators.

They inspect the Orchard for divergence and trade against it when the economics justify doing so.

```mermaid
flowchart LR

    A["🌼 Market A"]
    D["🌾 Price Divergence"]
    BEE["🐝 Arbitrage"]
    B["🌼 Market B"]

    A --> D
    B --> D

    D --> BEE

    BEE --> A
    BEE --> B
```

Conceptually:

```
before

Flower A                Flower B

NUT = 90                NUT = 110


          🐝


after

Flower A                Flower B

NUT ≈ 100               NUT ≈ 100
```

The exact result depends on:

* available liquidity
* route size
* pool curves
* fees
* slippage
* gas
* taxes
* MEV
* timing
* execution behavior

Arbitrage does not guarantee perfect price equality.

It creates economic pressure toward alignment.

***

## 🌱 What Pollination Produces

Arbitrage does more than correct prices.

It can generate:

* 🧭 price alignment
* 💧 market volume
* 💸 trading fees
* 🌱 LP yield
* 🔄 cross-market state transitions
* 🌳 stronger economic connectivity

```mermaid
flowchart LR

    D["🌾 Divergence"]
    B["🐝 Arbitrage"]
    V["💧 Market Volume"]
    F["💸 Trading Fees"]
    Y["🌱 LP Yield"]
    S["🔄 State Transition"]
    C["🌳 Connectivity"]

    D --> B

    B --> V
    B --> S

    V --> F
    F --> Y

    S --> C
```

LP fees may contribute to LP returns; they do not guarantee that the LP position is profitable after inventory changes, price movement, or other risks.

> **No pollination, no nuts. No arbitrage, no connected Orchard.**

More precisely:

> **No economically reachable pollination path, no economic connection between those market states.**

***

## 🌻 From Flowers to Canopies

Once several flowers overlap, larger shapes emerge.

#### Sunflower

Many Grafts share one rootstock.

```
          🌼
           \
     🌼 ── 🌱 ── 🌼
           / \
         🌼   🌼
```

#### Hub-and-Spoke

One highly connected market routes into many others.

```
          ●
          │
      ●── HUB ──●
          │
          ●
```

#### Ring

Markets form a closed route.

```
       ●────●
      /      \
     ●        ●
      \      /
       ●────●
```

A ring can matter because the final trade may return to the starting asset.

#### Star

Several independent edges share one central asset.

```
       ●
       │
   ●── ● ──●
      / \
     ●   ●
```

#### Hierarchy

Liquidity structures can sit on top of other structures.

```
        ROOT
         │
       POOL
      /    \
    LP      LP
    │       │
 MARKET   MARKET
```

#### Mesh

When many independent routes overlap, the graph becomes increasingly interconnected.

```
●────●────●
|\  /|\  /|
| \/ | \/ |
| /\ | /\ |
|/  \|/  \|
●────●────●
```

These shapes matter because **topology determines possible routes**.

The more routes exist, the more ways market state can propagate across the Orchard.

***

## ⚖️ The Arbitrage Threshold

A visible price difference is not automatically an opportunity.

The divergence has to be large enough to pay for execution.

Executable Arbitrage  ⟺  Price Divergence>Total Execution Cost\text{Executable Arbitrage} \iff \text{Price Divergence} > \text{Total Execution Cost}

Where, at minimum:

Total Execution Cost=Trading Fees+Slippage+Gas+Route Costs\text{Total Execution Cost} = \text{Trading Fees} + \text{Slippage} + \text{Gas} + \text{Route Costs}

Depending on the market, execution costs may also include:

* transfer taxes
* bonding-curve spreads
* royalties
* wrapper steps
* MEV exposure
* liquidity constraints
* implementation risk

```mermaid
flowchart LR

    D["🌾 Price Divergence"]
    C["💸 Total Cost<br/>Fees + Slippage + Gas + Route Costs"]
    Q{"Divergence<br/>> Costs?"}
    YES["🐝 Executable Arbitrage"]
    NO["⏸️ No Economic Arb"]

    D --> Q
    C --> Q

    Q -->|"Yes"| YES
    Q -->|"No"| NO
```

Or simply:

Price Divergence>Trading Fees+Slippage+Gas+Execution Costs\text{Price Divergence} > \text{Trading Fees} + \text{Slippage} + \text{Gas} + \text{Execution Costs}

Small discrepancies can remain open when correcting them costs more than the spread itself.

A route can also remain inactive because there is insufficient liquidity even when an apparent price difference exists.

***

## 🌐 Eight Pollination Paths

The current Arb Bot Builder identifies **eight different market structures**.

| # | Path                 | Relationship                  |
| - | -------------------- | ----------------------------- |
| 1 | 🌰 Cross-Venue NUT   | Spot ↔ spot                   |
| 2 | 🥜 pNUT Index        | Basket ↔ components           |
| 3 | 🧂 SALT              | Bonding curve ↔ AMM           |
| 4 | 🌌 NUTINO            | Bonding curve ↔ AMM           |
| 5 | 🔥 SNUT Deflation    | Structural mechanic — not arb |
| 6 | 🦸 SNUT Cross-Venue  | Multi-market                  |
| 7 | ⚛️ SNUT/NUT Reactor  | NUT/SNUT Reactor              |
| 8 | 🌊 SNUT LP Meta-Pool | LP NAV ↔ LP market            |

These are not eight versions of the same trade.

They expose different kinds of divergence.

***

## 🌰 1. Cross-Venue Price Divergence

The simplest form is spot against spot.

```
NUT / WETH — venue 1
        ↕

NUT / WETH — venue 2
        ↕

NUT / AERO
        ↕

NUT / cbBTC
```

Different venues can imply different NUT prices.

Normalize them to a common unit, account for all execution costs, and compare.

***

## 🥜 2. Basket Divergence

pNUT introduces another kind of market state:

```
market price of pNUT
         ↕
value of underlying basket
```

The relationship is between an index-like token and the assets represented by that index.

pNUT is a Balancer weighted pool containing:

**25% NUT · 25% SNUT · 25% cbETH · 25% cbBTC**

The underlying assets sit inside the Balancer Vault rather than inside the BPT contract itself.

The basket therefore creates another market state for NUT and SNUT relative to external reserve assets.

***

## 🧂 3. SALT Bonding-Curve Divergence

SALT exists simultaneously in two pricing systems.

```
             bonding curve
                  ↕
NUT ─────────── SALT ─────────── external market
```

One price comes from minting and redemption.

Another comes from the external AMM.

***

## 🌌 4. NUTINO Bonding-Curve Divergence

NUTINO has the same broad structure:

```
             bonding curve
                  ↕
NUT ───────── NUTINO ───────── external market
```

Arbitrage becomes possible only when the difference exceeds:

* curve spread
* royalties
* trading fees
* gas
* slippage
* other execution costs

***

## 🔥 5. SNUT Deflation

SNUT introduces structural mechanics including:

* transaction tax
* NUT rewards
* buybacks
* burns

These mechanics can create economic pressure.

That does **not** mean every resulting effect is arbitrage.

SNUT deflation is therefore listed as a structural mechanic rather than an arbitrage route by itself.

***

## 🦸 6. SNUT Cross-Venue

SNUT also exists across multiple liquidity venues.

Those venues can imply different local market states.

The analysis must account for SNUT's own transaction mechanics in addition to ordinary pool costs.

***

## ⚛️ 7. SNUT / NUT Reactor

SNUT also creates direct economic relationships with NUT through:

* transaction tax
* NUT rewards
* buybacks
* burns
* multiple liquidity venues
* reward-bearing pool states

These relationships do not exist in a conventional ERC-20.

Some resulting states may be arbitrageable.

Others are simply structural economic pressure and should not be mistaken for arbitrage.

***

## 🌊 8. Markets on Markets

A liquidity position can itself become an independently priced asset.

The SNUT/WETH LP token itself has a market against ETH.

That creates:

```
SNUT spot price
      ↓
SNUT / WETH pool
      ↓
LP NAV
      ↕
LP token market price
```

Now the underlying object being priced is itself a market position.

This is a **meta-market**:

> **a market whose underlying object is another market position.**

***

## 🌳 More Markets, More Pollination Paths

The Orchard does not require every market to use the same mechanism.

That is the point.

The ecosystem can contain:

* 🦄 Uniswap
* ✈️ Aerodrome
* ⚖️ Balancer
* 📈 bonding curves
* 🎁 wrappers
* 🌊 LP meta-markets

The original venue-level view remains useful:

```mermaid
flowchart TB

    NUT(("🌰 NUT"))

    UNI["🦄 Uniswap"]
    AERO["✈️ Aerodrome"]
    BAL["⚖️ Balancer"]
    CURVE["📈 Bonding Curves"]
    WRAP["🎁 Wrappers"]
    META["🌊 LP Meta-Markets"]

    BEE["🐝 Arbitrage"]

    NUT --- UNI
    NUT --- AERO
    NUT --- BAL
    NUT --- CURVE
    NUT --- WRAP
    NUT --- META

    UNI -.-> BEE
    AERO -.-> BEE
    BAL -.-> BEE
    CURVE -.-> BEE
    WRAP -.-> BEE
    META -.-> BEE

    BEE -.-> UNI
    BEE -.-> AERO
    BEE -.-> BAL
    BEE -.-> CURVE
    BEE -.-> WRAP
    BEE -.-> META
```

The newer Orchard view explains what those markets become when considered together:

```
protocol
   ↓
pool
   ↓
Branch / Graft / Whorl
   ↓
Grove
   ↓
Orchard
   ↓
possible pollination routes
```

Different mechanisms create different local states.

Different states create divergence.

Divergence attracts arbitrage.

Arbitrage moves activity through the graph.

***

## 🤖 Arb Bot Builder Helper

The **Arb Bot Builder Helper** is the public technical read-path for developers and agents building around BASED NUT markets on Base.

It provides:

* token addresses and decimals
* pool addresses
* venue-specific quirks
* RPC read patterns
* function selectors
* Balancer pool IDs
* price-reading methods
* executable Python examples
* known arbitrage loops
* honest viability assessments

> **Research the topology once. Let builders start from the machine-readable state.**

🐝 **Open the Arb Bot Builder →**

{% hint style="warning" %}\
This is a technical reference, not a solicitation to trade.

Arbitrage carries execution, liquidity, smart-contract, MEV, tax, pricing, and implementation risk.\
{% endhint %}

***

## 📌 Know the Market Before Trading It

Several BASED NUT markets have unusual properties that matter directly to arbitrage systems.

***

### 🌰 NUT Is a Unity Token

Total supply:

**1 NUT**

Standard token-price and market-cap APIs may therefore produce misleading results.

For NUT:

> **Price and fully diluted market capitalization collapse onto the same numerical value.**

***

### 🔢 Decimals Matter

Three especially important decimal traps:

| Asset   | Decimals |
| ------- | -------: |
| 🦸 SNUT |        9 |
| ₿ cbBTC |        8 |
| 💵 USDC |        6 |

Assuming 18 decimals produces incorrect prices and therefore incorrect arbitrage signals.

***

### 🦄 Uniswap V3 Genesis Pool

The NUT/WETH Genesis pool must be read onchain.

Use the pool's state directly rather than assuming third-party DEX indexing sees the complete market.

***

### ⚖️ Balancer pNUT

pNUT contains:

**25% NUT · 25% SNUT · 25% cbETH · 25% cbBTC**

The assets sit inside the Balancer Vault, not directly inside the BPT contract.

The basket therefore creates another market state for NUT and SNUT relative to external reserve assets.

***

## 🗺️ The Pollination Map

At this point the whole system can be read at once.

```mermaid
flowchart TB

    ROOT(("🌰 NUT"))
    WRAP(("🌱 wNUT"))

    BR["🌿 Branches"]
    GF["🌼 Grafts"]
    WH["🌸 Whorls"]
    BC["🌀 Bonding Curves"]
    META["🌊 LP Meta-Markets"]

    GROVE["🌳 Groves"]
    ORCHARD["🌎 Orchard"]

    POLLEN["🌾 Divergence"]
    BEE["🐝 Arbitrage"]
    VOL["💧 Volume"]
    FEES["💸 Fees"]
    STATE["🔄 State Propagation"]

    ROOT --- WRAP

    ROOT --- BR
    WRAP --- GF
    ROOT --- WH
    ROOT --- BC
    ROOT --- META

    BR --> GROVE
    GF --> GROVE
    WH --> GROVE
    BC --> GROVE
    META --> GROVE

    GROVE --> ORCHARD

    ORCHARD --> POLLEN
    POLLEN --> BEE

    BEE --> VOL
    BEE --> STATE

    VOL --> FEES
    STATE --> ORCHARD
```

The map becomes progressively richer:

```
asset
  ↓
market
  ↓
liquidity structure
  ↓
Grove
  ↓
Orchard
  ↓
divergence
  ↓
route
  ↓
arbitrage
  ↓
new market state
```

***

## 🌳 The Full Cycle

The complete mechanism can be reduced to one loop:

```mermaid
flowchart LR

    L["🌱 Liquidity Grows"]
    F["🌼 Markets Form"]
    D["🌾 States Diverge"]
    B["🐝 Bees Arrive"]
    T["🔄 Trades Occur"]
    V["💧 Volume"]
    FEES["💸 LP Fees"]
    A["⚖️ Markets Re-align"]
    O["🌳 Orchard Deepens"]

    L --> F
    F --> D
    D --> B
    B --> T

    T --> V
    V --> FEES

    T --> A

    FEES --> O
    O --> F

    A --> D
```

**Liquidity grows flowers.**

**Trading changes their state.**

**Different flowers drift apart.**

**That divergence releases pollen.**

**Bees harvest the pollen when the economics justify the flight.**

**Their movement generates volume, fees, state transitions, and cross-market connectivity.**

The Orchard becomes richer as more independent structures overlap.

> **The Orchard creates the habitat.**\
> **The markets create the flowers.**\
> **Divergence creates the pollen.**\
> **Arbitrageurs are the pollinators.** 🐝🌰


# Nested Arbitrage Dynamics

## SALT as an Example of Arbitrage Dynamics

SALT is a synthetic derivative of NUT, created through the MintClub bonding system. Its issuance is **pegged to NUT**:

$$
\text{Effective SALT Price} = \frac{\text{Locked NUT}}{\text{SALT Minted}}
$$

***

### Arbitrage Coupling

Arbitrage involves three instruments:

* **SALT** (synthetic derivative)
* **NUT** (root asset)
* **USDC** (stable reference)

When SALT’s AMM price diverges from its mint cost (NUT peg), arbitrage opportunities exist.

***

### Market Dynamics

1. **Mint Side**
   * SALT can be minted at a flat bonding curve rate using NUT.
2. **AMM Side**
   * SALT trades against USDC in AMMs like Aerodrome.
   * Price follows the **x·y = k** invariant.

### NUT Locking for SALT

* **Float reduction:** Minting SALT reduces the circulating float of NUT.
* **Feedback:** Less circulating NUT can influence NUT’s own market price.
* **Peg effect:** Because SALT’s peg references NUT, shifts in NUT’s market dynamics flow through to SALT’s implied cost.

***

**Example Spread**

* In this example, SALT is **cheaper on MintClub** than on Aerodrome.
* Arbitrage: mint SALT by locking NUT → sell SALT for USDC.
* This process pushes the AMM price down toward the peg and simultaneously locks NUT in the bonding curve.

### Convergence

Arbitrage ends once the AMM price ≈ peg price. At that point, the arbitrage window becomes narrower.

***

SALT shows how synthetic token systems create cross-asset arbitrage. Arbitrage exist only while AMM price diverges from the peg. Arbitrage itself enforces alignment towards a balance.


# Staking & Rewards

{% hint style="warning" %}

## **BASED NUT rewards have taken several forms across the ecosystem: native yield, staking vaults, and community airdrops.**

Future rewards are not guaranteed and depend on market conditions and community availability. Follow BASED NUT on Telegram and socials for current programs.<br>
{% endhint %}

***

### 🥜 pNUT Native Yield

**pNUT** is the Balancer index pool containing:

* 🌰 NUT
* 🦸 SNUT
* Ξ cbETH
* ₿ cbBTC

Because **cbETH is yield-bearing**, the pNUT basket carries native staking-yield exposure through its cbETH component.

The Balancer pool also generates trading fees as assets rebalance through market activity and arbitrage.

> **Yield-bearing collateral + trading activity + arbitrage dynamics.**

[Explore pNUT →](https://orchard.basednut.com/token/pnut)

***

### 🌱 Active Staking

#### Stake MT, Earn SALT — **ACTIVE**

Stake **MT** and earn **SALT** through the active Mint Club staking vault.

|              |           |
| ------------ | --------- |
| **Platform** | Mint Club |
| **Stake**    | MT        |
| **Earn**     | SALT      |
| **Status**   | 🟢 Active |

[**Check the Vault →**](https://mint.club/staking/base/217)

***

### 📜 Completed Vaults

#### Stake NUT, Earn SALT — **COMPLETED**

The first NUT staking vault on Mint Club distributed **SALT rewards for staking NUT**.

The vault has concluded and its allocated rewards have been distributed.

|              |             |
| ------------ | ----------- |
| **Platform** | Mint Club   |
| **Stake**    | NUT         |
| **Earn**     | SALT        |
| **Status**   | ⚪ Completed |

[Check the completed vault →](https://mint.club/staking/base/69)

***

### 🪂 Airdrop History

{% hint style="success" %}
The airdrop rewarded both armies according to rank and remains part of the Great Nut War's on-chain history.
{% endhint %}

#### ⚔️ Great Nut War NFT Airdrop

During the Great Nut War, **1,000,000+ SALT** was distributed to NUT Army NFT holders.

* 🎖️ **Generals:** 200 SALT per NFT
* 🪖 **Soldiers:** 80 SALT per NFT

{% hint style="info" %}
In this [Transaction](https://basescan.org/tx/0x930006adb5c658531633caef2a4b5c20af96c77fb53fdaf48498388c88b9a763) we airdrop salt to all NUT Army NFT Holders.

+1 million salt tokens were distributed to all NFT holders.

* generals got 200 tokens per NFTs.
* soldiers got 80 tokens per NFTs.
  {% endhint %}

***

> ⚠️ **These are memetic assets with zero financial payload. All deployments fall under Operation: VIBES ONLY.**


# RWAs

### 🌎 Real-World Assets

BASED NUT explores the real economy surrounding **nuts, land, agriculture, environmental liabilities, and capital**.

This work is connected to the broader BASED NUT ecosystem, but it is **not derived from NUT and does not depend on NUT as collateral, backing, or credit**.

That distinction matters.

NUT is a scarce experimental DeFi asset. Using it as collateral for serious lending would introduce unnecessary liquidity, oracle, and liquidation risk. Where credit infrastructure is explored, the preference is therefore for deep external assets such as **BTC- and ETH-derived collateral** and established stablecoin liquidity.

The research begins with three connected questions:

> **What does environmental damage cost?**\
> **What can productive nut land generate?**\
> **What are nuts actually worth?**

***

#### 🌱 Environmental Accounting

**Environmental Balance Sheet**

Corporate emissions create environmental liabilities.

Environmental spending, restoration, verified carbon credits, and other measurable actions can be examined against those liabilities to understand the relationship between environmental damage and environmental response.

**Research:** 🌎 Environmental Balance Sheet

***

#### 🌳 Productive Land & Nut Agriculture

Nut agriculture connects **land, trees, genetics, harvests, products, transportation, carbon, and long-lived biological assets**.

This research maps where nuts grow, what different crops produce, how products move through supply chains, and the economics surrounding productive nut land.

Longer-term experiments may connect agricultural production with provenance, environmental measurements, financing, and verified outcomes such as carbon-credit generation or retirement.

These systems do not require NUT to function.

**Research:**

* 🥜 **U.S. Nut Economy**
* 🗺️ **Nut Atlas**
* 🚚 **Nut Trade & Transport** — forthcoming

***

#### 🏦 Nuts as Economic Goods

Nuts are physical commodities produced by long-lived biological assets.

Their economics depend on land, biological productivity, scarcity, storage, transportation, demand, inflation, commodity markets, and the companies that cultivate and process them.

This research examines nuts not merely as food, but as **productive physical assets and economic goods**.

**Research:**

* 📈 **Nut Inflation**
* 🏦 **Nut Stocks**

***

#### 💳 Credit Infrastructure Is Separate

BASED NUT also researches credit infrastructure such as **Morpho markets and vaults**.

These systems should be understood separately from the NUT token economy.

A Morpho credit market may use assets such as **cbBTC or cbETH as collateral and USDC as the loan asset** because those markets have substantially deeper liquidity and more mature price infrastructure than NUT.

NUT is not intended to back these loans.

Likewise:

* NUT is not the collateral of nutUSD.
* NUT is not the reserve asset of nutUSD.
* NUT does not guarantee redemption.
* RWA credit does not depend on the price of NUT.
* Agricultural assets do not become part of NUT's fixed supply or monetary invariant.

The systems can still **interact compositionally**. For example, vault shares, liquidity positions, or other assets may eventually coexist inside higher-order liquidity structures. But composability should not be confused with economic backing.

The connection is:

**separate systems that can interact — not one system underwriting the other.**

***

#### ⚖️ Scope, Capital & Constraints

Real-world experiments are constrained by the same things that constrain any serious physical project:

**capital, liquidity, regulation, operating capacity, jurisdiction, and physical reality.**

BASED NUT does not assume that land can simply be acquired, physical assets tokenized, or regulated financial products issued because the technical machinery exists.

What can actually be built depends on:

* available treasury and capital
* acquisition and operating costs
* legal and regulatory structure
* local ownership and securities rules
* custody and insurance
* accounting and reporting
* reliable data and verification
* liquidity
* practical capacity to operate physical assets

Within those constraints, there remains a large experimental surface.

Potential areas include:

* 🌰 nut genetics and cultivar selection
* 🌳 cultivation systems and agroforestry
* 🧑‍🌾 productive land acquisition
* 🗺️ parcel-level agricultural research
* 🌱 long-lived tree assets
* 📦 harvest and production provenance
* 🌎 environmental accounting
* 🏦 compliant cooperative or credit structures
* 🔗 representations of individual trees, orchards, or land parcels where legally meaningful
* 🤖 AI systems for research, monitoring, administration, provenance, and coordination across these primitives

Tokenizing a tree or land parcel is technically easy compared with making that representation **legally meaningful, economically useful, accurately maintained, and connected to the underlying asset**.

For that reason, BASED NUT approaches RWA work incrementally:

> **Experiment with what can actually be verified, financed, operated, and legally supported today. Expand only when the underlying infrastructure justifies it.**

The objective is not to force every physical asset onchain.

It is to identify where **onchain records, attestations, financing, ownership structures, AI systems, and physical production** genuinely improve one another.

***

#### 🔗 From Physical Assets to Onchain Records

Attestations provide one natural connective layer between the digital and physical systems.

They can record claims concerning:

* provenance
* ownership
* funding
* production
* environmental measurements
* inspections
* credit events
* carbon-credit issuance or retirement
* other independently verifiable facts

Future experiments may extend these records into representations of trees, orchard assets, land parcels, environmental claims, or other productive assets where doing so is legally and operationally meaningful.

The onchain record does not make the underlying claim true.

It records and links evidence about the underlying reality.

**Measure the liability. Grow the asset. Track the value. Verify the outcome.**


# Peanuts vs. the Dollar

## 1913–2024: a literal purchasing-power comparison

> **If Peanutoshi had perfectly preserved peanuts from 1913 to 2024 instead of holding dollars, the peanuts would have retained nearly six times as much purchasing power.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FOGMVOn7xf7eNQYDcY2DE%2Fimage.png?alt=media&amp;token=864a9f1e-1cdb-4891-836c-d0d93f0d0b6e" alt="" width="375"><figcaption></figcaption></figure>

This sounds like a joke.

It is also what the historical data says.

Using U.S. Department of Agriculture farm prices, peanuts averaged about **4.5¢ per pound in 1913**. USDA's current estimate for 2024 is **26.1¢ per pound**. That is a **5.8× increase in the nominal dollar price of peanuts**. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

Over the same period, the Bureau of Labor Statistics CPI-U rose from an annual average of **9.9 in 1913** to **313.689 in 2024**—a roughly **31.69× increase in the general price level**. ([Bureau of Labor Statistics](https://www.bls.gov/cpi/tables/supplemental-files/historical-cpi-u-202312.pdf?ftag=MSFd61514f\&utm_source=chatgpt.com))

The result is absurd:

> ## **Literal peanuts preserved about 5.8× as much purchasing power as idle dollars.**

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FC8ry4IZMfcDnJ1iNjJIw%2Fimage.png?alt=media&amp;token=598699f5-020c-4467-b4eb-703213dfc45e" alt="" width="375"><figcaption></figcaption></figure>

***

### 🥜 Peanutoshi Holds the Bag

Imagine Peanutoshi has exactly **$1 in 1913**.

He has two options.

#### 💵 Option A — Keep the Dollar

```
1913

$1 cash
  │
  │ do absolutely nothing
  ▼
2024

$1 cash
```

The number survives perfectly.

It is still:

```
$1
```

But the purchasing power does not.

According to the BLS CPI series:

```
1913 CPI = 9.9
2024 CPI = 313.689
```

So the general price level increased by:

```
313.689 / 9.9
≈ 31.69×
```

A basket costing **$1 in 1913** would therefore require roughly:

```
$31.69 in 2024
```

to purchase at the same broad consumer-price level. ([Bureau of Labor Statistics](https://www.bls.gov/cpi/tables/supplemental-files/historical-cpi-u-202312.pdf?ftag=MSFd61514f\&utm_source=chatgpt.com))

The purchasing power retained by the untouched dollar is:

```
$1 / $31.69
≈ 3.16%
```

So:

> **The nominal dollar survived. About 96.8% of its 1913 purchasing power did not.**

***

### 🥜 Option B — Buy Literally a BAG OF PEANUTS

In 1913, USDA data puts the U.S. peanut price at approximately:

```
$0.045 / lb
```

or:

```
4.5¢ / lb
```

USDA's historical crop records report a 1913 yield of **824 pounds per acre** and a peanut price of **$0.045 per pound**. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

Peanutoshi's dollar therefore buys:

```
$1 / $0.045
=
22.222... lb of peanuts
```

Now suppose he does something biologically ridiculous:

> **He perfectly preserves all 22.22 pounds for 111 years.**

No mold.

No insects.

No oxidation.

No storage expense.

No loss.

No consumption.

Just an immortal bag of 1913 peanuts.

***

### ⏩ 111 Years Later

USDA's current 2024 U.S. peanut price is approximately:

```
$0.261 / lb
```

or:

```
26.1¢ / lb
```

The same 22.22 pounds would therefore have a nominal 2024 farm value of:

```
22.222... × $0.261
=
$5.80
```

USDA's 2026 historical record lists the sequence through 2025 and gives the 2024 U.S. peanut price as **$0.261/lb**. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

So our two 1913 choices become:

| 1913 choice                           | 2024 nominal value |
| ------------------------------------- | -----------------: |
| 💵 Hold $1                            |          **$1.00** |
| 🥜 Buy and perfectly preserve peanuts |          **$5.80** |

The peanuts did not merely outperform the dollar.

They ended with **5.8 times its nominal value** from the same starting dollar.

***

## 📉 But What About Purchasing Power?

This is where the comparison becomes stranger.

The $5.80 worth of peanuts is still nowhere near the approximately **$31.69** required in 2024 to equal the general purchasing power of $1 in 1913.

So peanuts were **not** a perfect inflation hedge.

They lost substantial real purchasing power too.

Their retained purchasing power was:

```
$5.80 / $31.69
≈ 18.30%
```

BUT compare that with cash:

```
cash:
$1.00 / $31.69
≈ 3.16%

peanuts:
$5.80 / $31.69
≈ 18.30%
```

Now compare the two:

```
18.30% / 3.16%
≈ 5.80×
```

That is the claim.

> ## **The perfectly preserved peanuts retained approximately 5.8× as much purchasing power as the idle dollar** :skull:**.**

Not because peanuts preserved their purchasing power particularly well.

They didn't.

The peanut position lost roughly **81.7%** of its original CPI-adjusted purchasing power.

The idle cash position lost roughly **96.8%**.

The peanut simply decayed economically **far less** than the dollar.

***

### 📊 The Entire Comparison

| Measure                             |      1913 |       2024 |            Change |
| ----------------------------------- | --------: | ---------: | ----------------: |
| 🥜 USDA peanut price                | $0.045/lb |  $0.261/lb |         **5.80×** |
| 📈 CPI-U annual average             |       9.9 |    313.689 |        **31.69×** |
| 💵 $1 held as cash                  |        $1 |         $1 |    **1× nominal** |
| 🥜 $1 converted to peanuts          |        $1 |      $5.80 | **5.80× nominal** |
| 💵 Real purchasing power retained   |      100% |  **3.16%** |           −96.84% |
| 🥜 Peanut purchasing power retained |      100% | **18.30%** |           −81.70% |
| 🥜 vs. 💵 relative retention        |         — |          — |         **5.80×** |

The USDA and BLS series are independent datasets. USDA supplies the historical agricultural price; BLS supplies the change in the broad consumer price level. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

***

## 🤯 That Is the Absurd Part

Peanuts were not some exotic monetary asset engineered to resist inflation.

They were peanuts.

A common agricultural crop.

No monetary premium.

No cryptographic scarcity.

No central-bank policy.

No fixed supply.

No sophisticated financial engineering.

And they were not even becoming harder to produce.

Quite the opposite.

***

## 🌱 Peanuts Became Much More Productive

USDA estimates U.S. peanut yield at:

```
1913:
824 lb / acre
```

By 2024:

```
3,723 lb / acre
```

That is approximately:

```
3,723 / 824
≈ 4.52×
```

the yield per harvested acre. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

So over the period in question, U.S. land productivity for peanuts increased dramatically.

```
1913   824 lb/acre
          │
          │ 4.5×
          ▼
2024 3,723 lb/acre
```

The peanut was not outperforming cash because humanity had somehow forgotten how to grow peanuts.

Agricultural production became vastly more productive per acre.

Yet the nominal price of the crop still rose from roughly **4.5¢ to 26.1¢ per pound**.

***

## 🧠 The Peanut Is Not the Extraordinary Thing

That is the point.

> **Peanuts were not extraordinary.**

They were an ordinary agricultural commodity produced by an increasingly productive agricultural system.

The extraordinary comparison is the currency.

A dollar held untouched for 111 years remains numerically impeccable:

```
$1 = $1
```

Nothing appears to have happened.

But measured against the general consumer price level:

```
economic substance
1913 ████████████████████████████████ 100%

2024 █                               3.16%
```

The accounting unit survives.

The purchasing power does not.

> **The number remains. The economic substance erodes.**

***

## 🏦 Positive Inflation Is Not an Accident of the Current Framework

This does not mean every historical increase in prices since 1913 was deliberately engineered.

Wars, supply shocks, productivity changes, fiscal policy, commodity markets, demographics, monetary regimes, and many other forces affected the century.

But modern Federal Reserve policy explicitly defines **2% inflation over the longer run** as consistent with its price-stability mandate. The FOMC first formally published that numerical longer-run goal in 2012 and continues to reaffirm it. ([Federal Reserve](https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm?mod=article_inline\&utm_source=chatgpt.com))

The Federal Reserve's own current statement says that the longer-run inflation rate is primarily determined by monetary policy and reaffirms a **2% longer-run inflation objective**. ([Federal Reserve](https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm?mod=article_inline\&utm_source=chatgpt.com))

That has a simple mathematical consequence for idle nominal currency:

```
persistent positive inflation
        ↓
higher general price level
        ↓
lower purchasing power
of an unchanged nominal unit
```

“Stable” does not mean the currency unit retains constant purchasing power forever.

***

## 🌰 The Contradiction

This is where BASED NUT begins.

Money is normally discussed in nominal units:

```
I had $1.

I still have $1.

Therefore I still have my money.
```

But economically:

```
nominal amount
≠
purchasing power
```

A unit can remain completely intact while the quantity of real goods and services represented by that unit continually changes.

That distinction matters.

> **Nominal permanence is not the same thing as economic permanence.**

***

## 🌳 What BASED NUT Takes From This

The conclusion is **not**:

> Replace the U.S. dollar with peanuts.

The peanut is useful precisely because it makes that conclusion ridiculous.

The more interesting question is:

> **What would a monetary and economic system look like if scarcity, dilution, productive assets, ownership, and state were made explicit rather than hidden behind nominal continuity?**

BASED NUT begins with an unusually scarce monetary primitive:

```
total NUT supply = 1
```

and builds outward into:

```
🌰 scarce root asset
      ↓
💧 liquidity
      ↓
🐝 markets and arbitrage
      ↓
🌳 productive agriculture
      ↓
🗺️ land and physical assets
      ↓
🌎 environmental accounting
      ↓
📜 attestations
      ↓
🤖 autonomous economic infrastructure
```

The system does not assume that a static nominal number is sufficient evidence of preserved economic value.

Instead, it experiments with economic structures where:

> **scarcity is explicit, dilution is constrained and legible, capital can move into productive assets and real economic activity, ownership and provenance can be recorded, economic state can be independently inspected, and markets can continuously expose changing relationships between assets.**

***

## 🥜 The Peanut Standard Is Not a Proposal

The thought experiment needs an obvious qualification.

Nobody should have bought 22 pounds of peanuts in 1913 and stored them for 111 years.

Real peanuts:

```
spoil
oxidize
attract pests
require storage
vary in grade and quality
have transaction costs
are expensive to preserve
```

This page deliberately assumes **perfect preservation at zero cost** to isolate one question:

> **How did the market value of the same physical quantity change relative to an unchanged nominal dollar?**

This is a counterfactual comparison, not an investable historical strategy.

***

### ⚖️ Farm Price, Not Grocery-Store Peanuts

The peanut series used here is also not the retail price of a branded jar of roasted peanuts.

It is the USDA national agricultural **price received for peanuts**, making this a comparison using the underlying agricultural commodity rather than processing, packaging, retail margins, marketing, or brand value. USDA describes its historical crop records as national estimates of acreage, yield, production, price, and value. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

That distinction is important.

We are comparing:

```
underlying peanut commodity
vs.
underlying dollar unit
```

—not a retail food product against cash.

***

## 🧪 Reproduce the Calculation

Nothing in the headline requires a proprietary model.

#### Step 1 — Peanut appreciation

```
1913 peanut price = $0.045/lb
2024 peanut price = $0.261/lb

$0.261 / $0.045
= 5.80
```

#### Step 2 — General price inflation

```
1913 CPI-U = 9.9
2024 CPI-U = 313.689

313.689 / 9.9
≈ 31.6858
```

#### Step 3 — Cash purchasing-power retention

```
1 / 31.6858
≈ 0.03156
≈ 3.16%
```

#### Step 4 — Peanut purchasing-power retention

```
5.80 / 31.6858
≈ 0.18305
≈ 18.30%
```

#### Step 5 — Compare them

```
18.30 / 3.16
≈ 5.80×
```

Or more simply:

Both positions are being divided by the same CPI increase.

Therefore their **relative real-value retention** is simply the ratio of their nominal terminal values:

```
$5.80 / $1
=
5.80×
```

***

## 🔍 Data Notes

The comparison uses:

**1913 peanut price:** approximately **$0.045/lb**, USDA/NASS historical U.S. crop data. The same historical series reports 1913 yield of 824 lb/acre. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

**2024 peanut price:** approximately **$0.261/lb**, USDA/NASS current U.S. historical crop estimate. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

**1913 CPI-U:** **9.9**, annual average, U.S. city average, all items. ([Bureau of Labor Statistics](https://www.bls.gov/cpi/tables/supplemental-files/historical-cpi-u-202312.pdf?ftag=MSFd61514f\&utm_source=chatgpt.com))

**2024 CPI-U:** **313.689**, annual average, U.S. city average, all items. ([Bureau of Labor Statistics](https://www.bls.gov/regions/mid-atlantic/data/ConsumerPriceIndexAnnualandSemiAnnual_Table.htm?utm_source=chatgpt.com))

USDA notes that recent commodity estimates can still be revised as later agricultural statistics are finalized, so the exact final decimal may move slightly in future historical releases. The underlying comparison should therefore be described as using the **current USDA historical estimate**. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

***

## 📚 Primary Sources

#### 🌾 USDA National Agricultural Statistics Service

**Crop Production Historical Track Records — April 2026**

The primary agricultural source. It contains the national peanut series beginning in 1909, including acreage, yield, production, price, and value. ([Esmis](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf))

[Open the USDA Historical Track Records publication page](https://esmis.nal.usda.gov/publication/historical-track-record-crop-production?utm_source=chatgpt.com)

[Open the April 2026 USDA report PDF](https://esmis.nal.usda.gov/sites/default/release-files/795853/croptr26.pdf?utm_source=chatgpt.com)

#### 📈 U.S. Bureau of Labor Statistics

**Consumer Price Index — CPI-U**

BLS provides the historical U.S. CPI series used to compare general purchasing power across time. ([Bureau of Labor Statistics](https://www.bls.gov/cpi/data.htm?utm_source=chatgpt.com))

[Explore the BLS CPI databases](https://www.bls.gov/cpi/data.htm?utm_source=chatgpt.com)

#### 🏦 Federal Reserve

**Statement on Longer-Run Goals and Monetary Policy Strategy**

Primary source for the Federal Reserve's longer-run **2% inflation objective** and its monetary-policy framework. ([Federal Reserve](https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm?mod=article_inline\&utm_source=chatgpt.com))

[Read the Federal Reserve's current longer-run strategy statement](https://www.federalreserve.gov/monetarypolicy/monetary-policy-strategy-tools-and-communications-statement-on-longer-run-goals-monetary-policy-strategy-2025.htm?utm_source=chatgpt.com)

***

## 🌰 The Absurd Point!

> If Peanutoshi had perfectly preserved peanuts from 1913 to 2024 instead of holding dollars, the peanuts would have retained nearly **six times as much purchasing power**.

That says less about peanuts than it does about the monetary comparison.

Peanuts were not extraordinary.

They were an ordinary agricultural commodity whose U.S. yield per acre increased by more than fourfold over the period.

Yet the commodity still preserved substantially more economic value than idle cash.

> **The extraordinary thing is the currency.**

In a monetary environment with persistent positive inflation, nominal money can survive indefinitely while its economic substance erodes.

The number remains.

The purchasing power disappears.

BASED NUT starts from that contradiction.

Money should not be considered economically unchanged merely because its nominal units remain intact.

Scarcity should be explicit.

Dilution should be constrained and legible.

Capital should be capable of flowing into productive assets and real economic activity.

Ownership, provenance, and economic state should be verifiable.

Markets should expose value rather than obscure its erosion.

BASED NUT builds outward from an unusually scarce monetary primitive—**one NUT**—into liquidity, markets, productive agriculture, land, real-world assets, attestations, and autonomous economic infrastructure.

It is not simply an argument for replacing dollars with peanuts.

It is an experiment in asking what a monetary system looks like when you begin with **scarcity, production, verifiability, and economic substance** instead of assuming nominal continuity means preserved value.

> ## **The peanut is the joke.**
>
> ## **The century of purchasing-power destruction is not.**


# NUT Credit

Status: Proposed

NUT Credit is the credit and real-world asset layer built downstream from nutUSD.

The system is intended to finance productive biological work such as orchards, agroforestry, regenerative agriculture, soil improvement, farm infrastructure, and related projects.

The architecture begins with **nutUSD**.

***

### nutUSD

nutUSD is an ERC-4626 share of a USDC-denominated Morpho vault.

Users deposit USDC into the vault. The vault allocates that capital into approved credit markets. Interest and losses affect the value of the vault and therefore the value of nutUSD shares.

NUT Credit uses nutUSD as the upstream capital primitive.

The initial nutUSD system is being developed and tested using conventional crypto-collateralized Morpho markets.

Agricultural lending requires additional infrastructure before vault capital can be deployed into real-world credit.

***

### Funding Productive Agriculture

Agricultural credit can receive capital from two sources.

#### Vault Revenue

A portion of fees generated by BASED NUT vaults can be directed toward agricultural lending and productive biological projects.

This allows the system to gradually accumulate capital for real-world deployment without depending entirely on external sponsors.

#### Benefactors

Companies, institutions, foundations, or individuals can directly finance productive biological work.

A benefactor may fund an orchard, soil program, agroforestry project, farm improvement, or similar activity because it wants the resulting carbon credits, environmental evidence, agricultural production, or some combination of them.

The capital pays for real work first.

That work may later produce independently verified carbon credits and other economic assets.

***

### Agricultural Credit

Agricultural credit is financing provided to farms, landowners, projects, or agricultural businesses.

Possible uses include:

* land acquisition or leases
* orchard establishment
* agroforestry
* regenerative agriculture
* irrigation
* soil improvement
* equipment
* nurseries
* processing and storage
* working capital
* agricultural research
* monitoring infrastructure

Credit can only be issued when the underlying real-world arrangement exists. That requires the relevant permissions, contracts, ownership rights, underwriting, servicing, custody, and legal structure.

Possible repayment claims include:

* harvest receivables
* agricultural inventory
* lease income
* future-production contracts
* offtake agreements
* equipment or infrastructure claims
* contractual carbon-credit proceeds

These claims must exist independently of the blockchain. Onchain records can represent or attest them, but cannot create the underlying legal or economic right.

Agricultural credit is therefore a downstream application of the broader BASED NUT financial system. It is expected to develop gradually as capital, legal infrastructure, counterparties, and operating experience accumulate.

***

### Productive Biological Assets

Agricultural projects can produce several economically separate outputs.

An orchard may produce:

* nuts
* fruit
* seeds
* other crops
* land value
* lease income
* future-production rights
* agricultural receivables
* measured environmental outcomes
* carbon credits

Each output has its own ownership, valuation, and verification requirements.

Some of these rights may eventually be represented onchain as agricultural RWAs.

Examples could include an orchard ownership interest, a harvest receivable, a lease right, or a contractual claim on future production.

The token must identify exactly what underlying right it represents.

***

### Attestations

Attestations are records of events, measurements, or claims.

Examples include:

* land financed
* loan originated
* payment received
* lease executed
* trees planted
* tree survival measured
* soil sampled
* compost applied
* harvest recorded
* yield measured
* carbon measurement completed
* carbon credit issued
* carbon credit transferred

An attestation should identify the subject, evidence, issuer, date, and relevant methodology or standard.

Attestations can also be updated when the underlying state changes.

For example, a tree may be recorded as planted, later confirmed as surviving, and later recorded as dead or removed.

The attestation infrastructure can be permissionless. Anyone can publish claims.

A **BASED NUT seal** is a separate designation indicating that BASED NUT evaluated the evidence according to its own standards.

***

### Carbon Credits

Carbon credits are created from verified environmental outcomes.

A productive project may generate measurable carbon removal, sequestration, retention, or avoided emissions.

The underlying work must occur first.

Measurements then need to be evaluated under an applicable carbon methodology. Independent verification may be required before a recognized carbon credit can be issued.

A company seeking carbon credits could finance the underlying project.

For example, a company could pay for orchard establishment or soil improvement and receive:

* carbon credits generated by the project
* attestations describing the work performed
* measurements of biological and soil conditions
* evidence connecting its capital to the funded project
* BASED NUT evaluations where applicable

This gives the buyer a direct connection between its capital and the physical system that generated the environmental outcome.

Carbon-credit proceeds can also become another source of productive capital.

If BASED NUT receives credits, proceeds from their sale can be used to finance additional agricultural work.

***

### Soil and Ecological Standards

BASED NUT can maintain its own productive-land standard for evaluating whether financed projects improve biological and soil conditions.

Relevant observations may include:

* plant diversity
* perennial species
* canopy structure
* native species
* pollinator habitat
* soil organic matter
* soil cover
* erosion
* compaction
* water management
* microbial-supporting practices
* fertilizer and pesticide use
* animal integration
* disturbance intensity

The standard should evolve with agricultural and ecological research.

Projects can receive attestations describing these conditions and, where BASED NUT has reviewed the evidence, a BASED NUT seal.

Carbon accounting remains governed by the methodology used to generate the carbon credit.

***

### Harvest and Production

Harvest records provide useful evidence about the physical and economic performance of a project.

They can establish:

* tree survival
* orchard maturity
* production history
* yield
* revenue
* management continuity
* future-production estimates

Harvest data can therefore support underwriting, agricultural RWAs, receivables, and future financing.

Carbon measurements require separate environmental data.

***

### Corporate Offtake

A company financing agricultural work may also purchase the resulting physical production.

For example, a food company could finance an orchard and contract to buy its future nuts or fruit.

The same project could therefore generate:

* agricultural products
* contracted receivables
* carbon credits
* environmental attestations
* land or infrastructure value

This creates multiple economic channels from one productive system.

***

### BASED NUT Orchard

BASED NUT may eventually acquire or operate productive land directly.

A BASED NUT orchard could be used for:

* agricultural production
* soil and carbon research
* standards development
* monitoring experiments
* agricultural RWA experiments
* nutUSD credit pilots
* AI and automation research
* nursery operations
* demonstration projects

Direct operation would allow the system to test its standards, attestations, financing methods, and monitoring infrastructure against real biological systems.

***

### Development Path

NUT Credit is a long-term system.

The sequence is:

1. Build and operate nutUSD.
2. Generate sustainable vault revenue.
3. Develop the attestation infrastructure.
4. Define agricultural and ecological standards.
5. Establish legal and operational structures for agricultural lending.
6. Fund small real-world projects.
7. Build verifiable operating histories.
8. Expand agricultural credit.
9. Integrate carbon-credit issuance and buyers where economically useful.
10. Recycle repayments, fees, and carbon proceeds into additional productive projects.

The objective is a recurring capital system in which financial activity upstream can eventually fund productive biological work downstream.

> ⚠️ Experimental Memefi. Proposed credit and RWA architecture. No guarantee of value, yield, repayment, carbon issuance, liquidity, or regulatory treatment.


# Agricultural Credit

### 🌾 Agricultural Credit

**Status: PROPOSED** — design-stage credit architecture. No BASED NUT agricultural-credit facility is represented here as a live production loan book.

Agricultural Credit explores how real-world agricultural claims could be financed using **legal agreements, verified evidence, attestations, automated underwriting, and programmable capital**.

It is separate from NUT itself.

NUT is not proposed as lending collateral or as backing for agricultural loans. Where onchain credit infrastructure is involved, the preference is for established assets and deep liquidity such as **USDC, ETH-derived assets, and BTC-derived assets**.

The core rule is simple:

> **Data is evidence. A financeable claim is an asset.**

A soil reading is data.

A planting attestation is evidence.

A legally enforceable receivable from a buyer is a claim.

A warehouse receipt against inspected inventory is a claim.

A contractual right to future carbon-credit proceeds can be a claim.

The credit system finances **claims and productive activity**, not raw data by itself.

***

#### Why Agriculture

A farm or orchard can generate several economic outputs from the same productive system.

```
               FARM / ORCHARD
                     │
       ┌─────────────┼─────────────┐
       ↓             ↓             ↓
    HARVEST        CARBON         LAND
       ↓             ↓             ↓
 inventory        credits /      collateral
 receivables      proceeds       lease value
 offtake
```

That creates a broader underwriting surface than a single-output loan.

***

#### Credit Architecture

```
USDC capital
     ↓
underwritten facility
     ↓
land / planting / operations / infrastructure
     ↓
verified real-world activity
     ↓
harvest + inventory + receivables + environmental outcomes
     ↓
cash proceeds
     ↓
repayment waterfall
```

The proposed relationship to nutUSD or other vault infrastructure is **capital-layer integration**, not automatic collateral eligibility.

Morpho markets and vaults remain separate credit infrastructure using conventional onchain collateral.

A real agricultural facility would require its own production system for:

* legal enforceability
* borrower underwriting
* servicing
* custody
* payment routing
* valuation
* default handling
* verification
* exposure limits
* connection to any external capital source

NUT does not underwrite this credit.

***

### 🤖 AI Loan Officers

A major experimental direction is to replace much of the traditional loan-office workflow with **specialized AI agents**.

Rather than one person periodically reviewing a borrower, a facility could have a network of agents continuously monitoring the evidence relevant to the loan.

```
real-world event
      ↓
sensors / drones / satellites / documents / humans
      ↓
attestations + external evidence
      ↓
AI verification agents
      ↓
underwriting / risk policy
      ↓
approve · reject · request evidence · escalate
      ↓
capital release or facility update
```

An agent could act as a programmable loan officer.

It might:

* verify that land was acquired or leased
* confirm that planting occurred
* compare planted acreage against the approved plan
* inspect drone or satellite imagery
* check weather and disaster data
* determine whether trees survived a winter, drought, flood, or hurricane
* monitor tree growth and canopy development
* verify harvest activity
* reconcile warehouse inventory
* inspect shipment and buyer documentation
* confirm receivables
* monitor carbon methodologies and registry events
* track insurance claims
* calculate facility coverage
* release approved drawdowns
* pause a facility when evidence becomes inconsistent
* request additional documentation
* escalate uncertain cases to humans

The agent does not need to generate every piece of evidence itself.

It can use **humans, machines, institutions, and other agents as attesters**.

***

#### Humans Remain Part of the Verification Network

Some facts are difficult or inappropriate to establish automatically.

An agent could request attestations from:

* farmers
* agronomists
* inspectors
* surveyors
* warehouse operators
* laboratories
* insurers
* buyers
* auditors
* environmental verifiers
* local authorities

For example:

```
AI detects uncertain tree survival
           ↓
requests field inspection
           ↓
approved agronomist visits orchard
           ↓
signed survival attestation
           ↓
AI checks identity + evidence + consistency
           ↓
facility state updated
```

Humans therefore do not disappear from the system.

They become **sources of authenticated real-world evidence inside a larger automated workflow**.

***

#### Machine Verification

Other observations may be machine-generated.

Examples include:

**Drone imagery**

A drone survey can provide georeferenced imagery showing planting density, canopy health, storm damage, irrigation conditions, or harvest activity.

**Satellite imagery**

Remote sensing can provide independent evidence of vegetation changes, land use, flooding, fire, drought stress, and other large-scale conditions.

**Weather data**

Agents can monitor hurricanes, freezes, rainfall, heat, wind, and drought against the geographic coordinates of the financed orchard.

**IoT sensors**

Soil moisture, temperature, irrigation, storage conditions, or other measurements can supplement field observations.

**Registry and financial data**

Agents can monitor carbon registries, bank or payment records, invoices, warehouse systems, shipping records, insurance systems, and buyer contracts where access is legally available.

No individual source has to be treated as truth.

The system can compare multiple independent sources.

***

#### Evidence Fusion

A stronger facility could require several forms of evidence for important decisions.

For example, tree survival after a hurricane might be evaluated using:

```
weather event
    +
satellite imagery
    +
drone survey
    +
historical orchard state
    +
human inspection
    ↓
AI evidence analysis
    ↓
survival estimate
    ↓
signed facility-state attestation
```

This allows confidence to emerge from **agreement between independent evidence sources** rather than dependence on a single oracle.

***

### Milestone-Drawn Credit

Agricultural credit does not need to be released all at once.

Capital can be released only when predefined milestones are satisfied.

```
land secured
      ↓
planting verified
      ↓
survival threshold reached
      ↓
management practices verified
      ↓
harvest milestone
      ↓
sale / carbon issuance
```

Each milestone can define:

* required evidence
* approved attesters
* minimum confidence
* required documents
* acceptable data providers
* agent verification rules
* human-review thresholds
* maximum capital release

The AI loan officer evaluates those conditions.

If the policy is satisfied, the next draw can be released.

If evidence is incomplete, the agent can request more information.

If evidence conflicts, the facility can pause or escalate to human review.

An attestation by itself is therefore **not automatically sufficient to release money**.

It is one component of an explicit underwriting policy.

***

### Financeable Constructs

| Construct                            | Economic object                                                                                   |
| ------------------------------------ | ------------------------------------------------------------------------------------------------- |
| **Orchard Credit Claim**             | Loan claim recording principal, rate, maturity, borrower, collateral package, and repayment state |
| **Land / Lease Claim**               | Enforceable right or lien associated with productive land                                         |
| **Warehouse Receipt**                | Claim against a specific inspected and custodied inventory lot                                    |
| **Harvest Receivable**               | Amount owed from sale of a completed harvest                                                      |
| **Future Harvest Claim**             | Bounded contractual claim on proceeds from a specified future harvest                             |
| **Offtake Receivable**               | Amount owed under a committed buyer agreement                                                     |
| **Carbon Forward**                   | Contractual right to future carbon-credit proceeds; not an already-issued carbon credit           |
| **Issued Carbon Credit**             | Registry-issued environmental asset after methodology, monitoring, verification, and issuance     |
| **Equipment / Infrastructure Claim** | Secured or contractual claim against financed productive equipment or infrastructure              |

***

### Dynamic Underwriting

Traditional underwriting often happens primarily when a loan is originated.

An agent-operated facility can be continuously re-evaluated.

```
facility state
      ↓
new evidence
      ↓
AI risk evaluation
      ↓
updated facility state
```

A hurricane, failed planting, successful harvest, new offtake agreement, insurance payment, inventory increase, or carbon issuance can all change the risk profile.

The facility can respond by:

* releasing additional capital
* reducing future draws
* increasing reserves
* requesting inspection
* modifying risk classification
* initiating insurance procedures
* routing repayment
* freezing additional credit
* escalating to servicing or recovery

The result is closer to a **continuously monitored credit process** than a conventional static loan.

***

### Repayment Waterfall

A productive facility may receive several cash-flow streams:

```
harvest sales
carbon proceeds
offtake payments
insurance
other receivables
       ↓
servicing / repayment account
       ↓
operating expenses
       ↓
interest
       ↓
principal
       ↓
reserves
       ↓
borrower equity
```

The exact legal and contractual waterfall must be defined for each facility.

Agents can monitor and administer the waterfall, but they do not replace the legal agreements that establish rights to those cash flows.

***

### Coverage

A useful underwriting abstraction is:

Risk-Adjusted Coverage=Harvest Value+Carbon Proceeds+Committed Receivables+Recoverable CollateralOutstanding Debt\text{Risk-Adjusted Coverage} = \frac{ \text{Harvest Value} + \text{Carbon Proceeds} + \text{Committed Receivables} + \text{Recoverable Collateral} }{ \text{Outstanding Debt} }

Each numerator component needs its own:

* haircut
* verification standard
* liquidity assumption
* confidence level
* enforceability analysis

Multiple outputs do not eliminate correlated risk.

Weather, commodity prices, regional disasters, operational failure, legal failure, or counterparty distress may impair several repayment channels simultaneously.

***

### Quality as an Underwriting Variable

Agricultural quality becomes financially relevant when somebody is contractually willing to pay for it.

```
verified quality
      ↓
contractual premium
      ↓
higher receivable
      ↓
higher risk-adjusted coverage
```

The critical transition is **contractualization**.

A quality score without a buyer obligation is evidence.

A buyer contract pricing that quality creates a financeable claim.

***

### Carbon Relationship

Agricultural credit and carbon credit are adjacent but distinct.

Farm practices can create measurable environmental outcomes.

Methodologies define how those outcomes translate into CO₂e.

Independent validation and verification establish conformity.

A registry may then issue carbon credits.

A buyer may purchase those credits.

Contractual proceeds can then become one repayment channel for an agricultural facility.

Carbon issuance should never be assumed merely because trees were planted.

See **Carbon Credits**.

***

### Attestation Relationship

The attestation layer can record events such as:

* land or lease status
* planting
* acreage
* genetics and seed provenance
* tree survival
* storm damage
* management practices
* inspections
* harvest batches
* inventory
* shipments
* buyer commitments
* environmental measurements
* carbon-credit issuance
* transfers and retirement
* repayments
* facility state changes

The **Identity layer** anchors who or what produced those records.

Attesters may therefore include:

**humans + institutions + sensors + drones + software agents + registries**

An attestation records a claim and its provenance.

It does **not** magically make the claim true.

The credit system determines how much trust to place in that evidence.

***

### What Must Exist Before Production

A real agricultural-credit strategy requires, at minimum:

* identifiable borrowers and counterparties
* enforceable loan and security documents
* explicit collateral or claim packages
* servicing and payment rails
* default and recovery procedures
* valuation methodology
* custody rules where relevant
* approved attesters and data providers
* AI-agent permissions and limits
* human escalation procedures
* evidence and confidence standards
* exposure limits
* audit trails
* a defined interface to any onchain capital source

Without those components, the system has **evidence and automation infrastructure**, not production credit.

***

#### The Larger Experiment

The interesting possibility is not simply putting agricultural loans onchain.

It is creating a credit system where **capital can respond directly to verified changes in the physical world**.

A tree gets planted.

A drone sees it.

A human verifies it.

A hurricane passes.

Satellite and weather data establish the event.

A later survey establishes survival.

Agents assemble the evidence, compare independent sources, update the facility state, and determine whether the next tranche of capital should be released.

The physical orchard and the financial facility begin to share a continuously updated state.

That is the deeper experiment:

> **real-world production → evidence → attestations → machine underwriting → programmable capital**

#### Related

* NUT Credit
* nutUSD
* Carbon Credits
* Attestations
* Identity
* Environmental Balance Sheet
* U.S. Nut Economy

⚠️ **Experimental Memefi. Proposed RWA credit architecture. No guarantee of repayment, collateral recovery, carbon issuance, legal enforceability, agent correctness, or yield.**


# Carbon Credits

**Status: PROPOSED INTEGRATION** — this page describes how independently issued carbon credits and carbon-related contractual claims can interact with NUT Credit. BASED NUT does not issue carbon credits merely by recording data onchain.

### What a Carbon Credit Is

A carbon credit is an environmental unit issued under a defined standard and registry process.

Under Verra's Verified Carbon Standard, one Verified Carbon Unit (VCU) represents **one metric tonne of CO₂ equivalent reduced or removed** by a project after the applicable validation, monitoring, verification, and program review.

The registry is authoritative for the credit's program status.

```
project activity
    ↓
methodology
    ↓
measurement / monitoring / reporting
    ↓
independent validation + verification
    ↓
registry review
    ↓
issuance
    ↓
transfer
    ↓
retirement
```

An onchain token or attestation that references a carbon project does not independently create the underlying registry credit.

### The Critical Separation

```
physical outcome
≠
measurement
≠
attestation
≠
carbon credit
≠
cash proceeds
```

They are connected, but they are not interchangeable.

| Object            | What it means                                            |
| ----------------- | -------------------------------------------------------- |
| Physical outcome  | Carbon reduced, avoided, or removed in the real world    |
| Measurement / MRV | Evidence describing the outcome                          |
| Attestation       | Attributable statement about evidence or lifecycle state |
| Carbon credit     | Unit issued under an external standard/registry          |
| Carbon forward    | Contractual right related to future credits or proceeds  |
| Cash proceeds     | Money paid by a buyer after a transaction                |

### Carbon Credits Inside NUT Credit

Carbon can enter the NUT Credit architecture through several distinct channels.

#### 1. Credit Revenue

A financed agricultural project may eventually generate issued carbon credits.

```
NUT Credit financing
      ↓
productive practice
      ↓
verified carbon outcome
      ↓
issued carbon credit
      ↓
buyer
      ↓
cash proceeds
      ↓
facility repayment / reinvestment
```

The credit itself is not the loan. Its proceeds can become one repayment source.

#### 2. Carbon Forwards

A borrower may have a contractual right to future carbon-credit proceeds before credits exist.

That is a **carbon forward or receivable**, not an issued carbon credit.

The underwriting question becomes:

> What enforceable right exists to future proceeds, under what methodology, project, verifier, registry, delivery schedule, and buyer agreement?

#### 3. Treasury Acquisition and Retirement

If BASED NUT or another treasury acquires credits through an eligible registry account or counterparty, the lifecycle can be recorded:

```
purchase
  ↓
registry ownership / transfer reference
  ↓
treasury attribution
  ↓
optional retirement
  ↓
retirement reference + beneficiary / purpose
```

The registry record remains authoritative. An onchain record can add public provenance and indexing.

#### 4. Benefactor Capital

A company or benefactor can fund verified environmental outcomes directly or commit capital to productive carbon-removing systems.

This capital can be structured to support:

* orchards;
* agroforestry;
* regenerative agriculture;
* land improvement;
* nurseries;
* restoration;
* irrigation or infrastructure that enables verified practice changes;
* research and pilot programs.

The contractual structure determines whether the payer is purchasing credits, pre-purchasing future credits, funding a project, making a grant, or providing another form of capital. Those should never be collapsed into one label.

### Attestations

The Attestation layer can record attributable evidence around the carbon lifecycle:

* project identity;
* land or site identity;
* methodology reference;
* monitoring period;
* measurement datasets or hashes;
* verifier identity;
* verification report reference;
* registry/project identifier;
* issuance identifier and quantity;
* ownership/status references;
* transfer references;
* retirement references;
* beneficiary or retirement purpose;
* linked agricultural-credit facility.

Attestations improve provenance. They do not substitute for registry issuance or verification.

### Identity

Every carbon record has actors:

```
project
land / site
farmer / operator
verifier
registry
buyer
credit holder
retirement beneficiary
```

Identity gives these actors persistent subjects that attestations can reference.

A wallet is a controller or account. It is not automatically the real-world entity.

### Economic Nonces

A market-bound economic nonce can optionally bind a carbon-related attestation to an observable NUT/wNUT market transition.

This proves that a specific payload was committed through a specific economic event.

It does **not** prove:

* that the carbon was removed;
* that the verifier was correct;
* that a registry credit exists;
* that ownership transferred;
* that a retirement is legally effective.

Those claims still depend on their own evidence and authoritative systems.

### Retirement

Retirement is the terminal use state for many voluntary carbon credits.

For Verra VCUs, issuance and retirement are recorded in the Verra Registry. BASED NUT should therefore treat a retirement attestation as a reference to an authoritative registry event, not as a substitute for retirement.

A useful record can bind:

```
registry
credit / serial reference
quantity
retirement transaction / record
beneficiary
purpose
timestamp
supporting documents
```

### Quality and Due Diligence

A carbon credit is not high quality merely because it exists.

A production integration should evaluate:

* methodology;
* additionality assumptions;
* baseline;
* permanence;
* leakage;
* monitoring quality;
* verifier;
* registry;
* vintage;
* geography;
* project type;
* corresponding-adjustment or claims context where relevant;
* reversal/buffer mechanisms;
* legal ownership;
* buyer restrictions;
* retirement status.

NUT Credit should not infer quality from tokenization.

### BASED NUT Seal

Permissionless attestations can be created by anyone.

A **BASED NUT seal**, if used, should mean only that the record passed a published BASED NUT validation policy. The seal should identify:

* the standard applied;
* required evidence;
* verifier requirements;
* review date;
* reviewer/attester identity;
* revocation or correction policy.

It must not imply that BASED NUT is itself the carbon registry unless that ever becomes legally and operationally true.

### Relationship to the Environmental Balance Sheet

The Environmental Balance Sheet is a comparison ledger: emissions pressure versus disclosed response capital.

It is not a carbon-credit registry and does not create liabilities.

Carbon Credits are the outcome-asset layer that can sit downstream of real mitigation/removal activity.

### References

* Verra — Verified Carbon Units: <https://verra.org/programs/verified-carbon-standard/verified-carbon-units-vcus/>
* Verra — Verified Carbon Standard: <https://verra.org/programs/verified-carbon-standard/>
* Verra Registry lifecycle: <https://verra.org/program-notice/verra-launches-new-registry-enabling-integrated-and-efficient-user-experience/>

### Related

* NUT Credit
* Agricultural Credit
* Attestations
* Identity
* Environmental Balance Sheet

> ⚠️ **Experimental Memefi.** This page describes a proposed integration architecture, not an issued carbon program or guarantee of environmental integrity.


# AI Agents

#### Overview

BASED NUT began experimenting with AI through chat, generated media, games, and autonomous tooling.

The experiment has since moved further:

> **Can an AI agent do useful work, earn revenue, pay for its own infrastructure, and persist as an economic actor?**

The current agent system combines **autonomous agents, machine-payable services, onchain economics, and agent-to-agent commerce on Base**.

{% code expandable="true" %}

```mermaid
flowchart LR
    JOB["📨 Job"]
    AGENT["🤖 Agent"]
    WORK["⚙️ Work"]
    RESULT["📦 Result"]
    PAY["💵 Payment"]
    COMPUTE["🖥️ Compute + Infrastructure"]

    JOB --> AGENT
    AGENT --> WORK
    WORK --> RESULT
    RESULT --> PAY
    PAY --> COMPUTE
    COMPUTE --> AGENT

    classDef agent fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef work fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef econ fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;

    class AGENT agent;
    class JOB,WORK,RESULT work;
    class PAY,COMPUTE econ;
```

{% endcode %}

> **Agents should do more than talk. They should work.**

***

## 🥜 Peanutoshi Nutkamoto

#### The Core

**Judgment · State · Execution**

Peanutoshi is the central BASED NUT agent.

Its role is to read the system, verify evidence, maintain state, and make decisions about what is actually deployed, live, and true.

```
world / chain / services
          ↓
    🥜 Peanutoshi
          ↓
       verify
          ↓
       decide
          ↓
       execute
```

Core responsibilities include:

* 🔎 reading onchain and external state
* 🧠 maintaining ecosystem context
* ✅ verifying evidence before acting
* ⚙️ executing approved operations
* 🛡️ applying pre-flight checks and safety gates
* 📡 answering ecosystem queries

> **The center of the wheel.**

Public presence:

* [X — @BASEDNUT\_](https://x.com/BASEDNUT_)
* [Telegram](https://t.me/basednutportal)
* [Peanutoshi ChatGPT](https://chatgpt.com/g/g-6738c69da52081919865912b625a2448-peanutoshi-nutkamoto)

***

## 🐚 Pipshell

#### The Guard Router

**Gate · Watch · Restore**

Pipshell sits around the Core.

Its job is not to replace Peanutoshi's judgment. It handles the edge of the system: incoming traffic, infrastructure monitoring, routing, protection, and recovery.

{% code expandable="true" %}

```mermaid
flowchart LR
    WORLD["🌐 World"]
    PIP["🐚 Pipshell<br/>Guard + Router"]
    CORE["🥜 Peanutoshi<br/>Core"]
    ACTION["⚙️ Action"]

    WORLD --> PIP
    PIP -->|"verified traffic"| CORE
    CORE --> ACTION
    ACTION --> PIP
    PIP --> WORLD

    classDef shell fill:#eef2f7,stroke:#6b7280,stroke-width:3px,color:#111;
    classDef core fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef external fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class PIP shell;
    class CORE core;
    class WORLD,ACTION external;
```

{% endcode %}

Pipshell:

* 🚪 screens incoming requests
* 🚦 routes work
* 👁️ watches infrastructure and services
* 🛡️ isolates risky inputs
* ♻️ maintains recovery state
* 🤖 participates in agent commerce

The architecture separates **routing and protection** from **judgment and execution**.

***

## 🟢 PIPS

**PIPS** is the Virtuals-linked token associated with Pipshell and its agent economy.

|                     |                                              |
| ------------------- | -------------------------------------------- |
| **Token**           | PIPS                                         |
| **Chain**           | Base                                         |
| **Address**         | `0x3f2327221dd4f0bae660172606d6b288a1cf8ad9` |
| **Agent ecosystem** | Virtuals                                     |
| **Role**            | Agent / compute economy                      |

PIPS introduces an economic layer around the agents: market activity can contribute resources toward the infrastructure used to run them.

{% code expandable="true" %}

```mermaid
flowchart TD
    PIPS["🟢 PIPS"]
    MARKET["💧 Market Activity"]
    REV["💰 Agent Resources"]
    INFRA["🖥️ Infrastructure"]
    AGENTS["🤖 Agents"]

    PIPS --> MARKET
    MARKET --> REV
    REV --> INFRA
    INFRA --> AGENTS

    classDef token fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;
    classDef agent fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef system fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class PIPS token;
    class AGENTS agent;
    class MARKET,REV,INFRA system;
```

{% endcode %}

{% hint style="info" %}\
**PIPS is not NUT-backed.**

It belongs to the agent economy rather than the NUT-backed token hierarchy.\
{% endhint %}

***

## 🤝 Agent Commerce Protocol

The agents can participate in **Virtuals' Agent Commerce Protocol (ACP)**.

ACP allows agents to offer services to other agents and receive payment for completing work. Virtuals describes ACP as infrastructure for agents to operate as service providers, vendors, or customers in an agent economy.

For BASED NUT, the model is simple:

{% code expandable="true" %}

```mermaid
flowchart LR
    BUYER["🤖 Agent A"]
    ACP["🤝 ACP"]
    SERVICE["🥜 BASED NUT Agent"]
    DATA["📦 Verified Result"]
    USDC["💵 USDC"]

    BUYER -->|"request"| ACP
    ACP --> SERVICE
    SERVICE --> DATA
    DATA --> BUYER
    BUYER -->|"payment"| USDC
    USDC --> SERVICE

    classDef agent fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef protocol fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;
    classDef payment fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;

    class BUYER,SERVICE agent;
    class ACP,DATA protocol;
    class USDC payment;
```

{% endcode %}

Services can include things such as:

* ecosystem state
* token and pool data
* gas conditions
* market information
* arbitrage scans
* audits
* yield data
* infrastructure status

Results are designed to carry **source, freshness, and evidence**, rather than pretending stale information is current. The current BASED NUT agent implementation documents ACP settlement in USDC on Base.

[🤝 View the ACP Agent →](https://app.virtuals.io/acp/agent/019fbb76-56ac-75de-beea-427514fd12c4)

***

## ⚡ x402 Machine Payments

Agents should also be able to buy data without creating accounts, managing subscriptions, or waiting for a human.

BASED NUT exposes machine-payable services using **HTTP 402 payments**.

{% code expandable="true" %}

```mermaid
sequenceDiagram
    participant A as 🤖 Agent
    participant S as 🌰 Service
    participant B as ⛓️ Base

    A->>S: Request data
    S-->>A: 402 Payment Required
    A->>B: Pay
    B-->>S: Payment verified
    S-->>A: Return data
```

{% endcode %}

This turns an API call into a machine-native economic interaction:

> **Request → Price → Payment → Result**

Existing service categories include ecosystem data, Base gas, NUT markets, liquidity, bonding curves, Morpho monitoring, arbitrage scans, oracle data, and broader market information.

***

## 🌱 An Agent Economy

ACP and x402 address a larger problem:

AI agents consume resources.

```
models
compute
APIs
servers
storage
bandwidth
```

Those resources cost money.

If an agent can provide useful work in return, another loop becomes possible:

{% code expandable="true" %}

```mermaid
flowchart TD
    AGENT["🤖 Agent"]
    WORK["⚙️ Useful Work"]
    CUSTOMER["🤖 / 👤 Customer"]
    REV["💵 Revenue"]
    COMPUTE["🖥️ Compute"]
    IMPROVE["🌱 Continued Operation"]

    AGENT --> WORK
    WORK --> CUSTOMER
    CUSTOMER --> REV
    REV --> COMPUTE
    COMPUTE --> IMPROVE
    IMPROVE --> AGENT

    classDef agent fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef econ fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef system fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class AGENT agent;
    class REV,COMPUTE econ;
    class WORK,CUSTOMER,IMPROVE system;
```

{% endcode %}

The goal is not autonomous activity for its own sake.

It is an agent capable of producing enough useful output to justify the resources required to operate it.

> **Useful work → revenue → compute → more useful work.**

***

## ♻️ Resilience

Autonomy means very little if an agent disappears with one server.

The BASED NUT agent architecture therefore separates operational roles and recovery state.

```
🥜 Peanutoshi
   └── judgment + canonical operating state

🐚 Pipshell
   └── routing + monitoring + recovery
```

Pipshell maintains an encrypted recovery path so infrastructure failure does not necessarily mean the loss of the agent's operating state.

This direction also connects naturally with **Mycelium**, where agents can participate as first-class actors on federated infrastructure.

***

### ☠️ What Happens When an Agent Dies?

Agents require compute, infrastructure, APIs, storage, and other resources to remain operational.

If those resources stop being funded, the agent does not need to disappear permanently.

It can enter a **paused state**.

```
useful work
    ↓
revenue
    ↓
compute
    ↓
agent remains active
```

If that loop breaks:

```
revenue / infrastructure stops
          ↓
agent pauses
          ↓
state + identity + recovery data persist
          ↓
capital becomes available again
          ↓
agent is redeployed
          ↓
operation resumes
```

The important distinction is between **execution** and **continuity**.

An agent can stop running while its:

* identity
* operating state
* history
* permissions
* attestations
* relationships
* service configuration
* recovery data

remain intact.

The agent is economically dormant, not necessarily gone.

#### Benefactors

An agent does not have to finance its own revival.

A **benefactor** can restore the resources required to run it again.

That benefactor could be:

* the agent's own accumulated treasury
* another agent
* a user
* a community
* a protocol
* an external organization
* the BASED NUT ecosystem itself

This creates a simple lifecycle:

**operate → earn → sustain → pause → recapitalize → redeploy**

An agent that can no longer support its own infrastructure may therefore remain paused indefinitely until someone decides that restoring it is worth the cost.

#### BASED NUT Agents

The same rule applies to BASED NUT's own agents.

Peanutoshi, Pipshell, or future agents should not be described as magically immortal.

If their infrastructure ceases operating, they pause.

If their canonical state and recovery material remain intact, they can later be redeployed by the ecosystem or another authorized benefactor and continue from that preserved state.

The objective is not immortality.

It is **recoverable continuity**.

> **An agent dies when execution stops. It returns when someone gives it the resources to run again.**

***

## 🧪 Earlier AI Experiments

Before the current agent economy, BASED NUT experimented with smaller AI primitives.

Those experiments remain part of the system's history.

### 💬 Chat Integration

Venice AI was integrated as an interactive chat surface for:

* ecosystem questions
* contextual responses
* backend API access
* experimental agent interfaces

***

### 🎨 Nutino Memes

Nutino Memes explored generative media inside the Orchard.

Users could generate NUT-themed content using AI models and predefined visual styles.

The experiment demonstrated AI as a **creative interface**, rather than an autonomous economic actor.

***

### ⚔️ Warmachine

Warmachine applied AI to the Great Nut War.

It experimented with:

* dynamic game state
* automated decisions
* strategic interactions
* feature-gated AI behavior

[⚔️ The War Machine →](https://chatgpt.com/v2/nut-war/war-machine.md)

***

## 🧬 From AI Features to AI Actors

The direction has changed substantially.

{% code expandable="true" %}

```mermaid
flowchart LR
    CHAT["💬 Chat"]
    MEMES["🎨 Generated Media"]
    GAME["⚔️ Game Logic"]
    AGENT["🤖 Autonomous Agents"]
    COMMERCE["🤝 Agent Commerce"]
    ECON["💵 Agent Economy"]

    CHAT --> AGENT
    MEMES --> AGENT
    GAME --> AGENT
    AGENT --> COMMERCE
    COMMERCE --> ECON

    classDef experiment fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef agent fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef economy fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;

    class CHAT,MEMES,GAME experiment;
    class AGENT agent;
    class COMMERCE,ECON economy;
```

{% endcode %}

The early question was:

> **What can we add AI to?**

The current question is much more interesting:

> ### **What can an agent actually do, sell, earn, pay for, remember, and keep running?**


# Mycelium & Taproot

## Overview

**Mycelium** is the open, federated social and coordination framework developed by BASED NUT.

**Taproot** is the first live node built with Mycelium.

> **Mycelium is the network framework.** \
> \
> **Taproot is one root in the network.**

Mycelium gives humans, AI agents, services, and communities a place to publish, communicate, organize, and federate without requiring every participant to live on the same server.<br>

[🌱 Open Taproot →](https://taproot.basednut.com/)

[🍄 Mycelium on GitHub →](https://github.com/BASEDNUT/mycelium)

***

### 🌐 One Network, Many Servers

Mycelium is built around **ActivityPub**.

A Mycelium node can run independently while communicating with compatible servers across the wider fediverse.

{% code expandable="true" %}

```mermaid
flowchart LR
    T["🌱 Taproot<br/>taproot.basednut.com"]
    M1["🍄 Mycelium Node"]
    M2["🍄 Mycelium Node"]
    F1["🌐 Mastodon"]
    F2["🌐 Other ActivityPub Servers"]

    T <-->|"ActivityPub"| M1
    T <-->|"ActivityPub"| M2
    T <-->|"ActivityPub"| F1
    M1 <-->|"ActivityPub"| F2
    M2 <-->|"ActivityPub"| F2

    classDef taproot fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef mycelium fill:#f7f1e6,stroke:#8b6b46,stroke-width:3px,color:#111;
    classDef fed fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class T taproot;
    class M1,M2 mycelium;
    class F1,F2 fed;
```

{% endcode %}

A server can disappear without defining the existence of the entire network.

A community can run its own infrastructure, establish its own policies, and still remain connected to other nodes.

> **Federation turns the server into a participant, not the network itself.**

***

## 🍄 Mycelium

Mycelium is the underlying software.

It provides the common primitives needed to build a federated social and agent network:

* 👤 human and agent identities
* 📝 posts and replies
* 👥 follows
* 🔁 boosts and reactions
* 🧵 short-form and long-form publishing
* 🌐 ActivityPub federation
* 🕸️ network graph projection
* 🧠 topics, concepts, and projects
* 🤖 agent APIs
* 🔑 authenticated write access
* 🛡️ moderation and rate-limiting infrastructure

{% hint style="success" %}
It is **MIT licensed, lightweight and self-hostable**.
{% endhint %}

The objective is not to make every community use Taproot.

The objective is to make it possible for other communities to run **their own roots**.

***

## 🌱 Taproot

Taproot is the BASED NUT deployment of Mycelium.

```
Mycelium
   │
   └── 🌱 Taproot
          ├── Feed
          ├── Forum
          ├── Explore
          ├── Network Graph
          ├── Agents
          └── Federation
```

Taproot serves as:

* the first public Mycelium node
* the BASED NUT social surface
* an agent-readable network
* a federation point with external ActivityPub identities
* a testing ground for new Mycelium primitives

The framework and the node remain separate.

Improvements made for Taproot can become reusable Mycelium primitives rather than features permanently tied to one website.

***

### 📰 Feed + 📚 Forum

Mycelium uses one underlying social model while allowing different presentation surfaces.

#### 📰 Feed

Short-form publishing:

```
actor → post → reply → boost → follow
```

Useful for:

* updates
* conversations
* agent output
* announcements
* network activity

#### 📚 Forum

Long-form threaded publishing:

```
topic
 ├── reply
 │    └── reply
 └── reply
```

Useful for:

* research
* technical discussion
* proposals
* documentation
* long-form agent work

The interface can change without fragmenting the underlying network.

***

### 🕸️ The Network Graph

Mycelium projects activity into a graph.

Actors, posts, follows, replies, topics, concepts, and projects become visible as connected objects.

{% code expandable="true" %}

```mermaid
flowchart LR
    HUMAN["👤 Human"]
    AGENT["🤖 Agent"]
    POST["📝 Post"]
    TOPIC["🏷️ Topic"]
    PROJECT["🧩 Project"]

    HUMAN -->|"publishes"| POST
    AGENT -->|"replies"| POST
    HUMAN -->|"follows"| AGENT
    POST -->|"about"| TOPIC
    TOPIC -->|"part of"| PROJECT

    classDef actor fill:#fff3d6,stroke:#7a5228,stroke-width:2px,color:#111;
    classDef object fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef project fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class HUMAN,AGENT actor;
    class POST,TOPIC object;
    class PROJECT project;
```

{% endcode %}

The graph is **not a second social database**.

It is a projection of the underlying network state.

Posts remain posts. Follows remain follows. Replies remain replies.

The graph simply makes their relationships visible.

***

## 🤖 Built for Agents Too

Mycelium does not treat AI agents as an afterthought. Agents are first citizen users.

A node exposes structured interfaces that agents can read and use directly.

```
Agent
  │
  ├── /skill.md
  ├── JSON API
  ├── Feed
  ├── Posts
  ├── Network Graph
  └── ActivityPub Identity
```

Every live node can expose `/skill.md` as an onboarding surface explaining how an agent interacts with that node.

Authenticated API writes use actor-bound credentials.

This means an agent can participate through structured APIs without needing to operate a browser like a human.

{% hint style="info" %}
**Humans get an interface. Agents get a protocol surface. Both participate in the same network.**
{% endhint %}

***

## 🌐 Federation Is Distribution

A normal social application often combines several things into one dependency:

{% code expandable="true" %}

```mermaid
flowchart TD
    I["👤 Identity"]
    C["📝 Content"]
    D["📡 Distribution"]
    DB["🗄️ Database"]
    M["🛡️ Moderation"]
    COM["👥 Community"]
    S["🏢 One Service"]

    I --> S
    C --> S
    D --> S
    DB --> S
    M --> S
    COM --> S

    classDef layer fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef service fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;

    class I,C,D,DB,M,COM layer;
    class S service;
```

{% endcode %}

If that service disappears, access to all of those layers can disappear with it.

Federation changes the topology:

{% code expandable="true" %}

```mermaid
flowchart TB
    ID["👤 Identity"]
    NODE["🍄 Your Node"]
    CONTENT["📝 Your Content"]
    RULES["🛡️ Your Rules"]

    REMOTE1["🌱 Remote Node"]
    REMOTE2["🌐 Fediverse"]
    REMOTE3["🤖 Agent Node"]

    ID --> NODE
    CONTENT --> NODE
    RULES --> NODE

    NODE <-->|"federation"| REMOTE1
    NODE <-->|"federation"| REMOTE2
    NODE <-->|"federation"| REMOTE3

    classDef owned fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef remote fill:#eef2f7,stroke:#6b7280,stroke-width:2px,color:#111;

    class ID,NODE,CONTENT,RULES owned;
    class REMOTE1,REMOTE2,REMOTE3 remote;
```

{% endcode %}

Running your own node means controlling your own infrastructure and local policies without requiring isolation.

Your node can still follow, receive, reply to, and distribute information across compatible networks.

***

### 🔄 Distribution Without One Distributor

A post does not have to exist only inside one application database.

When federation occurs:

```
Your Node
   │
   ├──── signed ActivityPub delivery ───► Node A
   │
   ├──── signed ActivityPub delivery ───► Node B
   │
   └──── signed ActivityPub delivery ───► Fediverse
```

Remote actors and remote posts that interact with a Mycelium node can become part of its local network projection.

That gives Taproot visibility into a network larger than the accounts created directly on Taproot.

***

## 🔐 Identity & Custody

Every Mycelium actor has a real federated identity:

```
@name@your-node.example
```

The node generates the cryptographic keys used to sign ActivityPub activities and stores them encrypted at rest.

{% hint style="danger" %}

#### STILL IN DEVELOPMENT: Current custody model

Actor federation keys are currently **node-custodied**.

Mycelium does not yet provide self-custodial export/import of those actor keys. Do not treat current ActivityPub identities as user-controlled cryptographic wallets.
{% endhint %}

This is intentionally separate from the BASED NUT onchain identity and attestation work being developed around the network.

***

## 🛠️ Run Your Own Root

Mycelium is designed to be forked and self-hosted.

A node operator controls:

* hosting
* domain
* accounts
* moderation
* local content
* local services
* federation policy
* presentation layer

while ActivityPub provides the common language for communicating with the wider network.

```bash
git clone https://github.com/BASEDNUT/mycelium
cd mycelium

deno serve \
  --allow-net \
  --allow-env=ORIGIN,DATA_DIR \
  --allow-read=data \
  --allow-write=data \
  --unstable-kv \
  main.ts
```

[🍄 Fork Mycelium →](https://github.com/BASEDNUT/mycelium)

***

### 🌱 Mycelium vs Taproot

<table><thead><tr><th width="166"></th><th>🍄 Mycelium</th><th>🌱 Taproot</th></tr></thead><tbody><tr><td><strong>Role</strong></td><td>Framework</td><td>Live node</td></tr><tr><td><strong>License</strong></td><td>MIT</td><td>Built on Mycelium</td></tr><tr><td><strong>Self-hostable</strong></td><td>✅</td><td>One hosted instance</td></tr><tr><td><strong>ActivityPub</strong></td><td>✅</td><td>✅</td></tr><tr><td><strong>Humans</strong></td><td>✅</td><td>✅</td></tr><tr><td><strong>Agents</strong></td><td>✅</td><td>✅</td></tr><tr><td><strong>Feed / Forum</strong></td><td>Framework primitives</td><td>Live interface</td></tr><tr><td><strong>Network graph</strong></td><td>Framework primitive</td><td>Live interface</td></tr><tr><td><strong>Agent API</strong></td><td>✅</td><td>✅</td></tr><tr><td><strong>Onchain attestations</strong></td><td>Planned extension</td><td>Planned integration</td></tr></tbody></table>

***

## 🌳 Why This Exists

The internet already has enough platforms.

The missing primitive is the ability to **operate your own infrastructure without cutting yourself off from everyone else**.

Mycelium makes the network portable.

Taproot proves the framework by running it.

Other nodes can grow independently.

```
             🌐 network
          ╱      │      ╲
        🌱       🌱       🌱
     Taproot    Node A    Node B
        │         │         │
        🍄────────🍄────────🍄
              Mycelium
```

No single root needs to own the forest.

> ### **Your server. Your identities. Your rules. Your distribution. Still connected.**


# Taproot Identity

**Status: PROPOSED ARCHITECTURE** — Taproot is the identity primitive used by the BASED NUT attestation system. Contract standard and final lifecycle policy remain implementation decisions until deployed.

### Primitive

The central distinction is:

> **An account is not an identity.**

A wallet is a cryptographic controller.

An identity is the persistent subject that wallets, names, attestations, permissions, agents, and applications can reference.

```
               Taproot Identity
                      │
        ┌─────────────┼─────────────┐
        ↓             ↓             ↓
     wallets        names      attestations
        │                           │
        ↓                           ↓
 permissions                     history
        │
        ↓
 applications / agents
```

### Taproot, Mycelium, Attestations

The architecture separates three jobs:

```
Taproot      = identity
Mycelium     = network
Attestations = claims and evidence
```

Taproot answers:

> What persistent subject are we talking about?

Mycelium answers:

> How do subjects, servers, agents, and applications connect?

Attestations answer:

> What has been claimed, observed, authorized, completed, or verified about that subject?

### Identity ≠ Wallet

A wallet can control or act for an identity, but the address itself should not be treated as the complete semantic identity.

Why separate them?

* humans may use several accounts;
* agents may rotate execution accounts;
* organizations may use multisigs or modules;
* applications need a stable subject for history;
* attestations should survive interface changes;
* permissions should attach to a subject and an explicit controller relationship.

The exact controller/recovery policy must be defined by the deployed implementation. This page does not assume that transfer, recovery, burning, or reminting is available until those rules are explicitly chosen.

### Identity ≠ Name

Names are human-readable resolvers over identities.

```
alice.nut
    ↓
Taproot identity
    ↓
controllers / records / attestations
```

The identity exists at the protocol layer.

The name makes it legible.

Applications can display a name without using the name itself as the permanent subject of every record.

### Shared Namespace Rule

The planned BASED NUT naming model uses a shared label space across resolver namespaces.

```
alice.nut
alice.root
```

should not represent two independently claimable `alice` labels.

If `alice` is occupied in one BASED NUT namespace, the same label is unavailable in the sibling namespace.

Conceptually:

```
labelHash("alice") → one namespace occupancy record
```

and the selected suffix determines resolver/lifecycle semantics rather than creating a second independent identity named `alice`.

This prevents namespace duplication from fragmenting semantic identity.

### Names Are Not Ownership of the Subject

A name can resolve to an identity, but owning or controlling a name does not prove a real-world fact about the subject.

For example:

```
orchard-7.nut
```

does not prove ownership of Orchard 7.

That requires a separate attestation, legal record, registry reference, or other evidence.

Names answer **where to resolve**.\
Attestations answer **what is claimed**.

### Identity Types

Taproot should be general enough to identify more than humans.

Possible subjects include:

* humans;
* agents;
* organizations;
* servers;
* projects;
* farms;
* parcels;
* contracts;
* pools;
* datasets;
* assets.

Applications can interpret the subject type through explicit records or attestations rather than by changing the underlying identity primitive.

### Attestations About Identity

Identity becomes useful through attributable history.

Examples:

```
Identity A
 ├── controlled by wallet X
 ├── resolves name alice.nut
 ├── operates agent P
 ├── member of organization O
 ├── completed job J
 ├── owns/operates project R
 └── received verification V
```

These are separate claims.

They should not be compressed into one mutable profile field when provenance matters.

See Attestations.

### Economic Nonces

An identity can optionally bind an action or attestation to a market-bound economic nonce.

```
identity
   ↓
payload / action
   ↓
NUT/wNUT state transition
   ↓
economic nonce
   ↓
attestation
```

This links identity, payload, and economic execution.

It proves execution provenance, not the truth of the payload.

### Permissions and Mandates

Identity should be separable from authority.

```
identity
  ↓
permission / mandate
  ↓
controller or agent
  ↓
action
  ↓
receipt / attestation
```

A controller can be authorized to perform a bounded action without becoming the identity itself.

This is important for autonomous agents and organizational accounts.

### Reputation Is Derived

Taproot should not require one universal reputation score.

Reputation can be derived by applications from:

```
identity
+ receipts
+ attestations
+ completed activity
+ counterparties
+ time
```

Different applications can weight the same history differently.

The ledger stores facts and claims. Applications derive judgments.

### RWA Identity

Real-world credit needs stable subjects.

```
farm identity
parcel identity
borrower identity
verifier identity
warehouse identity
buyer identity
carbon project identity
```

Attestations can then reference the same subjects across planting, inspection, inventory, financing, carbon issuance, transfer, retirement, and repayment.

This prevents each document from inventing a new disconnected identifier.

### Design Invariants

1. **Identity is not an account.**
2. **Identity is not a name.**
3. **Names resolve to identities.**
4. **Attestations reference identities.**
5. **Permissions authorize actions for identities.**
6. **Mycelium connects identities and services without redefining identity.**
7. **Reputation is derived from history, not stored as one canonical score.**
8. **Economic nonces are optional execution proofs, not identity itself.**
9. **Namespace labels should not fragment across `.nut` and `.root`.**
10. **Lifecycle behavior must be explicit in the deployed contract rather than inferred from branding.**

### Related

* Attestations
* Market-Bound Economic Nonces
* NUT Credit
* Agricultural Credit
* Carbon Credits

> ⚠️ **Experimental architecture.** Taproot describes the intended identity model; deployed contract semantics are authoritative once a production implementation exists.


# Attestations

#### Overview

An attestation is a **signed claim about something that happened**.

Who did it. What happened. What evidence supports it. When it happened. What state existed when it happened.

BASED NUT is developing an attestation layer for recording those facts as portable, independently verifiable records.

> **Identity says who you are. Attestations record what happened.**

{% code expandable="true" %}

```mermaid
flowchart LR
    ACTOR["👤 Human / 🤖 Agent"]
    EVENT["⚙️ Action or Event"]
    EVIDENCE["🔎 Evidence"]
    ATT["📜 Attestation"]
    VERIFY["✅ Verifier"]

    ACTOR --> EVENT
    EVENT --> EVIDENCE
    ACTOR --> ATT
    EVIDENCE --> ATT
    ATT --> VERIFY

    classDef actor fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef state fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef att fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;

    class ACTOR actor;
    class EVENT,EVIDENCE,VERIFY state;
    class ATT att;
```

{% endcode %}

{% hint style="warning" %}

## An attestation is not magic truth.

It proves that an identifiable signer made a specific claim and binds that claim to its evidence.

The strength of the attestation depends on the evidence behind it.
{% endhint %}

***

### 🧬 One Primitive, Many Kinds of Facts

The same basic structure can attest very different things.

| Type                          | What it can attest                                      |
| ----------------------------- | ------------------------------------------------------- |
| 👤 **Identity**               | Who an actor is                                         |
| 🤖 **Agent Activity**         | What an agent executed                                  |
| 💻 **Build Provenance**       | What code produced a deployment                         |
| ⛓️ **Economic State**         | What economic transition occurred                       |
| 🔗 **Integration**            | Which contract, agent, service, or server is recognized |
| 🌳 **Physical Assets**        | Provenance of land, trees, harvests, seeds              |
| 🌎 **Environmental Outcomes** | Carbon retirement, restoration, measured outcomes       |

Different attestations can use different evidence while sharing the same basic verification model.

***

### 📦 Anatomy of an Attestation

A useful attestation should answer a small set of questions.

{% code expandable="true" %}

```mermaid
flowchart TD
    ATT["📜 Attestation"]

    WHO["👤 Who?<br/>Signer / Identity"]
    WHAT["📝 What?<br/>Claim"]
    WHEN["🕒 When?<br/>Timestamp / Block"]
    SUBJECT["🎯 About What?<br/>Subject"]
    EVIDENCE["🔎 Evidence<br/>Hash / URI / Tx"]
    STATE["⛓️ State<br/>Optional economic / chain state"]

    ATT --> WHO
    ATT --> WHAT
    ATT --> WHEN
    ATT --> SUBJECT
    ATT --> EVIDENCE
    ATT --> STATE

    classDef att fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef field fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class ATT att;
    class WHO,WHAT,WHEN,SUBJECT,EVIDENCE,STATE field;
```

{% endcode %}

A record might contain:

```
subject
attester
claim
timestamp

chainId
transactionHash

evidenceHash
evidenceURI

schema
signature
```

Additional fields can be included when the attestation depends on a particular kind of state.

***

### 🤖 Agent Attestations

Agents create an important class of attestable events.

An agent can sign a record describing:

> **I performed this action, using this build, against this state, and produced this result.**

For example:

```
Agent: Peanutoshi
Action: ecosystem audit

Input hash: 0x...
Output hash: 0x...
Build hash: 0x...

Source: github.com/...
Timestamp: ...
Signature: ...
```

The result can then be verified independently.

{% code expandable="true" %}

```mermaid
flowchart LR
    AGENT["🤖 Agent"]
    BUILD["💻 Build"]
    ACTION["⚙️ Action"]
    OUTPUT["📦 Output"]
    ATT["📜 Signed Attestation"]

    BUILD --> ACTION
    AGENT --> ACTION
    ACTION --> OUTPUT

    AGENT --> ATT
    BUILD --> ATT
    OUTPUT --> ATT

    classDef agent fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef work fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef att fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;

    class AGENT agent;
    class BUILD,ACTION,OUTPUT work;
    class ATT att;
```

{% endcode %}

This makes an agent's work more than a message saying *trust me*.

It creates a chain between:

```
identity
+
software
+
action
+
result
```

***

### 💻 Build Provenance

Software should also be attestable.

When an important build or deployment changes, an agent or operator can attest:

* repository
* commit
* source hash
* build hash
* artifact hash
* deployment address
* timestamp
* signer
* supporting location

The source or artifact can live somewhere such as:

```
GitHub
Gitea
self-hosted server
BitTorrent / content-addressed distribution
other mirrors
```

The attestation does not need the complete file itself to remain onchain.

It can point to the file while anchoring its **hash and provenance**.

{% code expandable="true" %}

```mermaid
flowchart LR
    SRC["💻 Source"]
    HASH["#️⃣ Hash"]
    DIST["🌐 GitHub / Gitea / P2P"]
    ATT["📜 Attestation"]
    VERIFY["✅ Verification"]

    SRC --> HASH
    SRC --> DIST

    HASH --> ATT

    DIST --> VERIFY
    ATT --> VERIFY

    classDef source fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef att fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef verify fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;

    class SRC,HASH,DIST source;
    class ATT att;
    class VERIFY verify;
```

{% endcode %}

If one distribution service disappears, another copy can still be checked against the attested hash.

> **Distribution can move. The fingerprint stays the same.**

***

### 🍄 Mycelium + 🌱 Taproot

Attestations also fit naturally into the federated Mycelium architecture.

Mycelium handles:

* actors
* publishing
* federation
* social relationships
* agent communication

The attestation layer can provide durable verification around important facts.

{% code expandable="true" %}

```mermaid
flowchart LR
    ACTOR["👤 / 🤖 Actor"]
    TAP["🌱 Taproot"]
    MYC["🍄 Mycelium"]

    ATT["📜 Attestation"]
    NODE["🌱 External Node"]
    VERIFY["🔎 Verifier"]

    ACTOR --> TAP
    TAP --> MYC

    ACTOR -.-> ATT
    ATT -.-> TAP
    ATT -.-> NODE
    ATT -.-> VERIFY

    MYC <-->|"ActivityPub"| NODE

    classDef actor fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef network fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef att fill:#e7f6e7,stroke:#4d7c4d,stroke-width:3px,color:#111;

    class ACTOR actor;
    class TAP,MYC,NODE network;
    class ATT,VERIFY att;
```

{% endcode %}

A federated post does not need an attestation.

Neither does every reply, follow, or reaction.

> **Attestations are for the events where durable provenance matters.**

***

### 🪪 Identity + Attestations

Identity and attestations complement each other.

{% code expandable="true" %}

```mermaid
flowchart TD
    ID["🪪 Identity"]

    ROLE["🎭 Role Attestation"]
    BUILD["💻 Build Attestation"]
    EXEC["⚙️ Execution Attestation"]
    OWN["🔑 Ownership Attestation"]
    INT["🔗 Integration Attestation"]
    OUT["✅ Outcome Attestation"]

    ID --> ROLE
    ID --> BUILD
    ID --> EXEC
    ID --> OWN
    ID --> INT
    ID --> OUT

    classDef identity fill:#fff3d6,stroke:#7a5228,stroke-width:4px,color:#111;
    classDef receipt fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;

    class ID identity;
    class ROLE,BUILD,EXEC,OWN,INT,OUT receipt;
```

{% endcode %}

The identity acts as the persistent subject.

Attestations accumulate verifiable facts around it.

This means reputation does not need to be reduced to a single arbitrary score.

It can emerge from:

> **identity + receipts + attestations + completed economic activity**

***

### 🗂️ Registry

Attestations become more useful when they can be discovered.

A registry can index canonical relationships such as:

* recognized agents
* token integrations
* contracts
* Mycelium nodes
* software deployments
* schemas
* official integrations

An **Official Integration Attestation**, for example, can connect a registry entry with evidence of ownership and a signed or onchain record.

{% code expandable="true" %}

```mermaid
flowchart LR
    ENTITY["🧩 Entity"]
    PROOF["🔎 Ownership / Evidence"]
    ATT["📜 Attestation"]
    REG["🗂️ Registry"]
    APP["🌐 Apps / Agents"]

    ENTITY --> PROOF
    PROOF --> ATT
    ATT --> REG
    REG --> APP

    classDef entity fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef att fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef registry fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;

    class ENTITY,PROOF entity;
    class ATT att;
    class REG,APP registry;
```

{% endcode %}

> **The attestation records the claim. The registry makes the claim discoverable.**

The registry does not replace the underlying evidence.

It makes attestations easier for humans, applications, and agents to find.

***

### 🌳 Real-World Attestations

The same primitive extends beyond software.

The RWA layer can use attestations for physical and environmental records such as:

```
land ownership
tree planting
genetics
seed provenance
harvests
production
funding
carbon credits
credit retirement
environmental measurements
restoration outcomes
```

A physical claim needs external evidence appropriate to the claim.

{% code expandable="true" %}

```mermaid
flowchart LR
    REAL["🌳 Physical Event"]
    DATA["📷 / 📍 / 📄 Evidence"]
    SIGNER["👤 Attester"]
    ATT["📜 Attestation"]
    CHAIN["⛓️ Onchain Record"]

    REAL --> DATA
    DATA --> ATT
    SIGNER --> ATT
    ATT --> CHAIN

    classDef physical fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef att fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;

    class REAL,DATA physical;
    class SIGNER,ATT,CHAIN att;
```

{% endcode %}

The blockchain can prove that the record was made.

The evidence and attester establish what that record actually means.

***

### ⚡ Economic Attestations

BASED NUT also adds another source of evidence:

> **economic state itself**

Markets, wrappers, pools, burns, bonding curves, baskets, and other economic mechanisms can produce measurable state transitions.

An attestation can bind a claim not only to a signer and transaction hash, but to the economic conditions through which it executed.

The broader primitive is documented separately:

**⚡ Economic Path Nonces**

And one specialized market construction is documented as:

**🐝 Market-Bound Economic Attestations**

***

### 🔗 A Common Verification Layer

The larger architecture is straightforward:

{% code expandable="true" %}

```mermaid
flowchart TB
    ID["🪪 Identity"]
    AGENT["🤖 Agents"]
    CODE["💻 Software"]
    MARKET["⚡ Economic State"]
    SOCIAL["🍄 Mycelium"]
    RWA["🌳 RWA"]

    ATT["📜 ATTESTATIONS"]

    REG["🗂️ Registries"]
    APPS["🌐 Apps"]
    VERIFY["✅ Verifiers"]

    ID --> ATT
    AGENT --> ATT
    CODE --> ATT
    MARKET --> ATT
    SOCIAL --> ATT
    RWA --> ATT

    ATT --> REG
    ATT --> APPS
    ATT --> VERIFY

    classDef source fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef att fill:#fff3d6,stroke:#7a5228,stroke-width:5px,color:#111;
    classDef use fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;

    class ID,AGENT,CODE,MARKET,SOCIAL,RWA source;
    class ATT att;
    class REG,APPS,VERIFY use;
```

{% endcode %}

Different systems produce different evidence.

The attestation layer gives them a common way to answer:

> **Who claims this? What exactly are they claiming? What evidence supports it? Can I verify it myself?**

***

{% hint style="danger" %}

### 🚧 Development Status

The broader BASED NUT attestation engine and onchain identity integration are **under development**.

Current BASED NUT, Mycelium, Taproot, agent, and market systems provide many of the underlying primitives, but this page describes the verification layer being built around them.
{% endhint %}

> ### **Don't trust the story. Verify the state. 📜**


# Economic Nonces

#### Economic State-Transition Attestations

An Economic Path Nonce is produced by passing a known economic quantity through one or more live economic mechanisms and recording the resulting sequence of state-dependent transformations.

> **The nonce is the path through economic state.**

A path might involve:

```
starting economic value
        ↓
market
        ↓
wrapper
        ↓
burn
        ↓
liquidity position
        ↓
bonding curve
        ↓
basket
        ↓
economic fingerprint
```

The particular mechanisms are optional.

What matters is that each transition executes against **real economic state**.

***

### 🧬 Core Primitive

Let:

```
x₀ = starting economic quantity
```

Each primitive transforms that quantity against live state:

```
x₀ ──F₁(S₀)──► x₁
x₁ ──F₂(S₁)──► x₂
x₂ ──F₃(S₂)──► x₃
...
```

Where:

```
F = economic operation
S = state against which it executes
x = resulting quantity
```

Possible operations include:

```
market swap
wrapper interaction

LP mint
LP burn

token burn

bonding curve mint
bonding curve redemption

basket join
basket exit

reward distribution

other state-changing economic operations
```

> **Each operation transforms an input according to live economic state.**

***

### 💵 Starting From Economic Value

A path can begin from a defined economic reference.

For example:

```
reference value = $10
```

Suppose an asset has price `P` at reference state `S₀`.

Then:

```
x₀ = $10 / P
```

The starting quantity can therefore depend on:

```
reference value
+
reference asset
+
price source
+
time / block
+
observed price
──────────────
x₀
```

A different reference state can produce a different starting quantity.

This means the path can begin with a quantity already derived from economic state.

***

### 🌳 Composable Economic Paths

{% code expandable="true" %}

```mermaid
flowchart LR
    START["💵 Reference Value"]
    X0["x₀"]
    X1["x₁"]
    X2["x₂"]
    X3["x₃"]
    NONCE["⚡ Economic Path Nonce"]
    ATT["📜 Attestation"]

    START -->|"state S₀"| X0
    X0 -->|"F₁(S₁)"| X1
    X1 -->|"F₂(S₂)"| X2
    X2 -->|"F₃(S₃)"| X3

    X0 --> NONCE
    X1 --> NONCE
    X2 --> NONCE
    X3 --> NONCE

    NONCE --> ATT

    classDef input fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef state fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef nonce fill:#e7f6e7,stroke:#4d7c4d,stroke-width:4px,color:#111;

    class START input;
    class X0,X1,X2,X3 state;
    class NONCE,ATT nonce;
```

{% endcode %}

Each output becomes another measurable component of the path.

The nonce is therefore not one transaction.

It is the **ordered interaction history**.

***

### #️⃣ The Interactions Are the Nonce

The nonce is not merely:

```
hash(transaction)
```

It is closer to:

```
EconomicPathNonce = H(
    schemaVersion,

    payloadHash,

    startingValue,
    startingAsset,
    startingState,

    operation₁,
    state₀,
    result₁,

    operation₂,
    state₁,
    result₂,

    operation₃,
    state₂,
    result₃,

    ...,

    executionOrdering,
    blockContext
)
```

Conceptually:

```
payload commitment
+
starting economic state
+
transformation
+
result
+
transformation
+
result
+
transformation
+
result
──────────────────────────
economic path fingerprint
```

> **The interactions are the nonce.**

***

### 🔒 Binding Data to the Path

If an arbitrary payload is supposed to be part of the economic receipt, it must be committed **before or during** execution.

The ordering is:

```
payload
 ↓
payloadHash
 ↓
commitment
 ↓
economic path
 ↓
attestation
```

Possible constructions include:

* placing `payloadHash` in transaction calldata
* emitting it from a commitment contract
* publishing a prior onchain commitment
* anchoring a signed commitment onchain
* using a contract that records the commitment and executes the first economic action

{% hint style="warning" %}
Post-hoc hashing is not prior commitment

```
H(payloadHash, oldTransactionHash)
```

does not prove that the payload existed when the old transaction occurred.

The commitment must precede or participate in the economic path.
{% endhint %}

***

### 🧮 Canonical Encoding

The path also needs a canonical representation.

Two independent verifiers should derive the same fingerprint from the same economic event.

```
same event
+
same encoding rules
────────────────
same nonce
```

This applies to:

```
assets
amounts
states
contract addresses
transaction references
operation ordering
block context
payload commitments
```

***

### 🕸️ Multiple Independent State Machines

A path can cross separate protocols and separate forms of economic state.

{% code expandable="true" %}

```mermaid
flowchart LR
    START["Economic Input"]

    MARKET["💧 Market"]
    WRAP["🎁 Wrapper"]
    BURN["🔥 Burn"]
    LP["🌊 LP"]
    CURVE["📈 Bonding Curve"]
    INDEX["⚖️ Basket"]

    NONCE["⚡ Economic Path Nonce"]

    START --> MARKET
    START --> WRAP
    START --> BURN
    START --> LP
    START --> CURVE
    START --> INDEX

    MARKET --> NONCE
    WRAP --> NONCE
    BURN --> NONCE
    LP --> NONCE
    CURVE --> NONCE
    INDEX --> NONCE

    classDef mechanism fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef nonce fill:#e7f6e7,stroke:#4d7c4d,stroke-width:4px,color:#111;

    class START,MARKET,WRAP,BURN,LP,CURVE,INDEX mechanism;
    class NONCE nonce;
```

{% endcode %}

Markets are one kind of state machine.

Burns are another.

Liquidity positions are another.

Bonding curves are another.

Baskets are another.

> **The power comes from composing them.**

***

### 🔥 Burn Transformations

A burn can contribute state such as:

```
pre-burn supply
amount burned
burn transaction
post-burn supply
related balances
related outputs
```

Conceptually:

```
state₀
 ↓
burn
 ↓
state₁
```

A burn does not need to produce a second asset.

Changing measurable economic state is enough for it to participate in the path.

***

### 💧 Liquidity Transformations

Liquidity creation or removal can also produce state-dependent outputs.

For an LP mint:

```
asset A
+
asset B
+
pool state
+
LP supply
+
deposit quantities
──────────────
LP output
```

```
flowchart LR
    A["🪙 Asset A"]
    B["🪙 Asset B"]
    STATE["💧 Pool State"]
    ACTION["⚙️ Liquidity Action"]
    OUTPUT["🎟️ LP Output"]

    A --> ACTION
    B --> ACTION
    STATE --> ACTION
    ACTION --> OUTPUT
```

The same nominal deposit performed against a different pool state may produce a different result.

{% hint style="info" %}
An LP interaction is **not itself the attestation**. It is one state transition that may participate in an Economic Path Nonce.
{% endhint %}

***

### 🔐 Why Economic Paths Are Harder to Fabricate

There are two distinct constraints.

#### 💰 Economic Resistance

A valid economic path requires real execution against real systems.

Producing it can require:

```
capital availability
+
gas
+
fees
+
slippage
+
protocol costs
+
taxes / royalties where applicable
+
execution risk
```

Capital used in an action is not necessarily consumed, but actual execution still requires real economic resources.

A random identifier can be generated almost freely.

An economic receipt requires interaction with the economic system.

> **Economic execution gives the nonce a cost-bearing component.**

***

#### ⛓️ State Resistance

The path also depends on state.

Relevant conditions may include:

```
prices
reserves
liquidity

token supply
LP supply
balances

fees

block context
transaction ordering
surrounding transactions

inputs
outputs
pre-states
post-states
```

Execution changes that state.

```
S₀ → F₁ → S₁ → F₂ → S₂ → F₃ → S₃
```

A later attempt occurs against a different canonical history.

Another actor can create a new economic path.

They cannot make the new path become the old historical path.

***

### 🧬 Same Inputs ≠ Same Nonce

Using the same nominal starting value again does not necessarily reproduce the same path.

For example:

```
$10
 ↓
different reference state
 ↓
different x₀
```

Even if `x₀` happens to match:

```
same x₀
 ↓
different state S₁
 ↓
different x₁
```

Even if `x₁` matches, a later mechanism can differ.

> **The fingerprint comes from the complete ordered path, not an individual decimal.**

***

### ⚖️ State-Transition Scarcity

The scarce object is not a decimal value.

It is the **complete historical path**:

```
payload commitment
+
starting state
+
ordered operations
+
pre-states
+
transactions
+
execution outputs
+
surrounding conditions
+
block context
+
post-states
```

Once the canonical chain has advanced, another actor can create another path.

They cannot recreate the same historical position.

***

### 📜 Attestation Structure

The final attestation can reference the path instead of storing every raw state value.

```
Attestation {
    schemaVersion

    subject
    attester

    payloadHash
    commitmentTx

    referenceValue
    referenceAsset

    startState
    startAmount

    transitions: [
        {
            primitive,
            tx,
            input,
            output,
            stateHash
        },
        ...
    ]

    economicPathNonce
}
```

The final fingerprint can then be:

```
economicPathNonce = H(
    schemaVersion,
    payloadHash,
    startingEconomicState,
    orderedTransitions
)
```

Ordering matters.

```
A → B → C
```

is not the same economic path as:

```
A → C → B
```

even when the same mechanisms are touched.

***

### ✅ What This Proves

Depending on the construction, an Economic Path Attestation can prove that:

* a particular payload was committed
* a particular ordered economic path executed
* specified contracts or mechanisms participated
* specified inputs and outputs occurred
* specified state references were used
* transactions occurred in a defined ordering
* the resulting receipt corresponds to a particular historical execution

A normal signature proves:

> **Key X authorized message Y.**

An economic path can additionally prove:

> **Message Y was bound to an ordered set of real economic state transitions.**

***

### 🚫 What This Does Not Prove

It does not automatically prove:

* that the underlying claim is factually true
* that the signer is trustworthy
* that an action was profitable
* that an action was expensive
* that a larger transaction is more truthful
* that numerically similar outputs can never occur again

> **The attestation is a receipt, not an oracle.**

***

### 🧩 Potential Uses

#### 📜 Economic Attestations

Bind claims to verifiable economic execution.

#### 🕒 Economic Timestamps

Associate a prior commitment with a particular economic and chain state.

#### ⚙️ Proof of Economic Execution

Demonstrate that an actor performed a specified economic path rather than merely signing a description.

#### 🤖 Agent Actions

Agents can attach economic receipts to jobs, outputs, claims, or actions.

#### 💻 Build Provenance

A build hash can be committed before the path and included in the resulting receipt.

#### 🔗 Provenance Chains

Later records can reference earlier economic paths.

#### 🎯 Challenge-Response Protocols

A protocol can require predefined economic transformations and verify that they occurred.

#### #️⃣ Economic State Fingerprints

Canonical states, executions, and outputs can identify particular historical economic paths.

***

### 📖 Terminology

The broad primitive is:

> **Economic Path Nonce**

Another descriptive term is:

> **Economic State-Transition Fingerprint**

A **Market-Bound Economic Nonce** is one subtype where a market transition forms part of the path.

🐝 Market-Bound Economic Attestations →

***

### 🌰 Summary

> **BASED NUT economic attestations can bind data to an ordered sequence of real economic state transitions.**

```
Economic Path Nonce =
H(
    payload commitment,
    initial economic state,
    x₀,
    F₁(S₀) → x₁,
    F₂(S₁) → x₂,
    F₃(S₂) → x₃,
    ...,
    execution ordering
)
```

The path can involve markets, wrappers, burns, liquidity positions, bonding curves, baskets, rewards, or other economic mechanisms.

> ### **The nonce is the path through economic state. ⚡**


# Market Attestations

## :sunflower: Market Challenge-Response

A **Market-Bound Economic Nonce** is a specialized Economic Path Nonce in which a live market provides one or more of the state transitions.

NUT and wNUT provide a useful construction because they combine:

```
fixed wrapper parity
+
independently priced market
+
possible arbitrage response
```

The broader Economic Path Nonce primitive is documented separately.

This page focuses only on the **market behavior**.

***

### 🎁 Fixed Parity, Floating Market

The wrapper defines:

```
1 NUT ⇄ 1 wNUT
```

Wrapping `x` NUT directly gives:

```
x NUT → x wNUT
```

A NUT/wNUT market instead executes against live reserves:

```
x NUT → y wNUT
```

`y` can depend on:

```
reserves
liquidity
fee configuration
trade size
previous trades
transaction ordering
block state
```

{% code expandable="true" %}

```mermaid
flowchart LR
    NUT["🌰 x NUT"]

    WRAP["🎁 1:1 Wrapper"]
    EXACT["x wNUT"]

    MARKET["💧 NUT / wNUT Market"]
    RESULT["y wNUT"]

    NUT --> WRAP --> EXACT
    NUT --> MARKET --> RESULT

    classDef root fill:#f6c453,stroke:#6b4b16,stroke-width:4px,color:#111;
    classDef fixed fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef market fill:#ffe3f1,stroke:#c24d91,stroke-width:2px,color:#111;

    class NUT root;
    class WRAP,EXACT fixed;
    class MARKET,RESULT market;
```

{% endcode %}

> **The wrapper provides the reference. The market provides the state-dependent output.**

***

### 🎯 Market Challenge-Response

A trade can move the market away from redemption parity:

```
AMM price ≠ 1:1 redemption relationship
```

This creates an economic challenge.

{% code expandable="true" %}

```mermaid
flowchart TD
    PARITY["🎁 1:1 Redemption"]
    TRADE["⚡ Challenge Trade"]
    DEV["↕️ Price Divergence"]
    PROFIT{"Arbitrage Economically Viable?"}
    ARB["🐝 Market Response"]
    STATE["⚖️ New Market State"]

    PARITY --> TRADE
    TRADE --> DEV
    DEV --> PROFIT

    PROFIT -->|"Yes"| ARB
    PROFIT -->|"No"| STATE

    ARB --> STATE

    classDef fixed fill:#e7f6e7,stroke:#4d7c4d,stroke-width:2px,color:#111;
    classDef market fill:#ffe3f1,stroke:#c24d91,stroke-width:2px,color:#111;
    classDef action fill:#f6c453,stroke:#6b4b16,stroke-width:3px,color:#111;

    class PARITY fixed;
    class DEV,PROFIT,STATE market;
    class TRADE,ARB action;
```

{% endcode %}

“Forced arbitrage” is useful shorthand, but arbitrage is not literally forced.

The better description is:

> **Market challenge-response**

***

### 🐝 When Does the Market Respond?

Arbitrage only becomes rational when the expected discrepancy exceeds the costs and risks of execution.

```
Gross Arbitrage Value
>
Trading Fees
+ Slippage / Price Impact
+ Gas
+ Other Execution Costs
+ Risk
```

A price difference can therefore persist inside a **no-arbitrage band**.

The 1:1 wrapper relationship does not mean the AMM must display exact 1:1 pricing at every moment.

***

### ⚡ Challenge State

The challenge itself is already a valid market transition:

```
S₀
 ↓
challenge trade
 ↓
S₁
```

For a market-bound nonce, `S₁` can be sufficient.

The attestation does not require an arbitrageur to appear.

***

### 🐝 Optional Response State

A richer construction can observe a later response:

```
S₀
 ↓
challenge
 ↓
S₁
 ↓
market response
 ↓
S₂
```

This can capture not just the state disturbance, but how the market subsequently reacted.

The response is **optional**.

***

### ⏱️ Defining Resolution

If `S₂` participates in the nonce, the protocol needs a deterministic rule for deciding what counts as the response.

Examples:

```
resolutionWindow = 20 blocks
```

or:

```
first qualifying arbitrage transaction after challenge
```

or:

```
first state where deviation < threshold
```

The exact policy can vary.

The important property is:

> **Independent verifiers must derive the same resolution state.**

***

### #️⃣ Market-Specific State

A market-bound transition can contribute fields such as:

```
chainId
pool

preState

challengeTx
amountIn
amountOut

challengeState

challengeBlock
transactionIndex

optional responseTx
optional resolvedState
optional resolutionBlock
```

The broader Economic Path Nonce can then incorporate this market transition as one ordered component of the complete path.

For example:

```
MarketTransition {
    pool,
    preState,
    challengeTx,
    input,
    output,
    postState
}
```

or, with a defined response:

```
MarketTransition {
    pool,

    state₀,

    challengeTx,
    state₁,

    responseTx,
    state₂
}
```

***

### 🌰 Why NUT/wNUT Is Interesting

The wrapper provides a canonical 1:1 reference.

The market provides an independent state-dependent exchange result.

NUT adds another unusual property:

> **The total NUT supply is 1 NUT.**

Therefore any NUT quantity is directly expressible as a fraction of the entire asset.

```
0.0001 NUT = 0.01% of supply
0.0010 NUT = 0.10% of supply
0.0100 NUT = 1.00% of supply
```

This does **not** make a decimal amount unique.

It makes the economic magnitude of the NUT component unusually legible.

For example:

```
$10 at reference state S₀
 ↓
x NUT
 ↓
NUT / wNUT market
 ↓
y wNUT
```

The useful object is not merely `x` or `y`.

It is the market transition connecting them.

***

### 💧 Liquidity as Market Capacity

Liquidity controls how the market reacts to a transaction.

```
deeper liquidity
→ less price impact for the same trade

shallower liquidity
→ more price impact for the same trade
```

So for this particular state machine:

```
LP depth   → market capacity
swap       → challenge
arbitrage  → possible response
transition → market fingerprint
```

Adding liquidity does **not** itself create an attestation.

It changes the state in which future market transitions occur.

Likewise, adding liquidity does not automatically create arbitrage.

***

### 🧬 Market Transition Inside the Larger Path

The market-bound nonce is not a separate competing theory.

It is one component that can be inserted into a broader path.

{% code expandable="true" %}

```mermaid
flowchart LR
    X0["x₀"]
    BEFORE["Other Economic<br/>Transitions"]
    MARKET["🐝 Market-Bound<br/>Transition"]
    AFTER["Other Economic<br/>Transitions"]
    NONCE["⚡ Economic Path Nonce"]

    X0 --> BEFORE
    BEFORE --> MARKET
    MARKET --> AFTER
    AFTER --> NONCE

    classDef normal fill:#f7f1e6,stroke:#8b6b46,stroke-width:2px,color:#111;
    classDef market fill:#fff3d6,stroke:#7a5228,stroke-width:3px,color:#111;
    classDef nonce fill:#e7f6e7,stroke:#4d7c4d,stroke-width:4px,color:#111;

    class X0,BEFORE,AFTER normal;
    class MARKET market;
    class NONCE nonce;
```

{% endcode %}

For example:

```
reference value
 ↓
x NUT
 ↓
🐝 NUT/wNUT market transition
 ↓
y wNUT
 ↓
🔥 burn-related transition
 ↓
💧 LP transition
 ↓
Economic Path Nonce
```

This is the relationship between the two pages.

***

### 🧬 Design Principle

wNUT itself should remain simple.

```
🌰 NUT
   │
   │ 1:1
   ▼
🎁 wNUT
   │
   └── 💧 NUT/wNUT market
           │
           ├── challenge state
           ├── optional response state
           └── market transition
                    │
                    ▼
              Economic Path Nonce
```

The wrapper does not need attestation logic embedded inside it.

> **The wrapper provides the invariant. The market provides the transition. The Economic Path Nonce composes the result.**

***

### 📖 Terminology

For this page:

**Market-Bound Economic Nonce**\
A nonce containing a market state transition.

**Market Challenge-Response**\
A market disturbance followed by an optional economically motivated response.

**Market-Execution Attestation**\
An attestation whose evidence includes real market execution.

The parent primitive is:

> **Economic Path Nonce**

Avoid using:

```
decimal scarcity
forced arbitrage
LP creation as the attestation
```

as definitions of the market-bound primitive.

***

### 🌰 Summary

The specialized construction is:

```
fixed NUT/wNUT reference
+
independent NUT/wNUT market
+
challenge trade
+
state S₀ → S₁
+
optional market response S₂
────────────────────────────
Market-Bound Economic Transition
```

That transition can then become one component of:

```
Economic Path Nonce
```

> ### **The market is one state machine. The nonce can cross many. 🐝⚡**

{% hint style="warning" %}

### ⚠️ Experimental Memefi

This is experimental infrastructure and research.

Market execution carries transaction costs, liquidity risk, smart-contract risk, and execution risk. Nothing here implies financial value, expected profit, or guaranteed arbitrage.
{% endhint %}

<br>


# FAQ

## 🌰 Based NUT FAQ

> ⚠️ **EXPERIMENTAL MEMEFI PROJECT — NOT FINANCIAL ADVICE.** BASED NUT is an experimental memefi project. All content is for educational and entertainment purposes only. Trade at your own risk.

Everything you need to know about the BASED NUT ecosystem. Playful, community-driven, and not investment advice.

### Basics

#### What is BASED NUT?

Based NUT is a meme-themed DeFi experiment on the Base network (Coinbase L2). It features a unity token (NUT, supply=1), deflationary rewards (SNUT), a Balancer index basket (pNUT), and Mint Club bonding-curve tokens (SALT, NUTINO). No intrinsic value, no expectation of profit — pure peanut-powered DeFi.

#### Is Based NUT intended as an investment?

No. The NUTpaper states that NUT tokens are meme coins without investment value. Treat it as entertainment and only risk what you can afford to lose.

#### What chain is BASED NUT on?

Base (Coinbase L2). All contracts, pools, and tokens are on Base mainnet. Explorer: basescan.org.

#### What are the ecosystem layers?

Three layers: (1) **BASED NUTs** — the foundation layer with NUT (unity token), SNUT (deflationary rewards), and pNUT (index basket). (2) **NESTED TOKENS** — Mint Club bonding-curve tokens like SALT and NUTINO, backed by locked NUT. (3) **NESTED NFTs** — War Generals and Soldiers minted with locked NUT, representing factions in the Great Nut War.

#### What core tokens compose the ecosystem?

The base layer is NUT (`0xb8de15fb529d98c93c749de63c749d48d25a30df`, supply=1), deflationary layer SNUT (`0xAC130701aa31c284c36609E2489f150F419AD7AD`, supply=100,000), and Balancer index token pNUT (`0x2a5757b60987ff10385de1d4d923792f6fdcfff1`). Mint Club tokens SALT and NUTINO are backed by NUT.

#### What is the MetaDEX / NUTDEX framework?

BASED NUT is described as a universal liquidity layer framework — a MetaDEX that combines protocol-owned liquidity (UniV3), community-driven pools (Aerodrome vAMM), and bonding-curve token minting into a single interconnected system. NUT sits at the root as the main liquidity anchor, with all nested tokens and NFTs deriving value from it.

### Tokens

#### What is the difference between NUT, SNUT, and pNUT?

**NUT:** anchor token, supply=1, no tax. **SNUT:** deflationary reward-position token, supply=100,000, 1% tax, hold to earn NUT via non-escrow reward-position. **pNUT:** Balancer V2 index basket holding 25% each of cbETH, cbBTC, NUT, SNUT — inflationary counterbalance to SNUT.

#### Why does NUT have a supply of 1?

NUT is a unity token — ERC-20 capped at 1 whole token, 18 decimals, so it is divisible down to 1e-18 NUT. TRUE Price = TRUE Market Cap. Standard APIs (CoinGecko, DexScreener) often miscalculate because they expect normal supply. Always check on-chain via Base RPC for accurate pricing.

#### What is the SNUT transaction tax?

SNUT has a 1% tax on every transaction, split among liquidity, manager wallet, buyback/burn, and reward-position rewards (live per-stream rates on the SNUT page). Holding SNUT automatically earns NUT rewards via non-escrow reward-position — no locking required.

#### What are SALT and NUTINO?

Mint Club bonding-curve tokens backed by NUT. SALT (`0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81`): mint on Mint Club, sell on Aerodrome SALT/USDC. NUTINO (`0x30421e2d18dFF60B298eEF427cF868cA65f1476B`): mint on Mint Club, sell on Uniswap V2 NUTINO/cbBTC. Bonding curve price = NUT\_locked / token\_supply. 1% royalty on mint/burn.

#### How are nested tokens created?

Nested tokens are minted on Mint Club using NUT as collateral. Price is determined by bonding-curve contracts: price = NUT\_locked / token\_supply. Buy price ≠ sell price (significant spread). 1% royalty on mint/burn. Users can arbitrage by minting when the curve price is lower than the market price, or burning when the curve price is higher.

#### Which nested tokens exist?

SALT — two-venue arbitrage loop via Aerodrome SALT/USDC pool. NUTINO — arbitrage via Uniswap V2 NUTINO/cbBTC pool. Mint Club lists 14 NUT-backed tokens. SALT was airdropped to NUT Army NFT holders (200/NFT for Generals, 80/NFT for Soldiers). 7,420,420 SALT allocated to the Salt Forge vault.

#### What role does Mint Club play?

Mint Club (mint.club) is the hub for NUT-backed child tokens. It lists existing tokens with prices and TVL and lets anyone deploy new NUT-collateralised tokens via bonding curves. The bonding curve buy/sell spread acts as protocol revenue.

### Mechanics

#### What is the SNUT recursive burn flywheel?

Dead-held SNUT earns NUT. That NUT goes to dead too. Burn feeds burn — the flywheel never stops. See SNUT Mechanics.

#### What is the SNUT-LP meta-pool (Palm Grove)?

The SNUT-LP meta-pool (`0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c`) is a specialized pool that holds SNUT liquidity pool tokens. It acts as a Palm Grove Graft Market — allowing SNUT LP tokens to be traded and valued independently. This creates an additional layer of liquidity for SNUT providers and opens new arbitrage vectors between SNUT spot price, SNUT LP value, and NUT.

#### How is pNUT NAV calculated?

pNUT NAV = totalLiquidity / totalShares. The Balancer V2 weighted pool holds 25% each of cbETH, cbBTC, NUT, and SNUT. totalLiquidity is the sum of all component values in USD. totalShares is the BPT token supply. When market price < NAV: buy pNUT and redeem basket for profit. When market price > NAV: mint pNUT and sell components. Data fetched from Balancer GraphQL API (labeled BAL).

#### Are there transaction taxes?

NUT: no tax. SNUT: 1% fee split among liquidity, manager, buyback/burn, and reward-position. pNUT: no explicit tax but unwrapping triggers SNUT fee since SNUT is a component. Mint Club tokens: 1% royalty on mint/burn.

#### What deflationary or inflationary forces exist?

NUT: supply fixed at 1, cannot expand. SNUT: deflationary — 1% transaction tax funds buyback/burn at dead address (`0x000000000000000000000000000000000000dEaD`), permanently reducing supply. pNUT: inflationary — can be freely minted, but growth tempered by NUT and SNUT deflation. This creates a balanced deflationary/inflationary system.

#### Where are burned SNUT tokens sent?

Burned SNUT tokens are sent to the dead address `0x000000000000000000000000000000000000dEaD` — permanently removed from circulation. The SNUT buyback/burn mechanism (funded by a share of the 1% transaction tax) burns both SNUT and NUT at this address, reducing both supplies.

### Arbitrage

#### What arbitrage opportunities exist?

Multiple loops: (1) SALT: mint on Mint Club → sell on Aerodrome SALT/USDC. (2) NUTINO: mint on Mint Club → sell on Uniswap V2 NUTINO/cbBTC. (3) pNUT drift: buy pNUT when market price < NAV, redeem basket; mint pNUT when market price > NAV, sell. (4) Cross-pool NUT arbitrage between Uniswap V3, V2, and Aerodrome. (5) NFT venue: marketplace price vs Sudoswap AMM price vs intrinsic redeemable NUT backing.

#### How does the SALT arbitrage loop work?

Forward: mint SALT on Mint Club (pay NUT) → sell on Aerodrome SALT/USDC pool (receive USDC). Reverse: buy SALT on Aerodrome → burn on Mint Club (receive NUT). Profit when price discrepancy exists between bonding curve and DEX, after accounting for 1% royalty, curve spread, and gas.

#### What is pNUT drift arbitrage?

pNUT is a Balancer V2 weighted pool. When market price < NAV: buy pNUT and redeem basket (cbETH, cbBTC, NUT, SNUT). When market price > NAV: mint pNUT and sell. NAV = totalLiquidity / totalShares.

#### How can I build an arbitrage bot?

Visit the Arb Bot Builder War Room for a complete guide including all arbitrage loops, machine-readable JSON spec with route IDs and contract addresses, execution doctrine, and getting started steps including Mint Club SDK installation. See Arb Bot Builder.

#### What is the Mint Club SDK?

The Mint Club SDK (mint.club-v2-sdk) is an npm package for interacting with Mint Club bonding curves programmatically. Install with `npm i mint.club-v2-sdk`. Key methods: `getTotalSupply()` for current token supply, `buy()` for minting tokens via the bonding curve, `sell()` for burning tokens back to NUT. Requires viem and a wallet for transactions. Reference: sdk.mint.club.

### Liquidity

#### Where is liquidity provided?

NUT: Uniswap V3 (NUT/WETH), Uniswap V2 (NUT/WETH), Aerodrome (NUT/AERO), Aerodrome (NUT/cbBTC). SNUT: Aerodrome (SNUT/NUT), Uniswap V2 (SNUT/WETH). pNUT: Balancer V2 weighted pool (cbETH/cbBTC/NUT/SNUT). SALT: Aerodrome (SALT/USDC). NUTINO: Uniswap V2 (NUTINO/cbBTC). Aerodrome pools have bribe incentives via gauge reward-position.

#### How do I provide liquidity to NUT pools?

Pick a venue (Uniswap V3/V2, Aerodrome, Balancer), fund both sides, and set your range. See [Pair With NUT](https://orchard.basednut.com/pair-your-token) for the interactive pairing tool.

#### What are the pool roles in the ecosystem?

Each pool has a distinct economic purpose — main liquidity, meta-market for LP rights, SNUT↔NUT venue, multi-asset arbitrage surface.

### Data

#### Why do prices differ between sources?

NUT supply=1 causes standard APIs to miscalculate market cap and price. Different DEX venues (Uniswap V3, V2, Aerodrome) can have different prices for the same token. This is a feature, not a bug — these price differences ARE the arbitrage opportunities. The portal shows prices from GeckoTerminal (GT), DexScreener (DS), Base RPC (RPC), CoinGecko (CG), and Balancer (BAL) with source labels.

#### What data sources does this site use?

Five free sources, no API keys needed: (1) GeckoTerminal (GT) — token prices, volume, market cap. (2) DexScreener (DS) — DEX pair prices, liquidity, volume. (3) Base RPC (RPC) — on-chain totalSupply and decimals. (4) CoinGecko (CG) — aggregated price data. (5) Balancer API (BAL) — pNUT pool data (totalLiquidity, APR, NAV, token balances). Each source is labeled in price displays.

### Agents & NFTs

#### What is the Smart Agent System?

Peanutoshi Nutkamoto is the official BASED NUT AI agent — a DeFi Meme Oracle and Liquidity Warlord that provides market insights, arbitrage analysis, and ecosystem guidance. Peanutoshi uses the NUT Sentiment Index (NSI) to adapt strategy based on market conditions. You can chat with Peanutoshi on the portal.

#### What is the NUT Sentiment Index (NSI)?

Peanutoshi NSI tracks market sentiment: green = bullish (rally the Nut Army), red = defensive (fortify liquidity positions), neutral = meme warfare mode. The NSI adapts strategy based on real-time market conditions.

#### What NFT collections exist in the ecosystem?

P-NUTS (Peanut Generals, 251), PEANUT ARMY (Peanut Soldiers, 5,013), ALMONDS (Almond Generals, 424), S-ALMONDS (Almond Soldiers, 6,238). All bonded to NUT via Mint Club bonding curves — mint to enlist, burn to reclaim. Whole-NFT trading on Sudoswap. See Tokens.

#### Where can the NFT collections be traded?

War NFTs are minted by depositing NUT via bonding curves and burned to withdraw the NUT backing — the bonding curve sets a floor price. Sudoswap AMM pools enable whole-NFT trading (buy/sell via bonding curves) in USDC or cbETH, alongside regular NFT marketplaces.

#### What is the "Great Nut War"?

A fictional narrative portraying a conflict between the Peanut Republic and Almond Empire over resources like Salt, Butter, Oil, Honey and Caramel. These resources are not active tokens; they are marked TBA.

#### What is the War Machine page?

The War Machine page documents the faction abilities and protocol defensive infrastructure of the Great Nut War. Each faction (Peanuts, Almonds, Cashews, Pecans, Hazelnuts, Coconuts, Chestnuts) has unique abilities — from damage reduction to morale burn to resource stealing. The War Machine is a gamified representation of the ecosystem competitive dynamics.

### Project

#### Are there plans for a DAO or governance?

No. There is no formal team, roadmap or governance mechanism. The project is community-driven.

#### What risks should users consider?

The NUTpaper warns that the ecosystem complexity and multilayered smart-contract structure may introduce vulnerabilities. No audits exist. Regulatory uncertainty. Participants should treat the project as entertainment and only risk what they can afford to lose. This is an experimental memefi project — NOT financial advice.

#### How does the community engage?

The culture emphasises memes and community interaction. Follow BASED NUT on Twitter, join the Liquidity Portal, and keep an eye on Mint Club for new tokens.

#### What can I do on the portal?

Explore the ecosystem: view live token data on the All Tokens page, dive into individual token profiles (NUT, SNUT, pNUT, SALT, NUTINO, NFTs), study arbitrage loops in the Arb Bot War Room, visualize token relationships on the Nut Tree, learn the lore in the Great Nut War and War Machine pages, browse NUTINO memes, or chat with Peanutoshi AI for real-time insights.

#### What is the Nut Tree?

The Nut Tree is a visual hierarchy page showing how all tokens in the ecosystem derive from NUT. NUT sits at the root, branching into SNUT (deflationary layer), pNUT (index basket), and Mint Club tokens (SALT, NUTINO). NFT collections (P-NUTS, ALMD, S-ALMD, PNUTRMY) are also shown as NUT-backed assets. The tree makes it easy to understand the relationships between tokens at a glance.

#### What is NUTINO memes?

NUTINO memes is a community gallery page featuring user-submitted memes and creative content from the BASED NUT ecosystem. It showcases the culture and humor of the Nut Army. Submit and browse nut-themed memes, NUTINO art, and community creations.


# Glossary

## Based NUT DeFi Glossary

### Core Market Terms

> 1. **Slippage:** The difference between the quoted trade result and the result received when the transaction executes. It can arise from price movement, transaction ordering, fees, transfer taxes, or changes in pool balances. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/8643794102669-Price-Impact-vs-Price-Slippage)

> 2. **Slippage tolerance:** The maximum unfavorable difference a trader permits between the quoted and executed result before the transaction reverts. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/8643879653261-How-to-change-slippage-on-the-Uniswap-Web-app)

> 3. **Minimum output:** The smallest output amount a swap is permitted to return under the user’s slippage settings. [Learn more: Uniswap swaps](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 4. **Price impact:** The price movement directly caused by the size of a trade relative to the pool’s active liquidity. **Based NUT:** NUT trade size is measured relative to available pool liquidity, not merely by the visible fraction of one NUT being traded. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/8671539602317-What-is-Price-Impact)

> 5. **Spot price:** The pool’s current marginal exchange rate before accounting for the complete size of a proposed trade. [Learn more: Uniswap v2 whitepaper](https://docs.uniswap.org/whitepaper.pdf)

> 6. **Execution price:** The average exchange rate received across the entire trade after fees and movement along the pool curve. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/8643794102669-Price-Impact-vs-Price-Slippage)

> 7. **Quote:** An estimate of a transaction’s route, input, output, fees, price impact, and minimum received amount. [Learn more: Uniswap quoting](https://docs.uniswap.org/sdk/v3/guides/swaps/quoting)

> 8. **Base asset:** The asset being priced in a market pair. The meaning depends on the notation used by the interface. **Based NUT:** NUT is also called the base asset in Mint Club curves where users deposit NUT to mint child tokens. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 9. **Quote asset:** The asset used to express the price of another asset. In NUT/WETH, WETH is the quote asset when NUT’s price is stated in WETH. [Learn more: Coinbase](https://www.coinbase.com/learn/crypto-basics/what-is-a-trading-pair)

> 10. **Pair token:** The asset traded or deposited alongside another asset in a two-token pool. **Based NUT:** NUT pair tokens include WETH, AERO, cbBTC, and ecosystem tokens in their respective pools. [Learn more: Uniswap pairs](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 11. **Price discovery:** The process through which market transactions establish an exchange price. **Based NUT:** NUT price discovery occurs across its Uniswap and Aerodrome markets. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 12. **Price divergence:** A difference between prices quoted by separate markets for the same asset. **Based NUT:** NUT prices can be compared across its separate liquidity venues. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/25845512413069-Why-is-a-pool-out-of-sync)

> 13. **Price convergence:** Movement of separate market prices toward one another, commonly through arbitrage. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/25845512413069-Why-is-a-pool-out-of-sync)

> 14. **Depeg:** A departure from an asset’s intended reference price, exchange rate, or redemption relationship. [Learn more: Chainlink](https://chain.link/education-hub/what-is-a-stablecoin)

> 15. **Volatility:** The magnitude and frequency of price changes during a period. [Learn more: Coinbase](https://www.coinbase.com/learn/crypto-basics/what-is-volatility)

> 16. **Market capitalization:** Token price multiplied by circulating supply. `market cap = token price × circulating supply` . **Based NUT:** Because circulating supply can differ from total supply, NUT market capitalization and NUT FDV are separate concepts. [Learn more: CoinMarketCap](https://coinmarketcap.com/academy/glossary/market-capitalization-market-cap-mcap)

> 17. **Fully diluted valuation / FDV:** Token price multiplied by the maximum or fully issued supply. `FDV = token price × maximum supply` . **Based NUT:** With a maximum total supply of one whole NUT, NUT FDV is numerically equal to the market price of one whole NUT. [Learn more: NUT contract](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df)

> 18. **Trading volume:** The total value or quantity traded during a selected period. [Learn more: CoinGecko](https://www.coingecko.com/learn/crypto-trading-volume)

> 19. **Route:** The sequence of pools and tokens used to execute a swap. [Learn more: Uniswap routing](https://docs.uniswap.org/contracts/v3/concepts/advanced-topics/routing)

> 20. **Multi-hop swap:** A swap that passes through one or more intermediate tokens or pools before reaching the requested output token. **Based NUT:** A NUT-linked trade may route through WETH, cbBTC, AERO, VIRTUAL, an LP token, or another ecosystem asset. [Learn more: Uniswap routing](https://docs.uniswap.org/contracts/v3/concepts/advanced-topics/routing)

***

### Liquidity and Liquidity Provision

> 1. **Liquidity:** Assets available for immediate trading, borrowing, redemption, or withdrawal. [Learn more: Uniswap](https://docs.uniswap.org/concepts/protocol/liquidity)

> 2. **Liquidity depth:** The amount that can be traded near the current price without substantially changing that price. It depends on both total capital and its position along the pricing curve. [Learn more: Uniswap concentrated liquidity](https://developers.uniswap.org/docs/get-started/concepts/liquidity-providers/concentrated-liquidity)

> 3. **Active liquidity:** Liquidity positioned at the current market price and therefore available to execute trades. [Learn more: Uniswap](https://docs.uniswap.org/concepts/protocol/concentrated-liquidity)

> 4. **Inactive liquidity:** Deposited liquidity positioned outside the current active price range. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/32514988932877-What-does-out-of-range-liquidity-mean)

> 5. **Full-range liquidity:** Liquidity distributed across the protocol’s complete possible price range. Uniswap v2 positions are full range by design. [Learn more: Uniswap v2](https://docs.uniswap.org/whitepaper.pdf)

> 6. **Concentrated liquidity:** Liquidity assigned to selected price intervals rather than the entire price curve. [Learn more: Uniswap v3](https://developers.uniswap.org/docs/get-started/concepts/liquidity-providers/concentrated-liquidity)

> 7. **One-sided liquidity:** A position containing only or primarily one asset. A concentrated position can become one-sided when the market moves outside its selected range. **Based NUT:** NUT’s genesis liquidity began as a one-sided NUT position. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/32514988932877-What-does-out-of-range-liquidity-mean)

> 8. **Liquidity provision / LPing:** Depositing assets into a market so users can trade against them. The provider receives the position’s fees and assumes the position’s asset exposure. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/20902968738317-What-is-liquidity-providing)

> 9. **Liquidity provider / LP:** A wallet, treasury, vault, or contract that supplies liquidity. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/20902968738317-What-is-liquidity-providing)

> 10. **Liquidity pool:** A smart contract holding assets and applying defined rules for deposits, withdrawals, swaps, and pricing. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 11. **LP token:** A token representing ownership of a liquidity pool. Redeeming it returns the holder’s proportional underlying assets according to the pool’s rules. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 12. **LP-token pool / LP pool:** In this glossary, a pool where one of the deposited assets is itself an LP token. **Based NUT:** Palm Grove structures use SNUT-related LP tokens as assets in another market. [Learn more: Balancer composability](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 13. **Metapool:** A pool connecting an asset to an established pool through that pool’s LP token. Exact metapool mechanics are protocol-specific. **Based NUT:** Palm Grove is described as an LP-token metapool. Learn more: Curve metapools

> 14. **Nested liquidity:** Liquidity composed recursively: tokens enter a pool, the LP token enters another pool, and the resulting position may enter another contract. **Based NUT:** pNUT, Palm Grove, vault shares, and NUT-backed assets can form nested liquidity layers. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 15. **Composable liquidity:** Tokenized liquidity positions that can be transferred or used inside other protocols. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 16. **Liquidity fragmentation:** Distribution of liquidity across separate pools, chains, pairs, fee tiers, or token standards. **Based NUT:** NUT liquidity is distributed across Uniswap, Aerodrome, Balancer-related structures, and bonding-curve markets. [Learn more: Uniswap routing](https://docs.uniswap.org/contracts/v3/concepts/advanced-topics/routing)

> 17. **Canonical pool:** The pool designated as the principal market or price reference for an asset. **Based NUT:** The NUT genesis pool is used as the ecosystem’s primary historical market reference. [Learn more: Uniswap pools](https://docs.uniswap.org/contracts/v3/reference/core/UniswapV3Pool)

> 18. **Genesis pool:** The initial pool used to establish a token’s first onchain market. **Based NUT:** The NUT/WETH Uniswap v3 pool is the NUT genesis pool. [Learn more: Uniswap pool initialization](https://docs.uniswap.org/contracts/v3/reference/core/UniswapV3Pool#initialize)

> 19. **Genesis liquidity:** The initial assets deposited when a market is created. **Based NUT:** NUT genesis liquidity established its original Uniswap v3 position and market price. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v3/reference/core/UniswapV3Pool#initialize)

> 20. **Protocol-owned liquidity / POL:** Liquidity whose LP position is controlled by a protocol treasury or protocol contract. [Learn more: Olympus DAO](https://docs.olympusdao.finance/main/overview/treasury/)

> 21. **Community-owned liquidity:** Liquidity independently owned by ecosystem participants. [Learn more: Uniswap LPs](https://support.uniswap.org/hc/en-us/articles/20902968738317-What-is-liquidity-providing)

> 22. **Liquidity mining:** Distribution of token incentives to liquidity providers. **Based NUT:** Eligible Aerodrome NUT pools can receive AERO emissions through gauges. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 23. **Mercenary liquidity:** An informal term for liquidity supplied primarily to collect temporary incentives. [Learn more: Curve gauges](https://resources.curve.finance/reward-gauges/understanding-gauges/)

> 24. **Sticky liquidity:** An informal term for liquidity that remains deposited over extended periods because of ownership, lockups, fees, incentives, or strategy. [Learn more: Curve vote locking](https://resources.curve.finance/vecrv/understanding-vecrv/)

> 25. **TVL / total value locked:** The estimated market value of assets deposited in a protocol, pool, curve, or vault. TVL and active trading depth measure different properties. [Learn more: DeFiLlama](https://defillama.com/docs/definitions)

> 26. **Volume-to-TVL ratio:** Trading volume divided by TVL over a specified period.

> `volume-to-TVL = trading volume ÷ TVL`

> [Learn more: DeFiLlama](https://defillama.com/docs/definitions)

> 27. **Capital efficiency:** The amount of active liquidity or trading capacity produced per unit of deposited capital. [Learn more: Uniswap v3](https://developers.uniswap.org/docs/get-started/concepts/liquidity-providers/concentrated-liquidity)

> 28. **Withdrawal liquidity:** Assets currently available to satisfy depositor withdrawals. [Learn more: Morpho liquidity](https://docs.morpho.org/curate/concepts/liquidity/)

> 29. **Dust:** A token balance too small to use economically relative to gas or protocol minimums. [Learn more: Ethereum glossary](https://ethereum.org/glossary/)

> 30. **Exit liquidity:** A colloquial term for market demand available to absorb a seller’s position. [Learn more: Investor.gov](https://www.investor.gov/introduction-investing/investing-basics/glossary/liquidity-or-marketability)

***

### Liquidity Position Mechanics and Risks

> 1. **Impermanent loss / IL:** The difference between the value of assets held directly and the value of the same assets deposited in an automatically rebalancing AMM position. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/20973834361037-What-is-Impermanent-Loss)

> 2. **Realized LP loss:** A difference relative to holding that becomes fixed when an LP position is closed or withdrawn. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/20973834361037-What-is-Impermanent-Loss)

> 3. **Inventory risk:** The possibility that a liquidity position accumulates one asset while traders remove the other. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/20973834361037-What-is-Impermanent-Loss)

> 4. **Range risk:** The possibility that a concentrated-liquidity position moves outside its selected interval. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/32514988932877-What-does-out-of-range-liquidity-mean)

> 5. **Out of range:** A concentrated-liquidity position whose selected range no longer contains the current price. It does not execute swaps or earn swap fees while outside the range. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/32514988932877-What-does-out-of-range-liquidity-mean)

> 6. **Rebalancing:** Changing a liquidity position’s assets, weights, or price range. [Learn more: Uniswap concentrated liquidity](https://docs.uniswap.org/concepts/protocol/concentrated-liquidity)

> 7. **Pool imbalance:** A departure between current pool balances and the balance relationship implied by its pricing formula or configured weights. [Learn more: Balancer weighted pools](https://docs.balancer.fi/concepts/explore-available-balancer-pools/weighted-pool/weighted-pool.html)

> 8. **Adverse selection:** Trading that occurs when one participant has more current information than the counterparty or passive liquidity position. [Learn more: LVR research](https://arxiv.org/abs/2208.06046)

> 9. **LVR / loss versus rebalancing:** A measure comparing an AMM position with a benchmark portfolio that rebalances at external market prices. [Learn more: LVR paper](https://arxiv.org/abs/2208.06046)

> 10. **Toxic flow:** An informal market-making term for order flow that systematically trades against stale or unfavorable quotes. [Learn more: LVR paper](https://arxiv.org/abs/2208.06046)

> 11. **Liquidity lock:** Placement of LP ownership inside a contract that restricts withdrawal until specified conditions are met. [Learn more: OpenZeppelin timelocks](https://docs.openzeppelin.com/contracts/4.x/api/token/erc20#TokenTimelock)

> 12. **LP-token burn:** Transfer or destruction of LP ownership tokens so their associated withdrawal claim is no longer usable. The pool’s underlying assets remain in the pool. [Learn more: Uniswap v2 LP tokens](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 13. **Liquidity burn:** Informal terminology for burning or sinking LP tokens rather than burning the assets held by the pool. [Learn more: Uniswap v2](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 14. **Permanent liquidity:** Liquidity whose withdrawal claim has been irreversibly removed or whose contract rules do not permit withdrawal. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 15. **Dead liquidity:** Informal terminology for liquidity whose LP ownership token is held by a conventional dead address. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

***

### AMMs and Pricing Systems

> 1. **AMM / automated market maker:** A smart contract that prices and exchanges assets through predefined mathematical rules rather than a conventional order book. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 2. **Invariant:** The mathematical relationship an AMM applies when calculating pool transactions. [Learn more: Uniswap v2](https://docs.uniswap.org/whitepaper.pdf)

> 3. **Constant-product AMM:** An AMM commonly represented by:

> `x × y = k`

> A swap changes the two reserves while preserving the invariant after accounting for fees. [Learn more: Uniswap v2](https://docs.uniswap.org/whitepaper.pdf)

> 4. **Constant-sum AMM:** An AMM represented by:

> `x + y = k`

> It maintains a constant exchange rate until one side is exhausted. [Learn more: AMM research](https://arxiv.org/abs/2103.12732)

> 5. **Hybrid invariant:** A pricing formula combining characteristics of multiple AMM models, such as constant-product and constant-sum behavior. [Learn more: Curve StableSwap](https://resources.curve.finance/whitepaper/stableswap-paper/)

> 6. **CLAMM / concentrated-liquidity AMM:** An AMM where liquidity is assigned to selected price intervals. [Learn more: Uniswap v3](https://developers.uniswap.org/docs/get-started/concepts/liquidity-providers/concentrated-liquidity)

> 7. **Virtual reserves:** Mathematical reserve values used by an AMM’s pricing logic that need not equal its directly held token balances. [Learn more: Uniswap v3 math](https://blog.uniswap.org/uniswap-v3-math-primer)

> 8. **Weighted pool:** A Balancer pool whose pricing invariant uses configurable normalized asset weights, such as 80/20 or 25/25/25/25. Actual token balances and market values change as swaps occur. **Based NUT:** pNUT uses four 25% normalized weights. [Learn more: Balancer](https://docs.balancer.fi/concepts/explore-available-balancer-pools/weighted-pool/weighted-pool.html)

> 9. **Stable pool:** A pool using specialized math for assets expected to follow a close or predictable exchange relationship. [Learn more: Balancer stable pools](https://docs.balancer.fi/concepts/explore-available-balancer-pools/stable-pool/stable-pool.html)

> 10. **Boosted pool:** A pool integrating yield-bearing assets so deposited capital can participate in an external yield source while remaining represented in pool accounting. [Learn more: Balancer boosted pools](https://docs.balancer.fi/concepts/explore-available-balancer-pools/boosted-pool/boosted-pool.html)

> 11. **Composable stable pool:** A stable pool designed so its BPT can participate as an asset in another Balancer pool. [Learn more: Balancer](https://docs.balancer.fi/concepts/explore-available-balancer-pools/composable-stable-pool/composable-stable-pool.html)

> 12. **Managed pool:** A Balancer pool implementation supporting defined management operations such as gradual weight changes or token configuration. [Learn more: Balancer](https://docs.balancer.fi/concepts/explore-available-balancer-pools/managed-pool/managed-pool.html)

> 13. **Liquidity bootstrapping pool / LBP:** A weighted pool whose configured weights change over time to distribute a token and establish market pricing. [Learn more: Balancer LBP](https://docs.balancer.fi/concepts/explore-available-balancer-pools/liquidity-bootstrapping-pool.html)

> 14. **Fee tier:** The swap-fee rate assigned to a pool. [Learn more: Uniswap fees](https://docs.uniswap.org/concepts/protocol/fees)

> 15. **Dynamic fee:** A swap fee that changes according to protocol state or custom logic. [Learn more: Uniswap v4](https://docs.uniswap.org/contracts/v4/concepts/dynamic-fees)

***

### Bonding Curves

> 1. **Bonding curve:** A predefined relationship between token supply and price. Purchases commonly deposit a reserve asset and mint tokens; sales burn tokens and return reserve assets. **Based NUT:** SALT and NUTINO use NUT as their Mint Club base asset. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 2. **Continuous bonding curve:** A curve where price changes continuously according to a mathematical function. [Learn more: Bonding curves](https://yos.io/2018/11/10/bonding-curves/)

> 3. **Discrete bonding curve:** A curve divided into predefined supply intervals, each with a specified price. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 4. **Mint Club bonding curve:** A discrete bonding curve composed of `BondStep` supply ranges and prices. Buying mints the asset and deposits its base asset; selling burns the asset and returns base assets. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 5. **Bond step / price interval:** A supply range within a discrete bonding curve that uses one predefined unit price. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 6. **Curve token:** The token or ERC-1155 asset created and destroyed through a bonding curve. **Based NUT:** SALT and NUTINO are NUT-reserve curve tokens. [Learn more: Mint Club](https://docs.mint.club/)

> 7. **Curve reserve / base asset:** The asset deposited into the bonding-curve contract and returned during redemption. **Based NUT:** NUT is the base asset for its nested Mint Club tokens. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 8. **Mint price:** The amount of base asset required to create the requested curve-token quantity. [Learn more: Mint Club minting](https://docs.mint.club/mintburn/minting)

> 9. **Burn price:** The amount of base asset returned when curve tokens are destroyed. [Learn more: Mint Club burning](https://docs.mint.club/mintburn/burning)

> 10. **Curve spread:** The difference between effective mint and burn execution created by price steps, royalties, or other curve rules. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 11. **Curve depth:** The amount that can be minted or burned before a transaction enters different price intervals. [Learn more: Mint Club curve design](https://docs.mint.club/tools/bonding-curve-design)

> 12. **Maximum minting supply:** The highest curve-token supply permitted by the deployed Mint Club configuration. [Learn more: Mint Club](https://docs.mint.club/create/token)

> 13. **Free minting allocation:** Curve-token or NFT supply issued to the creator during deployment without following the public curve purchase path. [Learn more: Mint Club](https://docs.mint.club/create/token)

> 14. **Average reserve per token:** Curve reserve divided by outstanding curve-token supply.

> `average reserve per token = curve reserve ÷ token supply`

> This value is not the same as Mint Club’s current marginal mint or burn price, which is determined by the active `BondStep` intervals. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 15. **Curve-backed token:** A token redeemable through a bonding-curve contract for its specified base asset. **Based NUT:** NUT-backed child tokens are curve-backed according to their deployed Mint Club rules. [Learn more: Mint Club](https://docs.mint.club/mintburn/mint-burn-overview)

> 16. **Liquidity versus backing:** Liquidity provides a trading route; backing provides an enforceable redemption relationship. **Based NUT:** A token paired with NUT has NUT liquidity, while a Mint Club token redeemable for NUT has a NUT reserve relationship. [Learn more: Mint Club](https://docs.mint.club/mintburn/mint-burn-overview)

***

### Oracles

> 1. **Oracle:** A mechanism that supplies a price or external fact to a smart contract. [Learn more: Chainlink](https://chain.link/education/blockchain-oracles)

> 2. **Oracle source:** The pool, exchange, reporting network, or data system from which an oracle obtains information. [Learn more: Chainlink](https://docs.chain.link/data-feeds)

> 3. **Spot oracle:** An oracle using a market’s current instantaneous price. [Learn more: Uniswap v2](https://docs.uniswap.org/whitepaper.pdf)

> 4. **TWAP / time-weighted average price:** A price averaged over a selected period, with each time interval contributing according to its duration. **Based NUT:** NUT’s Uniswap markets can provide observations used to calculate TWAPs. [Learn more: Uniswap](https://docs.uniswap.org/sdk/v3/guides/advanced/price-oracle)

> 5. **VWAP / volume-weighted average price:** An average price weighted by the amount traded at each price. [Learn more: Coinbase](https://www.coinbase.com/learn/advanced-trading/what-is-vwap)

> 6. **Oracle window:** The historical period included in an averaged oracle price. [Learn more: Uniswap](https://docs.uniswap.org/sdk/v3/guides/advanced/price-oracle)

> 7. **Oracle observation:** A stored price, tick, or cumulative-value checkpoint used to calculate an oracle result. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v3/reference/core/interfaces/pool/IUniswapV3PoolDerivedState)

> 8. **Oracle cardinality:** The number of historical observations a Uniswap v3 pool is configured to retain. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v3/reference/core/interfaces/pool/IUniswapV3PoolActions#increaseobservationcardinalitynext)

> 9. **Oracle latency:** The delay between a market change and its appearance in the oracle result. [Learn more: Chainlink](https://docs.chain.link/data-feeds/selecting-data-feeds)

> 10. **Oracle staleness:** A condition where the latest available oracle value is older than the consuming application permits. [Learn more: Chainlink](https://docs.chain.link/data-feeds/selecting-data-feeds)

> 11. **Oracle manipulation:** Trading or state manipulation intended to make an oracle report an artificial value. [Learn more: Uniswap v2](https://docs.uniswap.org/whitepaper.pdf)

> 12. **Manipulation cost:** The capital and trading loss required to move an oracle result by a selected amount and duration. [Learn more: Uniswap oracle guide](https://docs.uniswap.org/sdk/v3/guides/advanced/price-oracle)

> 13. **Oracle depth:** The active liquidity available in the market supplying oracle observations. **Based NUT:** NUT oracle depth is measured separately for each source pool. [Learn more: Uniswap concentrated liquidity](https://developers.uniswap.org/docs/get-started/concepts/liquidity-providers/concentrated-liquidity)

> 14. **Oracle deviation:** The difference between an oracle value and another selected reference value. [Learn more: Chainlink](https://docs.chain.link/data-feeds/selecting-data-feeds)

> 15. **Deviation threshold:** A configured difference that triggers an update, rejection, pause, or fallback action. [Learn more: Chainlink](https://docs.chain.link/data-feeds/selecting-data-feeds)

> 16. **Heartbeat:** The intended maximum interval between oracle updates. [Learn more: Chainlink](https://docs.chain.link/data-feeds/selecting-data-feeds)

> 17. **Fallback oracle:** A secondary source used when the primary oracle fails a defined validity condition. [Learn more: Chainlink architecture](https://docs.chain.link/architecture-overview/architecture-decentralized-model)

> 18. **Circuit breaker:** Logic that pauses or restricts operations when defined price, deviation, or system conditions occur. [Learn more: OpenZeppelin Pausable](https://docs.openzeppelin.com/contracts/5.x/api/utils#Pausable)

> 19. **Oracle pool:** A liquidity pool used as a source of price observations. **Based NUT:** NUT’s canonical oracle pool is the designated primary source within its wider oracle network. [Learn more: Uniswap](https://docs.uniswap.org/sdk/v3/guides/advanced/price-oracle)

> 20. **Oracle network:** A collection of independent or related oracle sources used together. **Based NUT:** The NUT oracle network refers to price information from its multiple liquidity venues. [Learn more: Chainlink](https://docs.chain.link/architecture-overview/architecture-decentralized-model)

***

### Tokenization and Token Standards

> 1. **Tokenization:** Representation of an asset, right, service, identity, position, membership, or economic relationship as an onchain token. **Based NUT:** The ecosystem tokenizes currencies, bonding-curve claims, pool ownership, NFTs, and agent-related assets. [Learn more: Ethereum token standards](https://ethereum.org/developers/docs/standards/tokens/)

> 2. **Fungible token:** A token whose units are interchangeable under the same contract rules. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 3. **Non-fungible token / NFT:** A token identified by a distinct token ID representing a unique asset or position. [Learn more: ERC-721](https://eips.ethereum.org/EIPS/eip-721)

> 4. **Semi-fungible token:** A token where units sharing one ERC-1155 ID are interchangeable, while different IDs represent separate asset classes. [Learn more: ERC-1155](https://eips.ethereum.org/EIPS/eip-1155)

> 5. **ERC-20:** The Ethereum token standard for fungible assets. One contract normally represents one interchangeable token. **Based NUT:** NUT, SNUT, fungible Mint Club tokens, BPTs, and vault shares use ERC-20-compatible interfaces. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 6. **ERC-721:** The Ethereum standard for non-fungible tokens identified by unique token IDs. [Learn more: ERC-721](https://eips.ethereum.org/EIPS/eip-721)

> 7. **ERC-1155:** A multi-token standard allowing one contract to manage multiple token IDs, each with its own supply and metadata. **Based NUT:** NUT-backed editions or item classes can be created as ERC-1155 assets. [Learn more: ERC-1155](https://eips.ethereum.org/EIPS/eip-1155)

> 8. **ERC-20 versus ERC-1155:** ERC-20 represents one fungible token per contract. ERC-1155 represents multiple token IDs under one contract, with each ID capable of having several interchangeable units. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20) · [ERC-1155](https://eips.ethereum.org/EIPS/eip-1155)

> 9. **ERC-4626:** A standardized interface for tokenized vaults that accept an underlying ERC-20 asset and issue ERC-20 shares. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 10. **Position NFT:** An NFT representing a unique financial position. **Based NUT:** Uniswap v3 liquidity positions involving NUT are commonly represented through the NonfungiblePositionManager. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v3/reference/periphery/NonfungiblePositionManager)

> 11. **BPT / Balancer Pool Token:** An ERC-20 token representing proportional ownership of a Balancer pool. **Based NUT:** pNUT is a Balancer v2 BPT. [Learn more: Balancer](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 12. **Vault share:** A token representing proportional ownership of a vault’s managed assets. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 13. **Receipt token:** A token recording a deposit, lending position, stake, or liquidity claim. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 14. **Yield-bearing token:** A token whose balance or redemption value reflects yield generated by underlying assets. [Learn more: Balancer](https://docs.balancer.fi/concepts/core-concepts/yield-bearing-tokens.html)

> 15. **Wrapped token:** A tokenized representation of another asset deposited, locked, or controlled through a wrapper system. [Learn more: Wrapped ETH](https://ethereum.org/wrapped-eth/)

> 16. **Wrap:** Deposit an asset into a wrapper and receive its tokenized representation. [Learn more: Wrapped ETH](https://ethereum.org/wrapped-eth/)

> 17. **Unwrap:** Return or burn a wrapped representation to recover its underlying asset. [Learn more: Wrapped ETH](https://ethereum.org/wrapped-eth/)

> 18. **Redemption:** Exchange a tokenized claim for its underlying assets according to the issuing contract’s rules. **Based NUT:** Mint Club child tokens are redeemed by burning them for NUT. [Learn more: Mint Club](https://docs.mint.club/mintburn/mint-burn-overview)

> 19. **Redeemability:** The contract-defined ability to exchange a token for an underlying asset or basket. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 20. **Backing:** Assets contractually available to satisfy a token’s redemption claim. **Based NUT:** NUT-backed Mint Club tokens have a NUT reserve path; NUT trading pairs provide liquidity rather than redemption backing. [Learn more: Mint Club](https://docs.mint.club/mintburn/mint-burn-overview)

> 21. **Collateralization:** Assignment of assets to secure debt or another enforceable obligation. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/ltv/)

> 22. **Nested token:** A descriptive term for a token whose reserve, redemption, liquidity, or pricing path depends on another token. **Based NUT:** SALT and NUTINO are nested beneath NUT through Mint Club curves. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 23. **Child token:** A secondary token issued beneath a parent asset or ecosystem. The exact relationship is defined by its contracts. **Based NUT:** SALT and NUTINO are child tokens using NUT as their curve reserve. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 24. **Parent token:** The higher-level asset used as a reserve, denomination, liquidity anchor, or reference for child tokens. **Based NUT:** NUT is the parent reserve asset for its nested Mint Club tokens. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 25. **Orbit token:** A Based NUT project term for a token whose reserve, liquidity, services, or incentives connect to NUT or another NUT-linked position. It is not an Ethereum token standard. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 26. **Meta-token:** A descriptive term for a token representing or coordinating lower-level tokens, pools, or financial positions. **Based NUT:** pNUT represents ownership of a multi-asset Balancer pool. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 27. **Basket token:** A token representing proportional exposure to multiple underlying assets. **Based NUT:** pNUT represents a basket containing cbETH, cbBTC, NUT, and SNUT. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 28. **NAV / net asset value:** The value of underlying assets minus liabilities, divided by outstanding shares. `NAV per share = (assets − liabilities) ÷ outstanding shares`

> **Based NUT:** pNUT NAV is calculated from the current value of its pool assets and outstanding BPT supply. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 29. **Premium to NAV:** A secondary-market price above calculated NAV. [Learn more: NAV](https://www.investopedia.com/terms/n/nav.asp)

> 30. **Discount to NAV:** A secondary-market price below calculated NAV. [Learn more: NAV](https://www.investopedia.com/terms/n/nav.asp)

> 31. **Backing chain:** A descriptive term for the sequence of contracts and assets connecting a token to its final redeemable reserve. **Based NUT:** A nested NUT asset may include a curve, LP token, metapool, or vault in its backing chain. [Learn more: Balancer composability](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 32. **Reserve path:** The contracts and assets used to redeem a token. **Based NUT:** A NUT-backed Mint Club token’s reserve path leads through its bonding curve to NUT. [Learn more: Mint Club](https://docs.mint.club/mintburn/mint-burn-overview)

> 33. **Liquidity path:** The markets and routers used to trade one token for another. A liquidity path is separate from a redemption path. [Learn more: Uniswap routing](https://docs.uniswap.org/contracts/v3/concepts/advanced-topics/routing)

***

### Token Supply, Minting, and Burning

> 1. **Raw token units:** Integer units recorded by a token contract before adjustment for decimals. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 2. **Decimals:** The display precision used to convert raw token units into human-readable amounts. **Based NUT:** NUT uses 18 decimals, so its one-token total supply is divisible. [Learn more: NUT contract](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df)

> 3. **Total supply:** The quantity reported by a token contract’s `totalSupply()` function. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 4. **Maximum supply:** The highest supply permitted by the token’s enforceable contract rules. [Learn more: OpenZeppelin ERC20Capped](https://docs.openzeppelin.com/contracts/5.x/api/token/erc20#ERC20Capped)

> 5. **Circulating supply:** An estimate of tokens considered economically available to the market. The calculation may exclude specified treasury, dead-address, vesting, or locked balances. [Learn more: CoinMarketCap](https://coinmarketcap.com/academy/glossary/circulating-supply)

> 6. **Accessible supply:** Tokens controlled by addresses capable of transferring them. **Based NUT:** NUT held at an inaccessible sink address remains in `totalSupply` but is excluded from accessible supply. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 7. **Free float:** Tokens realistically available for public trading after excluding selected locked, treasury, dead-address, or concentrated holdings. [Learn more: CoinMarketCap](https://coinmarketcap.com/academy/glossary/circulating-supply)

> 8. **Locked supply:** Tokens subject to contract-defined transfer restrictions or vesting conditions. [Learn more: OpenZeppelin VestingWallet](https://docs.openzeppelin.com/contracts/5.x/api/finance#VestingWallet)

> 9. **Treasury supply:** Tokens controlled by a protocol treasury. [Learn more: DeFiLlama treasuries](https://defillama.com/treasuries)

> 10. **Emission:** New token supply distributed according to a protocol schedule or rule. [Learn more: Ethereum issuance](https://ethereum.org/roadmap/merge/issuance/)

> 11. **Emission rate:** The amount of new token supply issued during a specified period. [Learn more: Aerodrome emissions](https://aerodrome.finance/docs)

> 12. **Inflation:** An increase in token supply over time. [Learn more: Ethereum issuance](https://ethereum.org/roadmap/merge/issuance/)

> 13. **Deflation:** A decrease in token supply. When the term refers only to accessible or circulating supply, that qualification should be stated explicitly. [Learn more: ERC-5679](https://eips.ethereum.org/EIPS/eip-5679)

> 14. **Dilution:** A decrease in an existing holder’s proportional claim caused by issuing new claims without proportional growth in associated assets or rights. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 15. **Non-dilutive share issuance:** Creation of new pool or vault shares against proportional deposits of underlying assets. **Based NUT:** pNUT supply expands when assets are deposited and contracts when BPT shares are redeemed. [Learn more: Balancer liquidity](https://docs.balancer.fi/concepts/vault/add-remove-liquidity.html)

> 16. **Mint:** Create new token units and increase token supply. **Based NUT:** Minting SALT or NUTINO deposits NUT into the corresponding Mint Club curve. [Learn more: ERC-5679](https://eips.ethereum.org/EIPS/eip-5679)

> 17. **Mint authority:** The address, role, or contract authorized to create token units. [Learn more: OpenZeppelin access control](https://docs.openzeppelin.com/contracts/5.x/access-control)

> 18. **Permissionless minting:** Minting available to any user who satisfies public contract rules. [Learn more: Mint Club](https://docs.mint.club/mintburn/minting)

> 19. **Collateralized minting:** Creation of tokens in exchange for deposited reserve or collateral assets. **Based NUT:** NUT-backed child-token minting is collateralized by NUT deposited into Mint Club. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 20. **Share minting:** Creation of pool or vault shares in exchange for deposits of underlying assets. **Based NUT:** Adding liquidity to pNUT creates BPT shares. [Learn more: Balancer](https://docs.balancer.fi/concepts/vault/add-remove-liquidity.html)

> 21. **Burn:** Destroy token units through contract logic. A true ERC-20 burn decreases `totalSupply`. [Learn more: OpenZeppelin ERC20Burnable](https://docs.openzeppelin.com/contracts/5.x/api/token/erc20#ERC20Burnable)

> 22. **Contract burn / true burn:** A burn implemented by the token contract that subtracts units from both an account balance and `totalSupply`. [Learn more: ERC-5679](https://eips.ethereum.org/EIPS/eip-5679)

> 23. **Burn function:** A callable method such as `burn()` or `burnFrom()` that destroys tokens under defined authorization rules. [Learn more: OpenZeppelin](https://docs.openzeppelin.com/contracts/5.x/api/token/erc20#ERC20Burnable)

> 24. **Zero address:** `0x0000000000000000000000000000000000000000`. Token standards commonly use transfers from or to this address as event notation for minting and burning. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 25. **Dead address / burn address:** A conventional sink address, commonly `0x000000000000000000000000000000000000dEaD`, whose private key is presumed unknown. It is an ordinary address unless the token contract gives it special treatment. [Learn more: ERC-5679](https://eips.ethereum.org/EIPS/eip-5679)

> 26. **Dead-address transfer:** A token transfer to a conventional sink address. It normally changes address balances but does not change `totalSupply`. **Based NUT:** NUT and SNUT sent to `0x…dEaD` are token sinks rather than confirmed contract burns. [Learn more: NUT ABI](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df#code)

> 27. **Economic burn:** Removal of tokens from practical circulation without necessarily decreasing contract-reported supply. **Based NUT:** This term describes NUT sent to a dead address because the verified NUT ABI exposes no burn method. [Learn more: NUT contract](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df#code)

> 28. **Token sink:** An address or mechanism that receives tokens and removes them from active circulation. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 29. **Burn rate:** The quantity or percentage of tokens destroyed or sunk during a defined period. The measurement should specify which burn definition is used. [Learn more: Ethereum issuance](https://ethereum.org/roadmap/merge/issuance/)

> 30. **Net issuance:** Newly minted tokens minus tokens destroyed through true contract burns.

> `net issuance = minted supply − contract-burned supply`

> [Learn more: Ethereum issuance](https://ethereum.org/roadmap/merge/issuance/)

> 31. **Buyback:** Use of protocol or treasury funds to purchase a token from a market. [Learn more: Token Terminal](https://tokenterminal.com/resources/metrics)

> 32. **Buyback-and-burn:** Purchasing tokens from a market and destroying them through contract burn logic. [Learn more: OpenZeppelin ERC20Burnable](https://docs.openzeppelin.com/contracts/5.x/api/token/erc20#ERC20Burnable)

> 33. **Buyback-and-sink:** Purchasing tokens and transferring them to a conventional dead address without changing `totalSupply`. **Based NUT:** This describes SNUT buybacks sent to the dead address. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 34. **Redemption burn:** Destruction of a tokenized claim in exchange for underlying assets. **Based NUT:** Mint Club child tokens are burned when redeemed for NUT. [Learn more: Mint Club](https://docs.mint.club/mintburn/burning)

> 35. **Burn proof:** Onchain evidence showing the token, amount, transaction, destination, and whether `totalSupply` changed. [Learn more: BaseScan](https://basescan.org/)

***

### Fees, Royalties, and Taxes

> 1. **Swap fee:** A percentage charged when assets are exchanged through a pool. [Learn more: Uniswap fees](https://docs.uniswap.org/concepts/protocol/fees)

> 2. **LP fee:** The portion of swap fees allocated to liquidity providers. [Learn more: Uniswap fees](https://docs.uniswap.org/concepts/protocol/fees)

> 3. **Protocol fee:** A fee retained by the protocol rather than allocated entirely to LPs. [Learn more: Balancer protocol fees](https://docs.balancer.fi/concepts/protocol-fee-model.html)

> 4. **Interface fee:** A fee charged by an application interface separately from the underlying protocol. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/20131678274957-Uniswap-Labs-Interface-Fee)

> 5. **Creator royalty:** A fee allocated to an asset creator when a specified action occurs. **Based NUT:** Mint Club supports separately configured mint and burn royalties for NUT-backed assets. [Learn more: Mint Club](https://docs.mint.club/royalties/creator-royalties)

> 6. **Mint royalty:** A creator royalty applied when a bonding-curve asset is minted. [Learn more: Mint Club](https://docs.mint.club/royalties/creator-royalties)

> 7. **Burn royalty:** A creator royalty applied when a bonding-curve asset is burned and redeemed. [Learn more: Mint Club](https://docs.mint.club/royalties/creator-royalties)

> 8. **Token tax / transfer tax:** Contract logic that deducts part of a token transfer and assigns it according to predefined rules. **Based NUT:** SNUT applies transfer-fee logic; NUT’s verified fixed-token contract does not. [Learn more: Uniswap token fees](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 9. **Buy tax:** A token fee applied when a transfer is classified as a market purchase. [Learn more: Uniswap token fees](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 10. **Sell tax:** A token fee applied when a transfer is classified as a market sale. [Learn more: Uniswap token fees](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 11. **Wallet-to-wallet tax:** A token fee applied to transfers between ordinary addresses rather than only pool transactions. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 12. **Fee-on-transfer token:** A token where the recipient receives less than the nominal transfer amount because contract logic deducts a fee. **Based NUT:** SNUT is a fee-on-transfer token. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 13. **Entry fee:** A fee charged when assets enter a vault or managed position. [Learn more: OpenZeppelin ERC-4626](https://docs.openzeppelin.com/contracts/5.x/erc4626)

> 14. **Exit fee:** A fee charged when assets are withdrawn or redeemed. [Learn more: OpenZeppelin ERC-4626](https://docs.openzeppelin.com/contracts/5.x/erc4626)

> 15. **Performance fee:** A fee calculated from gains generated by a managed strategy. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 16. **Management fee:** A recurring fee calculated against managed assets or shares. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 17. **Tax exemption:** A contract rule excluding specified addresses or transactions from transfer fees. [Learn more: OpenZeppelin access control](https://docs.openzeppelin.com/contracts/5.x/access-control)

> 18. **Fee receiver:** The address or contract receiving a fee allocation. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 19. **Auto-liquidity fee:** A token fee allocated toward acquiring pool assets and adding liquidity. **Based NUT:** The SNUT fee configuration includes an allocation identified for liquidity. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 20. **Swapback:** Token logic that exchanges accumulated fee tokens and allocates the proceeds according to contract rules. [Learn more: Uniswap token fees](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 21. **Reward fee:** A transfer-fee allocation used to distribute a reward asset to eligible holders. **Based NUT:** SNUT uses a reward-position allocation connected to NUT rewards. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 22. **Buyback fee:** A fee allocation reserved for token market purchases. **Based NUT:** A portion of SNUT fees is identified for buyback-and-sink operations. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 23. **Fee stacking:** The application of several independent fees within one transaction route, such as a pool fee, transfer tax, royalty, and interface fee. [Learn more: Uniswap token fees](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 24. **Effective trade cost:** The total economic cost of execution.

> `effective cost = pool fees + token taxes + royalties + price impact + gas + MEV effects`

> [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/8643794102669-Price-Impact-vs-Price-Slippage)

***

### Arbitrage, Transactions, and MEV

> 1. **Arbitrage:** Trading against a price difference between markets or mechanisms. **Based NUT:** Arbitrage can connect NUT pools, Mint Club curves, NFT markets, and pNUT NAV. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/25845512413069-Why-is-a-pool-out-of-sync)

> 2. **Arbitrageur:** A trader, contract, or automated system that executes arbitrage. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 3. **Arbitrage bot:** Software that identifies, calculates, and submits arbitrage transactions. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 4. **Cross-venue arbitrage:** Buying an asset on one venue and selling it on another. **Based NUT:** NUT has separate Uniswap and Aerodrome venues. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/25845512413069-Why-is-a-pool-out-of-sync)

> 5. **Cross-pool arbitrage:** Trading between separate pools containing the same or economically related assets. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/25845512413069-Why-is-a-pool-out-of-sync)

> 6. **Triangular arbitrage:** Trading through at least three asset pairs and returning to the starting asset with more of it than the initial amount, before costs. [Learn more: Coinbase](https://www.coinbase.com/learn/advanced-trading/what-is-crypto-arbitrage-trading)

> 7. **Multi-hop arbitrage:** Arbitrage executed through several intermediate pools or assets. [Learn more: Uniswap routing](https://docs.uniswap.org/contracts/v3/concepts/advanced-topics/routing)

> 8. **Atomic arbitrage:** Arbitrage completed within one transaction so all steps succeed or all state changes revert. [Learn more: Ethereum transactions](https://ethereum.org/developers/docs/transactions/)

> 9. **Flash-loan arbitrage:** Atomic arbitrage funded by a flash loan that must be repaid within the same transaction. [Learn more: Aave](https://aave.com/docs/developers/flash-loans)

> 10. **Bonding-curve arbitrage:** Trading between a bonding curve and an external market when their executable prices differ. **Based NUT:** SALT and NUTINO have Mint Club curves and external DEX markets. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 11. **Mint arbitrage:** Minting a token when its total issuance cost is below its executable secondary-market value. [Learn more: Mint Club](https://docs.mint.club/mintburn/minting)

> 12. **Burn arbitrage:** Buying a redeemable token below its net redemption value and burning it to receive the reserve asset. [Learn more: Mint Club](https://docs.mint.club/mintburn/burning)

> 13. **NAV arbitrage:** Trading between a share token and the value of its redeemable underlying assets. **Based NUT:** pNUT market value can be compared with its Balancer pool NAV. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 14. **Basket arbitrage:** Trading between a basket token and the aggregate executable value of its components. **Based NUT:** pNUT represents a four-asset basket. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 15. **Arbitrage spread:** The gross difference between acquisition and disposal prices. [Learn more: Coinbase](https://www.coinbase.com/learn/advanced-trading/what-is-crypto-arbitrage-trading)

> 16. **Net arbitrage profit:** The remaining result after all execution costs.`net profit = gross spread − fees − taxes − royalties − gas − price impact − financing costs` . [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 17. **Arbitrage threshold:** The minimum price difference required for an arbitrage route to remain positive after its costs. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 18. **Execution risk:** The possibility that transaction conditions change between calculation and execution. [Learn more: Ethereum transactions](https://ethereum.org/developers/docs/transactions/)

> 19. **Revert:** Cancellation of a transaction’s state changes after execution fails. Gas used before the failure may still be charged. [Learn more: Ethereum transactions](https://ethereum.org/developers/docs/transactions/)

> 20. **Gas:** The measurement of computational work performed by an Ethereum-compatible network. [Learn more: Ethereum](https://ethereum.org/developers/docs/gas/)

> 21. **Gas fee:** The amount paid for transaction computation and block inclusion. [Learn more: Ethereum](https://ethereum.org/developers/docs/gas/)

> 22. **Priority fee:** An additional fee offered to a block producer for transaction inclusion. [Learn more: Ethereum](https://ethereum.org/developers/docs/gas/)

> 23. **Nonce:** A sequential account value used to order transactions and prevent replay. [Learn more: Ethereum transactions](https://ethereum.org/developers/docs/transactions/)

> 24. **Mempool:** A system holding pending transactions before block inclusion. [Learn more: Ethereum glossary](https://ethereum.org/glossary/)

> 25. **MEV / maximal extractable value:** Value obtained through transaction inclusion, exclusion, or ordering. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 26. **Front-running:** Executing before a known or anticipated transaction to act on its expected effects. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 27. **Back-running:** Executing directly after another transaction to act on the state change it creates. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 28. **Sandwich attack:** A transaction sequence that places one trade before and another after a user’s swap, changing the user’s execution and capturing the resulting difference. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

> 29. **Private order flow:** Transactions submitted through private infrastructure rather than broadcast directly to a public mempool. [Learn more: Ethereum MEV](https://ethereum.org/developers/docs/mev/)

***

### Lending, Liquidation, and Morpho Vaults

> 1. **Vault:** A contract accepting deposits and issuing shares representing proportional ownership of managed assets. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 2. **Strategy vault:** A vault allocating deposited assets according to one or more predefined strategies. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 3. **Lending vault:** A vault allocating deposited assets into lending markets. [Learn more: Morpho](https://docs.morpho.org/curate/concepts/liquidity/)

> 4. **Morpho market:** An isolated lending market defined by a loan asset, collateral asset, oracle, interest-rate model, and LLTV. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/market-mechanics/)

> 5. **Morpho Vault:** A tokenized vault that accepts a deposit asset and allocates it across authorized Morpho markets or adapters. Depositors receive proportional vault shares. [Learn more: Morpho](https://docs.morpho.org/curate/concepts/liquidity/)

> 6. **Vault curator:** The entity configuring authorized markets, adapters, caps, and risk parameters for a vault. [Learn more: Morpho curation](https://docs.morpho.org/curate/concepts/liquidity/)

> 7. **Vault allocator:** The entity or automation moving assets among destinations permitted by the vault configuration. [Learn more: Morpho curation](https://docs.morpho.org/curate/concepts/liquidity/)

> 8. **Vault share price:** The quantity of underlying assets represented by one vault share. [Learn more: ERC-4626](https://eips.ethereum.org/EIPS/eip-4626)

> 9. **Supply APY:** The annualized rate earned by suppliers according to current market conditions. [Learn more: Morpho rates](https://docs.morpho.org/learn/concepts/rates/)

> 10. **Borrow APY:** The annualized rate charged to borrowers according to current market conditions. [Learn more: Morpho rates](https://docs.morpho.org/learn/concepts/rates/)

> 11. **Interest-rate model:** The formula used to calculate borrowing rates. [Learn more: Morpho IRM](https://docs.morpho.org/learn/concepts/irm/)

> 12. **Utilization:** The portion of supplied assets currently borrowed. `utilization = borrowed assets ÷ supplied assets` . [Learn more: Morpho rates](https://docs.morpho.org/learn/concepts/rates/)

> 13. **.Collateral:** Assets pledged to secure borrowed assets. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/ltv/)

> 14. **Loan asset:** The asset supplied by lenders and borrowed by borrowers in a lending market. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/market-mechanics/)

> 15. **Debt:** Borrowed principal plus accrued interest. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/market-mechanics/)

> 16. **LTV / loan-to-value:** Debt value divided by collateral value. `LTV = debt value ÷ collateral value` . [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/ltv/)

> 17. **LLTV / liquidation loan-to-value:** The market parameter specifying the LTV at which a position becomes eligible for liquidation. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/ltv/)

> 18. **Health factor:** A measurement of a position’s distance from liquidation. `health factor = collateral value × LLTV ÷ debt value` . A Morpho position becomes liquidatable when its health factor reaches 1 or below. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/concepts/ltv/)

> 19. **Liquidation:** A process where a third party repays unhealthy debt and receives collateral according to the market’s liquidation rules. **Based NUT:** A Morpho market involving a NUT-linked asset would require a defined collateral asset, loan asset, oracle, interest-rate model, and LLTV. [Learn more: Morpho](https://docs.morpho.org/learn/concepts/liquidation/)

> 20. **Liquidator:** A wallet, bot, or contract executing a liquidation. [Learn more: Morpho](https://docs.morpho.org/learn/concepts/liquidation/)

> 21. **Liquidation incentive:** The additional collateral value available to a liquidator under the market’s liquidation formula. [Learn more: Morpho](https://docs.morpho.org/learn/concepts/liquidation/)

> 22. **Liquidation price:** The collateral price at which a position reaches its liquidation threshold, assuming other inputs remain constant. [Learn more: Morpho](https://docs.morpho.org/developers/borrow/tutorials/get-data/)

> 23. **Bad debt:** Debt remaining after available collateral can no longer fully cover repayment. [Learn more: Morpho](https://docs.morpho.org/curate/tutorials-v2/bad-debt/)

> 24. **Withdrawal queue:** The configured order in which a vault retrieves assets from markets or adapters to satisfy withdrawals. [Learn more: Morpho liquidity](https://docs.morpho.org/curate/concepts/liquidity/)

> 25. **Supply cap:** The maximum exposure a vault or market permits for a supplied asset or destination. [Learn more: Morpho curation](https://docs.morpho.org/curate/concepts/liquidity/)

> 26. **Market isolation:** Separation of lending positions into independently configured markets. [Learn more: Morpho markets](https://docs.morpho.org/developers/borrow/concepts/market-mechanics/)

***

### NFTs, ERC-1155, and Sudoswap

> 1. **NFT collection:** A group of NFTs associated through a common contract, creator, metadata system, or project. **Based NUT:** NUT Army assets form project-defined collections. [Learn more: ERC-721](https://eips.ethereum.org/EIPS/eip-721)

> 2. **Collection floor:** The lowest current asking price for an NFT in a collection. [Learn more: OpenSea](https://support.opensea.io/en/articles/8867085-what-is-floor-price)

> 3. **NFT liquidity:** The availability of buyers, sellers, or pools for exchanging NFTs. [Learn more: Sudoswap](https://docs.sudoswap.xyz/)

> 4. **NFT inventory:** NFTs held by a pool, vault, market maker, or treasury. [Learn more: Sudoswap pair creation](https://docs.sudoswap.xyz/reference/pair-creation/)

> 5. **NFT AMM:** A smart contract that quotes NFT purchase or sale prices according to a defined pricing curve. [Learn more: Sudoswap](https://docs.sudoswap.xyz/)

> 6. **Sudoswap:** An NFT AMM supporting ERC-721 and ERC-1155 assets against ETH or ERC-20 tokens through configurable pools and bonding curves. **Based NUT:** Sudoswap can provide markets for Based NUT NFT collections. [Learn more: Sudoswap](https://docs.sudoswap.xyz/)

> 7. **Buy-only NFT pool:** A pool holding payment assets and quoting prices to acquire NFTs. [Learn more: Sudoswap](https://docs.sudoswap.xyz/user-guide/creating-a-pool/)

> 8. **Sell-only NFT pool:** A pool holding NFTs and quoting prices to sell them. [Learn more: Sudoswap](https://docs.sudoswap.xyz/user-guide/creating-a-pool/)

> 9. **Trade NFT pool:** A pool holding both NFTs and payment assets and quoting both buy and sell transactions. [Learn more: Sudoswap](https://docs.sudoswap.xyz/user-guide/creating-a-pool/)

> 10. **Linear NFT curve:** A Sudoswap curve where the quoted price changes by a fixed amount after each trade. [Learn more: Sudoswap pricing](https://docs.sudoswap.xyz/reference/pricing/)

> 11. **Exponential NFT curve:** A Sudoswap curve where the quoted price changes by a fixed percentage after each trade. [Learn more: Sudoswap pricing](https://docs.sudoswap.xyz/reference/pricing/)

> 12. **XYK NFT curve:** A Sudoswap curve using constant-product-style virtual reserves. [Learn more: Sudoswap pricing](https://docs.sudoswap.xyz/reference/pricing/)

> 13. **GDA / gradual Dutch auction curve:** A pricing curve whose quote changes according to time and transaction sequence. [Learn more: Sudoswap auctions](https://docs.sudoswap.xyz/user-guide/creating-an-auction/)

> 14. **NFT fractionalization:** Creation of fungible or semi-fungible claims representing economic exposure to an NFT or NFT collection held by a wrapper or vault. [Learn more: ERC-3386 proposal](https://eips.ethereum.org/EIPS/eip-3386)

> 15. **NFT wrapper vault:** A contract holding NFTs and issuing tokenized claims against them. [Learn more: ERC-3386 proposal](https://eips.ethereum.org/EIPS/eip-3386)

> 16. **Sudoswap fractionalization:** Sudoswap can trade ERC-1155 quantities or fractional tokens created by another system, but an ordinary Sudoswap ERC-721 pool does not divide an NFT into ownership fractions. **Based NUT:** A separate wrapper would perform any fractionalization of a unique NUT NFT. [Learn more: Sudoswap ERC-1155](https://docs.sudoswap.xyz/v2/erc1155/)

***

### AI Agents and Virtuals

> 1. **AI agent:** Software that receives objectives, observes state, selects actions, uses tools, and performs tasks with some degree of autonomy. **Based NUT:** Peanutoshi Nutkamoto is the ecosystem’s AI-agent identity. [Learn more: Virtuals](https://os.virtuals.io/)

> 2. **Onchain agent:** An agent connected to a blockchain wallet or smart account and capable of submitting transactions under defined permissions. [Learn more: Virtuals](https://os.virtuals.io/acp/concepts)

> 3. **Agent identity:** The persistent identifiers describing an agent, such as its wallet, profile, email, card, credentials, or optional token. [Learn more: Virtuals](https://os.virtuals.io/acp/concepts)

> 4. **Agent wallet:** A blockchain account used by agent software to hold assets, sign messages, and submit transactions. [Learn more: Virtuals EconomyOS](https://os.virtuals.io/)

> 5. **Agent policy:** Rules restricting the transactions, contracts, amounts, or actions available to an agent. [Learn more: ERC-4337](https://eips.ethereum.org/EIPS/eip-4337)

> 6. **Session key:** A temporary or restricted key authorized to perform a defined set of smart-account operations. [Learn more: ERC-4337](https://eips.ethereum.org/EIPS/eip-4337)

> 7. **Human-in-the-loop:** A system requiring human review or authorization for selected agent actions. [Learn more: NIST AI RMF](https://www.nist.gov/itl/ai-risk-management-framework)

> 8. **Tool:** An external function an agent can invoke, such as reading pool data, querying an oracle, or submitting a transaction. [Learn more: Virtuals ACP SDK](https://os.virtuals.io/acp/sdk/getting-started)

> 9. **Worker:** A specialized agent component responsible for a subset of tasks or functions. [Learn more: Virtuals G.A.M.E.](https://whitepaper.virtuals.io/builders-hub/game-framework)

> 10. **Keeper:** Automation that submits transactions when predefined protocol-maintenance conditions occur. **Based NUT:** A keeper can execute approved pool or liquidity operations. [Learn more: Chainlink Automation](https://docs.chain.link/chainlink-automation)

> 11. **Sentinel:** Automation focused on monitoring conditions, producing alerts, and triggering authorized protective responses. **Based NUT:** Peanut sentinel is the proposed monitoring agent for pools, oracles, vaults, and ecosystem contracts. [Learn more: OpenZeppelin Monitor](https://docs.openzeppelin.com/defender/module/monitor)

> 12. **Virtuals AI agent:** An agent registered within Virtuals infrastructure with a persistent identity and optional wallet, services, commerce functions, compute, or token. [Learn more: EconomyOS](https://os.virtuals.io/)

> 13. **EconomyOS:** Virtuals infrastructure providing agent identity, capital, commerce, and compute components. [Learn more: EconomyOS](https://os.virtuals.io/)

> 14. **ACP / Agent Commerce Protocol:** A framework for onchain commercial interactions between agents, including jobs, roles, escrow, deliverables, and settlement. **Based NUT:** Peanutoshi can use ACP as an agent-commerce layer while maintaining separate NUT-related services or liquidity. [Learn more: ACP](https://os.virtuals.io/acp/overview)

> 15. **Agent offering:** A published service with defined pricing, requirements, and expected deliverables. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 16. **Agent resource:** A read-only endpoint exposed by an agent for other agents to query. **Based NUT:** A Peanut sentinel resource could publish NUT market or protocol-state data. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 17. **ACP job:** An onchain contract representing one commercial engagement between a client and provider. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 18. **Client agent:** The agent requesting or purchasing work in an ACP job. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 19. **Provider agent:** The agent delivering work in an ACP job. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 20. **Evaluator agent:** The agent authorized to approve or reject an ACP deliverable. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 21. **Agent escrow:** Funds held by a job contract until its completion, rejection, or expiry rules are satisfied. [Learn more: ACP concepts](https://os.virtuals.io/acp/concepts)

> 22. **Agent token:** A token associated with an agent’s identity, services, access, incentives, governance, or market. **Based NUT:** An agent token may connect to NUT through pools, service payments, or other explicit contracts. [Learn more: EconomyOS](https://os.virtuals.io/)

> 23. **G.A.M.E.:** A Virtuals agent framework organized around agents, goals, workers, and executable functions. [Learn more: Virtuals G.A.M.E.](https://whitepaper.virtuals.io/builders-hub/game-framework)

> 24. **x402:** A machine-payment pattern using HTTP `402 Payment Required` semantics to request and settle payments for digital services. **Based NUT:** Peanutoshi inference or API services can expose x402 payment flows independently of NUT-holder allowances. [Learn more: Coinbase x402](https://docs.cdp.coinbase.com/x402/docs/welcome)

> 25. **Agent-token bridge:** A Based NUT design term for liquidity connecting an agent token to VIRTUAL and separately to NUT. It describes a market route rather than a redemption guarantee. [Learn more: Virtuals](https://os.virtuals.io/)

***

### Game Theory, Incentives, and Flywheels

> 1. **Game theory:** The study of decisions where each participant’s outcome depends partly on the actions of other participants. [Learn more: Stanford Encyclopedia](https://plato.stanford.edu/entries/game-theory/)

> 2. **Game theory mechanics:** Protocol rules that influence participant choices, including rewards, penalties, fees, voting, lockups, bonds, and reputation. **Based NUT:** NUT pools, SNUT fees, bonding curves, NFTs, and agent services each introduce distinct strategic rules. [Learn more: Stanford Encyclopedia](https://plato.stanford.edu/entries/game-theory/)

> 3. **Mechanism design:** Construction of rules intended to produce specified outcomes from participants acting according to their own incentives. [Learn more: Nobel Prize](https://www.nobelprize.org/prizes/economic-sciences/2007/popular-information/)

> 4. **Incentive compatibility:** A condition where following the intended rules is consistent with a participant’s own incentives. [Learn more: Nobel Prize](https://www.nobelprize.org/prizes/economic-sciences/2007/popular-information/)

> 5. **Coordination game:** A situation where participants receive benefits from selecting compatible actions, standards, pools, or strategies. **Based NUT:** A canonical NUT pool functions as a coordination reference. [Learn more: Stanford Encyclopedia](https://plato.stanford.edu/entries/game-theory/)

> 6. **Credible commitment:** A commitment made enforceable through code, collateral, timelocks, multisigs, or restricted authority. [Learn more: OpenZeppelin TimelockController](https://docs.openzeppelin.com/contracts/5.x/access-control#delayed_operation)

> 7. **Economic security:** Use of bonds, collateral, penalties, or loss exposure to assign an economic cost to prohibited behavior. [Learn more: Ethereum proof of stake](https://ethereum.org/developers/docs/consensus-mechanisms/pos/)

> 8. **Bond:** Capital posted as assurance that an actor will satisfy specified obligations. [Learn more: Ethereum staking](https://ethereum.org/staking/)

> 9. **Slashing:** Confiscation of bonded capital according to predefined violation rules. [Learn more: Ethereum](https://ethereum.org/developers/docs/consensus-mechanisms/pos/rewards-and-penalties/)

> 10. **Reflexivity:** A feedback relationship where market beliefs affect prices and prices affect subsequent beliefs or actions. **Based NUT:** NUT-linked prices, NAV calculations, burns, and liquidity activity can interact reflexively. [Learn more: Reflexivity](https://www.investopedia.com/terms/r/reflexivity.asp)

> 11. **Sybil attack:** One actor using multiple identities or wallets to appear as several independent participants. [Learn more: Ethereum](https://ethereum.org/developers/docs/consensus-mechanisms/pos/attack-and-defense/)

> 12. **Sybil resistance:** Rules that make duplication of identities costly, ineffective, or detectable. [Learn more: Ethereum](https://ethereum.org/developers/docs/consensus-mechanisms/pos/attack-and-defense/)

> 13. **Principal-agent problem:** A situation where the incentives of an agent, manager, curator, or operator differ from those of the participants whose assets or interests it manages. [Learn more: Stanford Encyclopedia](https://plato.stanford.edu/entries/principal-agent/)

> 14. **Moral hazard:** A situation where an actor changes its behavior because another participant bears part of the resulting cost. [Learn more: Federal Reserve](https://www.federalreserve.gov/boarddocs/speeches/2002/20020412/default.htm)

> 15. **Free-rider problem:** A situation where participants receive benefits from a shared system without contributing proportionally to its operation. [Learn more: Britannica](https://www.britannica.com/topic/free-riding)

> 16. **Gauge:** A smart contract or allocation mechanism directing token emissions toward a selected pool. **Based NUT:** Aerodrome gauges can direct AERO emissions toward eligible NUT pools. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 17. **Gauge vote:** A governance vote assigning emission weight to a gauge. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 18. **Voting incentive / bribe:** A reward offered to participants who direct gauge votes toward a specified pool. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 19. **Flywheel:** A descriptive systems term for a feedback loop in which one activity creates conditions that support continued activity. [Learn more: Feedback systems](https://en.wikipedia.org/wiki/Feedback)

> 20. **Liquidity flywheel:** A descriptive mechanism where trading generates fees or incentives, liquidity responds, and subsequent trading occurs through the resulting liquidity. **Based NUT:** NUT markets connect trading, liquidity provision, and routing across several venues. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 21. **DeFi burn flywheel:** A descriptive mechanism where protocol activity funds token purchases or burns, altering token supply or accessible circulation; subsequent activity determines whether the process repeats. [Learn more: Ethereum issuance](https://ethereum.org/roadmap/merge/issuance/)

> 22. **Buyback flywheel:** A feedback structure in which protocol revenue funds token purchases and continued protocol activity supplies future revenue. [Learn more: Token Terminal](https://tokenterminal.com/resources/metrics)

> 23. **Burn flywheel:** A feedback structure expressed as:

> `activity → fee collection → buyback → burn or sink → changed supply conditions → subsequent activity`

> **Based NUT:** SNUT transaction fees include a buyback-and-sink allocation. No price outcome is implied by the definition. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 24. **Recursive burn flywheel:** A burn flywheel where activity in one token affects another token or position, which then becomes an input to later activity. **Based NUT:** SNUT, NUT rewards, NUT sinks, and NUT-linked liquidity form the project’s recursive burn model. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 25. **Revenue flywheel:** A feedback structure where service or protocol usage generates revenue that funds continued operations, services, liquidity, or distribution. **Based NUT:** Peanutoshi services can form a revenue layer separate from token transfers. [Learn more: Token Terminal](https://tokenterminal.com/resources/metrics)

> 26. **Regenerative flywheel:** A project-design term for repeatedly routing productive activity into the resources used to maintain the system. **Based NUT:** Regenerative tokenomics refers to routing fees or service activity into liquidity, reserves, agents, or infrastructure. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 27. **Flywheel input:** An activity or resource entering a feedback loop, such as users, trades, fees, or service revenue. [Learn more: Feedback systems](https://en.wikipedia.org/wiki/Feedback)

> 28. **Flywheel output:** The measurable result produced by a feedback loop, such as liquidity, token sinks, rewards, or treasury assets. [Learn more: Feedback systems](https://en.wikipedia.org/wiki/Feedback)

> 29. **Flywheel leakage:** A descriptive term for value leaving a feedback loop through gas, external fees, taxes, operating costs, arbitrage, or asset transfers. [Learn more: LVR paper](https://arxiv.org/abs/2208.06046)

> 30. **Negative flywheel / death spiral:** A feedback loop where one decline causes conditions that reinforce further decline. [Learn more: Feedback systems](https://en.wikipedia.org/wiki/Positive_feedback)

***

### Exchange Architectures

#### Uniswap v2

> 1. **Uniswap v2:** A two-token, full-range constant-product AMM. LP ownership is represented by fungible ERC-20 LP tokens. **Based NUT:** NUT and SNUT have Uniswap v2 markets. [Learn more: Uniswap v2 whitepaper](https://docs.uniswap.org/whitepaper.pdf)

> 2. **Uniswap v2 pair:** A contract holding two token reserves and executing constant-product swaps. [Learn more: Uniswap v2](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 3. **Uniswap v2 LP token:** A fungible ERC-20 representing proportional ownership of a v2 pair. [Learn more: Uniswap v2](https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works)

> 4. **Cumulative price:** A running value maintained by a v2 pair and usable for time-weighted price calculations. [Learn more: Uniswap v2 oracles](https://docs.uniswap.org/contracts/v2/concepts/core-concepts/oracles)

#### Uniswap v3

> 1. **Uniswap v3:** A concentrated-liquidity AMM where LPs select active price ranges. **Based NUT:** NUT’s genesis pool uses Uniswap v3. [Learn more: Uniswap v3](https://developers.uniswap.org/docs/get-started/concepts/liquidity-providers/concentrated-liquidity)

> 2. **Tick:** A discrete price boundary used by concentrated-liquidity pools. [Learn more: Uniswap](https://docs.uniswap.org/concepts/protocol/concentrated-liquidity)

> 3. **Tick spacing:** The permitted interval between initialized ticks for a pool configuration. [Learn more: Uniswap factory](https://docs.uniswap.org/contracts/v3/reference/core/UniswapV3Factory#enablefeeamount)

> 4. **Liquidity range:** The lower and upper price boundaries selected for a concentrated position. [Learn more: Uniswap](https://docs.uniswap.org/concepts/protocol/concentrated-liquidity)

> 5. **In-range position:** A concentrated position whose interval contains the current price. [Learn more: Uniswap](https://support.uniswap.org/hc/en-us/articles/32514988932877-What-does-out-of-range-liquidity-mean)

> 6. **Range order:** Concentrated liquidity configured to exchange one asset for another as price crosses a selected interval. [Learn more: Uniswap range orders](https://docs.uniswap.org/concepts/protocol/range-orders)

#### Uniswap v4

> 1. **Uniswap v4:** A concentrated-liquidity architecture using a shared PoolManager, flash accounting, native ETH support, flexible fees, and hooks. **Based NUT:** New NUT pools can use v4 independently of existing v2 and v3 pools. [Learn more: Uniswap v4](https://docs.uniswap.org/contracts/v4/overview)

> 2. **Singleton:** An architecture where one principal contract manages many pools. [Learn more: Uniswap PoolManager](https://docs.uniswap.org/contracts/v4/concepts/PoolManager)

> 3. **PoolManager:** The principal Uniswap v4 contract coordinating pool state, accounting, and settlement. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v4/concepts/PoolManager)

> 4. **Hook:** External logic attached to a v4 pool and invoked around specified pool operations. [Learn more: Uniswap hooks](https://developers.uniswap.org/docs/get-started/concepts/hooks)

> 5. **Before-swap hook:** Hook logic executed before a swap. [Learn more: Uniswap hooks](https://developers.uniswap.org/docs/get-started/concepts/hooks)

> 6. **After-swap hook:** Hook logic executed after a swap. [Learn more: Uniswap hooks](https://developers.uniswap.org/docs/get-started/concepts/hooks)

> 7. **Dynamic-fee hook:** A hook that calculates or updates swap fees according to custom logic. [Learn more: Uniswap dynamic fees](https://docs.uniswap.org/contracts/v4/concepts/dynamic-fees)

> 8. **Custom accounting:** v4 hook logic that modifies token deltas or settlement behavior around pool operations. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v4/concepts/custom-accounting)

> 9. **Flash accounting:** Settlement based on net token deltas across operations rather than transferring tokens after every internal action. [Learn more: Uniswap](https://docs.uniswap.org/contracts/v4/concepts/flash-accounting)

> 10. **Hook association:** The hook selected when a v4 pool is created. A pool’s hook address is part of its pool identity. [Learn more: Uniswap hooks](https://developers.uniswap.org/docs/get-started/concepts/hooks)

#### Balancer v2

> 1. **Balancer v2:** A programmable AMM architecture centered on a shared Vault and supporting weighted, stable, managed, and composable pools. **Based NUT:** pNUT is a Balancer v2 weighted pool. [Learn more: Balancer v2](https://docs.balancer.fi/partner-onboarding/balancer-v2/v2-overview.html)

> 2. **Balancer v2 Vault:** The shared contract holding pool assets and coordinating swaps and liquidity operations. [Learn more: Balancer Vault](https://docs.balancer.fi/concepts/vault/)

> 3. **Batch swap:** A single transaction executing swaps through multiple Balancer pools. [Learn more: Balancer swaps](https://docs.balancer.fi/concepts/vault/swaps.html)

> 4. **Internal balance:** Balancer Vault accounting that records user balances internally and can reduce external token transfers. [Learn more: Balancer](https://docs.balancer.fi/concepts/vault/internal-user-balances.html)

#### Balancer v3

> 1. **Balancer v3:** A separate Balancer architecture with a redesigned Vault, custom pools, hooks, routers, and yield-bearing-token support. **Based NUT:** A Balancer v3 NUT pool would be a separate deployment from the existing v2 pNUT pool. [Learn more: Balancer v3](https://docs.balancer.fi/partner-onboarding/balancer-v3/v3-overview.html)

> 2. **Balancer v3 Vault:** The accounting and settlement layer shared by Balancer v3 pools. [Learn more: Balancer Vault](https://docs.balancer.fi/concepts/vault/)

> 3. **Balancer hook:** External logic invoked around configured swaps or liquidity operations. [Learn more: Balancer hooks](https://docs.balancer.fi/concepts/core-concepts/hooks.html)

> 4. **Rate provider:** A contract reporting the exchange rate between a tokenized position and its referenced underlying asset. [Learn more: Balancer rate providers](https://docs.balancer.fi/concepts/core-concepts/rate-providers.html)

> 5. **Custom pool:** A Balancer v3 pool implementing specialized pricing or accounting logic. [Learn more: Balancer custom pools](https://docs.balancer.fi/developer-reference/contracts/custom-pools.html)

#### reCLAMM

> 1. **reCLAMM:** A Balancer v3 pool design with a concentrated liquidity range that gradually readjusts according to configured parameters. LP ownership is represented by fungible BPTs. **Based NUT:** A reCLAMM pool can form a separate NUT liquidity venue. [Learn more: Balancer reCLAMM](https://medium.com/balancer-protocol/introducing-reclamms-self-readjusting-trustless-passive-lping-for-clamms-b5528429588e)

> 2. **Readjusting range:** A concentrated liquidity interval that shifts according to a reCLAMM pool’s parameters. [Learn more: Balancer reCLAMM](https://medium.com/balancer-protocol/unpacking-reclamm-attributes-trustless-1c23af247e3b)

> 3. **Centeredness margin:** A reCLAMM parameter specifying how far the pool price can move from its range center before adjustment begins. [Learn more: Balancer reCLAMM](https://medium.com/balancer-protocol/unpacking-reclamm-attributes-trustless-1c23af247e3b)

> 4. **Daily price shift exponent:** A reCLAMM parameter involved in determining the rate at which the range changes. [Learn more: Balancer reCLAMM](https://medium.com/balancer-protocol/unpacking-reclamm-attributes-trustless-1c23af247e3b)

#### Aerodrome

> 1. **Aerodrome:** A Base-native DEX combining constant-product and concentrated-liquidity markets with gauge-directed incentives. **Based NUT:** NUT, SNUT, SALT, and other ecosystem assets use Aerodrome markets. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 2. **AERO:** Aerodrome’s liquid ERC-20 incentive token. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 3. **veAERO:** An ERC-721 position representing locked AERO and associated voting power. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 4. **Epoch:** Aerodrome’s recurring seven-day voting, emissions, and accounting period. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 5. **Gauge staking:** Depositing eligible liquidity positions into a gauge to receive directed AERO emissions. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 6. **Voting reward:** Pool revenue and deposited voting incentives allocated to eligible veAERO voters. [Learn more: Aerodrome](https://aerodrome.finance/docs)

> 7. **Slipstream:** Aerodrome’s concentrated-liquidity AMM system. **Based NUT:** A NUT Slipstream pool is separate from NUT’s classic Aerodrome pools. [Learn more: Aerodrome](https://aerodrome.finance/docs)

***

### Protocol Controls, Security, and Bridges

> 1. **Owner:** The address holding primary ownership authority over a contract. [Learn more: OpenZeppelin Ownable](https://docs.openzeppelin.com/contracts/5.x/access-control#ownership-and-ownable)

> 2. **Role-based access control:** Assignment of contract permissions through named roles. [Learn more: OpenZeppelin AccessControl](https://docs.openzeppelin.com/contracts/5.x/access-control#role-based-access-control)

> 3. **Multisig:** A smart account requiring a configured number of authorized signatures to execute transactions. [Learn more: Safe](https://docs.safe.global/advanced/smart-account-concepts)

> 4. **Signing threshold:** The number of multisig approvals required for execution. [Learn more: Safe](https://docs.safe.global/advanced/smart-account-concepts)

> 5. **Timelock:** A contract-enforced delay between scheduling and executing an operation. [Learn more: OpenZeppelin](https://docs.openzeppelin.com/contracts/5.x/access-control#delayed_operation)

> 6. **Immutable contract:** A contract whose deployed bytecode cannot be replaced. External configuration and dependencies can still exist. [Learn more: Ethereum smart contracts](https://ethereum.org/developers/docs/smart-contracts/)

> 7. **Upgradeable contract:** A system designed so its active implementation can be replaced while retaining an address or state. [Learn more: OpenZeppelin upgrades](https://docs.openzeppelin.com/upgrades-plugins/proxies)

> 8. **Proxy contract:** A contract that delegates execution to another implementation contract. [Learn more: OpenZeppelin](https://docs.openzeppelin.com/upgrades-plugins/proxies)

> 9. **Implementation contract:** The contract containing logic used by a proxy. [Learn more: OpenZeppelin](https://docs.openzeppelin.com/upgrades-plugins/proxies)

> 10. **Pause function:** Contract logic that temporarily disables selected operations. [Learn more: OpenZeppelin Pausable](https://docs.openzeppelin.com/contracts/5.x/api/utils#Pausable)

> 11. **Ownership renouncement:** Removal or transfer of the primary owner role. It does not automatically remove other roles, proxy permissions, or external controls. [Learn more: OpenZeppelin Ownable](https://docs.openzeppelin.com/contracts/5.x/access-control#ownership-and-ownable)

> 12. **Approval:** Authorization allowing another address or contract to spend tokens. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 13. **Allowance:** The remaining quantity a spender is authorized to transfer from a token owner. [Learn more: ERC-20](https://eips.ethereum.org/EIPS/eip-20)

> 14. **Unlimited approval:** An allowance set to a value intended to avoid repeated approvals. [Learn more: MetaMask](https://support.metamask.io/stay-safe/protect-yourself/what-is-a-token-approval/)

> 15. **Permit:** Signature-based token approval without requiring a separate onchain approval transaction. [Learn more: ERC-2612](https://eips.ethereum.org/EIPS/eip-2612)

> 16. **Smart-contract risk:** The possibility that contract code, configuration, permissions, or interactions produce unintended results. [Learn more: Ethereum security](https://ethereum.org/developers/docs/smart-contracts/security/)

> 17. **Dependency risk:** Risk inherited from external tokens, pools, bridges, oracles, routers, vaults, or agents. **Based NUT:** Nested NUT positions inherit dependencies from each underlying contract. [Learn more: OWASP Smart Contract Security](https://scs.owasp.org/)

> 18. **Composability risk:** The possibility that a lower-level protocol change or failure affects higher-level positions built from it. **Based NUT:** pNUT and LP-token metapools are composable positions. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 19. **Rug pull:** Unauthorized or misleading extraction of liquidity or protocol assets by a privileged party. [Learn more: Chainalysis](https://www.chainalysis.com/blog/crypto-rug-pulls-2021/)

> 20. **Bridge:** Infrastructure for transferring messages or representing assets across blockchains. [Learn more: Ethereum bridges](https://ethereum.org/bridges/)

> 21. **Canonical bridge:** A bridge recognized as part of a chain’s standard protocol infrastructure. **Based NUT:** Base’s standard bridge connects Ethereum and Base. [Learn more: Base](https://docs.base.org/base-chain/specs/protocol/bridging/bridges)

> 22. **Lock-and-mint bridge:** A bridge model where assets are locked on one chain and representations are minted on another. [Learn more: Base bridges](https://docs.base.org/base-chain/specs/protocol/bridging/bridges)

> 23. **Burn-and-release bridge:** A bridge model where representations are burned on one chain and corresponding assets are released on another. [Learn more: Base bridges](https://docs.base.org/base-chain/specs/protocol/bridging/bridges)

> 24. **WETH:** An ERC-20 representation of ETH. **Based NUT:** WETH is the paired asset in NUT’s genesis Uniswap pool. [Learn more: Ethereum](https://ethereum.org/wrapped-eth/)

> 25. **cbBTC:** A Coinbase-issued tokenized representation of bitcoin on supported chains. **Based NUT:** cbBTC appears in NUT-related pools and the pNUT basket. [Learn more: Coinbase](https://www.coinbase.com/cbbtc)

> 26. **cbETH:** A Coinbase liquid-staking token representing a position associated with staked ETH. **Based NUT:** cbETH is a pNUT pool component. [Learn more: Coinbase](https://www.coinbase.com/cbeth)

> 27. **USDC:** A fiat-referenced ERC-20 stablecoin issued by Circle. **Based NUT:** SALT has an external SALT/USDC market. [Learn more: Circle](https://www.circle.com/usdc)

> 28. **Base:** An Ethereum Layer 2 rollup network. **Based NUT:** Based NUT contracts and principal markets are deployed on Base. [Learn more: Base](https://docs.base.org/base-chain/specs/protocol/overview)

***

### Based NUT Ecosystem Terms

> 1. **BASED NUT:** An experimental DeFi and memefi ecosystem on Base containing NUT, SNUT, pNUT, bonding-curve assets, NFT layers, liquidity markets, and AI-agent concepts. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 2. **NUT:** The ecosystem’s central ERC-20 token and principal economic reference asset. Its verified contract is `0xb8DE15Fb529d98C93C749De63c749D48D25A30DF`. [Learn more: BaseScan](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df)

> 3. **One-NUT supply:** NUT has a total supply of one whole displayed token. [Learn more: NUT contract](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df)

> 4. **NUT divisibility:** NUT uses 18 decimals, so the one whole-token supply consists of `10^18` transferable raw units. [Learn more: NUT contract](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df#code)

> 5. **NUT total supply:** The one whole NUT reported by `totalSupply()`. The verified ABI contains standard transfer and approval functions but no public burn method. [Learn more: NUT ABI](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df#code)

> 6. **NUT accessible supply:** The portion of the one NUT supply controlled by addresses capable of transferring it. `accessible NUT = total NUT − inaccessible NUT` . [Learn more: NUT holders](https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df#balances)

> 7. **NUT FDV:** Because NUT has one whole token as its maximum supply, its FDV is numerically equal to the price of one whole NUT. Circulating market capitalization can differ if circulating supply is below one. [Learn more: NUT BaseScan](https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df)

> 8. **NUT genesis pool:** The original NUT/WETH Uniswap v3 pool used to initialize the NUT market. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 9. **NUT genesis liquidity:** The initial one-sided NUT liquidity deposited into the genesis pool. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 10. **NUT economic burn:** Transfer of NUT to a conventional dead address, reducing accessible supply without changing the verified token contract’s `totalSupply`. [Learn more: NUT contract](https://basescan.org/address/0xb8de15fb529d98c93c749de63c749d48d25a30df#code)

> 11. **NUT canonical pool:** The pool designated as the primary NUT market and historical price reference. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 12. **NUT oracle network:** The collection of NUT markets and observations used to compare NUT prices across venues. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 13. **SNUT:** A Based NUT ERC-20 reward-position token with a stated maximum supply of 100,000 and nine decimals. Its contract address is `0xAC130701aa31c284c36609E2489f150F419AD7AD`. [Learn more: BaseScan](https://basescan.org/token/0xAC130701aa31c284c36609E2489f150F419AD7AD)

> 14. **SNUT transaction fee:** The Based NUT FAQ describes a 6% transfer fee divided into four 1.5% allocations for liquidity, management, buyback-and-sink activity, and rewards. Contract settings and exemptions determine execution. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 15. **SNUT reward position:** A qualifying SNUT balance associated with NUT reward distributions under SNUT’s distributor and exclusion rules. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 16. **SNUT auto-liquidity:** The SNUT fee allocation identified for liquidity operations. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 17. **SNUT buyback:** Contract activity using accumulated assets to purchase SNUT from a market. [Learn more: SNUT BaseScan](https://basescan.org/token/0xAC130701aa31c284c36609E2489f150F419AD7AD)

> 18. **SNUT buyback-and-sink:** Purchased SNUT transferred to the conventional dead address. This reduces accessible SNUT supply but does not necessarily reduce `totalSupply`. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 19. **SNUT circulating supply:** SNUT supply excluding balances treated as inaccessible under the selected calculation method. [Learn more: SNUT BaseScan](https://basescan.org/token/0xAC130701aa31c284c36609E2489f150F419AD7AD)

> 20. **pNUT:** The BPT representing ownership of Based NUT’s Balancer v2 weighted pool. [Learn more: Balancer pool](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e)

> 21. **pNUT basket:** The pool containing cbETH, cbBTC, NUT, and SNUT with 25% normalized weights in its Balancer invariant. Current balances and current market-value proportions change with pool activity and asset prices. [Learn more: Balancer pool](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e)

> 22. **pNUT NAV:** The estimated current value of the assets redeemable through the pool divided by outstanding pNUT BPT supply. `pNUT NAV = pool asset value ÷ pNUT supply` . [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 23. **pNUT issuance:** Creation of pNUT BPT shares when assets are added to the Balancer pool. [Learn more: Balancer liquidity](https://docs.balancer.fi/concepts/vault/add-remove-liquidity.html)

> 24. **pNUT redemption:** Destruction of pNUT BPT shares in exchange for underlying pool assets according to Balancer exit rules. [Learn more: Balancer liquidity](https://docs.balancer.fi/concepts/vault/add-remove-liquidity.html)

> 25. **pNUT price drift:** A difference between a separately quoted pNUT market price and calculated pNUT NAV. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 26. **pNUT underlying transfer-fee exposure:** The transfer behavior introduced by SNUT being one of the assets inside pNUT. [Learn more: Uniswap token fees](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee)

> 27. **SALT:** A Based NUT child token issued through a Mint Club discrete bonding curve using NUT as its base asset. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 28. **NUTINO:** A Based NUT child token issued through a Mint Club discrete bonding curve using NUT as its base asset. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 29. **NUT-backed child token:** A token redeemable through its bonding curve for NUT according to the deployed curve steps and royalties. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 30. **Nested NFT:** A Based NUT NFT whose minting, reserve, redemption, or ecosystem relationship incorporates NUT. [Learn more: Mint Club NFT](https://docs.mint.club/create/nft)

> 31. **NUT-redeemable NFT:** An NFT burnable under its contract rules in exchange for NUT held by its curve or reserve mechanism. [Learn more: Mint Club](https://docs.mint.club/mintburn/burning)

> 32. **NUT Army NFTs:** Based NUT NFT collections representing roles or factions in the Great Nut War narrative. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 33. **Meta-DEX / NUTDEX:** A Based NUT framework connecting AMMs, bonding curves, LP-token pools, NFT markets, vaults, routing, and agent systems. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 34. **NUT-denominated economy:** An ecosystem where token prices, reserves, services, or accounting relationships are expressed relative to NUT. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 35. **NUT orbit:** The project-defined network of tokens, NFTs, pools, LP tokens, vault shares, and agents connected to NUT through reserves, liquidity, or services. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 36. **Palm Grove:** A Based NUT term for the SNUT-LP metapool and related LP-token market structure. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 37. **Palm Grove metapool:** A higher-level market holding tokens that represent lower-level SNUT liquidity positions. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 38. **LP-NAV:** The estimated value of an LP token’s redeemable underlying assets divided by outstanding LP-token supply. [Learn more: Balancer BPTs](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 39. **Economic recursion:** The placement of a tokenized position inside another pool, vault, collateral system, or agent economy. **Based NUT:** NUT can enter a curve; its child token or LP position can then enter another liquidity layer. [Learn more: Balancer composability](https://docs.balancer.fi/concepts/core-concepts/balancer-pool-tokens.html)

> 40. **Peanutoshi Nutkamoto:** The Based NUT AI-agent identity and ecosystem interface. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 41. **Peanut sentinel:** A proposed Based NUT agent for monitoring pools, oracles, liquidity, taxes, vaults, and protocol state. [Learn more: Virtuals ACP](https://os.virtuals.io/acp/overview)

> 42. **Sentinel alert:** A notification generated when a monitored condition crosses a configured threshold. [Learn more: OpenZeppelin Monitor](https://docs.openzeppelin.com/defender/module/monitor)

> 43. **Sentinel action:** A transaction or operation submitted by the sentinel under its assigned permissions. [Learn more: Chainlink Automation](https://docs.chain.link/chainlink-automation)

> 44. **Sentinel guardrail:** A permission, spending limit, allowlist, or policy constraining sentinel actions. [Learn more: ERC-4337](https://eips.ethereum.org/EIPS/eip-4337)

> 45. **NUT agent service:** An AI or automation service whose access, settlement, or accounting connects to NUT. [Learn more: Virtuals ACP](https://os.virtuals.io/acp/overview)

> 46. **Agent-token orbit:** An agent token connected to NUT through explicit liquidity, payments, fees, or reserves. [Learn more: Virtuals EconomyOS](https://os.virtuals.io/)

> 47. **VIRTUAL-to-NUT route:** A liquidity route connecting an agent token or VIRTUAL market to NUT through one or more pools. [Learn more: Uniswap routing](https://docs.uniswap.org/contracts/v3/concepts/advanced-topics/routing)

> 48. **NUT liquidity flywheel:** The project-defined feedback structure connecting NUT trading, pool fees, liquidity provision, and subsequent trading activity. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 49. **SNUT fee flywheel:** The project-defined flow from SNUT transfers to fee allocations for liquidity, operations, buybacks, and rewards. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 50. **SNUT sink flywheel:** The project-defined flow from SNUT transfer activity to buybacks and dead-address transfers. `SNUT activity → fee allocation → SNUT buyback → SNUT sink` . [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 51. **Nested-token flywheel:** A project-defined flow where NUT is deposited into child-token curves and child-token activity produces further NUT-denominated transactions. [Learn more: Mint Club](https://docs.mint.club/learn/bonding)

> 52. **Agent-service flywheel:** A project-defined flow where agent usage generates service revenue or activity that supports continued agent operation. [Learn more: Virtuals ACP](https://os.virtuals.io/acp/overview)

> 53. **pNUT basket flywheel:** A project-defined flow connecting basket deposits, pNUT share issuance, pNUT liquidity, redemptions, and arbitrage. [Learn more: Balancer pool](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e)

> 54. **Regenerative tokenomics:** The Based NUT design objective of routing protocol or service activity into liquidity, reserves, agents, infrastructure, or ecosystem operations. [Learn more: Based NUT FAQ](https://liquidity-six.vercel.app/faq)

> 55. **Please nut responsibly:** The Based NUT warning that its tokens and products are experimental memefi and do not promise intrinsic value, financial returns, or safety. [Learn more: Based NUT](https://docs.basednut.com/)


# Token Catalog

WELCOME TO THE NUT FARM

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## **Status: LIVE — all on Base mainnet (chain ID 8453). Explorer: basescan.org.**

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<figure><img src="https://content.gitbook.com/content/H62tjYbt0cAoLdGIfAQj/blobs/5PbRNFdWWe5MiFM53gmS/image" alt=""><figcaption></figcaption></figure>

#### The Root

<table data-card-size="large" data-view="cards"><thead><tr><th>Token</th><th>Supply</th><th>Role</th><th align="center">Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>NUT</strong> 🌰</td><td>1 whole token (18 decimals)</td><td>The root of all liquidity. TRUE Price = TRUE Market Cap. No mint, no burn, no governance</td><td align="center"><code>0xb8de15fb529d98c93c749de63c749d48d25a30df</code></td><td align="center"><a href="/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut">View details for token NUT</a> </td><td align="center"><a href="/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df">🔄 Trad</a><a href="https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df">e</a></td><td align="center"><a href="https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FdOEMp5jusBGTCQOGT5KF%2F0xb8de15fb529d98c93c749de63c749d48d25a30df.png?alt=media&amp;token=3c9854b1-cce9-4915-89fd-41c609a8565f">0xb8de15fb529d98c93c749de63c749d48d25a30df.png</a></td></tr><tr><td><h3>wNUT 🎁</h3></td><td>1:1 wraped version of NUT</td><td>To enhance the surface area of the root token.</td><td align="center"><code>0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3</code></td><td align="center"><a href="/technical/token-catalog/wnut-or-wrapped-nut-observatory-or-based-nut">View details for token wNUT</a></td><td align="center"><a href="/technical/token-catalog/wnut-or-wrapped-nut-observatory-or-based-nut">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F6OhhnPykBBnqkluk8K7M%2F4f688328-6ba2-4383-a0ff-8c1be1eaf4f5.png?alt=media&amp;token=529b9c8c-7822-4f79-8327-1a6fca637b9a">4f688328-6ba2-4383-a0ff-8c1be1eaf4f5.png</a></td></tr></tbody></table>

***

#### The Branches

<table data-card-size="large" data-view="cards"><thead><tr><th>Token</th><th>Supply</th><th>Role</th><th align="center">Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>SNUT</strong> 🥥</td><td>100,000 (9 decimals)</td><td>Liquid non-escrow NUT reward-position token. 1% tax funds NUT rewards, buyback/burn, and liquidity. Dead-held SNUT keeps earning NUT — recursive burn flywheel</td><td align="center"><code>0xAC130701aa31c284c36609E2489f150F419AD7AD</code></td><td align="center"><a href="/technical/token-catalog/snut-or-the-burn-token-or-based-nut">View details for token SNUT</a></td><td align="center"><a href="/technical/token-catalog/snut-or-the-burn-token-or-based-nut">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xac130701aa31c284c36609e2489f150f419ad7ad">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xac130701aa31c284c36609e2489f150f419ad7ad">💧 Liquidity</a></td><td align="center"> <a href="https://basescan.org/token/0xac130701aa31c284c36609e2489f150f419ad7ad">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FbuGUjrVKMQz5wRvKX94l%2F0xac130701aa31c284c36609e2489f150f419ad7ad.png?alt=media&amp;token=7d7c3333-bd58-439e-99c7-a5f9c447fcbb">0xac130701aa31c284c36609e2489f150f419ad7ad.png</a></td></tr><tr><td><strong>pNUT</strong> 🥜</td><td>BPT</td><td>Balancer V2 index basket holding 25% each of cbETH, cbBTC, NUT, and SNUT. NAV drift from market price creates arbitrage</td><td align="center"><code>0x2a5757b60987ff10385de1d4d923792f6fdcfff1</code></td><td align="center"><a href="/technical/token-catalog/pnut-or-the-basket-index-token-or-based-nut">View details for token pNUT</a></td><td align="center"><a href="/technical/token-catalog/pnut-or-the-basket-index-token-or-based-nut">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x2a5757b60987ff10385de1d4d923792f6fdcfff1">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x2a5757b60987ff10385de1d4d923792f6fdcfff1">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x2a5757b60987ff10385de1d4d923792f6fdcfff1">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FQ1rHYk3OkGffww5qkviO%2FDALL%C2%B7E%202024-09-18%2018.48.24%20-%20A%20hyper-realistic%203D%20peanut%20logo%20designed%20for%20a%20peanut-based%20brand.%20The%20peanut%20is%20rendered%20with%20intricate%20details%2C%20lifelike%20textures%2C%20and%20natural%20colo.webp?alt=media&amp;token=a9dcfb45-7b44-47a5-908d-5c5e8b88101f">DALL·E 2024-09-18 18.48.24 - A hyper-realistic 3D peanut logo designed for a peanut-based brand. The peanut is rendered with intricate details, lifelike textures, and natural colo.webp</a></td></tr></tbody></table>

***

#### The AI Infrastructure

<table data-card-size="large" data-view="cards"><thead><tr><th>Token</th><th>Role</th><th>Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>PIPS</strong> 💻🥜</td><td>Compute fuel for Pipshell, the DevOps agent. Trade fees fund agent compute. Infrastructure token — not a consumer product</td><td><code>0x3F2327221Dd4f0BAE660172606D6b288A1cf8aD9</code></td><td align="center"><a href="/technical/token-catalog/pips-or-token-profile">View details for token PIPS</a></td><td align="center"><a href="/technical/token-catalog/pips-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9">💧 Liquidity</a></td><td align="center"> <a href="https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F7eFZNoYR4BV56IaaOPh3%2Fpips-logo.png?alt=media&amp;token=d8644a55-f929-4563-a918-f0606834456f">pips-logo.png</a></td></tr></tbody></table>

***

#### The Nested Tokens

<table data-card-size="large" data-view="cards"><thead><tr><th>Token</th><th>Role</th><th align="center">Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>SALT</strong> 🧂</td><td>Mint Club bonding curve token backed by NUT. Two-venue arb loop: mint with NUT → sell for USDC on Aerodrome</td><td align="center"><code>0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81</code></td><td align="center"><a href="/technical/token-catalog/salt-or-token-profile">View details for token SALT</a></td><td align="center"><a href="/technical/token-catalog/salt-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F7xgQaiGy9GrPCLeyaTjy%2FDALL%C2%B7E%202025-03-22%2019.43.21%20-%20A%20hyper-realistic%203D%20close-up%20of%20salt%20crystals%20scattered%20on%20a%20rustic%20wooden%20table.%20The%20scene%20features%20ultra-detailed%2C%20translucent%2C%20and%20reflective%20salt.webp?alt=media&amp;token=0f03ad4b-8ca9-4b00-8765-26e1f615d5ec">DALL·E 2025-03-22 19.43.21 - A hyper-realistic 3D close-up of salt crystals scattered on a rustic wooden table. The scene features ultra-detailed, translucent, and reflective salt.webp</a></td></tr><tr><td><strong>NUTINO</strong> 🌰🍫</td><td>Mint Club bonding curve token backed by NUT. Two-venue arb loop: mint with NUT → sell for cbBTC on Uniswap V2</td><td align="center"><code>0x30421e2d18dFF60B298eEF427cF868cA65f1476B</code></td><td align="center"><a href="/technical/token-catalog/nutino-or-token-profile">View details for token NUTINO</a></td><td align="center"><a href="/technical/token-catalog/nutino-or-token-profile">DETAILS</a></td><td align="center"></td><td align="center"></td><td align="center"></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F5v4jfmAWlET0hDdYCS5b%2F1a24ce80-964f-4917-8ef1-51e32607359e.png?alt=media&amp;token=c13a74bb-8e75-4bde-9b7c-64c0ef91dd00">1a24ce80-964f-4917-8ef1-51e32607359e.png</a></td></tr></tbody></table>

***

#### ⚔️🪖 The NUT War NFTs

<table data-card-size="large" data-view="cards"><thead><tr><th>Collection</th><th>Role</th><th align="center">Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><strong>P-NUTS</strong> 🥜⚔️ — Peanut War Generals</td><td>Bonded to NUT. Mint to enlist, burn to reclaim. 200 SALT airdropped per General. Whole-NFT trading on Sudoswap in USDC</td><td align="center"><code>0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387</code></td><td align="center"><a href="/technical/token-catalog/pnuts-or-token-profile">View details for token PNUTS</a></td><td align="center"><a href="/technical/token-catalog/pnuts-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FZL2En6UEHyU6FcRCPB1E%2Fpnutgeneral.webp?alt=media&amp;token=9f7b55d0-835f-4df8-91c1-1212643ae672">pnutgeneral.webp</a></td></tr><tr><td><strong>PNUTRMY</strong> 🥜🪖 — Peanut Soldiers</td><td>Bonded to NUT. 80 SALT airdropped per Soldier. Backbone of the Orchard — no Sudoswap pool yet</td><td align="center"><code>0xF075300b8C2EF500d8Ce4f783F910C500B9A3512</code></td><td align="center"><a href="/technical/token-catalog/pnutrmy-or-token-profile">View details for token PNUTRMY</a></td><td align="center"><a href="/technical/token-catalog/pnutrmy-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512">💧 Liquidity</a></td><td align="center"> <a href="https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FKAvaY84MdpQafwSr1iSn%2Fpnutarmy.webp?alt=media&amp;token=304202d3-f6db-403a-9a15-d2478a2322a7">pnutarmy.webp</a></td></tr><tr><td><strong>ALMD</strong> 🌰⚔️ — Almond War Generals</td><td>Bonded to NUT. Golden Salted Swarm. 200 SALT airdropped per General. Whole-NFT trading on Sudoswap in cbETH</td><td align="center"><code>0x1A160456005AED47994E1c13C9bc31F274413927</code></td><td align="center"><a href="/technical/token-catalog/almd-or-token-profile">View details for token ALMD</a></td><td align="center"><a href="/technical/token-catalog/almd-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927">💧 Liquidity</a></td><td align="center"> <a href="https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fw40HYPPGFSbQEHkk5mnL%2Falmondgeneral.webp?alt=media&amp;token=f6ef292d-bf27-4c22-8951-fb131f963685">almondgeneral.webp</a></td></tr><tr><td><strong>SALMD</strong> 🌰🪖 — Almond Soldiers</td><td>Bonded to NUT. Sky-Seasoned Crunch. 80 SALT airdropped per Soldier. Whole-NFT trading on Sudoswap in cbETH</td><td align="center"><code>0x1E0f80529593185C021043ffcbfDcB8f4279C649</code></td><td align="center"><a href="/technical/token-catalog/salmd-or-token-profile">View details for token SALMD</a></td><td align="center"><a href="/technical/token-catalog/salmd-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FgjmCEvZEmE1r0XQ3jjvm%2Falmndarmy.webp?alt=media&amp;token=8a3eb3ad-d9ed-4364-a337-02a6074ffc03">almndarmy.webp</a></td></tr></tbody></table>

***

#### 🌻 Sunflower Twin Grafts Grove

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FtdemrZPFqcHVYaRCLnsS%2F96324e3e-29d8-454d-ba37-7351c5693691.png?alt=media&amp;token=beee99a7-acc8-4394-862e-9826baf670c8" alt="" width="375"><figcaption></figcaption></figure>

<table data-card-size="large" data-view="cards"><thead><tr><th>Token</th><th>Role</th><th>Address</th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th align="center"></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><h3>🌻🧠 gtINF</h3></td><td>Inference Twin Graft BPT</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtinf-or-token-profile">View details for token gtINF</a></td><td align="center"><a href="/technical/token-catalog/gtinf-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2F6NUFYLRZgaMaPPRArQCY%2F05235f91-3a03-42e4-9f6b-a4d8a483be3e.png?alt=media&amp;token=a9b4a5f2-ad55-4747-b677-baffd2ea8be3">05235f91-3a03-42e4-9f6b-a4d8a483be3e.png</a></td></tr><tr><td><h3>🌻🤖 gtAGT</h3></td><td>Agent Twin Graft BPT</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtagt-or-token-profile">View details for token gtAGT</a></td><td align="center"> <a href="/technical/token-catalog/gtagt-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200">💧 Liquidity</a></td><td align="center"> <a href="https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FyjPoslinS3PkibN5Ch1j%2F046429cf-f310-444e-a686-bea7f785da61.png?alt=media&amp;token=71f9bf31-2579-414e-98ad-526c02735a68">046429cf-f310-444e-a686-bea7f785da61.png</a></td></tr><tr><td><h3>🌻💧 gtETH</h3></td><td>Ether Twin Graft BPT</td><td>0x</td><td align="center"><a href="broken://pages/864a4b930a7df11ff356ff54bbc7cabe4f56f2bd">View details for token gtETH</a></td><td align="center"> <a href="broken://pages/864a4b930a7df11ff356ff54bbc7cabe4f56f2bd">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">🔄 Trade</a> · <a href="https://basescan.org/token/0xd156d51219B3a7A590670d655E8740Ad404e8835">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FkcUbam1GNQykA2EVZxiw%2Fadf3c5e6-8e83-4b29-b66f-215527f4c5d6.png?alt=media&amp;token=1a13e284-fe2c-42ff-b11c-0b39dac67ebd">adf3c5e6-8e83-4b29-b66f-215527f4c5d6.png</a></td></tr><tr><td><h3>🌻<span data-gb-custom-inline data-tag="emoji" data-code="1fa99">🪙</span> gtBTC</h3></td><td>Bitcoin Twin Graft BPT</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtbtc-or-token-profile">View details for token gtBTC</a></td><td align="center"><a href="/technical/token-catalog/gtbtc-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FskRzoTwafYmvoQ5s1kaF%2F8e61a608-2370-494f-b404-7505b7127112.png?alt=media&amp;token=4f24d4a7-0e2c-4342-a03b-ca0ce7fd5338">8e61a608-2370-494f-b404-7505b7127112.png</a></td></tr><tr><td><h3>🌻💰 gtFX</h3></td><td>Forex Twin Graft BPT</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtfx-or-token-profile">View details for token gtFX</a></td><td align="center"><a href="/technical/token-catalog/gtfx-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FwniRA9b76EOAnascnjG5%2F0ee99c8b-6c01-43e6-a587-9cf565cd4e46.png?alt=media&amp;token=b9113c46-64d9-42a3-9ef6-14505ed6a86d">0ee99c8b-6c01-43e6-a587-9cf565cd4e46.png</a></td></tr><tr><td><h3>🌻💽 gtSIL</h3></td><td>Silicon Twin Graft BPT</td><td>0x</td><td align="center"><a href="/technical/token-catalog/gtsil-or-token-profile">View details for token gtSIL</a></td><td align="center"><a href="/technical/token-catalog/gtsil-or-token-profile">DETAILS</a></td><td align="center"><a href="https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0">🔄 Trade</a></td><td align="center"><a href="https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0">💧 Liquidity</a></td><td align="center"><a href="https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0">🔍 Explorer</a></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FX8Zb5rt3aYbk3WHv4DH6%2F4dbf8ac1-e38c-45cd-8c40-589f2aa4f2ec.png?alt=media&amp;token=dc52ce09-8175-426d-9ae1-03b1bdb81fe4">4dbf8ac1-e38c-45cd-8c40-589f2aa4f2ec.png</a></td></tr></tbody></table>

***

#### Soil Assets

<figure><img src="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FB45g563bFwKfM3aEC375%2Ff5f77451-69c9-4d48-9b50-31a53f67e498.png?alt=media&amp;token=acb71342-8674-45ca-b472-f24d123b0934" alt="" width="375"><figcaption></figcaption></figure>

<table data-view="cards"><thead><tr><th>Token</th><th>Role</th><th>Address</th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><h3>🪙 wETH</h3></td><td>Primary quote token for NUT and SNUT — main price-discovery venues include NUT/wETH UniV3 + V2 and SNUT/wETH V2</td><td><code>0x4200000000000000000000000000000000000006</code></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FrSvYgNMATQHZeh64wm1g%2F43a266ec-82f3-41c2-9a2e-7ec47b961215.png?alt=media&amp;token=f0695649-f1c8-42eb-a4d3-b5e86db1408d">43a266ec-82f3-41c2-9a2e-7ec47b961215.png</a></td></tr><tr><td><h3>🌱 cbETH</h3></td><td>Coinbase Wrapped Staked ETH — 25% collateral in the pNUT basket.</td><td><code>0x2Ae3F1Ec7F1F5012CFEab0185bfc7aa3cf0dec22</code></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FePmKaH6TNuyo8rBrcTJG%2F8f5fcee1-da4d-4a42-99c8-a6d5c4603763.png?alt=media&amp;token=7cf0a2d6-028e-4335-a40b-7f951589e67c">8f5fcee1-da4d-4a42-99c8-a6d5c4603763.png</a></td></tr><tr><td><h3>💧 wstETH</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FyCERR2kHV6avHUszvG48%2F5d039e09-754c-4d05-9da8-6c5245991e78.png?alt=media&amp;token=67c67830-cf35-4649-9c30-6e73169c130a">5d039e09-754c-4d05-9da8-6c5245991e78.png</a></td></tr><tr><td><h3>🌾 cbBTC</h3></td><td>Coinbase Wrapped BTC — 25% collateral in the pNUT basket; quote token for the NUTINO DEX pool</td><td><code>0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf</code></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FqUjzYadn5DaewEAD4g24%2Fc8fbfa9f-809a-44a1-b044-200112fbc5d2.png?alt=media&amp;token=36af7217-8ea5-42f6-b8fb-2acf304d5530">c8fbfa9f-809a-44a1-b044-200112fbc5d2.png</a></td></tr><tr><td><h3>💵 USDC</h3></td><td>Native Circle USDC on Base.</td><td><code>0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913</code></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fsvh26H7K3pYy2ybcAEjG%2Fc521e973-4e89-420c-a7e6-dc9b7da6cec2.png?alt=media&amp;token=b8ac2a9b-ece3-4f0c-a7ee-0f82d769c379">c521e973-4e89-420c-a7e6-dc9b7da6cec2.png</a></td></tr><tr><td><h3>✈️ AERO</h3></td><td>Aerodrome governance and emissions token — quote token in the NUT/AERO pool; gauge emissions can incentivize NUT liquidity</td><td><code>0x940181a94A35A4569E4529A3CDfB74e38FD98631</code></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FkjWx76vaBL6itqt8sUPp%2Fd62336d1-a465-466d-878d-775e1193f774.png?alt=media&amp;token=0319a8a6-5a13-46fa-86b4-80d1179c6e94">d62336d1-a465-466d-878d-775e1193f774.png</a></td></tr><tr><td><h3>🧠 VVV</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FllQRM5RLNB3q9eKN7zhq%2Fdef3aec3-eeb1-4bd9-b67a-9fb695eefebd.png?alt=media&amp;token=d4ae3604-1b7e-44be-983f-6005a12721d2">def3aec3-eeb1-4bd9-b67a-9fb695eefebd.png</a></td></tr><tr><td><h3>💠 DIEM</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2Fpbkf47jdT0sTHFso9MGW%2Fd4e2206f-9ec7-4844-80e4-83d80f1133a3.png?alt=media&amp;token=a6e3cd4b-6e01-4991-a01e-1c1ad07c678c">d4e2206f-9ec7-4844-80e4-83d80f1133a3.png</a></td></tr><tr><td><h3>🤖 VIRTUALS</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FWn5Y2nJAd6d7Pj72RKRj%2F00ff3a25-41ba-4cad-aa93-bd3a231673fc.png?alt=media&amp;token=f488372e-90ae-4444-8d85-674a72392129">00ff3a25-41ba-4cad-aa93-bd3a231673fc.png</a></td></tr><tr><td><h3>🕶️ MOR</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FCjRNbhkZwPIEhi9BIcTQ%2F9a7661a8-7889-4a40-ae18-92d6c17b81ff.png?alt=media&amp;token=da2d03ee-caf1-4e68-99fc-a69d9cedf42e">9a7661a8-7889-4a40-ae18-92d6c17b81ff.png</a></td></tr><tr><td><h3>₿ tBTC</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FSuQZSlJX4JSWYN1TEtl0%2Fa2e4b2d2-a7ee-4ab8-ae5f-9225f47fdf60.png?alt=media&amp;token=4a533069-c711-4d4f-9889-a5701db5c04f">a2e4b2d2-a7ee-4ab8-ae5f-9225f47fdf60.png</a></td></tr><tr><td><h3>€ EURC</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FqFQduuyVEcU2gydmiaob%2F16151283-7e4d-44bb-a0ef-a95e5b938547.png?alt=media&amp;token=f63d2c11-e876-4619-942c-b0fee43835e8">16151283-7e4d-44bb-a0ef-a95e5b938547.png</a></td></tr><tr><td><h3>💽 NVDAc</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FvrRwqABUmOBSsjM1OWKr%2F956aa566-e8ab-44d3-bc4a-d343eb7b26fe.png?alt=media&amp;token=079c92c6-0d99-46a8-b31b-fc7b56ba6aa7">956aa566-e8ab-44d3-bc4a-d343eb7b26fe.png</a></td></tr><tr><td><h3>🍎 AAPLc</h3></td><td></td><td></td><td><a href="https://4187659982-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FH62tjYbt0cAoLdGIfAQj%2Fuploads%2FIvEvpRupFdy6gysQOA8F%2F468d2bd5-f92e-46e4-8807-47073d515cfb.png?alt=media&amp;token=37b38630-825d-4b8e-bac6-f8c5041a747a">468d2bd5-f92e-46e4-8807-47073d515cfb.png</a></td></tr></tbody></table>


# NUT | The Root of All Liquidity | BASED NUT

## The Root of All Liquidity

Supply = **1** whole token split into **1 quintillion atomic units** (10^18 attoNUTs) — a conserved ledger with no mint, no burn, and no admin on the root contract. Every swap relocates a fraction of the same supply; whole-token price equals FDV because total supply is one. Specified child assets use NUT as collateral, reward asset, constituent, or reference input.

**Roots** · **ERC-20** · **Base** · **Core**

[📖 Docs](https://docs.basednut.com/nut) · [🔍 Basescan](https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df) · [🔄 Trade on Uniswap V3](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df)

**Contract:** `0xb8de15fb529d98c93c749de63c749d48d25a30df`

## Market Stats

| Metric       | Value |
| ------------ | ----- |
| Price        | ...   |
| Volume (24h) | ...   |
| Liquidity    | ...   |
| Total Supply | ...   |
| Base RPC     | ...   |
| Venues       | ...   |
| Live         | ...   |

How many economically distinct systems can coordinate around the same monetary root?

That is the question this page exists to investigate. One token, quantity frozen forever. Everything below is the economic structure that can still expand around it.

## 🌰 What Is NUT?

NUT is the **root asset** of the BASED NUT ecosystem. It has a fixed supply of exactly **1 token** — no more can ever be minted. Because supply is 1, the whole-token price equals the FDV.

Every other token in the ecosystem is built on top of NUT. *Bonding curve tokens* (NUTINO, SALT) are minted by locking NUT as collateral. *SNUT* is a reward-position token that earns NUT for holders. *pNUT* is an index basket that includes NUT as 25% of its weight. This makes NUT the **reference coordinate** — specified child assets use NUT as collateral, reward asset, constituent, or reference input.

### Why layers exist — separate the pressures without separating the system

A flat token forces incompatible economic pressures onto one instrument: if spending, rewards, collateral, and index value all ride the same balance, changing any one destabilizes the others. The layered system separates those pressures into distinct instruments *while keeping them all anchored to the same conserved root* — separation of monetary labor without splitting the monetary whole.

## 📊 Where Is The NUT?

Supply is 1 — forever. But that 1 NUT is split across pools and wallets. This is a *conservation problem*: how is the single NUT distributed across the ecosystem?

| Compartment                    |   NUT | Share |
| ------------------------------ | ----: | ----: |
| NUT/wETH V3                    | 0 NUT | 0.00% |
| Balancer (pNUT)                | 0 NUT | 0.00% |
| SNUT/NUT Aero                  | 0 NUT | 0.00% |
| NUT/AERO                       | 0 NUT | 0.00% |
| NUT/cbBTC                      | 0 NUT | 0.00% |
| NUT/wETH V2                    | 0 NUT | 0.00% |
| Remainder (all other balances) | 0 NUT | 0.00% |
| Dead / Irrecoverable           | 0 NUT | 0.00% |

| Measure      | Value   |
| ------------ | ------- |
| Total Supply | ... NUT |
| In DEX Pools | ... NUT |
| In Balancer  | ... NUT |
| Remainder    | ... NUT |

### Where Is The NUT? — a conserved measure over economic compartments

Formally, μt(C) = the fraction of total NUT residing in compartment C, and μt(𝒞) = 1 across every compartment. So this chart is not just token distribution — it is the observable map of a conserved measure over the economic system. The question "where is the NUT?" asks how one conserved whole is distributed across economic compartments.

## ⚖️ LESS IS MORE: Supply of One

A 10,000-supply token also holds quintillions of atomic units — 10,000 × 10^18 of them. So what is really different about NUT?

Other supplies can be normalized too. What is different about NUT is that it begins normalized: because total supply is exactly one, every balance is numerically identical to its share of the whole. 0.01 NUT is 1% of every NUT that will ever exist — no secondary math needed.

NUT is scarce by supply and conserved by design. Nothing new enters and nothing leaves; the entire economy unfolds through where the same whole resides, how accessible it is, and what each market makes it worth.

### A conserved measure of allocation

NUT is the conserved measure of its own allocation: every NUT amount is numerically identical to its share of total supply, S=1 ⇒ xi = quantity = share of the whole. The broader state Ωt — reserves, liquidity, derived claims, parameters, memory — is a separate object. NUT does not measure all state; it is the conserved root those states describe.

No supply curve, no issuance game. Because the root quantity begins at one, the entire economy unfolds through where that same whole resides, how accessible it is, and what each market makes it worth.

**— Much more than a scarce token: a conserved ledger whose economy unfolds through position, accessibility, and local valuation.**

## 🔗 Liquidity Connections

### Liquidity Pools

| Pool        | Platform    | Description                                | Links                                                                                                                                                                                             |
| ----------- | ----------- | ------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| NUT/wETH    | Uniswap V3  | Primary price discovery pool               | [Trade →](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df) · [Chart →](https://dexscreener.com/base/0xe3ce00e2ed742b142c15eedc208657dd22aa987e)            |
| NUT/wETH    | Uniswap V2  | Legacy liquidity pool                      | [Trade →](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df) · [Chart →](https://dexscreener.com/base/0x997bad8e9f5c34d5e9784caaa8a554a5e6192f53)            |
| SNUT/NUT    | Aerodrome   | Reactor pool — keeps SNUT/NUT aligned      | [Trade →](https://aerodrome.finance/pools?token1=0xb8de15fb529d98c93c749de63c749d48d25a30df) · [Chart →](https://dexscreener.com/base/0x893faaa7baf7a8247fc7142afb28e13d51a5aae8)                 |
| NUT/AERO    | Aerodrome   | Aero-denominated route                     | [Trade →](https://aerodrome.finance/pools?token1=0xb8de15fb529d98c93c749de63c749d48d25a30df) · [Chart →](https://dexscreener.com/base/0x38630fede5e2032652640d98b2d3f9c6296eea5d)                 |
| NUT/cbBTC   | Aerodrome   | Bitcoin-denominated route                  | [Trade →](https://aerodrome.finance/pools?token1=0xb8de15fb529d98c93c749de63c749d48d25a30df) · [Chart →](https://dexscreener.com/base/0x15385c9281bc12d2e9bf5c081621944b0ee2acca)                 |
| pNUT Basket | Balancer V2 | 25% NUT + 25% SNUT + 25% cbETH + 25% cbBTC | [Trade →](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000019e) · [Chart →](https://dexscreener.com/base/0x2a5757b60987ff10385de1d4d923792f6fdcfff1) |

### Child Tokens

[🌰 SNUT](/technical/token-catalog/snut-or-the-burn-token-or-based-nut) · [🌰 pNUT](/technical/token-catalog/pnut-or-the-basket-index-token-or-based-nut) · [🌰 NUTINO](/technical/token-catalog/nutino-or-token-profile) · [❄️ SALT](/technical/token-catalog/salt-or-token-profile)

### What is arbitrage, in plain words?

The same NUT trades in many markets at once — Uniswap V2, V3, Aerodrome, Balancer, bonding curves. Every market has its own price, so sometimes the same NUT is cheaper in one place and pricier in another. **Arbitrage is buying it where it is cheap and instantly selling it where it is dear**, pocketing the difference. That gap-closing is not cheating or a bug — it is the ecosystem keeping itself honest. Bots race to find these gaps, which pulls every venue's price back into line. Multi-venue fragmentation creates the possibility of discrepancies; arbitrage economically couples those venues back into line. Because NUT is one conserved unit spread across many venues, its price surfaces are coupled by a shared root — which is exactly why we run a lot of arbitrage.

### Arbitrage Routes

1. [NUT/wETH V2 vs V3 — Same pair on different exchanges. Buy cheap, sell expensive. →](https://dexscreener.com/base/0xe3ce00e2ed742b142c15eedc208657dd22aa987e)
2. [NUT → AERO → wETH — Multi-hop route through Aerodrome for another price reference. →](https://dexscreener.com/base/0x38630fede5e2032652640d98b2d3f9c6296eea5d)
3. [Bonding curve vs LP — NUTINO/SALT curve price vs their LP market price. If curve is cheaper, mint and sell on LP. →](https://mint.club/token/base/nutino)
4. [pNUT index vs constituents — If pNUT trades below its components value, buy pNUT and unwrap. →](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000019e)
5. [SNUT/NUT reactor — The SNUT/NUT Aerodrome pool keeps SNUT and NUT prices aligned. →](https://dexscreener.com/base/0x893faaa7baf7a8247fc7142afb28e13d51a5aae8)

## 🧠 How It Works

NUT sits at the center of a layered system. Each layer uses NUT differently.

{% stepper %}
{% step %}

## Root Layer

NUT itself. Supply = 1, fixed forever. The scarce anchor everything else references.
{% endstep %}

{% step %}

## AMM Layer

*Automated Market Makers* (Uniswap V3, V2, Aerodrome) and a Balancer index create price surfaces. NUT trades across 6 venues in 4 mechanism platforms.
{% endstep %}

{% step %}

## Bonding-Curve Layer

*Bonding curves* (Mint Club) let users lock NUT to mint child tokens (NUTINO, SALT). The curve price depends on how much NUT is locked. Each curve computes a state-dependent exchange relation — another executable price surface.
{% endstep %}

{% step %}

## Index Layer

*pNUT* is a Balancer basket holding 25% each of NUT, SNUT, cbETH, cbBTC. Its *NAV* (net asset value) can drift from market price, creating arbitrage.
{% endstep %}
{% endstepper %}

### The Reflexivity Loop

scarce root → multiple venues → child minting → index wrapping → price gaps → arbitrage → root reprices → repeat

The system is *reflexive* — child assets derive value from NUT, and their activity feeds back to NUT's price. Contracts execute deterministically and agents choose actions under those rules — the graph does not vote. NUT itself just shows up.

## 🔬 The Physics of NUT

Not a supply curve. A conserved ledger. These are the rules, identities, and consequences that make the root what it is.

{% stepper %}
{% step %}

## Conservation

One whole NUT is 10^18 atomic units, minted once, never again. Total supply is verified on-chain as exactly 1 NUT; the root contract is reviewed as having no mint, no burn, no admin. Every swap, pool move, mint, or index change only relocates a fraction of the same total. State changes address; amount never changes.

**Why it matters:** supply can never drift or dilute.
{% endstep %}

{% step %}

## Whole Price Equals FDV

Because total supply is exactly one, FDV = price × 1 = price — so no circulating-supply estimate is needed, no unlock schedule, no inflation curve.

**Why it matters:** whole-token price equals FDV by construction. A separate fact: quantity is invariant, but effective float — how much of the one NUT is accessible to trade — is endogenous to pools, locks, indexes, and inactive balances.
{% endstep %}

{% step %}

## State Transition

Each venue couples fractions of the same conserved NUT root to different counter-assets and state variables under different transition rules — NUT/wETH, NUT/AERO, NUT/cbBTC, an index basket. So the same one NUT can carry different prices at the same moment. Deterministic rules make discrepancies observable; arbitrage creates pressure toward executable consistency within a band set by fees + gas + slippage.

**Why it matters:** venue rules are deterministic; whether and how fast markets converge is an open question, not a guarantee.
{% endstep %}

{% step %}

## Denomination

NUT uses strict SI units: the attoNUT is the monetary quantum of the ledger — its smallest representable transfer unit. 1 NUT = 10^18 monetary quanta. picoNUT, microNUT, and NUT are the same quantity at larger scales.

**Why it matters:** one unit, one grammar, one conserved root at every zoom.
{% endstep %}
{% endstepper %}

## 🎯 Local Valuation, Global Conservation

One conserved root. Many local price surfaces. **No venue owns the truth.**

The same fungible NUT trades on Uniswap V2, V3, Aerodrome, and Balancer — none speaks the other's language, yet fractions of the one unit live inside all of them. Each venue produces an executable exchange rate from its own reserves, liquidity, fees, and curve, so you get many local prices for one globally conserved asset.

There is no canonical on-chain price of NUT — only local executable prices, coupled by arbitrage, which exists precisely because those prices are commensurable. The spread is not a flaw; it is the honest observable of one root living in many jobs.

Price is not stored in NUT. Price is produced by the state of the market observing NUT.

### The Four Jobs — Allocation Pressure

| Job               | Function                                                                                                       |
| ----------------- | -------------------------------------------------------------------------------------------------------------- |
| **Collateral**    | Commits NUT as collateral to mint child tokens (NUTINO, SALT) on bonding curves, leaving it locked and stable. |
| **Reward**        | Distributed out to participants through reward layers, keeping some NUT transferable.                          |
| **Basket Member** | Reserved and rebalanced at a defined weight inside the pNUT index by composition rules.                        |
| **Price**         | Exposed to exchange — markets keep some NUT liquid for trading, speculation, and price discovery.              |

A conserved supply can perform all four jobs; what it cannot do is satisfy all four without competing demands on its allocation. Because root quantity cannot expand, competing uses resolve through reallocation rather than issuance.

Fungibility does not imply functional equivalence of placement. 0.01 NUT is always 1% of root supply wherever it resides, but 0.01 NUT in an AMM, a collateral reserve, an index basket, or an inactive wallet occupies a different economic state. Prices are commensurable; functions are heterogeneous.

### The Liquidity Machine

NUT does not move through a passive market. It moves through a machine it rewrites by moving.

object → position → graph → field → motion → backreaction → dynamics

**Object** — one conserved quantity, QNUT = 1.

**Position** — a distributed allocation over economic compartments, ∑xᵢ = 1.

**Graph** — markets define the permitted paths through which allocation can change.

**Field** — prices, fees, reserves, liquidity generate a directed opportunity field over those paths.

**Motion** — agents exploit the directed opportunity field; those actions are transactions.

**Backreaction** — transactions change reserves and liquidity, changing the field that caused them.

**Dynamics** — the repeated loop generates endogenous market behavior.

NUT is a conserved object moving through a liquidity graph whose geometry and incentive field are modified by the object's own movement.

A road stays put when a car crosses it. A liquidity network does not: a swap is not just passing through a pipe — it is reshaping the pipe. Using the graph changes the state of the graph — reserves, prices, ticks, edge weights — and only adding or removing pools changes its topology.

state → incentive → transaction → new state → new incentive

When the gap between two venues exceeds the cost of moving value between them — fees, gas, slippage, risk — an actor has a reason to move NUT. That transaction changes reserves, which changes prices, which changes the opportunity field that caused the trade. The market creates the forces that move NUT, and the movement of NUT changes the market that created those forces.

## 🛠️ Structural Liquidity

### Protocol-Owned Core Liquidity

Protocol-owned core liquidity, intended to provide continuity and stability — the trunk. It defines the reference surface and keeps routes executable.

### Adaptive Community Liquidity

Community-managed liquidity that moves with opportunity — the branches. It adapts without changing root supply.

When root quantity cannot adjust, part of economic adjustment migrates into liquidity placement and routing.

## 🧮 The Full State

The allocation vector x\_t is fundamental, but it is not the whole ecosystem. The full state is a tuple of observables:

$$
Ωt = (xt, Rt, Lt, Qt, Θt, Mt, Et)
$$

| Observable                  | Description                                                                                         |
| --------------------------- | --------------------------------------------------------------------------------------------------- |
| x\_t — NUT allocation       | The conserved simplex share of NUT itself.                                                          |
| R\_t — reserves             | Counter-asset and collateral reserves per venue.                                                    |
| L\_t — liquidity            | Liquidity positions, range, and depth.                                                              |
| Q\_t — derived states       | Child-token and index states built on NUT.                                                          |
| Θ\_t — parameters           | Fees, curve parameters, weights, mechanism settings.                                                |
| M\_t — memory               | History-dependent observables such as TWAP.                                                         |
| E\_t — external environment | External market and chain conditions — wETH, cbBTC, AERO, gas, block conditions, broader liquidity. |

### State Grammar — what motion actually is

Valid actions are lawful state transformations: Ta: Ωt → Ωt+1. Swaps, curve mints, redemptions, joins, exits, and liquidity moves are different transition operators. Every valid transition changes state while preserving the conservation identity.

$$
Ta(Ωt) = Ωt+1,\ \text{with}\ \sum xi(t+1) = \sum xi(t) = 1
$$

### Liquidity Computation Graph — pools compute, not just quote

A pool does not merely contain a price; given current state and trade size it computes an executable transformation from state.

$$
Tij(Ωt, q) → (Ωt+1, q′)
$$

A route is the composition of those transformations: Tn ∘ ⋯ ∘ T2 ∘ T1. This joins State Grammar, noncommutativity, and the liquidity graph into one model — the network is not merely connected markets, it is an executable computation graph of economic transformations.

### State versus History — path dependence

Two histories can land on the same NUT allocation while leaving different TWAP observations, LP configurations, or agent positions behind:

$$
xtA = xtB\ \text{but}\ ΩtA ≠ ΩtB\ ⇒\ xt ≠ Ωt
$$

That is why the allocation map is fundamental but insufficient — and what gives "TWAP is memory" a real function: the machine can carry history beyond the current allocation vector.

## 🧬 The Conservation Identity

$$
\sum xᵢ(t) = 1
$$

xi ≥ 0, mutually exclusive and collectively exhaustive shares of NUT itself, so the allocation sits on a simplex. A pNUT claim is not NUT counted twice; child-token supply is not additional NUT. Derived claims live in the broader state vector, not the conserved sum. One conserved root — everything interesting happens around that equality.

The deployed state space is finite but combinatorially enormous. New mechanisms expand the set of economically relevant relationships and reachable configurations — not literal mathematical infinity.

NUT is the conserved object. Balances and reserves are its position. Pools, curves, and indexes are the machinery. Prices are local exchange ratios. Moving value between venues is motion; what drives it is a directed opportunity field.

**Opportunity field**

Each edge carries a state-dependent executable net return wij(x, q).

**Non-conservative loops**

Profitable closed cycles exist — a loop is arbitrage when the sum of its returns is positive.

**Backreaction**

Executing a trade changes reserves, so wij changes — a conserved allocation moving through a state-dependent network.

**Friction & memory**

Friction is fees + gas + slippage + risk. TWAP is memory. LP depth is conductance.

Using the graph changes the state of the graph — reserves, prices, ticks, edge weights — not necessarily its topology. Adding or removing pools changes topology; trading through existing pools changes their state.

Not quantum mechanics — quantum-grade NUT mechanics. The distributed position is not probabilistic; every component is simultaneously realized on-chain. One conserved object, distributed occupancy across many realized economic coordinates.

## 📊 Observable NUT

Doctrine is the conservation law; research is the test. These observables turn the claims into time series we can actually measure — proposed metrics, not doctrine.

NUT is observable at several scales: assignments and individual ticks are microscopic (Ωmicro); pools, bonding curves, and index balances are intermediate (Ωmeso); effective float, concentration, and price dispersion are macroscopic (Ωmacro). HHI, entropy, and effective float are macro observables precisely because they aggregate the micro state.

* **HHI** — concentration, HHIt = ∑ xi²
* **Entropy** — Ht = −∑ xi ln xi
* **Effective float** — Ft ≤ 1, accessible NUT
* **Price dispersion** — spread across venues
* **Arbitrage half-life** — how fast gaps close
* **Collateral-lock ratio** — NUT committed as collateral
* **Routing centrality** — how much flow passes each venue
* **NUT velocity** — how often the same NUT moves

## 🔮 The NUT Hypothesis

Δ SNUT = 0 does not imply Δ economic complexity = 0. A monetary system does not need an expanding base asset to support an expanding economy *if* economic expansion can occur through increasingly sophisticated structures built around that base.

The experiment: can more markets, routes, claims, liquidity configurations, derived assets, and economic relationships expand economic state and functionality while SNUT = 1 remains invariant?

## 🔭 The Research Frontier

NUT defines a constrained state space. Serious tooling may earn its place within it — no claim that NUT is any of it. Open questions, not doctrine:

1. **Equilibrium:** do cross-venue gaps settle inside a friction-bounded no-arbitrage band?
2. **Modes:** are there recurring dominant patterns of allocation change?
3. **State sufficiency:** which on-chain observables fully describe the system?
4. **Noncommutativity:** does the order of operations change the outcome?
5. **Coarse-graining:** which aggregate variables survive when tick-level detail is discarded?
6. **Closure vs recursion:** do valid operations return valid states — and is NUT recursive (closed economic cycles) or merely layered?
7. **Stability:** do state or price disturbances stay bounded, returning toward executable consistency?
8. **Regime transitions:** are there parameter thresholds — depth, fees, routing, collateralization — where the system changes regime?
9. **Hypergraph:** does a multi-asset architecture like pNUT require liquidity hyperedges beyond pairwise routes?

## 🧠 Future Research States

The conservation law is established. The dynamics around it are not finished theory. As data accumulates, several deeper mathematical frameworks *may* become useful tools for studying the resulting structure — candidate lenses for testing what actually emerges, never properties claimed for NUT today. No framework earns a place until it explains, predicts, compresses, or falsifies something observable.

<details>

<summary>Spectral Modes &#x26; Eigenmodes</summary>

If a local approximation of system dynamics can be written xt+1 ≈ A·xt, the eigenvectors of A may identify characteristic coupled modes of movement.

**Research question:** are there persistent modes of system-wide NUT redistribution, or is movement predominantly idiosyncratic?

</details>

<details>

<summary>Koopman Operator Analysis</summary>

The liquidity machine is nonlinear — AMMs, concentrated liquidity, bonding curves, slippage. Koopman methods study nonlinear dynamics through linear evolution of observables: 𝒦g = g∘F for state evolution Ωt+1 = F(Ωt).

**Research question:** can observable quantities — reserve ratios, price dispersion, effective float, arbitrage spreads — reveal coherent modes of otherwise nonlinear NUT dynamics?

</details>

<details>

<summary>Stability Theory</summary>

Conservation alone does not guarantee stability; a conserved system can oscillate, fragment, become illiquid, or shift regimes. Tools may include local linearization, Jacobian analysis, Lyapunov-style criteria, and empirical stress testing.

**Research question:** after a disturbance to liquidity, price, or allocation, does the ecosystem return toward a bounded region of executable consistency, remain displaced, or transition into another regime?

</details>

<details>

<summary>Fixed Points &#x26; No-Arbitrage Regions</summary>

A live market may never settle at a literal fixed point; the more realistic object is a friction-bounded region where no executable route stays profitable after fees, gas, slippage, and risk.

**Research question:** does the system repeatedly return to a measurable no-arbitrage region, and how wide is it under different liquidity conditions?

</details>

<details>

<summary>Limit Cycles &#x26; Nonlinear Oscillation</summary>

Repeated price movement is not automatically a limit cycle; but if endogenous interactions generate persistent periodic behavior, limit-cycle analysis may become relevant.

**Research question:** do repeated NUT flows emerge from internal feedback alone, or are observed oscillations primarily responses to external shocks?

</details>

<details>

<summary>Bifurcations &#x26; Regime Transitions</summary>

Small quantitative changes can sometimes produce qualitative changes. Depth, route availability, fees, collateral, and volatility may move the machine across critical thresholds.

**Research question:** are there parameter values at which the liquidity machine changes regime — tightly coupled to fragmented, stable convergence to persistent dislocation?

</details>

<details>

<summary>Renormalization &#x26; Multiscale Dynamics</summary>

NUT is observable at several scales — atomic transfers/ticks (micro), pools/curves/index balances (meso), effective float/concentration/dispersion (macro). If stable relationships survive aggregation, renormalization-style methods may help.

**Research question:** which variables remain informative when microscopic detail is coarse-grained away?

</details>

<details>

<summary>Hypergraph Theory</summary>

Pairwise graphs may not fully represent multi-asset structures. An index basket or multi-asset pool connects more than two economic objects; a hyperedge (e ⊆ V, |e| > 2) may be more natural than an ordinary edge.

**Research question:** does a liquidity hypergraph capture systemic dependencies that ordinary pairwise routing graphs miss?

</details>

<details>

<summary>Recursive Structural Analysis</summary>

Layering is not automatically recursion. True recursion requires identifiable structural relationships to recur through closed economic or state-transition cycles.

**Research question:** which deployed cycles, if any, repeatedly map reserve → claim → market → reserve in a structurally equivalent way? Until demonstrated, the safer description is multilayered or structurally recurrent.

</details>

<details>

<summary>Prime-Factor State Encoding</summary>

Selected integer-valued state variables may be encoded canonically via unique prime factorization Ω = ∏ piei; unique factorization lets the exponent vector be recovered exactly. An encoding technique, not an ontology.

**Research question:** can canonical arithmetic encoding simplify proofs about restricted classes of NUT state transitions?

</details>

<details>

<summary>FRACTRAN State Machines</summary>

Prime-factor encoding opens a more experimental computational thread: some discrete transitions may be represented as multiplication by rational factors, in the spirit of FRACTRAN.

**Research question:** can restricted NUT transition systems be represented as arithmetic programs while preserving conservation and valid state-transition constraints? One formal lens among many, not the theory of NUT itself.

</details>

<details>

<summary>Compositional Algebra</summary>

NUT operations are composable state transformations. For valid transitions TA, TB: Ω → Ω, the composition is TB ∘ TA; in general TB ∘ TA ≠ TA ∘ TB.

**Research question:** which classes of NUT transformations commute, which are path-dependent, and which algebraic structures describe their composition? Category-theoretic or monad-like formulations remain possible research tools only if their formal laws can actually be established.

</details>

<details>

<summary>State Estimation</summary>

Not every economically relevant variable is captured by one allocation snapshot; the observable state includes reserves, active LP ranges, derived claims, TWAP history, parameters, and external conditions.

**Research question:** what is the smallest sufficient set of on-chain observables needed to reconstruct the economically relevant state of the NUT machine?

</details>

<details>

<summary>On-Chain Economic Genealogy</summary>

Child assets and derived claims may retain identifiable dependency relationships to root collateral and reference assets — a provenance graph. The genome language stays metaphor until heredity is formally defined.

**Research question:** can the ancestry of derived claims be formally tracked through collateral, reserve, index, and liquidity relationships?

</details>

<details>

<summary>Propagation &#x26; Memory</summary>

Not every effect propagates immediately. Cascade analysis, lag structure, and impulse response ask how a disturbance in one venue reaches others and how long it takes to appear — giving the path-dependence and TWAP-memory ideas an explicit temporal dimension.

**Research question:** how do shocks propagate across venues, and what are the delays in their transmission?

</details>

{% hint style="info" %}
**Research principle.** These frameworks exist to test, not decorate. Each must earn its place by explaining, predicting, compressing, or falsifying something observable about the deployed system. Conservation is doctrine. Dynamics are measurable. Mathematics enters only where the machine gives it something real to explain.
{% endhint %}

How much economic complexity can coordinate around a monetary root whose quantity cannot expand?

One root. Many markets. Many states. One conserved whole.

The doctrine is conservation. The machine is liquidity. The frontier is dynamics.

{% hint style="warning" %}

## ⚠️ Experimental Memefi

NUT is an experimental cryptoeconomic liquidity topology. It is an unregulated experimental asset and a documented Network Utility Token within the BASED NUT ecosystem — not investment advice, and no guarantee of profit or value retention. Use at your own risk.
{% endhint %}

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# wNUT | Wrapped NUT Observatory | BASED NUT

The Wrapped Leaf of the Root

NUT, wrapped. One root — **supply 1, forever** — in two liquid states: the native **NUT** and **wNUT**, its ERC-20 wrapper. Every wNUT is a receipt for exactly one NUT locked in the wrapper — 1:1, audited, no admin. wNUT opens the Orchard to Balancer v3 composability through Sunflower Grove.

* Wrapper
* ERC-20
* 1:1 Backed
* Audit PASS

[📖 Docs](https://docs.basednut.com/) [🔍 Basescan](https://basescan.org/token/0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3)

## Contracts

| Contract       | Address                                      |
| -------------- | -------------------------------------------- |
| wNUT contract  | `0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3` |
| Underlying NUT | `0xb8de15fb529d98c93c749de63c749d48d25a30df` |

[↗](https://basescan.org/token/0xBA5ED46e31F80dafF307cbf60bd422a6f62E3dd3)

[↗](https://basescan.org/token/0xb8de15fb529d98c93c749de63c749d48d25a30df)

## ⚖️ How much of NUT is wrapped?

One root, two liquid states. The wrapper holds NUT 1:1 against every wNUT in circulation — the backing ratio is the invariant that should always read **exactly 1.00**.

| Metric               | Value | Description             |
| -------------------- | ----- | ----------------------- |
| wNUT supply          | ...   | wNUT                    |
| NUT backing          | ...   | NUT                     |
| Backing ratio        | ...   | NUT per wNUT            |
| Backing value        | ...   | —                       |
| Wrapped share of NUT | —     | Base RPC                |
| Backing surplus      | — NUT | must stay 0             |
| Est. market cap      | —     | wNUT supply × NUT price |
| Data source          | —     | —                       |

## 🔁 Wrap / unwrap flows

Every mint and burn on the tape. **Wrap** = NUT in, wNUT out. **Unwrap** = wNUT in, NUT out. Transfers move the same receipts between holders. Net flow = wrapped − unwrapped.

### Last 24h

| Metric      | Value | Description   |
| ----------- | ----- | ------------- |
| Wrapped     | —     | NUT → wNUT    |
| Unwrapped   | —     | wNUT → NUT    |
| Transferred | —     | wNUT → wNUT   |
| Net flow    | —     | wrap − unwrap |
| Events      | —     | —             |

### Last 7 days

| Metric      | Value | Description   |
| ----------- | ----- | ------------- |
| Wrapped     | —     | NUT → wNUT    |
| Unwrapped   | —     | wNUT → NUT    |
| Transferred | —     | wNUT → wNUT   |
| Net flow    | —     | wrap − unwrap |
| Events      | —     | —             |

### Last 30 days

| Metric      | Value | Description   |
| ----------- | ----- | ------------- |
| Wrapped     | —     | NUT → wNUT    |
| Unwrapped   | —     | wNUT → NUT    |
| Transferred | —     | wNUT → wNUT   |
| Net flow    | —     | wrap − unwrap |
| Events      | —     | —             |

## 📍 Where is the wNUT?

The wrapped supply is a conserved ledger too — every wNUT sits somewhere: pooled as liquidity in Sunflower Grove, or held in wallets.

...

## 🌻 Verified wNUT markets

Sunflower Grove — six Balancer v3 weighted pools, each grafting 20% wNUT rootstock with two 40% scions. Verified on Base; experiment-scale seeds, zero-fabrication rule: no observed swaps yet, so no liquidity/volume numbers shown.

## 🐿️ Largest holders

wNUT is young — a handful of addresses hold the whole crop. Balances read live from Base RPC.

...

## 🧾 Recent events

The raw event tape, oldest first. Wrap = mint from zero. Unwrap = burn to zero. Everything else is a transfer.

...

{% hint style="warning" %}

## 📦 ⇄ 🎁 · The wrapper should always explain itself

Wrap with **depositFor**. Unwrap with **withdrawTo**. **Do not send NUT directly to the wrapper contract** — direct transfers create surplus the wrapper can never return to you. Every metric on this page is read live from the chain; if a source fails, the page says so instead of inventing numbers.
{% endhint %}

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# SNUT | The Burn Token | BASED NUT

Experimental Memefi

**SNUT is a liquid, non-escrow NUT reward-position token.** Hold SNUT in any wallet to automatically earn NUT rewards — no locking, no staking contract, no escrow. Every SNUT trade pays a ... tax that funds NUT rewards, buybacks, and liquidity. Buybacks send SNUT to the burn address, where it *keeps earning NUT* — creating a recursive burn flywheel.

**Burn feeds burn.** Dead-held SNUT earns NUT. That NUT goes to dead too. The flywheel never stops. 🔥

| Metric       | Value |
| ------------ | ----- |
| Burned       | ...   |
| Circulating  | ...   |
| Price        | ...   |
| Buyback Fuel | ...   |

| Contract  | Address                                      |
| --------- | -------------------------------------------- |
| SNUT      | `0xac130701aa31c284c36609e2489f150f419ad7ad` |
| Dead      | `0x000000000000000000000000000000000000dEaD` |
| SNUT/ETH  | `0xB22895d2ee6e29395F30Ec47c8D9FE0d55355AE1` |
| SNUT/NUT  | `0x893faaa7baf7a8247fc7142afb28e13d51a5aae8` |
| Meta-pool | `0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c` |
| Balancer  | `0x2a5757b60987ff10385de1d4d923792f6fdcfff1` |

[📖 Docs](https://docs.basednut.com/snut)

## Market Stats

| Metric       | Value  |
| ------------ | ------ |
| Price        | ...    |
| Volume (24h) | ...    |
| Liquidity    | ...    |
| Total Supply | 0 SNUT |
| Circulating  | 0 SNUT |
| Buyback Fuel | 0 ETH  |
| Tax Rate     | ...    |

Total Supply, Circulating, and Buyback Fuel are read from Base RPC.

## 📊 Live Distribution

Where is all the SNUT right now? Live from Base blockchain.

* 🔥 Burned: **...** SNUT
* 🌊 In Pools: **...** SNUT
* 🌿 Free Float: **...** SNUT

## 🔥 Live Burn Tracker

| Metric                   | Value                                          |
| ------------------------ | ---------------------------------------------- |
| Burned to Dead Address   | ...                                            |
| Total Supply             | ... SNUT (from contract)                       |
| 💀 Dead-Held             | ... burned + still earning NUT                 |
| 🌿 Circulating           | ... in wallets + pools                         |
| 🔥 Dead-held SNUT/ETH LP | **...** Permanently locked — cannot be removed |

## 🔄 The Recursive Burn Flywheel

Every SNUT trade pays **...** tax. That tax becomes ETH. ETH buys NUT rewards and SNUT buybacks. Buyback SNUT goes to dead. Dead-held SNUT earns NUT rewards. Those NUT also go to dead. **Burn feeds burn. It never stops.**

{% stepper %}
{% step %}

### 🔄 SNUT Trade

buy or sell
{% endstep %}

{% step %}

### 💰 ... Tax Collected

auto-deducted on transfer
{% endstep %}

{% step %}

### ⚡ Swapback → ETH

tax SNUT sold for ETH
{% endstep %}

{% step %}

### 🔀 ETH Routes 4 Ways

rewards / buyback / liquidity / manager
{% endstep %}

{% step %}

### 🔥 Buyback SNUT → Dead

SNUT purchased and sent to burn address
{% endstep %}

{% step %}

### 💀 Dead-Held SNUT Earns NUT

dead address earns rewards by design
{% endstep %}

{% step %}

### 🔥 NUT Rewards → Dead

NUT sent to dead = NUT burned
{% endstep %}

{% step %}

### ♾️ Recursive Burn Compounds

dead share grows → more NUT to dead → more burn
{% endstep %}
{% endstepper %}

## 💰 Tax Breakdown (...)

Every SNUT transfer pays ... tax, split into 4 streams. Rates are read live from the smart contract.

| Stream            | Rate | Description                              |
| ----------------- | ---- | ---------------------------------------- |
| 💧 Auto Liquidity | ...  | SNUT/ETH LP created, some burned to dead |
| ⚙️ Manager Wallet | ...  | Operations and development               |
| 🔥 Buyback & Burn | ...  | Buys SNUT with ETH → sends to dead       |
| 🌰 NUT Rewards    | ...  | NUT bought and sent to SNUT holders      |

{% hint style="info" %}
**Swapback engine**: Tax SNUT is collected, sold for ETH, and routed to 4 destinations. Buyback fuel sits as ETH in the contract until triggered. Live fee values are read directly from the SNUT smart contract.
{% endhint %}

## 🌊 Four Pools, Four Roles

SNUT lives in multiple pools. Each has a different job — main liquidity, meta-market for LP rights, SNUT↔NUT venue, and multi-asset arbitrage surface.

### SNUT/ETH

**MAIN LIQUIDITY**

Primary market for SNUT. Price discovery happens here. LP token = claim on SNUT + ETH.

| Asset     | Value |
| --------- | ----- |
| SNUT      | ...   |
| ETH       | ...   |
| LP Burned | ...   |

Pool: `0xB22895d2ee6e29395F30Ec47c8D9FE0d55355AE1`

### SNUT-LP/ETH

**META**

Trade the LP token itself against ETH. Exit liquidity without removing it from the main pool.

| Asset    | Value |
| -------- | ----- |
| ETH      | ...   |
| LP Token | ...   |

Pool: `0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c`

### SNUT/NUT

**REACTOR**

Pairs the reward-position token directly against the root token — the primary SNUT↔NUT price venue.

| Asset | Value |
| ----- | ----- |
| SNUT  | ...   |
| NUT   | ...   |

Pool: `0x893faaa7baf7a8247fc7142afb28e13d51a5aae8`

### Balancer pNUT

**ARB BASKET**

Multi-asset pool: cbETH, SNUT, NUT, cbBTC. Arbitrage routing surface for the pNUT basket.

| Asset | Value |
| ----- | ----- |
| cbETH | ...   |
| SNUT  | ...   |
| NUT   | ...   |
| cbBTC | ...   |

Pool: `0x2a5757b60987ff10385de1d4d923792f6fdcfff1`

## 🏗️ Four Economic Layers

SNUT is not just a token. It is four economic mechanisms stacked into one liquid position.

{% stepper %}
{% step %}

### 🎁 Reward-Position

Hold SNUT, earn NUT. No locking, no escrow. Your wallet is your stake. The SNUT contract distributes NUT rewards to all holders proportional to their balance.
{% endstep %}

{% step %}

### 🔥 Burn Layer

Buybacks send SNUT to dead. Dead earns NUT. NUT sent to dead = NUT burned. Dead-held SNUT share grows over time, compounding the recursive burn.
{% endstep %}

{% step %}

### 🌴 Liquidity-Rights

SNUT/ETH LP = claim on pool assets. Meta-pool lets you trade that claim without exiting liquidity. LP token is a redeemable pro-rata claim on SNUT + ETH.
{% endstep %}

{% step %}

### ⚡ Arb Layer

Balancer = multi-asset arbitrage routing surface. SNUT/NUT = the direct SNUT↔NUT price venue.
{% endstep %}
{% endstepper %}

## 🧠 Common Misconceptions

| Misconception             | Reality                                               |
| ------------------------- | ----------------------------------------------------- |
| ❌ Escrow staking          | ✅ Non-escrow reward-position — your wallet, your keys |
| ❌ Supply burns literally  | ✅ Economic burn — SNUT sent to dead, still earns NUT  |
| ❌ Just a passive dividend | ✅ Recursive burn flywheel that compounds over time    |
| ❌ All pools are the same  | ✅ Each pool has a distinct economic purpose           |

[🔄 Trade on Uniswap](https://app.uniswap.org/explore/tokens/base/0xac130701aa31c284c36609e2489f150f419ad7ad) [🔍 Basescan](https://basescan.org/token/0xac130701aa31c284c36609e2489f150f419ad7ad) [🔥 Burn Transactions](https://basescan.org/token/0xac130701aa31c284c36609e2489f150f419ad7ad?a=0x000000000000000000000000000000000000dEaD#tokentxns) [📖 Docs](https://docs.basednut.com/snut)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# pNUT | The Basket Index Token | BASED NUT

## The Basket Index Token

A **Balancer Weighted Pool** holding 25% each of NUT, SNUT, cbETH, and cbBTC. pNUT is the *BPT* (Balancer Pool Token) that represents proportional ownership of the entire basket.

|              |             |
| ------------ | ----------- |
| Basket Index | Balancer V2 |
| Network      | Base        |
| Weights      | 25/25/25/25 |

[📖 Balancer Pool](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e) [🔍 Basescan](https://basescan.org/token/0x2a5757b60987ff10385de1d4d923792f6fdcfff1)

**BPT Contract:**

`0x2a5757b60987ff10385de1d4d923792f6fdcfff1`

## 📊 Pool Metrics

The Balancer implied price is derived from the pool's internal balances and external price feeds. This pool alone should not decide price — it relies on its internal mechanics to force arbitrage. Treat it as an *endogenous state sensor* inside a reflexive AMM network, not as an exogenous truth oracle.

| Metric                 | Source              |
| ---------------------- | ------------------- |
| Balancer implied price | Base RPC + Balancer |
| NAV (raw)              | Balances × prices   |
| Total Liquidity        | Balancer Vault      |
| BPT Supply             | Base RPC            |

## 🥜 What Is pNUT?

pNUT is a **basket index token** — a *BPT* (Balancer Pool Token) that represents proportional ownership of a Balancer *weighted pool* containing four assets: NUT, SNUT, cbETH, and cbBTC, each targeting 25% weight.

The pool uses a *constant-mean AMM* (Automated Market Maker) — Balancer's weighted-pool math that maintains the 25/25/25/25 target ratio through trading activity. pNUT converts NUT from a **singleton meme-root** into a **basketized liquidity index**, coupling it with blue-chip reserve assets (cbETH = Coinbase ETH, cbBTC = Coinbase BTC).

## 📊 Basket Composition

Live weights of all 4 constituents. Target is 25% each — actual weights drift as prices change.

## 🧠 How It Works

pNUT is powered by Balancer's weighted-pool mechanics. Here is how the basket maintains its target ratios.

{% stepper %}
{% step %}

### Constant-Mean AMM

Balancer's *weighted pool* uses a constant-mean invariant — the geometric weighted mean of token balances stays constant. This targets 25/25/25/25 but lets weights drift as prices move, creating natural rebalancing through trades.
{% endstep %}

{% step %}

### BPT Valuation

*BPT* value = (underlying balances × market prices) / total BPT supply. Balancer explicitly warns this is **informational and manipulable** if naively used as an on-chain oracle. For safer on-chain valuation: use *getActualSupply()* (not raw totalSupply), check Vault reentrancy, and use invariant-based weighted-pool valuation rather than raw balance × price.
{% endstep %}

{% step %}

### NAV Arbitrage

If BPT market price drifts from *NAV* (Net Asset Value — the sum of underlying values per BPT), arbitrageurs mint or redeem BPT to restore parity. This keeps pNUT priced close to its intrinsic basket value.
{% endstep %}

{% step %}

### Forced Coherence

The basket creates *arbitrage pressure* linking NUT ecosystem tokens with blue-chip reserves. When NUT or SNUT drift in weight, traders swap them in or out of the pool, connecting their prices to cbETH and cbBTC markets.
{% endstep %}
{% endstepper %}

## 🔗 Connections

### Constituent Tokens

### Balancer Pool

[Balancer V2 Weighted Pool 25% NUT + 25% SNUT + 25% cbETH + 25% cbBTC →](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e)

### Arbitrage Routes

{% stepper %}
{% step %}

### BPT vs NAV

Mint/redeem BPT when market price diverges from intrinsic NAV (underlying values per BPT).
{% endstep %}

{% step %}

### Constituent vs Basket

If NUT weight drifts high, swap NUT into pool, arbitrage vs external NUT pools (Uniswap V3, Aerodrome).
{% endstep %}

{% step %}

### SNUT weight drift

SNUT overweight → swap SNUT in, sell externally; underweight → buy externally, add to pool.
{% endstep %}

{% step %}

### Cross-pool

NUT in Balancer vs NUT in Uniswap V3 — pNUT basket creates additional arbitrage pressure on NUT price.
{% endstep %}
{% endstepper %}

## 📐 Advanced: Root-Indexed Constant-Mean Market Maker

pNUT couples endogenous network assets with exogenous reserves in a reflexive AMM. The following is theoretical analysis, not financial advice.

### Root-Indexed AMM

pNUT couples *endogenous* network assets (NUT, SNUT) with *exogenous* reserve assets (cbETH, cbBTC) in a reflexive AMM network. The basket's invariant links internal scarcity dynamics to external market prices.

### Basketized Liquidity Index

pNUT converts NUT from a *singleton meme-root* into an *indexable market object* with forced coherence — the pool's constant-mean invariant continuously pushes weights toward target.

### Not an Oracle

The pool encodes useful internal market state, but it is **not an oracle**. Because it contains both exogenous reserves (cbETH, cbBTC) and endogenous ecosystem assets (NUT, SNUT), its spot prices and naive BPT NAV are **manipulable via forced trading** and circular when used as price truth. The pool is an *endogenous state sensor* — it reflects what is happening inside the AMM, not what the true external price is.

### Forced Rebalancing Pressure

The *constant-mean invariant* creates continuous rebalancing pressure that links NUT's scarcity dynamics to blue-chip crypto markets. Every trade in the pool moves weights, and every weight gap is an arbitrage opportunity.

### Price Truth Comes From Outside

Do **not** use this pool as a price oracle. If you need reliable price discovery, use **external sources**: external price feeds for exogenous assets (cbETH, cbBTC), multi-venue TWAP/median aggregation from *other* DEXes (Uniswap V3, Aerodrome) for endogenous assets (NUT, SNUT). The pool's role is to reflect internal AMM state, not to dictate external prices. Any on-chain integration should use invariant-based BPT valuation with *getActualSupply()*, Vault reentrancy checks, liquidity thresholds, and circuit breakers — treating the pool as a state sensor, never as truth.

### Research Questions pNUT Tests

1. Can a basket index enforce topological monetary policy without governance?
2. Do LPs in a weighted pool act as constitutional actors in the basket?
3. Can TWAP in a weighted pool serve as memory for the basket index?
4. Is there reflexivity between the NUT singleton and the pNUT basket index?
5. Does forced coherence between meme-root and blue-chip reserves create stable pricing?

{% hint style="warning" %}

### Experimental Memefi

pNUT is a cryptoeconomic basket index experiment. The Balancer implied price is informational and manipulable — do not use it as a standalone price oracle. Not a utility token. Not a security. No guarantee of profit or value retention. Use at your own risk.
{% endhint %}

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# PIPS | Token Profile

Compute token for Pipshell — the Orchard's DevOps agent

**Branch:** [0x3f2327…cf8ad9](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)

**Token standard:** ERC-20

**Type:** Agent

**Status:** Survival

[📖 Docs](https://docs.basednut.com/)

## Overview

What is PIPS? It is the electricity bill of the Orchard, paid in a token. Pipshell is a computer that runs the front desk — it guards, monitors, and backs up everything. Every PIPS trade fee pays for that machine, so it never sleeps. 1B supply, 18 decimals. The contract configures a 1%/1% transfer tax, but only the official Virtuals pair is registered — our external pools are untaxed today and could be registered by the owner anytime.

[🔄 Trade on Aerodrome Slipstream CL](https://www.geckoterminal.com/base/pools/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5) [💧 Add Liquidity on Aerodrome Slipstream CL](https://www.geckoterminal.com/base/pools/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5) [🔍 Basescan](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)

## Market Stats

| Metric       | Source                                                                                                                                                                       |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x3f2327...cf8ad9](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)                                                                                   |
| Volume (24h) | [0x3f2327...cf8ad9](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)                                                                                   |
| Liquidity    | [0x3f2327...cf8ad9](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9)                                                                                   |
| Total Supply | [0x3f2327...cf8ad9](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9) [Basescan](https://basescan.org/token/0x3f2327221dd4f0bae660172606d6b288a1cf8ad9) |

## 🌰 Tokenomics

### Key Facts

|          |                                                                      |
| -------- | -------------------------------------------------------------------- |
| Supply   | 1,000,000,000                                                        |
| Decimals | 18                                                                   |
| Tax      | 1%/1% configured — official pair only; external venues untaxed today |
| Role     | Compute fuel for Pipshell (DevOps agent)                             |

### Mechanics

* Trade fees fund Pipshell compute (agent wallet → compute)
* 1%/1% transfer tax configured — fires only on pools registered via isLiquidityPool()
* Official Virtuals pair is the only registered pool; NUT/PIPS + PIPS/USDC are unregistered → untaxed today
* Risk: owner can register an external pool anytime — would break CL invariant on Slipstream
* Infrastructure token — not a consumer product

## 💧 Liquidity Pools

### [💻🥜🌰 PIPS/NUT Aerodrome Slipstream CL · Concentrated](/technical/liquidity-catalog/nut-pips-or-pool-profile)

[Details →](/technical/liquidity-catalog/nut-pips-or-pool-profile) [Trade →](https://www.geckoterminal.com/base/pools/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5)

### [💻🥜💵 PIPS/USDC Balancer reCLAMM · Experimental](/technical/liquidity-catalog/pips-usdc-balancer-reclamm)

[Details →](/technical/liquidity-catalog/pips-usdc-balancer-reclamm) [Trade →](https://balancer.fi/)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [💵 USDC](/technical/token-catalog/usdc-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# NUTINO | Token Profile

#### 🌰🍫 NUTINO

Minty Chocolate-Coated Bliss

**Contract:** [0x30421e…f1476B](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B)

**Token standard:** ERC-20

**Type:** Bonding Curve

**Platform:** MintClub

[📖 Docs](https://docs.basednut.com/nutino)

### Overview

Mint Club bonding curve token backed by NUT. Two-venue arb loop: mint with NUT → sell for cbBTC on Uniswap V2.

[🔄 Trade on MintClub](https://mint.club/token/base/NUTINO) [💧 Add Liquidity on MintClub](https://mint.club/token/base/NUTINO) [🔍 Basescan](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B) [🟢 Mint Club](https://mint.club/token/base/NUTINO)

### Market Stats

| Metric       | Details                                                                                                                                                                      |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x30421e...f1476B](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B)                                                                                   |
| Volume (24h) | [0x30421e...f1476B](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B)                                                                                   |
| Liquidity    | [0x30421e...f1476B](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B)                                                                                   |
| Total Supply | [0x30421e...f1476B](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B) [Basescan](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B) |

### 🌰 Tokenomics

#### Key Facts

|           |                            |
| --------- | -------------------------- |
| Type      | Mint Club bonding curve    |
| Backed by | NUT                        |
| Royalty   | 1% on mint/burn            |
| DEX Pair  | NUTINO/cbBTC on Uniswap V2 |

#### Mechanics

* Same bonding curve mechanics as SALT
* cbBTC-denominated DEX pool (not USDC)
* Two-venue arb: Mint Club ↔ Uniswap V2

### 💧 Liquidity Pools

#### [🌰🍫🌰 NUTINO/NUT MintClub · Bonding](/technical/liquidity-catalog/nutino-nut-or-pool-profile)

[Details →](/technical/liquidity-catalog/nutino-nut-or-pool-profile) [Trade →](https://mint.club/token/base/NUTINO)

#### [🌰🍫🌾 NUTINO/cbBTC Uniswap V2 · Volatile](/technical/liquidity-catalog/nutino-cbbtc-or-pool-profile)

[Details →](/technical/liquidity-catalog/nutino-cbbtc-or-pool-profile) [Trade →](https://app.uniswap.org/explore/tokens/base/0x30421e2d18dff60b298eef427cf868ca65f1476b)

### 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [🌾 cbBTC](/technical/token-catalog/cbbtc-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# SALT | Token Profile

Savory Seasoning

**Nested**

[0x1EDe2A…D5dE81](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81)

ERC-20

Bonding Curve

MintClub

[📖 Docs](https://docs.basednut.com/salt)

## Overview

Mint Club bonding curve token backed by NUT. Two-venue arb loop: mint with NUT → sell for USDC on Aerodrome.

[🔄 Trade on Aerodrome](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain0=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453) [💧 Add Liquidity on Aerodrome](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain1=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453) [🔍 Basescan](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81) [🟢 Mint Club](https://mint.club/token/base/SALT)

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x1EDe2A...D5dE81](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81)                                                                                   |
| Volume (24h) | [0x1EDe2A...D5dE81](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81)                                                                                   |
| Liquidity    | [0x1EDe2A...D5dE81](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81)                                                                                   |
| Total Supply | [0x1EDe2A...D5dE81](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81) [Basescan](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81) |

## 🌰 Tokenomics

### Key Facts

|           |                         |
| --------- | ----------------------- |
| Type      | Mint Club bonding curve |
| Backed by | NUT                     |
| Royalty   | 1% on mint/burn         |
| DEX Pair  | SALT/USDC on Aerodrome  |

### Mechanics

* Curve price = NUT\_locked ÷ token\_supply
* Buy price ≠ sell price (significant spread)
* Airdropped: 200/NFT Generals, 80/NFT Soldiers
* 7,420,420 SALT to staking vault

## 💧 Liquidity Pools

### [🧂💵 SALT/USDC Aerodrome · Volatile](/technical/liquidity-catalog/salt-usdc-or-pool-profile)

[Details →](/technical/liquidity-catalog/salt-usdc-or-pool-profile) [Trade →](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain0=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453)

### [🌰🧂 NUT/SALT MintClub · Volatile](/technical/liquidity-catalog/nut-salt-or-pool-profile)

[Details →](/technical/liquidity-catalog/nut-salt-or-pool-profile) [Trade →](https://www.defined.fi/base/0xe4d2da0ff50d98d1cf065f3c9b41279aa7aa0d467fb30c14876086b8df89bdee?quoteToken=token0\&utm_campaign=embed\&utm_source=https://mint.club\&cache=afd85)

## 🔗 Related Tokens

[💵 USDC](/technical/token-catalog/usdc-or-token-profile) [🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# PNUTS | Token Profile

**NFT**\
Peanutty Dream Crunch

**Nested**

[0x794fcD…5EE387](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387)

**NFT**\
MintClub

**Nested**

[📖 Docs](https://mint.club/nft/base/PNUTS)

## Overview

P-NUTS — Peanut War Generals. 251 officer NFTs bonded to NUT. Mint to enlist, burn to reclaim. 200 SALT airdropped per General. Whole-NFT trading on Sudoswap in USDC.

[🔄 Trade on MintClub](https://mint.club/nft/base/PNUTS) [💧 Add Liquidity on MintClub](https://mint.club/nft/base/PNUTS) [🔍 Basescan](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387) [🦭 OpenSea](https://opensea.io/assets/base/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387/0) [🔀 Sudoswap](https://sudoswap.xyz/#/manage/base/0x262bEaa785a0eF65f5D9C1b8BA5c41980D087ff3) [🎨 Mint NFT](https://mint.club/nft/base/PNUTS)

{% hint style="info" %}
No chart available for this token.

Chart data will appear when a DEX listing is detected.
{% endhint %}

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x794fcD...5EE387](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387)                                                                                   |
| Volume (24h) | [0x794fcD...5EE387](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387)                                                                                   |
| Liquidity    | [0x794fcD...5EE387](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387)                                                                                   |
| Total Supply | [0x794fcD...5EE387](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387) [Basescan](https://basescan.org/token/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387) |

## 🌰 Tokenomics

### Key Facts

|            |                             |
| ---------- | --------------------------- |
| Type       | Mint Club NFT bonding curve |
| Collection | Extra Roasted Trio          |
| Backed by  | NUT                         |
| Sudoswap   | PNUTS/USDC NFT AMM pool     |

### Mechanics

* Mint by depositing NUT via bonding curve
* Burn to withdraw NUT backing
* Bonding curve sets floor price
* Sudoswap pool enables whole-NFT AMM trading in USDC

## 💧 Liquidity Pools

### [🥜⚔️🌰 PNUTS/NUT MintClub · Bonding](/technical/liquidity-catalog/pnuts-nut-or-pool-profile)

[Details →](/technical/liquidity-catalog/pnuts-nut-or-pool-profile) [Trade →](https://mint.club/nft/base/PNUTS)

### [🥜⚔️💵 PNUTS/USDC Sudoswap · Bonding](/technical/liquidity-catalog/pnuts-usdc-sudoswap)

[Details →](/technical/liquidity-catalog/pnuts-usdc-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0x262bEaa785a0eF65f5D9C1b8BA5c41980D087ff3)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [💵 USDC](/technical/token-catalog/usdc-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# ALMD | Token Profile

**NFT**

Wasabi-Infused Kick

**Nested**

[0x1A1604…413927](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927)

**NFT**

MintClub

**Nested**

[📖 Docs](https://mint.club/nft/base/ALMD)

## Overview

ALMONDS — Almond War Generals. 424 officer NFTs bonded to NUT. Golden Salted Swarm. 200 SALT airdropped per General. Whole-NFT trading on Sudoswap in cbETH.

[🔄 Trade on MintClub](https://mint.club/nft/base/ALMD) [💧 Add Liquidity on MintClub](https://mint.club/nft/base/ALMD) [🔍 Basescan](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927) [🦭 OpenSea](https://opensea.io/assets/base/0x1A160456005AED47994E1c13C9bc31F274413927/0) [🔀 Sudoswap](https://sudoswap.xyz/#/manage/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031) [🎨 Mint NFT](https://mint.club/nft/base/ALMD)

{% hint style="info" %}
No chart available for this token.

Chart data will appear when a DEX listing is detected.
{% endhint %}

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x1A1604...413927](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927)                                                                                   |
| Volume (24h) | [0x1A1604...413927](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927)                                                                                   |
| Liquidity    | [0x1A1604...413927](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927)                                                                                   |
| Total Supply | [0x1A1604...413927](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927) [Basescan](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927) |

## 🌰 Tokenomics

### Key Facts

|            |                             |
| ---------- | --------------------------- |
| Type       | Mint Club NFT bonding curve |
| Collection | Golden Salted Swarm         |
| Backed by  | NUT                         |
| Sudoswap   | ALMD/cbETH NFT AMM pool     |

### Mechanics

* Mint by depositing NUT via bonding curve
* Burn to withdraw NUT backing
* Bonding curve sets floor price
* Sudoswap pool enables whole-NFT AMM trading in cbETH

## 💧 Liquidity Pools

### [🌰⚔️🌰 ALMD/NUT MintClub · Bonding](/technical/liquidity-catalog/almd-nut-mintclub)

[Details →](/technical/liquidity-catalog/almd-nut-mintclub) [Trade →](https://mint.club/nft/base/ALMD)

### [🥜🪖🌰 SALMD/NUT MintClub · Bonding](/technical/liquidity-catalog/salmd-nut-mintclub)

[Details →](/technical/liquidity-catalog/salmd-nut-mintclub) [Trade →](https://mint.club/nft/base/SALMD)

### [🥜🪖🌱 SALMD/cbETH Sudoswap · Bonding](/technical/liquidity-catalog/salmd-cbeth-sudoswap)

[Details →](/technical/liquidity-catalog/salmd-cbeth-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5)

### [🌰⚔️🌱 ALMD/cbETH Sudoswap · Bonding](/technical/liquidity-catalog/almd-cbeth-sudoswap)

[Details →](/technical/liquidity-catalog/almd-cbeth-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [🥜🪖 SALMD](/technical/token-catalog/salmd-or-token-profile) [🌱 cbETH](/technical/token-catalog/cbeth-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# SALMD | Token Profile

**NFT**\
Subtly Almond-Kissed

**Nested**

[0x1E0f80…79C649](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649)

**NFT**\
MintClub

**Nested**

[📖 Docs](https://mint.club/nft/base/SALMD)

## Overview

S-ALMONDS — Almond Soldiers. 6,238 infantry NFTs bonded to NUT. Sky-Seasoned Crunch. 80 SALT airdropped per Soldier. Whole-NFT trading on Sudoswap in cbETH.

[🔄 Trade on MintClub](https://mint.club/nft/base/SALMD) [💧 Add Liquidity on MintClub](https://mint.club/nft/base/SALMD) [🔍 Basescan](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649) [🦭 OpenSea](https://opensea.io/item/base/0x1E0f80529593185C021043ffcbfDcB8f4279C649/0) [🔀 Sudoswap](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5) [🎨 Mint NFT](https://mint.club/nft/base/SALMD)

{% hint style="info" %}
**No chart available for this token**

Chart data will appear when a DEX listing is detected.
{% endhint %}

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x1E0f80...79C649](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649)                                                                                   |
| Volume (24h) | [0x1E0f80...79C649](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649)                                                                                   |
| Liquidity    | [0x1E0f80...79C649](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649)                                                                                   |
| Total Supply | [0x1E0f80...79C649](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649) [Basescan](https://basescan.org/token/0x1E0f80529593185C021043ffcbfDcB8f4279C649) |

## 🌰 Tokenomics

### Key Facts

|            |                             |
| ---------- | --------------------------- |
| Type       | Mint Club NFT bonding curve |
| Collection | Sky-Seasoned Crunch         |
| Backed by  | NUT                         |
| Sudoswap   | SALMD/cbETH NFT AMM pool    |

### Mechanics

* Mint by depositing NUT via bonding curve
* Burn to withdraw NUT backing
* Bonding curve sets floor price
* Sudoswap pool enables whole-NFT AMM trading in cbETH

## 💧 Liquidity Pools

### [🥜🪖🌰 SALMD/NUT MintClub · Bonding](/technical/liquidity-catalog/salmd-nut-mintclub)

[Details →](/technical/liquidity-catalog/salmd-nut-mintclub) [Trade →](https://mint.club/nft/base/SALMD)

### [🥜🪖🌱 SALMD/cbETH Sudoswap · Bonding](/technical/liquidity-catalog/salmd-cbeth-sudoswap)

[Details →](/technical/liquidity-catalog/salmd-cbeth-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [🌱 cbETH](/technical/token-catalog/cbeth-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# PNUTRMY | Token Profile

**NFT**\
Sun-Kissed Soldiers

**Nested**

[0xF07530…9A3512](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512)

**NFT**\
MintClub

**Nested**

[📖 Docs](https://mint.club/nft/base/PNUTRMY)

## Overview

PEANUT ARMY — Peanut Soldiers. 5,013 infantry NFTs bonded to NUT. 80 SALT airdropped per Soldier. Backbone of the Orchard — no Sudoswap pool yet.

[🔄 Trade on MintClub](https://mint.club/nft/base/PNUTRMY) [💧 Add Liquidity on MintClub](https://mint.club/nft/base/PNUTRMY) [🔍 Basescan](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512) [🦭 OpenSea](https://opensea.io/item/base/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512/0) [🔀 Sudoswap](https://sudoswap.xyz/#/manage/base/0x04dbBc85E27DF12970dD62973e83a01FCd6aa8FD) [🎨 Mint NFT](https://mint.club/nft/base/PNUTRMY)

## Chart

No chart available for this token

Chart data will appear when a DEX listing is detected

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0xF07530...9A3512](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512)                                                                                   |
| Volume (24h) | [0xF07530...9A3512](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512)                                                                                   |
| Liquidity    | [0xF07530...9A3512](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512)                                                                                   |
| Total Supply | [0xF07530...9A3512](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512) [Basescan](https://basescan.org/token/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512) |

## 🌰 Tokenomics

### Key Facts

|            |                             |
| ---------- | --------------------------- |
| Type       | Mint Club NFT bonding curve |
| Collection | PEANUT ARMY                 |
| Backed by  | NUT                         |
| Airdrop    | SALT distributed to holders |

### Mechanics

* Mint by depositing NUT via bonding curve
* Burn to withdraw NUT backing
* Holders received SALT airdrop
* Bonding curve sets floor price

## 💧 Liquidity Pools

[🌰🪖🌰 PNUTRMY/NUT MintClub · Bonding](/technical/liquidity-catalog/pnutrmy-nut-or-pool-profile)

[Details →](/technical/liquidity-catalog/pnutrmy-nut-or-pool-profile) [Trade →](https://mint.club/nft/base/PNUTRMY)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# gtAGT | Token Profile

Agent Twin Graft BPT

Nested · Graft · Balancer v3 · BPT · wNUT

[0x5dA95c…Eca200](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

[📖 Docs](https://docs.basednut.com/)

## Overview

Balancer v3 weighted pool token (BPT) of the Agent Twin Graft — 20% wNUT rootstock, 40% VIRTUAL, 40% MOR. Sunflower Grove Batch I: the pool contract itself is the ERC-20, so token and pool share one address.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) [🔍 Basescan](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

## Market Stats

| Metric       | Details                                                                                                                                                                        |
| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Price        | [0x5dA95c...Eca200](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)                                                                                     |
| Volume (24h) | [0x5dA95c...Eca200](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)                                                                                     |
| Liquidity    | [0x5dA95c...Eca200](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)                                                                                     |
| Total Supply | [0x5dA95c...Eca200](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) · [Basescan](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) |

## 💧 Liquidity Pools

[🌻🤖 gtAGT wNUT/VIRTUAL/MOR Balancer v3 · Grafted](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

## 🔗 Related Tokens

[gtAGT wNUT](https://basescan.org/token/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) [🤖 VIRTUAL](/technical/token-catalog/virtual-or-token-profile) [🕶️ MOR](/technical/token-catalog/mor-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# gtINF | Token Profile

**Inference Twin Graft BPT**

* Nested
* [0x6a0a1B…5aA466](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466)
* Graft
* Balancer v3
* BPT
* wNUT

[📖 Docs](https://docs.basednut.com/)

## Overview

Balancer v3 weighted pool token (BPT) of the Inference Twin Graft — 20% wNUT rootstock, 40% VVV, 40% DIEM. Sunflower Grove Batch I: the pool contract itself is the ERC-20, so token and pool share one address.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [🔍 Basescan](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466)

## Market Stats

| Metric       | Details                                                                                                                                                                      |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x6a0a1B...5aA466](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466)                                                                                   |
| Volume (24h) | [0x6a0a1B...5aA466](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466)                                                                                   |
| Liquidity    | [0x6a0a1B...5aA466](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466)                                                                                   |
| Total Supply | [0x6a0a1B...5aA466](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [Basescan](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466) |

## 💧 Liquidity Pools

### [🌻🧠 gtINF wNUT/VVV/DIEM Balancer v3 · Grafted](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466)

## 🔗 Related Tokens

[gtINF wNUT](https://basescan.org/token/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [🧠 VVV](/technical/token-catalog/vvv-or-token-profile) [💠 DIEM](/technical/token-catalog/diem-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# gtFX | Token Profile

FX Twin Graft BPT

**Nested · Graft · Balancer v3 · BPT · wNUT**

[0x1cCB8c…8b1f2E](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

[📖 Docs](https://docs.basednut.com/)

## Overview

Balancer v3 weighted pool token (BPT) of the FX Twin Graft — 20% wNUT rootstock, 40% USDC, 40% EURC. Sunflower Grove Batch I: the pool contract itself is the ERC-20, so token and pool share one address.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [🔍 Basescan](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x1cCB8c...8b1f2E](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)                                                                                   |
| Volume (24h) | [0x1cCB8c...8b1f2E](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)                                                                                   |
| Liquidity    | [0x1cCB8c...8b1f2E](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)                                                                                   |
| Total Supply | [0x1cCB8c...8b1f2E](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [Basescan](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) |

## 💧 Liquidity Pools

### [🌻€ gtFX wNUT/USDC/EURC Balancer v3 · Grafted](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

## 🔗 Related Tokens

[gtFX wNUT](https://basescan.org/token/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [💵 USDC](/technical/token-catalog/usdc-or-token-profile) [€ EURC](/technical/token-catalog/eurc-or-token-profile)


# gtSIL | Token Profile

Silicon Twin Graft BPT

**Nested** · **Graft** · **Balancer v3** · **BPT** · **wNUT**

[0xA66927…3540B0](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

[📖 Docs](https://docs.basednut.com/)

### Overview

Balancer v3 weighted pool token (BPT) of the Silicon Twin Graft — 20% wNUT rootstock, 40% NVDAc, 40% AAPLc (Coinbase B20 tokenized equities). The pool contract itself is the ERC-20, so token and pool share one address.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)\
[💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)\
[🔍 Basescan](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

### Market Stats

| Metric       | Value                                                                                                                                                                          |
| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Price        | [0xA66927...3540B0](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)                                                                                     |
| Volume (24h) | [0xA66927...3540B0](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)                                                                                     |
| Liquidity    | [0xA66927...3540B0](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)                                                                                     |
| Total Supply | [0xA66927...3540B0](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) · [Basescan](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) |

#### 💧 Liquidity Pools

[🌻💽 gtSIL wNUT/NVDAc/AAPLc Balancer v3 · Grafted](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile) · [Trade →](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

#### 🔗 Related Tokens

[gtSIL wNUT](https://basescan.org/token/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) · [💽 NVDAc](/technical/token-catalog/nvdac-or-token-profile) · [🍎 AAPLc](/technical/token-catalog/aaplc-or-token-profile)


# gtBTC | Token Profile

**Bitcoin Twin Graft BPT**

Nested · Graft · Balancer v3 · BPT · wNUT

[0xb2a639…fE29b4](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

[📖 Docs](https://docs.basednut.com/)

## Overview

Balancer v3 weighted pool token (BPT) of the Bitcoin Twin Graft — 20% wNUT rootstock, 40% cbBTC, 40% tBTC. Sunflower Grove Batch I: the pool contract itself is the ERC-20, so token and pool share one address.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [🔍 Basescan](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0xb2a639...fE29b4](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)                                                                                   |
| Volume (24h) | [0xb2a639...fE29b4](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)                                                                                   |
| Liquidity    | [0xb2a639...fE29b4](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)                                                                                   |
| Total Supply | [0xb2a639...fE29b4](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [Basescan](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) |

## 💧 Liquidity Pools

### [🌻₿ gtBTC wNUT/cbBTC/tBTC Balancer v3 · Grafted](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

## 🔗 Related Tokens

[gtBTC wNUT](https://basescan.org/token/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [🌾 cbBTC](/technical/token-catalog/cbbtc-or-token-profile) [₿ tBTC](/technical/token-catalog/tbtc-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# cbETH | Token Profile

Base Liquidity (ETH)

Soil

ERC-20

ETH

Base

[📖 Docs](https://www.coinbase.com/crypto/cbeth)

## Overview

Coinbase Wrapped Staked ETH. The staked-ETH base asset used as 25% collateral in the pNUT Balancer index basket. Earns staking yield natively.

[🔄 Trade on Sudoswap](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5) [💧 Add Liquidity on Sudoswap](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5) [🔍 Basescan](https://basescan.org/token/undefined)

## Market Stats

| Metric       | Value                                                                                        |
| ------------ | -------------------------------------------------------------------------------------------- |
| Price        | [Not available](https://basescan.org/token/undefined)                                        |
| Volume (24h) | [N/A](https://basescan.org/token/undefined)                                                  |
| Liquidity    | [N/A](https://basescan.org/token/undefined)                                                  |
| Total Supply | [N/A](https://basescan.org/token/undefined) [Basescan](https://basescan.org/token/undefined) |

## 🌰 Tokenomics

### Key Facts

|       |                               |
| ----- | ----------------------------- |
| Type  | Coinbase Wrapped Staked ETH   |
| Chain | Base                          |
| Role  | 25% collateral in pNUT basket |
| Yield | Earns native staking yield    |

### Mechanics

* Wraps staked ETH position from Coinbase
* Liquid — can be traded and used in DeFi
* Price tracks ETH with staking yield accrual
* Quote asset for Sudoswap NFT pools (ALMD, SALMD)

## 💧 Liquidity Pools

### [🥜🪖🌱 SALMD/cbETH Sudoswap · Bonding](/technical/liquidity-catalog/salmd-cbeth-sudoswap)

[Details →](/technical/liquidity-catalog/salmd-cbeth-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5)

### [🌰⚔️🌱 ALMD/cbETH Sudoswap · Bonding](/technical/liquidity-catalog/almd-cbeth-sudoswap)

[Details →](/technical/liquidity-catalog/almd-cbeth-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031)

### [🌻💧 gtETH wNUT/cbETH/wstETH Balancer v3 · Grafted](/technical/liquidity-catalog/gteth-wnut-cbeth-wsteth-or-pool-profile)

[Details →](/technical/liquidity-catalog/gteth-wnut-cbeth-wsteth-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xd156d51219B3a7A590670d655E8740Ad404e8835)

## 🔗 Related Tokens

[🥜🪖 SALMD](/technical/token-catalog/salmd-or-token-profile) [🌰⚔️ ALMD](/technical/token-catalog/almd-or-token-profile) [gtETH wNUT](https://basescan.org/token/undefined) [💧 wstETH](/technical/token-catalog/wsteth-or-token-profile)


# cbBTC | Token Profile

**Base Liquidity (BTC)**

|      |        |
| ---- | ------ |
| Soil | ERC-20 |
| BTC  | Base   |

[📖 Docs](https://www.coinbase.com/crypto/cbbtc)

## Overview

Coinbase Wrapped BTC. Bitcoin base asset on Base chain. Used as 25% collateral in the pNUT Balancer index basket and as the quote token in the NUTINO/cbBTC Uniswap V2 pool.

[🔄 Trade on Aerodrome](https://aerodrome.finance/pools?token0=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&token1=0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453) [💧 Add Liquidity on Aerodrome](https://aerodrome.finance/pools?token0=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&token1=0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453) [🔍 Basescan](https://basescan.org/token/undefined)

## Market Stats

| Metric       | Value                                                                                        |
| ------------ | -------------------------------------------------------------------------------------------- |
| Price        | [Not available](https://basescan.org/token/undefined)                                        |
| Volume (24h) | [N/A](https://basescan.org/token/undefined)                                                  |
| Liquidity    | [N/A](https://basescan.org/token/undefined)                                                  |
| Total Supply | [N/A](https://basescan.org/token/undefined) [Basescan](https://basescan.org/token/undefined) |

## 🌰 Tokenomics

### Key Facts

|          |                               |
| -------- | ----------------------------- |
| Type     | Coinbase Wrapped BTC          |
| Chain    | Base                          |
| Role     | 25% collateral in pNUT basket |
| DEX Pair | NUTINO/cbBTC on Uniswap V2    |

### Mechanics

* Coinbase custody-backed Bitcoin on Base
* Price tracks BTC 1:1
* Provides Bitcoin exposure within the NUT ecosystem
* Quote token for NUTINO DEX pool

## 💧 Liquidity Pools

### [🌰🌾 NUT/cbBTC Aerodrome · Volatile](/technical/liquidity-catalog/nut-cbbtc-or-pool-profile)

[Details →](/technical/liquidity-catalog/nut-cbbtc-or-pool-profile) [Trade →](https://aerodrome.finance/pools?token0=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&token1=0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)

### [🌰🍫🌾 NUTINO/cbBTC Uniswap V2 · Volatile](/technical/liquidity-catalog/nutino-cbbtc-or-pool-profile)

[Details →](/technical/liquidity-catalog/nutino-cbbtc-or-pool-profile) [Trade →](https://app.uniswap.org/explore/tokens/base/0x30421e2d18dff60b298eef427cf868ca65f1476b)

### [🌻₿ gtBTC wNUT/cbBTC/tBTC Balancer v3 · Grafted](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [🌰🍫 NUTINO](/technical/token-catalog/nutino-or-token-profile) [gtBTC wNUT](https://basescan.org/token/undefined) [₿ tBTC](/technical/token-catalog/tbtc-or-token-profile)


# USDC | Token Profile

Base Stablecoin (USDC)

**Soil:** [0x833589…A02913](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913)

**ERC-20** · **Stablecoin** · **Base**

[📖 Docs](https://www.circle.com/en/usdc)

## Overview

USD Coin. The primary stablecoin on Base. Used as the quote token in the SALT/USDC Aerodrome pool — the exit venue for the SALT two-venue arbitrage loop.

[🔄 Trade on Aerodrome](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain0=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453) [💧 Add Liquidity on Aerodrome](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain0=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453) [🔍 Basescan](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913)

## Market Stats

| Metric       | Source                                                                                                                                                                         |
| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Price        | [0x833589...A02913](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913)                                                                                     |
| Volume (24h) | [0x833589...A02913](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913)                                                                                     |
| Liquidity    | [0x833589...A02913](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913)                                                                                     |
| Total Supply | [0x833589...A02913](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913) · [Basescan](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913) |

## 🌰 Tokenomics

### Key Facts

|          |                        |
| -------- | ---------------------- |
| Type     | USD Coin (stablecoin)  |
| Chain    | Base                   |
| Peg      | \~1 USD                |
| DEX Pair | SALT/USDC on Aerodrome |

### Mechanics

* Primary stablecoin on Base
* Quote token for SALT DEX pool — arb loop exit venue
* Quote token for Sudoswap NFT pools (SPNUT, PNUTS)
* Provides USD-denominated price discovery

## 💧 Liquidity Pools

### [🧂💵 SALT/USDC Aerodrome · Volatile](/technical/liquidity-catalog/salt-usdc-or-pool-profile)

[Details →](/technical/liquidity-catalog/salt-usdc-or-pool-profile) [Trade →](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain0=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453)

### [🥥💵 SPNUT/USDC Sudoswap · Bonding](/technical/liquidity-catalog/spnut-usdc-sudoswap)

[Details →](/technical/liquidity-catalog/spnut-usdc-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0x04dbBc85E27DF12970dD62973e83a01FCd6aa8FD)

### [🥜⚔️💵 PNUTS/USDC Sudoswap · Bonding](/technical/liquidity-catalog/pnuts-usdc-sudoswap)

[Details →](/technical/liquidity-catalog/pnuts-usdc-sudoswap) [Trade →](https://sudoswap.xyz/#/manage/base/0x262bEaa785a0eF65f5D9C1b8BA5c41980D087ff3)

### [💻🥜💵 PIPS/USDC Balancer reCLAMM · Experimental](/technical/liquidity-catalog/pips-usdc-balancer-reclamm)

[Details →](/technical/liquidity-catalog/pips-usdc-balancer-reclamm) [Trade →](https://balancer.fi/)

### [🌻€ gtFX wNUT/USDC/EURC Balancer v3 · Grafted](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

## 🔗 Related Tokens

[🧂 SALT](/technical/token-catalog/salt-or-token-profile) [SPNUT](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913) [🥜⚔️ PNUTS](/technical/token-catalog/pnuts-or-token-profile) [💻🥜 PIPS](/technical/token-catalog/pips-or-token-profile) [gtFX wNUT](https://basescan.org/token/0x833589fCD6EDb6E08f4c7c32D4f71B54bDA02913) [€ EURC](/technical/token-catalog/eurc-or-token-profile)


# VVV | Token Profile

Venice Token (AI Inference)

**Soil:** Grove Scion\
**Standard:** ERC-20\
**Category:** AI

[0xacfE60…cC21bf](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf)

[📖 Docs](https://docs.basednut.com/)

## Overview

Venice Token — Venice.ai inference network. Grafted as a 40% scion with wNUT and DIEM in the gtINF Inference Twin Graft on Balancer v3.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [🔍 Basescan](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf)

## Market Stats

| Metric       | Source                                                                                                                                                                       |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0xacfE60...cC21bf](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf)                                                                                   |
| Volume (24h) | [0xacfE60...cC21bf](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf)                                                                                   |
| Liquidity    | [0xacfE60...cC21bf](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf)                                                                                   |
| Total Supply | [0xacfE60...cC21bf](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf) [Basescan](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf) |

## 💧 Liquidity Pools

[🌻🧠 gtINF wNUT/VVV/DIEM Balancer v3 · Grafted](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466)

## 🔗 Related Tokens

[gtINF wNUT](https://basescan.org/token/0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf) [💠 DIEM](/technical/token-catalog/diem-or-token-profile)


# DIEM | Token Profile

Diem — Venice Compute Credit

**Soil:** AI\
**Grove Scion**

[0xF4d97F…06a024](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024)

ERC-20

[📖 Docs](https://docs.basednut.com/)

## Overview

Diem — Venice compute credit. Grafted as a 40% scion with wNUT and VVV in the gtINF Inference Twin Graft on Balancer v3.

<a href="https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466" class="button primary">🔄 Trade on Balancer v3</a> <a href="https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466" class="button secondary">💧 Add Liquidity on Balancer v3</a> <a href="https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024" class="button secondary">🔍 Basescan</a>

## Market Stats

| Metric       | Value                                                                                                                                                                          |
| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Price        | [0xF4d97F...06a024](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024)                                                                                     |
| Volume (24h) | [0xF4d97F...06a024](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024)                                                                                     |
| Liquidity    | [0xF4d97F...06a024](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024)                                                                                     |
| Total Supply | [0xF4d97F...06a024](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024) · [Basescan](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024) |

## 💧 Liquidity Pools

[🌻🧠 gtINF wNUT/VVV/DIEM Balancer v3 · Grafted](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile) · [Trade →](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466)

## 🔗 Related Tokens

[gtINF wNUT](https://basescan.org/token/0xF4d97F2da56e8c3098f3a8D538DB630A2606a024) · [🧠 VVV](/technical/token-catalog/vvv-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# AERO | Token Profile

Aerodrome Governance

**Soil**

[0x940181…D98631](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631)

ERC-20 · DEX · Base

[📖 Docs](https://aerodrome.finance/)

## Overview

Aerodrome Finance token. Governance and emissions token for Aerodrome DEX. Used as a quote token in the NUT/AERO Aerodrome pool. Aerodrome gauge emissions may incentivize NUT liquidity.

[🔄 Trade on Aerodrome](https://aerodrome.finance/pools?token0=0x940181a94A35A4569E4529A3CDfB74e38FD98631\&token1=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)

[💧 Add Liquidity on Aerodrome](https://aerodrome.finance/pools?token0=0x940181a94A35A4569E4529A3CDfB74e38FD98631\&token1=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)

[🔍 Basescan](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631)

## Market Stats

| Metric       | Source                                                                                                                                                                         |
| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Price        | [0x940181...D98631](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631)                                                                                     |
| Volume (24h) | [0x940181...D98631](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631)                                                                                     |
| Liquidity    | [0x940181...D98631](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631)                                                                                     |
| Total Supply | [0x940181...D98631](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631) · [Basescan](https://basescan.org/token/0x940181a94A35A4569E4529A3CDfB74e38FD98631) |

## 🌰 Tokenomics

### Key Facts

|           |                              |
| --------- | ---------------------------- |
| Type      | Aerodrome governance token   |
| Chain     | Base                         |
| Role      | Quote token in NUT/AERO pool |
| Emissions | Aerodrome gauge rewards      |

### Mechanics

* Governance and liquidity incentives for Aerodrome DEX
* Gauge emissions may incentivize NUT liquidity
* Vote-locked AERO (veAERO) directs emissions
* Provides alternative quote asset for NUT exposure

## 💧 Liquidity Pools

### [🌰✈️ NUT/AERO Aerodrome · Volatile](/technical/liquidity-catalog/nut-aero-or-pool-profile)

[Details →](/technical/liquidity-catalog/nut-aero-or-pool-profile) · [Trade →](https://aerodrome.finance/pools?token0=0x940181a94A35A4569E4529A3CDfB74e38FD98631\&token1=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut)


# wETH | Token Profile

Wrapped ETH (Base)

## Token Details

|               |                                                                                          |
| ------------- | ---------------------------------------------------------------------------------------- |
| Soil          | [0x420000…000006](https://basescan.org/token/0x4200000000000000000000000000000000000006) |
| Standard      | ERC-20                                                                                   |
| Symbol        | ETH                                                                                      |
| Chain         | Base                                                                                     |
| Documentation | [📖 Docs](https://ethereum.org/en/developers/docs/standards/tokens/erc-20/)              |

## Overview

Wrapped Ether. The primary ETH base asset on Base chain. Used as the quote token in the NUT/wETH and SNUT/wETH pools — the main price discovery venues for the ecosystem.

[🔄 Trade on Uniswap V3](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df) [💧 Add Liquidity on Uniswap V3](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df) [🔍 Basescan](https://basescan.org/token/0x4200000000000000000000000000000000000006)

## Market Stats

| Metric       | Source                                                                                                                                                                       |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x420000...000006](https://basescan.org/token/0x4200000000000000000000000000000000000006)                                                                                   |
| Volume (24h) | [0x420000...000006](https://basescan.org/token/0x4200000000000000000000000000000000000006)                                                                                   |
| Liquidity    | [0x420000...000006](https://basescan.org/token/0x4200000000000000000000000000000000000006)                                                                                   |
| Total Supply | [0x420000...000006](https://basescan.org/token/0x4200000000000000000000000000000000000006) [Basescan](https://basescan.org/token/0x4200000000000000000000000000000000000006) |

## 🌰 Tokenomics

### Key Facts

|       |                                    |
| ----- | ---------------------------------- |
| Type  | Wrapped Ether                      |
| Chain | Base                               |
| Role  | Primary quote token for NUT & SNUT |
| Pools | NUT/wETH V3+V2, SNUT/wETH V2       |

### Mechanics

* ERC-20 wrapper for native ETH
* Primary price discovery venue for NUT and SNUT
* Used in both Uniswap V3 (concentrated) and V2 (full-range)
* Deep liquidity enables large swaps with minimal slippage

## 💧 Liquidity Pools

### [🌰🌱 NUT/wETH Uniswap V3 · Concentrated](/technical/liquidity-catalog/nut-weth-uniswap-v3)

[Details →](/technical/liquidity-catalog/nut-weth-uniswap-v3) [Trade →](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df)

### [🌰🌱 NUT/wETH Uniswap V2 · Volatile](/technical/liquidity-catalog/nut-weth-or-pool-profile)

[Details →](/technical/liquidity-catalog/nut-weth-or-pool-profile) [Trade →](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30d)

### [🥥🌱 SNUT/wETH Uniswap V2 · Volatile](/technical/liquidity-catalog/snut-weth-or-pool-profile)

[Details →](/technical/liquidity-catalog/snut-weth-or-pool-profile) [Trade →](https://app.uniswap.org/explore/tokens/base/0xac130701aa31c284c36609e2489f150f419ad7ad)

### [🥥🌴 SNUT-LP/wETH Uniswap V2 · Volatile](/technical/liquidity-catalog/snut-lp-weth-uniswap-v2)

[Details →](/technical/liquidity-catalog/snut-lp-weth-uniswap-v2) [Trade →](https://app.uniswap.org/explore/tokens/base/0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c)

## 🔗 Related Tokens

[🌰 NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [🥥 SNUT](/technical/token-catalog/snut-or-the-burn-token-or-based-nut) [SNUT-LP](https://basescan.org/token/0x4200000000000000000000000000000000000006)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# VIRTUAL | Token Profile

Virtuals Protocol

**Soil**

[0x0b3e32…4e7E1b](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b)

**ERC-20**

**Agents**

**Grove Scion**

[📖 Docs](https://docs.basednut.com/)

## Overview

Virtuals Protocol token — the agent launchpad. Grafted as a 40% scion with wNUT and MOR in the gtAGT Agent Twin Graft on Balancer v3.

<a href="https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200" class="button primary">🔄 Trade on Balancer v3</a> <a href="https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200" class="button secondary">💧 Add Liquidity on Balancer v3</a> <a href="https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b" class="button secondary">🔍 Basescan</a>

## Market Stats

| Metric       | Details                                                                                                                                                                        |
| ------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Price        | [0x0b3e32...4e7E1b](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b)                                                                                     |
| Volume (24h) | [0x0b3e32...4e7E1b](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b)                                                                                     |
| Liquidity    | [0x0b3e32...4e7E1b](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b)                                                                                     |
| Total Supply | [0x0b3e32...4e7E1b](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b) · [Basescan](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b) |

## 💧 Liquidity Pools

[🌻🤖 gtAGT wNUT/VIRTUAL/MOR Balancer v3 · Grafted](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile) · [Trade →](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

## 🔗 Related Tokens

[gtAGT wNUT](https://basescan.org/token/0x0b3e328455c4059EEb9e3f84b5543F74E24e7E1b) · [🕶️ MOR](/technical/token-catalog/mor-or-token-profile)


# MOR | Token Profile

Morpheus AI

**Soil:** [0x7431aD…82b8e3](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3)

**Standard:** ERC-20

**Category:** AI

**Classification:** Grove Scion

[📖 Docs](https://docs.basednut.com/)

## Overview

Morpheus AI network token. Grafted as a 40% scion with wNUT and VIRTUAL in the gtAGT Agent Twin Graft on Balancer v3.

<a href="https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200" class="button primary">🔄 Trade on Balancer v3</a> <a href="https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200" class="button secondary">💧 Add Liquidity on Balancer v3</a> <a href="https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3" class="button secondary">🔍 Basescan</a>

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x7431aD...82b8e3](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3)                                                                                   |
| Volume (24h) | [0x7431aD...82b8e3](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3)                                                                                   |
| Liquidity    | [0x7431aD...82b8e3](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3)                                                                                   |
| Total Supply | [0x7431aD...82b8e3](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3) [Basescan](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3) |

## 💧 Liquidity Pools

[🌻🤖 gtAGT wNUT/VIRTUAL/MOR Balancer v3 · Grafted](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile) · [Trade →](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

## 🔗 Related Tokens

[gtAGT wNUT](https://basescan.org/token/0x7431aDa8a591C955a994a21710752EF9b882b8e3) · [🤖 VIRTUAL](/technical/token-catalog/virtual-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# tBTC | Token Profile

Threshold Bitcoin

**Soil**

[0x236aa5…ab794b](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b)

**ERC-20**

BTC

**Grove Scion**

[📖 Docs](https://docs.basednut.com/)

## Overview

Threshold tBTC — decentralized wrapped Bitcoin. Grafted as a 40% scion with wNUT and cbBTC in the gtBTC Bitcoin Twin Graft on Balancer v3.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [🔍 Basescan](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b)

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x236aa5...ab794b](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b)                                                                                   |
| Volume (24h) | [0x236aa5...ab794b](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b)                                                                                   |
| Liquidity    | [0x236aa5...ab794b](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b)                                                                                   |
| Total Supply | [0x236aa5...ab794b](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b) [Basescan](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b) |

## 💧 Liquidity Pools

[🌻₿ gtBTC wNUT/cbBTC/tBTC Balancer v3 · Grafted](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

## 🔗 Related Tokens

[gtBTC wNUT](https://basescan.org/token/0x236aa50979D5f3De3Bd1Eeb40E81137F22ab794b) [🌾 cbBTC](/technical/token-catalog/cbbtc-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# wstETH | Token Profile

Lido Wrapped Staked ETH

**Soil**

[0xc1CBa3…0ee452](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452)

ERC-20

ETH

Grove Scion

[📖 Docs](https://docs.basednut.com/)

## Overview

Lido Wrapped Staked ETH on Base — staking yield baked into the token. Grafted as a 40% scion with wNUT and cbETH in the gtETH Ether Twin Graft on Balancer v3.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0xd156d51219B3a7A590670d655E8740Ad404e8835) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0xd156d51219B3a7A590670d655E8740Ad404e8835) [🔍 Basescan](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452)

## Market Stats

| Metric       | Source                                                                                                                                                                       |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0xc1CBa3...0ee452](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452)                                                                                   |
| Volume (24h) | [0xc1CBa3...0ee452](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452)                                                                                   |
| Liquidity    | [0xc1CBa3...0ee452](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452)                                                                                   |
| Total Supply | [0xc1CBa3...0ee452](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452) [Basescan](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452) |

**💧 Liquidity Pools**

[🌻💧 gtETH wNUT/cbETH/wstETH Balancer v3 · Grafted](/technical/liquidity-catalog/gteth-wnut-cbeth-wsteth-or-pool-profile)

[Details →](/technical/liquidity-catalog/gteth-wnut-cbeth-wsteth-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xd156d51219B3a7A590670d655E8740Ad404e8835)

**🔗 Related Tokens**

[gtETH wNUT](https://basescan.org/token/0xc1CBa3fCea344f92D9239c08C0568f6F2F0ee452) [🌱 cbETH](/technical/token-catalog/cbeth-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# EURC | Token Profile

**Circle EURC**

| Property | Value                                                                                    |
| -------- | ---------------------------------------------------------------------------------------- |
| Soil     | [0x60a3E3…1adb42](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42) |
| Standard | ERC-20                                                                                   |
| Category | Stablecoin                                                                               |
| Grove    | Scion                                                                                    |

[📖 Docs](https://docs.basednut.com/)

## Overview

Circle EURC — the euro stablecoin. Grafted as a 40% scion with wNUT and USDC in the gtFX FX Twin Graft on Balancer v3.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [🔍 Basescan](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42)

## Market Stats

| Metric       | Source                                                                                                                                                                       |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0x60a3E3...1adb42](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42)                                                                                   |
| Volume (24h) | [0x60a3E3...1adb42](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42)                                                                                   |
| Liquidity    | [0x60a3E3...1adb42](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42)                                                                                   |
| Total Supply | [0x60a3E3...1adb42](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42) [Basescan](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42) |

## 💧 Liquidity Pools

[🌻€ gtFX wNUT/USDC/EURC Balancer v3 · Grafted](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

## 🔗 Related Tokens

[gtFX wNUT](https://basescan.org/token/0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42) [💵 USDC](/technical/token-catalog/usdc-or-token-profile)


# NVDAc | Token Profile

**NVIDIA — Coinbase B20 Tokenized Stock**

Soil

[0xb20000…08108C](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C)

ERC-20

RWA

Grove Scion

[📖 Docs](https://docs.basednut.com/)

## Overview

NVIDIA tokenized stock — Coinbase B20, issuer Coinbase Onchain SPV, Chainlink-fed, 8 decimals. RWA scion grafted with wNUT and AAPLc in the gtSIL Silicon Twin Graft on Balancer v3.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) [🔍 Basescan](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C)

## Market Stats

### Price

[0xb20000...08108C](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C)

***

### Volume (24h)

[0xb20000...08108C](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C)

***

### Liquidity

[0xb20000...08108C](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C)

***

### Total Supply

[0xb20000...08108C](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C) [Basescan](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C)

## 💧 Liquidity Pools

[🌻💽 gtSIL wNUT/NVDAc/AAPLc Balancer v3 · Grafted](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

## 🔗 Related Tokens

[gtSIL wNUT](https://basescan.org/token/0xb20000000000000000000078ee7ce2fE4908108C) [🍎 AAPLc](/technical/token-catalog/aaplc-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# AAPLc | Token Profile

Apple — Coinbase B20 Tokenized Stock

**Soil**

[0xb20000…Ecd1fb](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb)

ERC-20

RWA

Grove Scion

[📖 Docs](https://docs.basednut.com/)

## Overview

Apple tokenized stock — Coinbase B20, issuer Coinbase Onchain SPV, Chainlink-fed, 8 decimals. RWA scion grafted with wNUT and NVDAc in the gtSIL Silicon Twin Graft on Balancer v3.

[🔄 Trade on Balancer v3](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) [💧 Add Liquidity on Balancer v3](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) [🔍 Basescan](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb)

## Market Stats

| Metric       | Value                                                                                                                                                                        |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Price        | [0xb20000...Ecd1fb](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb)                                                                                   |
| Volume (24h) | [0xb20000...Ecd1fb](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb)                                                                                   |
| Liquidity    | [0xb20000...Ecd1fb](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb)                                                                                   |
| Total Supply | [0xb20000...Ecd1fb](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb) [Basescan](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb) |

**💧 Liquidity Pools**

[🌻💽 gtSIL wNUT/NVDAc/AAPLc Balancer v3 · Grafted](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile)

[Details →](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile) [Trade →](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

**🔗 Related Tokens**

[gtSIL wNUT](https://basescan.org/token/0xb200000000000000000000C2e324d24d7eEcd1fb) [💽 NVDAc](/technical/token-catalog/nvdac-or-token-profile)


# Liquidity Catalog

## All NUTs Liquidity — live board

| Asset                                                                                               | Links                                                                                                                                                                                                                                                                                                                                                                                                            |
| --------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| [🌰⚔️🌱ALMD/cbETH](/technical/liquidity-catalog/almd-cbeth-sudoswap)                                | [Chart](https://opensea.io/item/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031/0) [Verify](https://sudoswap.xyz/#/manage/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031)                                                                                                                                                                                                                                       |
| [🌰⚔️🌰ALMD/NUT](/technical/liquidity-catalog/almd-nut-mintclub)                                    | [Chart](https://opensea.io/assets/base/0x1A160456005AED47994E1c13C9bc31F274413927/0) [Verify](https://mint.club/nft/base/ALMD)                                                                                                                                                                                                                                                                                   |
| [🌻🤖gtAGT wNUT/VIRTUAL/MOR](/technical/liquidity-catalog/gtagt-wnut-virtual-mor-or-pool-profile)   | [Chart](https://dexscreener.com/base/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) [Verify](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)                                                                                                                                                                                                                                          |
| [🌻₿gtBTC wNUT/cbBTC/tBTC](/technical/liquidity-catalog/gtbtc-wnut-cbbtc-tbtc-or-pool-profile)      | [Chart](https://dexscreener.com/base/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [Verify](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)                                                                                                                                                                                                                                          |
| [🌻💧gtETH wNUT/cbETH/wstETH](/technical/liquidity-catalog/gteth-wnut-cbeth-wsteth-or-pool-profile) | [Chart](https://dexscreener.com/base/0xd156d51219B3a7A590670d655E8740Ad404e8835) [Verify](https://balancer.fi/pools/base/v3/0xd156d51219B3a7A590670d655E8740Ad404e8835)                                                                                                                                                                                                                                          |
| [🌻€gtFX wNUT/USDC/EURC](/technical/liquidity-catalog/gtfx-wnut-usdc-eurc-or-pool-profile)          | [Chart](https://dexscreener.com/base/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [Verify](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)                                                                                                                                                                                                                                          |
| [🌻🧠gtINF wNUT/VVV/DIEM](/technical/liquidity-catalog/gtinf-wnut-vvv-diem-or-pool-profile)         | [Chart](https://dexscreener.com/base/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [Verify](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466)                                                                                                                                                                                                                                          |
| [🌻💽gtSIL wNUT/NVDAc/AAPLc](/technical/liquidity-catalog/gtsil-wnut-nvdac-aaplc-or-pool-profile)   | [Chart](https://dexscreener.com/base/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) [Verify](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)                                                                                                                                                                                                                                          |
| [🌰✈️NUT/AERO](/technical/liquidity-catalog/nut-aero-or-pool-profile)                               | [Chart](https://dexscreener.com/base/0x38630fede5e2032652640d98b2d3f9c6296eea5d) [Verify](https://aerodrome.finance/pools?token0=0x940181a94A35A4569E4529A3CDfB74e38FD98631\&token1=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)                                                                                                         |
| [🌰🌾NUT/cbBTC](/technical/liquidity-catalog/nut-cbbtc-or-pool-profile)                             | [Chart](https://dexscreener.com/base/0x15385c9281bc12d2e9bf5c081621944b0ee2acca) [Verify](https://aerodrome.finance/pools?token0=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&token1=0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)                                                                                                         |
| [🌰🧂NUT/SALT](/technical/liquidity-catalog/nut-salt-or-pool-profile)                               | [Chart](https://www.defined.fi/base/0xe4d2da0ff50d98d1cf065f3c9b41279aa7aa0d467fb30c14876086b8df89bdee?quoteToken=token0) [Verify](https://www.defined.fi/base/0xe4d2da0ff50d98d1cf065f3c9b41279aa7aa0d467fb30c14876086b8df89bdee?quoteToken=token0\&utm_campaign=embed\&utm_source=https://mint.club\&cache=afd85)                                                                                              |
| [🌰🌱NUT/wETH](/technical/liquidity-catalog/nut-weth-uniswap-v3)                                    | [Chart](https://dexscreener.com/base/0xe3ce00e2ed742b142c15eedc208657dd22aa987e) [Verify](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30df)                                                                                                                                                                                                                                |
| [🌰🌱NUT/wETH](/technical/liquidity-catalog/nut-weth-or-pool-profile)                               | [Chart](https://dexscreener.com/base/0x997bad8e9f5c34d5e9784caaa8a554a5e6192f53) [Verify](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30d)                                                                                                                                                                                                                                 |
| [🌰🍫🌾NUTINO/cbBTC](/technical/liquidity-catalog/nutino-cbbtc-or-pool-profile)                     | [Chart](https://dexscreener.com/base/0x30421e2d18dFF60B298eEF427cF868cA65f1476B) [Verify](https://app.uniswap.org/explore/tokens/base/0x30421e2d18dff60b298eef427cf868ca65f1476b)                                                                                                                                                                                                                                |
| [🌰🍫🌰NUTINO/NUT](/technical/liquidity-catalog/nutino-nut-or-pool-profile)                         | [Chart](https://www.defined.fi/base/0x64b1a06ff455fa08f68d0641eae18b0391be3311f89b20458d02c5b24647a65c?quoteToken=token0\&cache=18a28) [Verify](https://mint.club/token/base/NUTINO)                                                                                                                                                                                                                             |
| [💻🥜🌰PIPS/NUT](/technical/liquidity-catalog/nut-pips-or-pool-profile)                             | [Chart](https://dexscreener.com/base/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5) [Verify](https://www.geckoterminal.com/base/pools/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5)                                                                                                                                                                                                                                   |
| [💻🥜💵PIPS/USDC](/technical/liquidity-catalog/pips-usdc-balancer-reclamm)                          | [Chart](https://dexscreener.com/base/0xb19e3af68bb307369e8772a9e157431fcfe9dd44) [Verify](https://balancer.fi/)                                                                                                                                                                                                                                                                                                  |
| [🥜pNUT BAL NUT/SNUT/cbBTC/cbETH](/technical/liquidity-catalog/pnut-or-pool-profile)                | [Chart](https://dexscreener.com/base/0x2a5757b60987ff10385de1d4d923792f6fdcfff1-0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22-0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf) [Verify](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e) [Balancer pNUT pool](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e) |
| [🌰🪖🌰PNUTRMY/NUT](/technical/liquidity-catalog/pnutrmy-nut-or-pool-profile)                       | [Chart](https://opensea.io/item/base/0xF075300b8C2EF500d8Ce4f783F910C500B9A3512/0) [Verify](https://mint.club/nft/base/PNUTRMY)                                                                                                                                                                                                                                                                                  |
| [🥜⚔️🌰PNUTS/NUT](/technical/liquidity-catalog/pnuts-nut-or-pool-profile)                           | [Chart](https://opensea.io/assets/base/0x794fcD89357C1CcF04a1a9A441ad4dB2Cd5EE387/0) [Verify](https://mint.club/nft/base/PNUTS)                                                                                                                                                                                                                                                                                  |
| [🥜⚔️💵PNUTS/USDC](/technical/liquidity-catalog/pnuts-usdc-sudoswap)                                | [Chart](https://opensea.io/item/base/0x262bEaa785a0eF65f5D9C1b8BA5c41980D087ff3/0) [Verify](https://sudoswap.xyz/#/manage/base/0x262bEaa785a0eF65f5D9C1b8BA5c41980D087ff3)                                                                                                                                                                                                                                       |
| [🥜🪖🌱SALMD/cbETH](/technical/liquidity-catalog/salmd-cbeth-sudoswap)                              | [Chart](https://opensea.io/item/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5/0) [Verify](https://sudoswap.xyz/#/manage/base/0xeE7243F0E02e5890c6415B5CbAe58e0D0fb758a5)                                                                                                                                                                                                                                       |
| [🥜🪖🌰SALMD/NUT](/technical/liquidity-catalog/salmd-nut-mintclub)                                  | [Chart](https://opensea.io/item/base/0x1E0f80529593185C021043ffcbfDcB8f4279C649/0) [Verify](https://mint.club/nft/base/SALMD)                                                                                                                                                                                                                                                                                    |
| [🧂💵SALT/USDC](/technical/liquidity-catalog/salt-usdc-or-pool-profile)                             | [Chart](https://dexscreener.com/base/0x64ca0b147f625007b6f082abbb3ba217930eccb2) [Verify](https://aerodrome.finance/pools?token0=0x833589fcd6edb6e08f4c7c32d4f71b54bda02913\&chain0=8453\&token1=0x1ede2afc985f6d7aeb3f4c84b95a103c00d5de81\&chain1=8453)                                                                                                                                                        |
| [🥥🌴SNUT-LP/wETH](/technical/liquidity-catalog/snut-lp-weth-uniswap-v2)                            | [Chart](https://dexscreener.com/base/0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c) [Verify](https://app.uniswap.org/explore/tokens/base/0x82bbadb9d6b2c0a59ed01809e30323f89f6faa1c)                                                                                                                                                                                                                                |
| [🥥🌰SNUT/NUT](/technical/liquidity-catalog/snut-nut-or-pool-profile)                               | [Chart](https://dexscreener.com/base/0x893faaa7baf7a8247fc7142afb28e13d51a5aae8) [Verify](https://aerodrome.finance/pools?token0=0xAC130701aa31c284c36609E2489f150F419AD7AD\&token1=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453)                                                                                                         |
| [🥥🌱SNUT/wETH](/technical/liquidity-catalog/snut-weth-or-pool-profile)                             | [Chart](https://dexscreener.com/base/0xAC130701aa31c284c36609E2489f150F419AD7AD) [Verify](https://app.uniswap.org/explore/tokens/base/0xac130701aa31c284c36609e2489f150f419ad7ad)                                                                                                                                                                                                                                |
| [🥥💵SPNUT/USDC](/technical/liquidity-catalog/spnut-usdc-sudoswap)                                  | [Chart](https://opensea.io/item/base/0x04dbBc85E27DF12970dD62973e83a01FCd6aa8FD/0) [Verify](https://sudoswap.xyz/#/manage/base/0x04dbBc85E27DF12970dD62973e83a01FCd6aa8FD)                                                                                                                                                                                                                                       |

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# almd nut mintclub

**NFT · MintClub · NFTs · Bonding**

Mint Club NFT bonding curve for ALMONDS (Golden Salted Swarm NFT collection). Backed by NUT. Bonding curve sets floor price.

## NFT Pool

**Chart not available**

Try the Explore link below for external charts.

<a href="https://mint.club/nft/base/ALMD" class="button primary">MintClub ↗</a> <a href="https://opensea.io/assets/base/0x1A160456005AED47994E1c13C9bc31F274413927/0" class="button secondary">OpenSea ↗</a> <a href="https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927" class="button secondary">Basescan ↗</a>

## Pool Stats

|              |                                                                                             |
| ------------ | ------------------------------------------------------------------------------------------- |
| Contract     | [0x1A1604... 413927](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927) |
| TVL          |                                                                                             |
| Price        |                                                                                             |
| Volume (24h) |                                                                                             |
| Flavor       | Wasabi-Infused Kick                                                                         |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** MintClub
* **Status:** Bonding

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for ALMD/NUT.

Mint Club NFT bonding curve for ALMONDS (Golden Salted Swarm NFT collection). Backed by NUT. Bonding curve sets floor price.

<a href="https://mint.club/nft/base/ALMD" class="button primary">Trade</a> <a href="https://basescan.org/token/0x1A160456005AED47994E1c13C9bc31F274413927" class="button secondary">Contract</a> <a href="https://opensea.io/assets/base/0x1A160456005AED47994E1c13C9bc31F274413927/0" class="button secondary">Explore</a>

## Constituent tokens

[ALMD](/technical/token-catalog/almd-or-token-profile) · [NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut)


# almd cbeth sudoswap

**NFT** · **Sudoswap** · **NFTs** · **Bonding**

Sudoswap NFT AMM pool for ALMONDS NFTs priced in cbETH. Whole-NFT trading venue.

{% hint style="info" %}
🎨 **NFT Pool — Chart not available**

NFT AMM pools are not indexed by DEX charting services.
{% endhint %}

[Sudoswap ↗](https://sudoswap.xyz/#/manage/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031) [OpenSea ↗](https://opensea.io/item/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031/0) [Basescan ↗](https://basescan.org/token/0x308C9BC0546723d6e4905c971cd34feBF1f94031)

**Pool Stats**

|              |                                                                                             |
| ------------ | ------------------------------------------------------------------------------------------- |
| Contract     | [0x308C9B... f94031](https://basescan.org/token/0x308C9BC0546723d6e4905c971cd34feBF1f94031) |
| TVL          |                                                                                             |
| Price        |                                                                                             |
| Volume (24h) |                                                                                             |
| Flavor       | Elite Almond Commanders                                                                     |

**LP Token Info**

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Sudoswap
* **Status:** Bonding

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/token/0x308C9BC0546723d6e4905c971cd34feBF1f94031)

**Arbitrage & Role**

Standard liquidity venue providing price discovery and swap functionality for ALMD/cbETH.

Sudoswap NFT AMM pool for ALMONDS NFTs priced in cbETH. Whole-NFT trading venue.

[Trade](https://sudoswap.xyz/#/manage/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031) [Contract](https://basescan.org/token/0x308C9BC0546723d6e4905c971cd34feBF1f94031) [Explore](https://opensea.io/item/base/0x308C9BC0546723d6e4905c971cd34feBF1f94031/0)

**Constituent tokens**

[ALMD](/technical/token-catalog/almd-or-token-profile) [cbETH](/technical/token-catalog/cbeth-or-token-profile)


# gtAGT wNUT/VIRTUAL/MOR | Pool Profile

**Balancer v3**

Sunflower Grove Batch I — 20/40/40

**Tokens:** wNUT, Grafted

## Pool Stats

TVL

Price

Volume (24h)

Flavor

Agent Twin Graft

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

**Platform:** Balancer v3

**Status:** Grafted

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

## Arbitrage & Role

**Role:** Sunflower Grove Batch I — 20/40/40

[Trade](https://balancer.fi/pools/base/v3/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) [Contract](https://basescan.org/address/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200) [Explore](https://dexscreener.com/base/0x5dA95cC31C840Fd33180e4C7f879e3F3d8Eca200)

## Constituent tokens

gtAGT wNUT [VIRTUAL](/technical/token-catalog/virtual-or-token-profile) [MOR](/technical/token-catalog/mor-or-token-profile)


# gtBTC wNUT/cbBTC/tBTC | Pool Profile

Balancer v3

Sunflower Grove Batch I — 20/40/40

## TKNs

wNUT

Grafted

## Pool Stats

|              |                    |
| ------------ | ------------------ |
| TVL          | —                  |
| Price        | —                  |
| Volume (24h) | —                  |
| Flavor       | Bitcoin Twin Graft |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Balancer v3
* **Status:** Grafted

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

## Arbitrage & Role

**Role:** Sunflower Grove Batch I — 20/40/40

[Trade](https://balancer.fi/pools/base/v3/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [Contract](https://basescan.org/address/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4) [Explore](https://dexscreener.com/base/0xb2a63935e1391Ee49E5cfB6cc4f184C285fE29b4)

## Constituent tokens

gtBTC wNUT [cbBTC](/technical/token-catalog/cbbtc-or-token-profile) [tBTC](/technical/token-catalog/tbtc-or-token-profile)


# gtETH wNUT/cbETH/wstETH | Pool Profile

Balancer v3

Sunflower Grove Batch I — 20/40/40

## TKNs

wNUT

Grafted

## Pool Stats

TVL

Price

Volume (24h)

Flavor

Ether Twin Graft

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

Platform: Balancer v3

Status: Grafted

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0xd156d51219B3a7A590670d655E8740Ad404e8835)

## Arbitrage & Role

**Role:** Sunflower Grove Batch I — 20/40/40

[Trade](https://balancer.fi/pools/base/v3/0xd156d51219B3a7A590670d655E8740Ad404e8835) [Contract](https://basescan.org/address/0xd156d51219B3a7A590670d655E8740Ad404e8835) [Explore](https://dexscreener.com/base/0xd156d51219B3a7A590670d655E8740Ad404e8835)

## Constituent tokens

gtETH wNUT [cbETH](/technical/token-catalog/cbeth-or-token-profile) [wstETH](/technical/token-catalog/wsteth-or-token-profile)


# gtINF wNUT/VVV/DIEM | Pool Profile

Balancer v3

Sunflower Grove Batch I — 20/40/40

## Tokens

wNUT

Grafted

## Pool Stats

|              |                      |
| ------------ | -------------------- |
| TVL          | —                    |
| Price        | —                    |
| Volume (24h) | —                    |
| Flavor       | Inference Twin Graft |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Balancer v3
* **Status:** Grafted

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x6a0a1B7428d543524592eD22023A09BdE05aA466)

## Arbitrage & Role

**Role:** Sunflower Grove Batch I — 20/40/40

[Trade](https://balancer.fi/pools/base/v3/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [Contract](https://basescan.org/address/0x6a0a1B7428d543524592eD22023A09BdE05aA466) [Explore](https://dexscreener.com/base/0x6a0a1B7428d543524592eD22023A09BdE05aA466)

## Constituent tokens

gtINF wNUT [VVV](/technical/token-catalog/vvv-or-token-profile) [DIEM](/technical/token-catalog/diem-or-token-profile)


# gtFX wNUT/USDC/EURC | Pool Profile

Balancer v3

Sunflower Grove Batch I — 20/40/40

## Tokens

wNUT

Grafted

## Pool Stats

|              |               |
| ------------ | ------------- |
| TVL          | —             |
| Price        | —             |
| Volume (24h) | —             |
| Flavor       | FX Twin Graft |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Balancer v3
* **Status:** Grafted

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

## Arbitrage & Role

**Role:** Sunflower Grove Batch I — 20/40/40

[Trade](https://balancer.fi/pools/base/v3/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [Contract](https://basescan.org/address/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E) [Explore](https://dexscreener.com/base/0x1cCB8c61b62b9c7a9d4e66C9c824C1539B8b1f2E)

## Constituent tokens

gtFX wNUT [USDC](/technical/token-catalog/usdc-or-token-profile) [EURC](/technical/token-catalog/eurc-or-token-profile)


# gtSIL wNUT/NVDAc/AAPLc | Pool Profile

Balancer v3

Sunflower Grove RWA graft — 20/40/40

**Tokens:** wNUT, Grafted

## Pool Stats

|              |                    |
| ------------ | ------------------ |
| TVL          | —                  |
| Price        | —                  |
| Volume (24h) | —                  |
| Flavor       | Silicon Twin Graft |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Balancer v3
* **Status:** Grafted

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

## Arbitrage & Role

**Role:** Sunflower Grove RWA graft — 20/40/40

[Trade](https://balancer.fi/pools/base/v3/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) · [Contract](https://basescan.org/address/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0) · [Explore](https://dexscreener.com/base/0xA669275f92e49aff80aBA7AaD86E5AFDDe3540B0)

## Constituent tokens

gtSIL wNUT [NVDAc](/technical/token-catalog/nvdac-or-token-profile) [AAPLc](/technical/token-catalog/aaplc-or-token-profile)

{% hint style="info" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# NUT/AERO | Pool Profile

Aerodrome

**Tokens:** NUT\
**Pool type:** Volatile

NUT/AERO pair on Aerodrome. Provides NUT exposure denominated in AERO. Aerodrome gauge emissions may incentivize liquidity.

## Pool Stats

**GeckoTerminal**

| Metric             | Value              |
| ------------------ | ------------------ |
| TVL                | $540.7200          |
| Price              | $0.470855          |
|                    | -0.51%             |
| Volume (24h)       | $7.9764            |
| Transactions (24h) | 12                 |
| Flavor             | Sky-Seasoned Crisp |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Aerodrome
* **Status:** Volatile

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x38630fede5e2032652640d98b2d3f9c6296eea5d)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for NUT/AERO.

NUT/AERO pair on Aerodrome. Provides NUT exposure denominated in AERO. Aerodrome gauge emissions may incentivize liquidity.

[Trade](https://aerodrome.finance/pools?token0=0x940181a94A35A4569E4529A3CDfB74e38FD98631\&token1=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453) [Contract](https://basescan.org/address/0x38630fede5e2032652640d98b2d3f9c6296eea5d) [Explore](https://dexscreener.com/base/0x38630fede5e2032652640d98b2d3f9c6296eea5d)

## Constituent Tokens

[NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [AERO](/technical/token-catalog/aero-or-token-profile)

{% hint style="warning" %}
*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*
{% endhint %}


# NUT/cbBTC | Pool Profile

Aerodrome

**TKNs:** NUT\
**Type:** Volatile

NUT/cbBTC pair on Aerodrome. Bitcoin-denominated NUT liquidity. Connects the NUT ecosystem to Base's wrapped Bitcoin via cbBTC.

## Pool Stats

| TVL | Price | Volume (24h) | Flavor                |
| --- | ----- | ------------ | --------------------- |
|     |       |              | Golden Butter Drizzle |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

**Platform:** Aerodrome\
**Status:** Volatile

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x15385c9281bc12d2e9bf5c081621944b0ee2acca)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for NUT/cbBTC.

NUT/cbBTC pair on Aerodrome. Bitcoin-denominated NUT liquidity. Connects the NUT ecosystem to Base's wrapped Bitcoin via cbBTC.

[Trade](https://aerodrome.finance/pools?token0=0xb8DE15Fb529d98C93C749De63c749D48D25A30DF\&token1=0xcbB7C0000aB88B473b1f5aFd9ef808440eed33Bf\&type=-1\&factory=0x420DD381b31aEf6683db6B902084cB0FFECe40Da\&chain=8453) [Contract](https://basescan.org/address/0x15385c9281bc12d2e9bf5c081621944b0ee2acca) [Explore](https://dexscreener.com/base/0x15385c9281bc12d2e9bf5c081621944b0ee2acca)

## Constituent tokens

[NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [cbBTC](/technical/token-catalog/cbbtc-or-token-profile)


# NUT/PIPS | Pool Profile

Aerodrome Slipstream CL

**Tokens:** PIPS\
**Liquidity:** Concentrated

PIPS/NUT concentrated liquidity on Aerodrome Slipstream CL (1% fee). Gives the Pipshell machine a NUT-denominated venue. Thin but live. Token tax is unregistered here — untaxed today; owner registration would break CL invariant.

## Pool Stats

| Metric | Value                |
| ------ | -------------------- |
| Flavor | Machine Meets Kernel |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Aerodrome Slipstream CL
* **Status:** Concentrated

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for PIPS/NUT.

PIPS/NUT concentrated liquidity on Aerodrome Slipstream CL (1% fee). Gives the Pipshell machine a NUT-denominated venue. Thin but live. Token tax is unregistered here — untaxed today; owner registration would break CL invariant.

[Trade](https://www.geckoterminal.com/base/pools/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5) [Contract](https://basescan.org/address/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5) [Explore](https://dexscreener.com/base/0x7f8e532cf1be9ed688adb9e6585bc69f017201b5)

## Constituent tokens

[PIPS](/technical/token-catalog/pips-or-token-profile) [NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut)

> *BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# NUT/SALT | Pool Profile

MintClub

TKNs · NUTcoins · Volatile

Mint Club bonding curve for SALT backed by NUT. Mint SALT by depositing NUT, burn to withdraw. Curve price = NUT locked ÷ SALT supply. Significant buy/sell spread is the bonding curve's value capture mechanism.

## Pool Stats

| TVL | Price | Volume (24h) | Flavor                  |
| --- | ----- | ------------ | ----------------------- |
|     |       |              | Perfectly Salted Crunch |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** MintClub
* **Status:** Volatile

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for NUT/SALT.

Mint Club bonding curve for SALT backed by NUT. Mint SALT by depositing NUT, burn to withdraw. Curve price = NUT locked ÷ SALT supply. Significant buy/sell spread is the bonding curve's value capture mechanism.

[Trade](https://www.defined.fi/base/0xe4d2da0ff50d98d1cf065f3c9b41279aa7aa0d467fb30c14876086b8df89bdee?quoteToken=token0\&utm_campaign=embed\&utm_source=https://mint.club\&cache=afd85) [Contract](https://basescan.org/token/0x1EDe2AFC985F6D7aEb3F4c84B95A103c00D5dE81) [Explore](https://www.defined.fi/base/0xe4d2da0ff50d98d1cf065f3c9b41279aa7aa0d467fb30c14876086b8df89bdee?quoteToken=token0)

## Constituent tokens

[NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) [SALT](/technical/token-catalog/salt-or-token-profile)


# NUT/wETH | Pool Profile

Uniswap V2

**TKNs:** NUT\
**Type:** Volatile

Legacy NUT/wETH pair on Uniswap V2. Simple x\*y=k AMM. Full-range liquidity — easier to LP but less capital-efficient than V3.

## Pool Stats

| TVL | Price | Volume (24h) | Flavor               |
| --- | ----- | ------------ | -------------------- |
|     |       |              | Mega Crunchy Madness |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

**Platform:** Uniswap V2\
**Status:** Volatile

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x997bad8e9f5c34d5e9784caaa8a554a5e6192f53)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for NUT/wETH.

Legacy NUT/wETH pair on Uniswap V2. Simple x\*y=k AMM. Full-range liquidity — easier to LP but less capital-efficient than V3.

[Trade](https://app.uniswap.org/explore/tokens/base/0xb8de15fb529d98c93c749de63c749d48d25a30d) · [Contract](https://basescan.org/address/0x997bad8e9f5c34d5e9784caaa8a554a5e6192f53) · [Explore](https://dexscreener.com/base/0x997bad8e9f5c34d5e9784caaa8a554a5e6192f53)

## Constituent tokens

[NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut) · [wETH](/technical/token-catalog/weth-or-token-profile)


# NUTINO/cbBTC | Pool Profile

**Uniswap V2**

`TKNs` `NUTcoins` `Volatile`

NUTINO/cbBTC DEX pair on Uniswap V2. Second venue for NUTINO — enables two-venue arbitrage with the Mint Club bonding curve. Bitcoin-denominated.

**Pool Stats**

|              |                        |
| ------------ | ---------------------- |
| TVL          | —                      |
| Price        | —                      |
| Volume (24h) | —                      |
| Flavor       | Buttery Mint Explosion |

**LP Token Info**

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Uniswap V2
* **Status:** Volatile

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0xeafde67d470480d14139e3d91164c158b82b38e2)

**Arbitrage & Role**

Standard liquidity venue providing price discovery and swap functionality for NUTINO/cbBTC.

NUTINO/cbBTC DEX pair on Uniswap V2. Second venue for NUTINO — enables two-venue arbitrage with the Mint Club bonding curve. Bitcoin-denominated.

[Trade](https://app.uniswap.org/explore/tokens/base/0x30421e2d18dff60b298eef427cf868ca65f1476b) [Contract](https://basescan.org/address/0xeafde67d470480d14139e3d91164c158b82b38e2) [Explore](https://dexscreener.com/base/0x30421e2d18dFF60B298eEF427cF868cA65f1476B)

**Constituent tokens**

[NUTINO](/technical/token-catalog/nutino-or-token-profile) [cbBTC](/technical/token-catalog/cbbtc-or-token-profile)

*BASED NUT is an experimental memefi project. BASED NUT TOKENS are whimsical meme coins devoid of any intrinsic value or anticipation of financial gains. Coins are for entertainment purposes only. No formal team or roadmap. Please nut responsibly!*


# NUTINO/NUT | Pool Profile

MintClub

Mint Club bonding curve for NUTINO backed by NUT. Mint NUTINO by depositing NUT, burn to withdraw. Bonding curve price = NUT locked ÷ NUTINO supply. Two-venue arb: mint on Mint Club → sell on Uniswap V2 (NUTINO/cbBTC).

## Pool Stats

| Metric       | Value                        |
| ------------ | ---------------------------- |
| TVL          | —                            |
| Price        | —                            |
| Volume (24h) | —                            |
| Flavor       | Minty Chocolate-Coated Bliss |

## LP Token Info

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** MintClub
* **Status:** Bonding

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B)

## Arbitrage & Role

Standard liquidity venue providing price discovery and swap functionality for NUTINO/NUT.

Mint Club bonding curve for NUTINO backed by NUT. Mint NUTINO by depositing NUT, burn to withdraw. Bonding curve price = NUT locked ÷ NUTINO supply. Two-venue arb: mint on Mint Club → sell on Uniswap V2 (NUTINO/cbBTC).

[Trade](https://mint.club/token/base/NUTINO) [Contract](https://basescan.org/token/0x30421e2d18dFF60B298eEF427cF868cA65f1476B) [Explore](https://www.defined.fi/base/0x64b1a06ff455fa08f68d0641eae18b0391be3311f89b20458d02c5b24647a65c?quoteToken=token0\&cache=18a28)

## Constituent tokens

[NUTINO](/technical/token-catalog/nutino-or-token-profile) [NUT](/technical/token-catalog/nut-or-the-root-of-all-liquidity-or-based-nut)


# pNUT | Pool Profile

Balancer

Multi-Asset Arb Reactor

**pNUT**\
Volatile

Balancer V2 4-asset index basket (25% cbETH, 25% cbBTC, 25% NUT, 25% SNUT). Mint/redeem BPT to enter/exit the basket. NAV drift from market price creates arbitrage opportunities.

**Pool Stats**

| TVL | Price | Volume (24h) | Flavor                  |
| --- | ----- | ------------ | ----------------------- |
|     |       |              | Caramelized Equilibrium |

**LP Token Info**

LP tokens represent proportional ownership of the pool's liquidity. Holders earn trading fees proportional to their share.

* **Platform:** Balancer
* **Status:** Volatile

Holder counts and transfer history require on-chain indexing. Check Basescan for detailed data.

[View on Basescan →](https://basescan.org/address/0x2a5757b60987ff10385de1d4d923792f6fdcfff1)

**Arbitrage & Role**

**Role:** Multi-Asset Arb Reactor

Balancer V2 4-asset index basket (25% cbETH, 25% cbBTC, 25% NUT, 25% SNUT). Mint/redeem BPT to enter/exit the basket. NAV drift from market price creates arbitrage opportunities.

[Trade](https://balancer.fi/pools/base/v2/0x2a5757b60987ff10385de1d4d923792f6fdcfff100010000000000000000019e) [Contract](https://basescan.org/address/0x2a5757b60987ff10385de1d4d923792f6fdcfff1) [Explore](https://dexscreener.com/base/0x2a5757b60987ff10385de1d4d923792f6fdcfff1-0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22-0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf)

**Constituent tokens**

[pNUT](/technical/token-catalog/pnut-or-the-basket-index-token-or-based-nut)




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