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Treasury & Access Mechanics

HokusaiAMM (Bonding Curve)​

The HokusaiAMM contract implements a Constant Reserve Ratio (CRR) bonding curve for each model token.

Core Mechanics​

  • Buy tokens: Deposit USDC, receive tokens at bonding curve price
  • Sell tokens: Burn tokens, receive USDC (after Day 7)
  • Price formula: P = R / (w × S) where R=reserve, w=CRR, S=supply
  • Always-available liquidity: No need for liquidity providers

Seven-Day Launch Period​

  • Days 0-6: Buy-only period (selling disabled)
  • Day 7+: Full trading enabled (buy & sell)
  • Purpose: Fair price discovery and prevent manipulation

Fee Structure​

AMM Trading Fees (when buying/selling tokens on the AMM):

  • Trade fee: 0.25% default (max 10%, governance-controlled)
  • Protocol fee: 5% of trade fee (max 50%, governance-controlled)
  • These fees are deducted from AMM trades

API Usage Fees (when using the model API):

  • 20% to AMM Reserve: Increases token backing and price
  • 80% to Infrastructure: Covers operational costs (compute, hosting, bandwidth)
  • Routed by UsageFeeRouter contract

Key Features​

  • Slippage protection: minTokens/minUSDC parameters
  • Deadline protection: Transaction must execute before deadline
  • Emergency pause: Owner can pause trading if needed
  • Fee deposits: API revenue increases reserves without minting

Complete AMM Documentation →

HokusaiAMMFactory​

Deploys new AMM contracts for each model token.

Responsibilities​

  • Deploy HokusaiAMM instances
  • Set initial parameters (CRR, fees, launch period)
  • Register AMM with ModelRegistry
  • Grant appropriate roles (fee depositor, etc.)

UsageFeeRouter​

Routes API usage fees between two destinations only.

Two-Way Fee Distribution​

The UsageFeeRouter performs a simple split of API usage fees:

  1. 20% to AMM Reserve:

    • Increases USDC backing of tokens
    • Raises token price without minting
    • Benefits all token holders proportionally

  2. 80% to Infrastructure Fund:

    • Covers direct operational costs
    • Pays for compute resources (GPU/CPU)
    • Covers hosting and bandwidth
    • Maintains API infrastructure

Important: This is the ONLY automated fee routing. There are no additional fee streams for staking, governance rewards, or other purposes from API usage fees.

Functions​

  • distributeFees(): Splits fees between AMM reserve (20%) and infrastructure (80%)
  • depositToAMM(): Deposits the 20% portion to specific model's AMM reserve
  • Access controlled by FEE_COLLECTOR_ROLE

ModelAccessController​

Enforces token burning for model API access.

Access Mechanisms​

  • Direct burn: Users burn tokens to access model
  • Subscription model: Monthly burn for unlimited access
  • Pay-per-use: Burn tokens per API call
  • Enterprise tiers: Custom burn rates

Burn Rates​

  • Standard: 1 token per request (example)
  • Batch discount: Up to 25% off for bulk usage
  • Enterprise: Custom negotiated rates

Next Steps​

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