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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: 0.30% 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):

  • Per-model configurable split via infrastructureAccrualBps in HokusaiParams
  • Infrastructure accrual: 50-100% to InfrastructureReserve (covers compute costs)
  • Profit share: Residual to AMM Reserve (increases token backing and price)
  • Routed by UsageFeeRouter contract based on per-model parameters

Key Features​

  • Slippage protection: minTokens/minUSDC parameters
  • Deadline protection: Transaction must execute before deadline
  • Emergency pause: Owner can pause trading if needed
  • Fee deposits: Profit share 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 infrastructure accrual and profit share based on per-model parameters.

Per-Model Fee Distribution​

The UsageFeeRouter reads each model's infrastructureAccrualBps from HokusaiParams and routes fees accordingly:

  1. Infrastructure Accrual (50-100%):

    • Sent to InfrastructureReserve contract
    • Per-model accounting tracks accrued amounts
    • Covers compute, hosting, bandwidth costs
    • Paid out manually with invoice tracking

  2. Profit Share (0-50%, residual):

    • Deposited to AMM Reserve via depositFees()
    • Increases USDC backing of tokens
    • Raises token price without minting
    • Benefits all token holders proportionally

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​

  • depositFee(modelId, amount): Routes fees based on model's infrastructure accrual rate
  • batchDepositFees(modelIds, amounts): Batch routing for gas efficiency
  • calculateFeeSplit(modelId, amount): View function to preview split
  • Access controlled by FEE_DEPOSITOR_ROLE

Example Split​

// Model with 80% infrastructure accrual
infrastructureAccrualBps = 8000; // from HokusaiParams

// On $1000 revenue:
infrastructureAmount = 1000 * 8000 / 10000 = $800 → InfrastructureReserve
profitAmount = 1000 - 800 = $200 → AMM.depositFees()

InfrastructureReserve​

Isolated contract for accruing infrastructure costs and making payments to providers.

Purpose​

  • Track per-model infrastructure cost accrual
  • Hold USDC until provider payments are needed
  • Enable transparent on-chain payment tracking with invoice references
  • Provide accrual health metrics (runway days)

Per-Model Accounting​

mapping(string => uint256) public accrued;   // Total accrued for infrastructure
mapping(string => uint256) public paid;      // Total paid to providers
mapping(string => address) public provider;  // Current provider per model

Functions​

Deposits (called by UsageFeeRouter):

  • deposit(modelId, amount): Record infrastructure accrual for a model
  • batchDeposit(modelIds, amounts): Batch deposits for gas efficiency

Payments (admin-controlled, manual):

  • payInfrastructureCost(modelId, payee, amount, invoiceHash, memo): Pay a provider with full audit trail
  • batchPayInfrastructureCosts(payments): Batch payments for multiple invoices

Views:

  • getAccrualRunway(modelId, dailyBurnRate): Days of runway at current burn rate
  • getNetAccrual(modelId): Current accrued balance
  • getModelAccounting(modelId): Full accounting summary

Access Control​

  • DEPOSITOR_ROLE: Can deposit (granted to UsageFeeRouter)
  • PAYER_ROLE: Can pay infrastructure costs (granted to multisig/treasury)
  • DEFAULT_ADMIN_ROLE: Emergency functions

Payment Transparency​

Every payment records:

  • Model ID
  • Payee address
  • Amount
  • Invoice hash (keccak256 of invoice document)
  • Memo (human-readable description)
  • Payer address (who authorized)
event InfrastructureCostPaid(
    string indexed modelId,
    address indexed payee,
    uint256 amount,
    bytes32 indexed invoiceHash,
    string memo,
    address payer
);

ModelAccessController​

Controls model API access and fee collection.

Access Mechanisms​

  • Pay-per-use: USDC fees per API call (routed via UsageFeeRouter)
  • Subscription model: Monthly USDC fee for unlimited access
  • Enterprise tiers: Custom pricing agreements
  • Token holder perks: Potential fee discounts for token holders (model-specific)

Fee Routing​

  • All API usage fees are collected in USDC
  • Fees routed through UsageFeeRouter based on per-model infrastructureAccrualBps
  • Infrastructure portion accrues in InfrastructureReserve
  • Profit portion deposited to AMM reserve
  • No direct token burning required for API access

Next Steps​

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