The mechanism, in full

How it works

The bond, the perimeter, the three breaches, the claim. Nothing else.

A creator deposits a bond in USDG, locked in a contract with no administrator. He picks the amount (100 minimum), the term (7, 14 or 30 days) and a sell tolerance (0 to 20%).

Before signing he accepts his perimeter: the deployer, the wallets he funded, any he declares. That list is frozen on-chain. He can grow it, never shrink it.

The rule: tokens must not leave the perimeter. Selling, or transferring to an undeclared wallet, breaks the bond. Withdrawing more than 5% of its liquidity, or minting, breaks it too. Price never counts.

Anyone can trigger the slash. The contract checks the balances itself and pays 5 USDG to the caller. The rest is split between buyers who came through the POPBOND router, pro rata to USDG spent, capped at what they spent. Claim window: 30 days.

At expiry with no breach, the creator gets 100% back. The honored bond stays attached to his address, permanently.

The three breaches
read on-chain, nothing else counts
ITokens leave the perimeter beyond the tolerance
IIMore than 5% of the perimeter liquidity withdrawn
IIITotal supply increases, meaning a mint
A token that falls 95% with no perimeter movement does not break anything. That case is a test in the repository.
The perimeter
PERIMETER · FROZEN AT POSTdeployerfunded walletdeclared walletadded laterinternal transfer: finepoolunknown walletLEAVES= SLASHThe contract compares the perimeter total to its floor. Nobody to trust.

A bond is not insurance. It does not cover your loss, and it will almost never cover it in full. It only fires if the creator sells. Not if the token falls, and not if he walks away without selling.