Docs · plain prose
§ the rule
$MIDAS launches on Pons V2 with a fixed supply, no mint function and no team allocation. Its creator fee recipient is MidasVault. touch() is the vault's one moving part: permissionless, callable once per epoch (PROPOSED: every 4 hours), it pulls the accrued creator fees from the Pons escrow, already denominated in GLD by the Pons fee hook, and locks the GLD in the vault.
The vault never sells. There is no rebalancing, no leverage, no second asset, no governance, and no discretionary path anywhere in normal operation. Every touch emits Touched(epoch, gldIn, newFloor), which is the entire public record of the machine.
§ the floor
floor = vault GLD / circulating supply. The vault only receives; supply only falls, through redemption burns. Between redemptions the floor is monotonically non-decreasing, and a redemption preserves it exactly, because it removes gold and supply in the same proportion.
The floor is a redemption value denominated in GLD, not a price floor on any exchange. The market can price $MIDAS anywhere. The vault pays the floor regardless.
§ redemption
redeem(amount) burns $MIDAS and pays the holder amount × floor in GLD. It is always open, needs no permission and has no owner gate. Redemption is the mechanism that turns the floor from narrative into an obligation the contract settles on demand.
Until MidasVault is deployed, nothing is redeemable, the panel on this site is disabled and says so, and no figure is simulated in the meantime.
§ the agent
Midas is an automated X account that posts every touch, past tense, numbers only:
touch #— · +— GLD · vault — GLD · the floor rose.
Plus a daily close with the day's touches, the vault balance and the floor move. No opinions, no promises, and one canned answer to every price question: read the vault. The agent is a keeper cron that reads the Touched events and posts them; it holds no funds and decides nothing.
§ risks
GLD is an ETF share. Robinhood's tokenized gold ETF share: exposure to the price of gold, not bars in a physical vault. Its own contract, custody and issuer risk sit underneath everything here.
The emergency power exists. The owner can call signalEmergency(), wait a 24-hour public delay, then executeEmergency(to), which can move the entire vault. The delay makes it visible, not impossible. Treat it as a trust assumption. A bounded sweepToken exists for stray tokens and can never touch GLD.
The pool is priced in gold. $MIDAS is paired to GLD on Pons, so the fee hook denominates the creator tax in GLD and converts its memecoin leg itself before paying the escrow. That is what removes the swap route, the price quote and the slippage bounds from this contract entirely. The cost is on the way in: buyers arrive with gold rather than ETH or USDG, so early liquidity may be thinner than an ETH-paired launch would give.
The launchpad keeps a key. The Pons factory owner holds a 3-day-timelocked power to override any launched token's creator-fee recipient. It cannot touch the vault's GLD, but it could redirect future fees away from MidasVault. It is timelocked and public, and it is not our key.
Not audited. This stays printed until it stops being true. The vault starts at ~zero; the epoch length marked PROPOSED is not final until the deployed contract makes them so. $MIDAS is a speculative token; the floor is a lower bound in GLD terms, not a guarantee of profit in any other terms.
§ contracts
On Robinhood Chain (chain id 4663). Null means not published yet; the only source for new addresses is the X account.