Glossary

Protocol

Bonding Curve. A deterministic pricing function. NAKA's curve mints new tokens for incoming ETH at a price determined entirely by cumulative net ETH paid in. No order book, no AMM pool, no oracles.

Cap (K). 21,000,000. The asymptotic supply ceiling. The curve approaches but never reaches K. The 99% × K threshold pauses buys via the deprecation flag; total ever-existing supply can grow far above K over time as burns shift tokens from circulation to DEAD, but circulating is permanently capped near 0.99 × K.

Steepness (S). 100. Controls how fast the curve traverses its lifecycle. Lower S = price discovery happens with less ETH inflow. Higher S = curve takes more ETH to fully close.

Marginal Price. p(eth) = (S/K) · e^(eth/S). The instantaneous spot price at any cumulative-ETH point on the curve. Live value visible on the homepage.

Floor Price. reserves / existing supply. The reserve-backed lower bound of NAKA's value. Monotonically non-decreasing under normal operation due to fee burns.

Self-Deprecation. The two-way state flag (selfDeprecated) on the hook. Set to true when circulating supply crosses 99% × K via a buy, pausing further minting. Cleared back to false automatically when sells push circulating below 95% × K. Sells always continue regardless of the flag. See self-deprecation.

Reactivation. The reverse of deprecation. When sells drop circulating below 95% × K while the curve is deprecated, the hook clears selfDeprecated in the same sell transaction and emits Reactivated(circulatingAtReactivation, deadBalance).

Burn Headroom. The token gap between current circulating supply and the deprecation trigger: (99% × K) − circulating. Grows over time as DEAD accumulates from burn-on-fee.

Total Minted Fair. Virtual cumulative ETH on the curve. Advances on buys by the fair-curve component (excluding the entropy bonus), retreats on sells in proportion to the seller's share of real supply. The single state variable that determines current marginal price.

Trading

Slippage. The difference between quoted price and realized price, due to ordering / MEV. The frontend hardcodes 2% slippage tolerance on all trades.

Price Impact. How far a single trade pushes the curve. Shown live in the swap form; color-coded green / amber / red.

Per-Buy Cap. 5 ETH. The maximum ETH any single transaction can submit. Limits whale moves.

Anti-Flip Cooldown. Block-level cooldown between a buy and a sell from the same account, mitigating same-block sandwich-style exploits.

Roles

Hook. The contract that implements the bonding curve, holds the reserve, and is the only address with mint authority on the token. Plugged into Uniswap V4 PoolManager.

Router. A thin contract that exposes user-friendly buyNaka / sellNaka functions and forwards calls to the hook. Holds no state.

Token. The ERC-20 implementing NAKA. Mint role permanently locked to the hook at deployment.

PoolManager. The canonical Uniswap V4 PoolManager for the network. NAKA does not deploy or modify this contract.

Lifecycle Phases

Phase 1. Genesis. 0 to ~70 ETH cumulative. Initial price discovery, supply rises rapidly.

Phase 2. Mid Curve. 70 to ~230 ETH cumulative. Supply grows from 50% to 90% of cap.

Phase 3. Late Curve. 230 to ~460 ETH cumulative. Supply grows from 90% to 99% of cap; price exponentiates.

Phase 4. First Deprecation. The buy that crosses 99% × K flips selfDeprecated to true. New minting paused; sells continue.

Phase 5. Reactivation Cycle. Steady state. Sells push circulating below 95% × K → buys re-enable → new buys push circulating back over 99% → buys pause again. Repeats indefinitely as DEAD accumulates.

Constants

MIN_TX_AMOUNT. 1 gwei. Below this the curve math underflows.

MAX_BUY_WEI. 5 ETH. Per-transaction buy cap.

FEE_BPS / FEE_DENOM. 30 / 10,000 = 0.30%. Trading fee, burned to 0xdEaD.

COOLDOWN_BLOCKS. Block delay between buy and sell from the same account.

SELF_DEPRECATE_PCT. 99. Circulating-supply percentage of K at which buys pause.

REACTIVATE_PCT. 95. Circulating-supply percentage of K at which a deprecated curve auto-resumes buys after sells.

RANDOM_BLOCKS. 100. Block count of the post-deploy entropy window during which buys receive a uniformly random multiplier in [0.9, 1.1].

DEAD. 0x000000000000000000000000000000000000dEaD. The address fees and burns are sent to.

Off-Chain

naka.exchange. Official frontend. Convenience layer; the protocol is canonical at the contract level.

@naka_exchange. Official X account. Used for announcements and (eventually) the bug-bounty program.

Indexer. A service that aggregates on-chain events into queryable summaries (24h volume, recent trades, holders). NAKA's reference indexer is built into the frontend; alternatives are welcome.