The covenant · Learn · Eden

How a clause works

Each clause is a small contract the pool's hook calls around every swap. It can refuse the trade, add a toll to it, or keep score. Two of them (Portion, Ember) are also asked on every plain transfer of the coin, so moving coins to a second wallet does not slip past them.

A few things hold for every clause:

Chosen once. The covenant is written onto the pool before it opens. There is no function anywhere that changes it afterwards, for the creator or for us.
The trader is the wallet that signed. Swaps go through routers; the hook looks past the router to the wallet that signed the transaction. So the Universal Router, aggregators and trading bots all work, and a per-wallet clause applies to the real wallet behind them.
No coin can become a trap. Every clause that can refuse a sell lets go on its own: the dawn gate ends, a turn times out, a window closes, the doors reopen every week, the ember passes with the next buy, a bound coin is released at its deadline. Whatever the clauses add up to, everything taken on one trade is capped at 50%.
Release (optional). The creator may set a price, as a multiple of the opening price, past which every clause lifts for good and the pool trades plain.
Tolls and cuts. A clause that adds a toll (Cooling toll, Vigil, Storm toll) books it to the coin, so it follows the creator's choice for their share. The Crown's cut is paid to whoever wears the crown, who claims it from Me.
Amounts are in dollars. A clause that takes an amount asks for it in dollars and converts it to the pair asset at the pair's price when the coin is created. Against USDC that is the same number.

Every clause was tested on a live chain, both ways: what it lets through and what it refuses. On Arc, nothing is deployed yet.

Shield

Keeps bots, whales and quick flips off the chart.

Dawn gate

The first minutes belong to people, not to bots.

While the gate is up, three things are limited at once: how many swaps a block may carry, how large one buy may be as a share of supply, and how much priority fee a trade may offer to be mined first. A sniper's whole trick is outbidding everyone for the opening block; with the bid capped and the block rationed, there is nothing to win.

For instance. A ten-minute gate, two swaps a block, buys up to 1%: a bot spraying twenty buys at the opening block lands two of them, each a hundredth of the supply at most.
As it comes. For the first 10 min: 2 swaps per block, buys up to 1% of supply, priority fee up to 0.01 gwei.
Mind. Your own first buy inside the creation is not counted against the swap or priority limits, but it is held to the max buy like anyone else's.

Portion

No wallet's share may exceed the portion, and the portion grows.

Every wallet is held to one portion of the supply. Each time the coin finishes a stage, counted in minutes, in traded volume, or in whichever comes first, the portion doubles, until it is large enough not to matter. It is enforced on buys and on plain transfers alike.

For instance. A 1% portion that doubles every half hour: 1% at creation, 2% at thirty minutes, 4% at the hour, then 8%, 16% and 32%.
As it comes. Up to 1% of supply per wallet, doubling every 30 min.
Mind. The share you keep at creation and the coins your first buy delivers are not measured against the portion. Keep both modest: they are visible to every holder.

Cooling toll

A toll on sells that cools from hot to nothing.

Each sell pays a toll on top of the coin's fee. The toll opens at its hottest rate the moment the coin exists and cools in a straight line to its final rate over the time you set, then holds there. Buys never pay it. The toll is booked to the coin, so it goes wherever the creator's fees go.

For instance. Hot at 15%, cold at 0% after an hour: a sell at the half hour pays 7.5% on top, a sell after the hour pays the coin's fee alone.
As it comes. Sells pay a 15% toll at creation, 0% after 1h. Buys pay none.
Mind. Whatever the clauses add up to, everything taken on one sell is capped at 50% by the contract.

Vigil

Keep the vigil after a buy, or pay to leave early.

A candle is lit for a wallet at every buy and burns down over the window you set. Selling while it still burns costs a penalty in proportion to what is left of it; once it is out, selling costs nothing extra. Another buy lights a fresh candle.

For instance. 10% over thirty minutes: buy, sell a quarter of an hour later, pay 5% on top. Sell once the half hour has passed, pay only the coin's fee.
As it comes. Selling right after a buy costs 10% extra, fading to nothing over 30 min. Every buy restarts the vigil.
Mind. The penalty is booked to the coin like its fee, and follows the creator's payout choice.

Slow exit

The largest holders leave through a narrow door.

Above a threshold share of supply, a wallet may only sell so much of the supply per window. Below it, sells are unrestricted. Once a wallet has counted as large inside a window it stays large until that window closes, so breaking a position up mid-window changes nothing.

For instance. Large from 1%, a quarter of a percent an hour: a wallet sitting on 3% of the supply needs twelve hours at the least to be out.
As it comes. A wallet holding 1% or more may sell at most 0.25% of supply every 1h.
Mind. Only sells go through the narrow door. Buys are never slowed by this clause.

Storm toll

Trading into a storm costs more than trading in calm.

At the start of every short window the pool notes the price. For the rest of that window, each trade pays a toll that rises with the distance the price has travelled since the note was taken, up to a ceiling. In calm weather the toll is zero.

For instance. A tenth of a percent per percent of movement, a 5% ceiling, a one-minute window: after a 10% candle inside the minute, every trade pays 1% on top.
As it comes. In calm, nothing. After a 10% move within 60s, every trade pays a 1% toll (up to 5%).
Mind. The first trade of a window pays no toll: it is the one that writes the reference price down.

Arena

Makes the chart a game with a scoreboard.

Crown

The largest buy wears the crown, and the crown is paid on every trade.

Whoever makes the largest buy takes the crown and, for as long as they wear it, is paid a cut of every other trade in the pair asset, to claim whenever they like. A larger buy takes it from them. So that an early giant cannot keep it forever, the buy it takes to unseat them decays back to the minimum over the reign period. Selling a single coin hands the crown back.

For instance. Half a percent to the crown, a $100 floor: a $5,000 buy wears it and collects 0.5% of each trade until someone buys more, or until they sell.
As it comes. The largest buy ($100 or more) wears the crown and is paid 0.5% of every trade. Selling hands it back.
Mind. The crown's cut is charged on top of the coin's fee. Traders pay it; it does not come out of the creator's share.

Ember

The last buyer carries the ember until someone takes it.

The most recent buyer holds the ember, and while they do they can neither sell nor transfer the coin. The ember passes to the next buyer whose buy clears the minimum; a dust buy does not count. You may also let the ember die out on its own after a set time.

For instance. A $25 minimum that dies out after fifteen minutes: you buy, and you are held until a real buy follows or a quarter of an hour passes, whichever is sooner.
As it comes. The last buyer ($25 or more) carries the ember and can't sell or send until the next buyer, 15 min at most.
Mind. With no timeout, the last buyer of a coin that has gone quiet stays held. Set one unless being held is the whole game.

Turns

A buy, then a sell, then a buy. The pool takes turns.

The pool alternates sides. Once a buy has landed, only a sell may follow; once a sell has landed, only a buy. A trade under the minimum may go through on its side's turn without handing the turn over. When nobody takes the turn for as long as the timeout, both sides are free again.

For instance. A $25 minimum and a five-minute timeout: with three buyers queued, the second and third wait for a seller to go first, or for five quiet minutes.
As it comes. Buys and sells take turns across the pool. If nobody takes the turn for 5 min, both sides are free.
Mind. The first turn after creation is a buy.

Breath

The largest buy allowed breathes in and out on a cycle.

The ceiling on a single buy is not fixed: it swells from its low to its high and back again over one cycle, starting low at creation and peaking halfway through.

For instance. Breathing between 0.1% and 2% of supply every hour: at creation nobody may buy more than a tenth of a percent; thirty minutes in, up to 2%; at the hour, back to a tenth.
As it comes. The largest buy breathes from 0.1% to 2% of supply and back, once every 1h.
Mind. Only buys are measured against the ceiling. Sells are free at any point of the cycle.

Open hours

The coin keeps hours. Outside them, the doors are shut.

Trading is allowed only inside a weekly timetable: the New York exchange's by default (9:30 to 16:00 Eastern, Monday to Friday, shut on its holidays, with daylight saving handled by the contract), or any days, hours and time zone you choose. Buys are refused after hours. Sells are too, unless you let holders leave at any time.

For instance. Exchange hours with after-hours sells allowed: the doors open at 9:30 New York time on weekdays. On a Friday night a holder can still sell; nobody can buy until Monday.
As it comes. Open New York exchange hours (9:30 to 16:00 Eastern, Monday to Friday, shut on its holidays). After hours, holders may still sell.
Mind. Creating the coin, and your own first buy with it, go through at any hour.

Circle

Favours the people who stay.

Patience

Room to buy is earned by holding, one step at a time.

A wallet new to the coin may only buy a small amount in one go. For every step of time it holds without selling, its allowance grows by that same starting amount, up to a ceiling. A sell sends it back to the first rung.

For instance. $50 to begin, another $50 for each hour held, a $1,000 ceiling: after five hours without selling, a wallet may buy $300 at once.
As it comes. A new wallet buys up to $50, +$50 for every 1h held, up to $1,000. A sell starts it over.
Mind. Your first buy inside the creation is not held to the allowance.

Inner circle

Buying takes a key: a balance of another token or collection.

A wallet may buy only if it holds at least a set balance of a token or an NFT collection you name. Selling is open to anyone who holds the coin, key or no key.

For instance. One piece from your collection as the key: its holders can buy from the first block, and everyone else can only get the coin from one of them.
As it comes. Buyers must hold 1 NFT of the chosen collection to buy. Anyone may sell.
Mind. Should the key contract ever stop answering, the coin closes to new buyers, but no holder is ever kept from selling.

Kin

Ties two coins to each other.

Bound

Bound to another coin until that coin reaches its mark.

The coin is bound to a beacon, any other coin created on Eden. Sells, buys or both stay shut until the beacon's price reaches the multiple you set, and then open for good: a fall afterwards does not shut them again. A deadline of your choosing opens them regardless.

For instance. Bound until the beacon doubles, sells shut, a seven-day deadline: holders can buy and build a position now, and sell once the beacon has doubled or a week is up.
As it comes. Sells shut until the beacon reaches ×2, or for 7 days at most.
Mind. Create the beacon first, then this coin, naming the beacon.

Rivals

Two coins, one pool of buying room, passed between them.

Two coins from one creator, each with a ceiling on a single buy. A buy of one coin lowers its own ceiling and raises its rival's by a share of that buy, each kept between a floor and a cap. The harder one side is bought, the more room the other side gets to answer.

For instance. Both start at 1%, half of every buy passed across: a buy of 0.5% of coin A takes A's ceiling down to 0.75% and lifts B's to 1.25%.
As it comes. Each buy lowers this coin's own buy ceiling and raises its rival's by 50% of the buy, between 0.25% and 3%.
Mind. Create the first coin with no rival named, then the second naming the first. Until the second exists, the ceiling simply stays where it started.

On chain

The site's names are the ones above. The modules carry their own: LaunchGuardRule (Dawn gate), WalletCeilingRule (Portion), CoolingTaxRule (Cooling toll), HoldLockRule (Vigil), SellThrottleRule (Slow exit), TurbulenceFeeRule (Storm toll), SummitRule (Crown), EmberRule (Ember), TideRule (Turns), PulseCapRule (Breath), OpeningBellRule (Open hours), PatienceCapRule (Patience), MembersOnlyRule (Inner circle), TwinRule (Bound), PairEchoRule (Rivals). Each module's header documents its parameters exactly; For developers says how they are handed to the contract.