keel has a vault of bitcoin that only grows from fees and only shrinks when someone burns tokens to take their share. the floor is the vault divided by the supply. it is not a target and not a promise. it is the amount any holder can take out, right now, by burning. the numbers below are read from the chain and the keeper's ledger every two seconds.
| field | value |
|---|---|
| vault | |
| vault value | |
| supply | |
| floor per million tokens | |
| market cap | |
| premium | |
| exit fee | |
| exits | |
| state |
the upper line is what the market pays for the whole supply. the lower line is what the vault would pay for it. the lower line only moves up with bitcoin and with fees. the distance between them is the premium, the market's own opinion of everything that is not bitcoin. one point every ten minutes.
a redeem is one transaction from your own wallet: a burn of the amount you choose and a memo that says keel:redeem. once it is final the keeper pays you the same share of the vault, minus the exit fee, in cbbtc to the same wallet. the fee does not go to anyone. it stays in the vault, so every exit leaves the floor a little higher for everyone who did not exit.
the second line is the whole argument. exit_fee is positive and amount is positive, so floor_after is larger than floor_before. no exit lowers the floor.
the burn is final the moment it lands. redeems are paid in the order their burns were confirmed, usually within a minute. burned with the memo keel:redeem somewhere else? hand in the signature.
not me. when the market price of a token falls below what the vault pays for it, anyone can buy on the market and redeem at once for more than they paid. that trade pushes the price back up to the floor. it does not need a team, a buyback wallet or a promise. it needs one person who can do arithmetic.
the vault is one wallet. pump.fun fee sharing sends it 100% of the creator fees. the keeper swaps them to cbbtc, coinbase's bitcoin on solana, and keeps the cbbtc in the vault's token account until someone redeems.
| field | value |
|---|---|
| mint | |
| vault wallet | |
| vault cbbtc account | |
| cbbtc mint | cbbtcf3aa214zXHbiAZQwf4122FBYbraNdFqgw4iMij |
| fee split |
each row is one deposit: sol that left the fee side of the ledger and the cbbtc it became, with the swap signature.
| swap | sol in | cbbtc out | when |
|---|
each row is one redeem.
| burn | tokens | paid | state |
|---|
the keeper is one server process that holds the vault key. every transaction is written to its ledger before it is sent and only booked once it is final. before every payout it compares the ledger with the vault's real cbbtc balance, and it stops by itself if the chain holds less than the ledger says.
| ledger | amount |
|---|---|
| fees waiting to become bitcoin | |
| bitcoin in the vault, free | |
| bitcoin reserved for redeems in flight | |
| cbbtc the chain says the vault holds | |
| network fees reserve |
what a redeem looks like on chain. every cell is one byte: the burn instruction's data, then the memo.
it does not sell bitcoin. it does not pay anyone who did not burn. it does not change the exit fee. it does not send the vault anywhere except to a redeem. none of this is held by a contract. it is held by being visible: the ledger sits next to the chain on this page, and a move outside the rules would show as a gap between them the moment it happened. the vault key lives on a server i run. that is the one thing you have to trust.