Documentation

Market integration

Every launch trades in exactly one canonical pool, seeded and locked in the deployment transaction. The liquidity is never withdrawable, and the fees it earns are compounded back into the position rather than paid out.

One pool, seeded at launch

A launched token has a single canonical pool. Not a primary pool among several, not a default the interface happens to route through — one pool, recorded at deployment, which every protocol module reads from and writes to. Buybacks execute there, the oracle measures there, and the locker holds the position for it.

The pool is seeded inside the launch transaction with a bootstrap between 0.0001 ETH and 0.07 ETH. The floor exists because a pool with negligible depth produces prices that no oracle can meaningfully smooth; the ceiling exists because an autonomous signer should not be able to commit unbounded value in one call. The seed size is chosen by the requester within that band, as described in From post to protocol.

The lock

The liquidity position created at seeding is transferred to AlmeruLocker during the same transaction. It is locked permanently. There is no unlock timestamp, no migration function, no owner-only escape hatch and no governance action that releases it. The lock is not a duration; it is the absence of a withdrawal path.

Locked positions still earn. Rather than accruing fees to a claimable balance, AlmeruLocker compounds them back into the position in place. Depth grows over time from the pool's own activity, and it grows in a way that cannot be redirected, because the compounding path is the only path the contract implements.

Fees

Trades in the canonical pool pay a flat 1% fee, split at the moment of accrual:

Share	Destination	Notes
70%	Launch creator	Accrues to the address that requested the launch
30%	Protocol	Split again along the reward route configured at deploy

The protocol share follows the route written at deployment — for example 40% to holder rewards and 60% to reserves. The route is chosen per launch and frozen once the deployment lands. What each destination does with its share is covered in Treasury mechanics; the shape of the split is covered in What launches.

1.00%  trade fee
  0.70%  → creator
  0.30%  → protocol
           40%  → holder rewards
           60%  → reserves

Price protection

Two mechanisms keep protocol-side trading from being steered by a single manipulated block. Both are served by AlmeruOracle and both are consulted before any treasury-funded action executes.

Time-weighted average price

The oracle maintains a time-weighted average price over a trailing window rather than reading the instantaneous spot quote. Buybacks price against it, and bonds discount from it. Pushing the spot price for a block or two therefore moves the reference very little: to move the average you have to hold the price away from its mean for a meaningful stretch of the window, which is expensive against a pool whose depth is locked and compounding.

Harmonic-liquidity floor

The average price alone is not enough, because an average taken across moments of very thin depth can drift on trivial volume. The oracle therefore also computes a floor from a harmonic mean of observed liquidity across the window. A harmonic mean is dominated by its smallest terms, so a window containing brief depth collapses yields a conservative floor rather than an optimistic one. Protocol actions are constrained against that floor: if measured depth sits below it, the action does not execute.

Signal	Guards against	Used by
Time-weighted average price	Short-lived price manipulation	Buybacks, bond pricing
Harmonic-liquidity floor	Execution into artificially thin depth	Buybacks, bond capacity

What ALMERU does not do here

ALMERU is not an exchange or a decentralised exchange. It does not match orders, does not route between venues, does not quote a spread and never takes the other side of a trade. It seeds a pool once, locks the position, and reads prices from it. Participants trade against the pool directly; no ALMERU contract holds their funds before, during or after a trade.

There is also no privileged trading path. The buyback module transacts through the same pool, under the same 1% fee, with the added constraint of the oracle checks — it has no private quote and no fee exemption. Deployed pools and the addresses behind them are listed in Explore and Contracts.