Plate 04 · The token

A fixed supply, minted once, that also happens to be a ballot.

This plate is the token itself: what exists, where a trade's value goes under each module, what might create demand, and the limits that come with it.

§ 04.1Specification

Name: morph
Symbol: MORPH
Decimals: 18
Total supply: 1,000,000,000
Minted: once, in the constructor
Mint path after that: none
Standards: ERC-20, with permit signatures and checkpointed voting
Market: one Uniswap v4 pool, paired with ETH
Only supply change: the burn, while MOD-00 is active

Supply can only fall. The single burn path takes tokens the hook already holds after redeeming a claim, and there is no function anywhere that creates a token after the constructor has run.

§ 04.2Where a trade's value goes

This depends entirely on which module the last vote elected, which is the point of the design. Only one row is ever in force at a time.

Per module, per trade
Active	Taken from	Amount	Goes to
MOD-00	the MORPH paid into a sell	3.00%	burned — nobody receives it
MOD-01	the pool's own fee, both directions	1% buy / 3% sell	the liquidity position
MOD-02	the ETH paid into a buy	1.00%	the hook's ETH balance

No module takes a share of both sides, and no module sends anything to a treasury wallet on its own. Under MOD-02 the ETH accumulates in the hook contract, and a keeper address fixed at deployment can withdraw it — see the limits below.

§ 04.3What the token is for

Two things, and they are the same thing seen from two sides. It is the asset the pool prices, and it is the weight that decides how the pool behaves. Buying it is taking a position; delegating and voting is using it.

The case for demand, stated without a forecast: a market whose fee schedule is a live decision is a different object from a market whose fee schedule is a constant, and the only way to participate in that decision is to hold the token. Holders who want supply pressure argue for the burn; holders who want the deepest book argue for the fee; holders who want a reserve built out of buy volume argue for the skim. Each epoch settles it, and the settlement is visible on chain.

Nothing here entitles a holder to revenue. There is no distribution, no dividend, no staking yield and no claim on the reserve.

Note F Voting requires one delegate call to yourself. Without it a balance is not counted, no matter how large.

§ 04.4Limits and dependencies

The reserve is discretionary. ETH collected under MOD-02 sits in the hook and is withdrawable by a keeper address set at deployment. The contract does not buy anything back by itself.
Liquidity is provided by the deploying wallet. The launch position is minted to it, and it is not locked by the protocol.
There is no quorum. Whoever holds the most delegated weight at a snapshot decides that epoch's module.
Redemption is a separate call. Burns and skims accrue as claims and become real once someone calls the redeemer. Anyone can, but until they do the effect is owed rather than settled.
One pool, one pair. The hook is bound to a single ETH/MORPH pool; it does nothing on any other pool.
No third-party audit. The contracts have an internal test suite and an internal adversarial review. That is the author's own work, not independent assurance.

Registration status — not deployed

There is no contract address yet, because nothing has been deployed. There is no pool, no liquidity, no token to buy, and no sale of any kind — not a presale, not a whitelist, not an allocation.

When the pool is deployed this plate will carry the token address, the hook address and a link to the market. Until it does, any address presented as MORPH is not connected to this project.