Concepts

$BELL

Bell's own token. Its supply is fixed, all of it goes to the public launch, and every fee the protocol takes buys it back and burns it.

Both fees of every market go to its fee vault; all of it buys $BELL on the open market, and the $BELL bought is burned.

Supply

1,000,000,000 $BELL, fixed.

Distribution

All of it goes to a 100% public launch, on the same terms for everyone: no presale, team, investor, airdrop or reserved allocation, and no vesting.

$BELL and the band tokens

Each market has its own band tokens, UP and DOWN. They are minted in pairs with USDC, trade on the market's order books and redeem in USDC when the market settles.

$BELL is one token for the whole protocol. It is not a band token and takes no part in a market's payouts.

Where the fees go

A market takes two fees. Both go to its fee vault, a USDC account the program holds for that market, apart from the collateral in every band's vault.

Fee	Charged when	Goes to
Pair mint fee	USDC is minted into one UP and one DOWN	The market's fee vault
Settlement fee	A payout is redeemed	The market's fee vault
Merge	A pair is merged back into USDC	No fee

The rates are set per market; the app shows them under Market terms.

Buyback and burn

Everything in the fee vaults, every pair mint fee and every settlement fee, buys $BELL on the open market, and the $BELL bought is burned.

A pair is minted or a payout is redeemed, and the market's fee goes to its fee vault.
The USDC in the fee vaults buys $BELL on the open market.
The $BELL bought is burned.