The manifesto.
A market with memory, a floor made from arithmetic, and rules that no one can rewrite. 巌
Nothing begins as bedrock.
Iwao — 巌 — is the great immovable rock: the kind that forms when countless small stones gather and consolidate over ages. The market takes that image for its name and its rule. Small contributions accrete, grain by grain, into a floor that cannot be moved.
Most markets forget. Liquidity comes and goes; price rises and falls; the work that built the market survives only as a chart of what once happened. Iwao begins from a different rule: every successful trade must leave the redemption floor higher than it found it. Activity becomes structure. The past stays inside the machine.
This does not promise that price rises forever. It promises that the minimum backing beneath every redeemable token rises after every buy and every sell.
A claim backed by arithmetic.
The floor is not a target, an oracle, or a promise from a person. It is a redemption ratio the program enforces: the floor reserve divided by the redeemable supply.
Every buy first pays the fixed one-percent fee. Of what remains, at least half becomes permanent floor reserve; at most half advances the tradeable band. When the live floor sits close to spot, more than half is routed to the floor, so every delivered token stays fully backed.
A redemption pays the holder from the floor reserve, less the fee, and burns the token. The reserve shrinks — but the number of claims shrinks by more, and the floor keeps its share of the fee, so the ratio rises.
Deep enough to become real.
A floor alone is a vault. Iwao is a market with two regimes and real two-sided trading above that vault.
Before the cap, new supply follows one immutable exponential curve whose scale is fixed forever. A buy takes existing inventory first; if it runs out, it continues into fresh issuance. A sell walks down the band, and the tokens it absorbs become inventory for the next buyer. If a sell reaches the floor, the remainder crosses atomically into redemption and burn.
One billion. Not one more.
One billion tokens is the most that can ever be minted. The cap measures cumulative issuance, not current supply: burning never reopens room beneath it.
Public issuance ends before the cap; the remainder mints to the market itself as post-cap inventory — infrastructure, not an allocation. After the transition, buys draw only on that inventory and on tokens returned by sellers. The market becomes one virtual full-range position derived from what it actually holds, spanning from the live floor upward.
Follow every share of value.
Every buy and sell pays a fixed one-percent fee. The program cannot raise it, lower it, or switch it off. Seventy percent stays in floor economics; thirty percent is paid to a recipient fixed when the market is deployed, always in the quote asset.
The creator never needs to sell the token to be paid. Revenue and control are separate: a creator can earn, but cannot change the rules holders trade under.
Revenue without control.
Iwao has no admin key, no governance, no upgrade path, no pause switch, no rescue function, no discretionary treasury, and no human token allocation. The token has one minter: the market program. The routers accept exact-input trades only.
The interface is a convenience, not a controller. Anyone can read the accounts, trade through another client, or build a new one. The onchain program is the protocol; this site is one window onto it.
A floor is a ratio, not a promise.
The floor is the minimum backing beneath each redeemable token. It is not a price target and it is not a guarantee that you profit. Market price can trade well below where you bought while the floor sits lower still — the two are different numbers.
Early tokens on the exponential curve cost far less than the marginal token. So the floor, which is the average backing across the whole issuance path, can be a long way beneath a late buyer's entry. Redemption pays the floor less the fixed fee: exiting always costs, and it can cost a lot relative to a high entry.
Band depth is finite. A large sell walks the premium down to the floor and the premium disappears; there is no market maker behind it, only arithmetic. And because nothing can be paused, upgraded, or rescued, a mistake in the code would be permanent. This deployment is experimental and currently runs on mainnet. Read the accounts, size accordingly, and trust the arithmetic — not a person.
Small stones become bedrock.