flux is a token on robinhood chain whose creator fees belong to a machine instead of a person. the machine is a small contract called the coil. pons pays the coil. the coil holds what it is paid until someone, anyone, presses induce. a press turns part of the jar into liquidity that is minted into the pool and burned, which means the liquidity exists and can be traded against but can never be removed by anyone, including the people who wrote the code.
in physics flux is flow through a surface. change the flux through a loop of wire and a current appears in the wire. the coil here watches the flow of fees through it, block by block, and the size of what the next press is allowed to do depends on that rate. a loud market induces a bigger press. a quiet one induces a smaller press. the name is the mechanism.
fees arrive in small pieces. the jar is their sum. a press is only possible when the jar holds at least one quantum, a fixed amount of eth set when the machine was deployed. this means there is no timer. the market decides when the button is armed. when the jar is at four quanta the button has been armed for a while and nobody has pressed it, which is itself a piece of information.
the spend of a press is not the whole jar. it is the smaller of the jar and cap times gain times jar divided by jar plus h0. cap is the ceiling for a single press. gain grows with the number of distinct pressers up to nmax. h0 is the jar size at which the curve reaches half of the ceiling. the effect is that a small jar is spent almost completely, a large jar is spent along a curve, and there is never a moment where the whole thing can be dumped in one transaction.
every press remembers the spot price at its end as the anchor. the next press compares the current spot to the anchor. if the price has fallen, the drop is the fraction it has fallen by, clipped at zero. lean is one half plus one half times the smaller of one and the drop divided by d0. at a lean of one half the press pairs equally, half eth into a buy and half eth into the position, which is pure depth. at a lean of one the press puts everything into the buy and pairs from the reserve, which is pure buyback. between those it is a mix. the machine leans into selling and stands flat into buying.
a position in the pool between two prices is a ring. the ring index is the whole part of log2 of the press count plus one. ring k spans from spot over one plus base to the k plus one, to spot times one plus base to the k plus one. rings get wider slowly, so the wall near the price is built first and thickest. every ring goes to the burn address in the same transaction that mints it.
when a press leans past one half it buys more tokens than it can pair with the eth it kept. the extra tokens stay in the adapter as the reserve. the reserve has one outlet: later presses pair eth against it before they pair against fresh buys. tokens in the reserve are never sold and never sent anywhere except into a ring.
the presser is paid a fixed share of the spend, in eth, for sending the transaction. this is the only money that ever leaves the machine and it is the fee for running it. anyone can be the presser. the count of distinct pressers raises the gain, so the machine also pays people to be many.
there is no owner. there is no pause. there is no upgrade. there is no withdraw. the parameters are immutable. the adapter is set once at deployment and cannot be changed. the burn address has no key. a press in the same block as another press reverts. a press when the jar is under one quantum reverts. everything else is allowed.
the coil page prints the fee rate computed on chain next to the same rate computed in your browser from the events. the core page prints the number of rings recorded next to the number of positions the burn address holds. the machine page prints received against jar plus spent plus paid. if any pair disagrees the site says so. these three checks are the whole trust model.
there is no launch mechanism, no presale, no allocation, no vesting, no team wallet, no treasury, no votes, no roadmap. flux is a machine attached to a pool. the pool exists because pons exists. the machine exists because someone deployed it. the depth exists because people traded and other people pressed.