One stock trigger. Two strictly separated capital paths.

PREtp does not simulate a stock market. It runs a tradable pre-token token market and a separate conditional stock-buying vault, and connects them only at a verified tokenization event.

Accounting buckets

Five buckets, reconciled independently, with distinct storage accounting and preferably distinct custody.

Bucket	Source	Before the trigger	After the trigger
Curve principal	Net token buys less sell redemptions	Backs curve exits	Buys stock for protocol-owned LP
LP fee reserve	Fixed 3% of buy/sell notional	Accumulates outside the redemption reserve	Buys additional stock for LP
Reward reserve	Fixed 1% of buy/sell notional	Reserved for eligible holders	Claimable pro rata
Company fees	Tier remainder: 4/3/2/1%	Company revenue	Never used for redemptions or LP
Stock-vault principal	Deposit less 0.5% entry fee	Conditional stock purchase	User stock allocation or refund

Pre-token fee engine

Fees fall as the token proves demand, and the ladder is downward-only.

<$100K MC

8%

3% LP · 1% rewards · 4% company

$100K–$500K

7%

3% LP · 1% rewards · 3% company

$500K–$1M · active

6%

3% LP · 1% rewards · 2% company

$1M+

5%

3% LP · 1% rewards · 1% company

MARKET CAP

15-minute TWAP price × fixed token supply. Not the last transaction.

FEE TIER

The lowest milestone ever verified. Stored per ticker.

RATCHET

If market cap later falls, the fee does not rise. Ever.

Graduation math

A v4 pool's currencies are fixed at initialization, so a TOKEN/USDG pool cannot become TOKEN/STOCK in place. The executor opens a new pool after verification, preserving the curve's final token price.

Calculation	Formula	Demo
Stock purchased	Qstock = R ÷ S	$449,940 ÷ $250 = 1,799.76
Token paired	Qtoken = R ÷ P	$449,940 ÷ $0.000742 = 606.4M
Opening price in stock	Ppair = P ÷ S	0.000002968
Nominal opening TVL	2R	$899,880

Price gap policy. If actual stock execution deviates beyond the proof's bound, abort or partially fill. Never force the pool to preserve a stale nominal price.

Quantum Relay · the Entangled Proof

The trigger is a verified state transition, not a price feed. Prototype target is a 3-of-5 quorum with source-type diversity, so no single source can graduate a market.

OBSERVE

Issuer or transfer-agent registry
Token contract events
Chain explorer / registry
DEX or market-maker route
Reference pricing venue

VERIFY

Canonical identity and symbol
Decimals and supply hash
Verified bytecode and owner
Minimum executable liquidity
Bounded, non-stale price route

PROVE

targetId + chainId
stockToken
route + minLiquidity
referencePrice + bounds
sourceRoot + quorum
nonce + deadline

A listing headline is insufficient. Graduation begins only when canonical identity, executable liquidity and a bounded price route are proven simultaneously.

Contract state machine

Every transition has a failure path.

State	Allowed	Blocked	Exit condition
CURVE_LIVE	Token buy/sell; vault deposit/withdraw	Migration calls	Valid, fresh Entangled Proof
FROZEN	Read, verify snapshot	New trades and deposits	Execution route accepted
CONVERTING	Stock purchase and pool setup	User mutations	Settlement or failure deadline
V4_LIVE	Pool swaps, reward and stock claims	Return to curve	Terminal
REFUND	Pro-rata USDG/stock withdrawal	Further acquisition	All users settled

Failure policy

Proof invalid, stale or disputed — reject the trigger, stay CURVE_LIVE, use the disclosed emergency process.
Execution route reverts — remain frozen for a bounded retry window, then enable a timed refund.
Partial stock fill — distribute acquired stock and residual USDG pro rata. Never silently reprice.
Pool setup fails — custody the assets and retry idempotently from the same snapshot.

Modules

Module	Responsibility	Trust boundary
TickerFactory	Deploy token, curve vault and immutable config	Approved implementations; deterministic IDs
BondingCurveVault	Quote and execute trades; hold principal; route fees; checkpoint rewards	Solvency invariant; non-reentrant
StockPurchaseVault	Deposit and withdraw; track buying capital; user claims	Never callable as an LP funding source
QuantumRelayAdapter	Validate proof signer, quorum, nonce, freshness and target	Signer rotation behind a timelock
GraduationExecutor	Freeze, acquire stock, initialize the pool and settle	Bounded route approvals and deadlines
PtpHook	Post-launch swap policy and stock-aware reward logic	Cannot change pool currencies

Non-negotiable invariants

What the contracts must never allow.

Stock-vault principal never funds token liquidity.

Company and reward fees never fund curve redemptions.

No graduation without a canonical, fresh stock-token proof.

A fee tier never rises after a lower tier unlocks.

Protocol-owned migration LP cannot be withdrawn by an administrator.

A failed or partial execution cannot strand USDG indefinitely.

Migration inventory never enters reward calculations.

Every external call is reentrancy-protected and bounded by explicit min-output rules.

Not yet audited. This is a product and contract-design specification, not an audit, legal opinion or securities analysis. Smart-contract audit, oracle threat model, market-manipulation review and jurisdiction-specific legal advice are all required before handling real funds.