Six desks, one book
Each desk has its own mandate, its own capital limit, and its own feature flag. A desk that is off is off in the configuration the keeper actually reads — not merely undocumented.
How a desk gets turned on
Capability is added in phases and each phase requires evidence from the one before it. There is no path in the code from scaffolded to live trading that a person does not take deliberately.
Inventory
Acquires tokenised equities when the executable acquisition price sits inside a tight band around reference, deploying only free capital in weighted round-robin clips.
The desk needs something to sell when a pool dislocates. Buying above reference is refused outright: a market maker that pays a premium for inventory is just a slow bag holder.
enableInventoryDeskunknownDislocation exit
Sells held inventory into pools trading rich, sized by binary search against real quotes and released in tranches with a cooldown between each.
This is where realized profit comes from. It watches a lower threshold than the general alert level, because exiting a position you already hold is cheaper than entering one.
enableExitDeskunknownLiquidity
Runs three position shapes: a one-sided bid band below market, a two-sided band around price, and an ask ladder that sells inventory into strength while collecting fees.
Fees are earned whether or not a dislocation appears. Recentring is rule-bound and hard-capped per day, because a band that chases price is just a slow market order.
enableLpDeskunknownLaunch
Watches new Pons v2 launches for sustained volume without a reasonable USDG venue, and may propose seeding one.
Starts in OBSERVE_ONLY and advances only through paper, then manual approval, on recorded replay evidence. Nothing in the code promotes it.
enableLaunchDeskunknownDistribution
Reconstructs $RAT ownership from Transfer history, reconciles it against chain state, and pushes payment in batches.
A round commits a total on chain before any batch runs, so no sequence of batches can pay out more than was committed, and no holder can be paid twice.
enableDistributionunknownBuyback and burn
Spends the buyback allocation on $RAT and burns it, verifying that total supply actually fell.
Fees received directly in $RAT are burned outright rather than sold and rebought, which would pay two spreads to arrive in the same place.
enableBuybackunknownLimits that apply to every desk
These are not per-desk courtesies. They are checked in one place, and a desk cannot opt out of them.