The rules

Anyone can launch a coin for a live Kickstarter project. The coin is created on pons, on Robinhood Chain, by the person who launches it, from their own wallet. At launch its creator fee recipient is set to the Backline keeper wallet. On pons only the current recipient can change that, so the launcher cannot redirect the fees, and the keeper never does.

A coin is not a share of the project, not a pre-order, not a promise of delivery and not an investment contract. The project's creators are not involved unless they say so themselves. Backline is not affiliated with Kickstarter or with pons.

Every trade on the bonding curve pays pons' 1% fee, 70% of which goes to the creator recipient, plus a 1% creator tax, all of it to the recipient. After graduation to a Uniswap v4 pool, the pool hook charges its fee and the creator tax the same way.

Those fees are swept into pons' escrow and claimed by the keeper every two minutes once $1 is waiting. Backline keeps 5% of what is claimed; the other 95% is pledge money. Both amounts appear on the coin's ledger with the transaction. Everything above a small gas reserve is forwarded to the safe wallet, whose address is on the verify page.

The pledge money is pledged to the project on Kickstarter from our backer account. The pledge is raised whenever $50 of new pledge money has come in, at least once a day while there is anything new, and always in the final 24 hours of the campaign.

For a pledge of a given size we pick the most expensive reward tier still in stock that fits, fill the rest with add-ons, and pledge whatever is left without a reward. If the project is already past its goal, the pledge still counts and our share is labelled a stretch.

Kickstarter only takes cards, so the pledge money leaves the chain: it is converted from the safe wallet to the currency our card is charged in. Kickstarter places the pledge on Kickstarter's own terms and only charges it if the project is funded. Each pledge is placed by hand and shown on the coin's page once confirmed.

The products bought with the pledge are raffled among holders. Holders are snapshotted at the first block at or after the campaign deadline. The pons contracts, the keeper wallet and wallets under 0.01% of supply hold no tickets. One whole token is one ticket; a wallet can win once per coin.

Randomness comes from drand (quicknet): the first round at or after the deadline, hashed with the token address. The inputs and a script to re-run the draw are published on each raffle page. Winners prove they own the wallet with a signature and give a shipping address, stored encrypted and never displayed. Products ship when the creator ships; we pass the winner's address to the creator's backer survey, or forward the parcel.

Kickstarter never charges the pledge. Holders then have seven days to choose a new live Kickstarter project for the same coin: any holder from the snapshot can propose one, votes are signed with the wallet and cost nothing, one token is one vote, quorum is 10% of supply.

With a quorum, the winning project becomes the coin's project and pledging starts again. Without one, the coin's pledge money goes back to the holders in the snapshot, pro rata, through a Merkle distributor funded from the safe wallet. Each holder claims their share from the coin's vote page or directly from the contract.

There is no limit on how many coins you can launch. The only constraint is one active coin per Kickstarter project, first come, because a backer account holds a single pledge per campaign. Live projects only, with at least 48 hours left and reward tiers still in stock. The launcher pays everything from their own wallet: pons' launch fee, gas, and a platform fee of about $5 in ETH, shown before signing. Backline never pays anything for a launch. A coin is listed only once the chain confirms its fee recipient.

Coins are volatile and can go to zero. Kickstarter can cancel a pledge or a project, and a campaign can be suspended. Whenever a coin's pledge money cannot be pledged and holders reach no quorum on a new project, it is not kept: it goes back to holders pro rata. A funded project can ship late or never; in that case there is nothing to deliver to raffle winners. Off-ramping takes days, so the pledge on Kickstarter can run behind the ledger; the ledger is the truth of what the coin collected. pons v2 is audited only in part; its contracts are outside our control, including the 3-day timelocked recipient override its owner holds.