# Comparison

This chapter sits after the thesis is named. MicroTape tries to hold two jobs that are usually split: discover a price on an inner curve, then turn tax BNB into exogenous yield. The comparables are live designs, not hypothetical books.

`$MTAPE` has no NAV and cannot redeem treasury BNB at book. Reading the dividend as a reserve token mis-states the risk. Bounds: [Overview](/) and [Dividends](/dividends).

```mermaid
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flowchart LR
  TaxMeme["Tax meme"] -->|keeps: tax as inflow| M["MicroTape"]
  Reflection["Reflection"] -->|keeps: per-share ledger, pays external BEM| M
  Curve["Inner curve"] -->|keeps: Flap's curve, drops our own book| M
  POL["Protocol-owned liquidity"] -->|drops: this treasury never holds LP| M
  Staking["Staked dividends"] -->|keeps: per-share ledger, drops the lock| M
  classDef hot fill:#f46622,stroke:#f46622,color:#120d09
  class M hot
```

Each edge names what MicroTape keeps from the neighbor. What it drops is in the sections below and in the table at the end.

## Tax memes

A taxed transfer turns a fill into a spread. Tax usually lands in a marketing wallet, a buyback contract, or a team address that can withdraw. Holders pay the spread. The production function is still "someone decides how to spend it."

MicroTape writes the payee as the treasury. Kit spends are parts and tape-out. The owner can still withdraw undeployed BNB, parts, and the circuit NFTs. The difference from a marketing wallet is who holds that power, and that a random caller cannot. Table: [Control Surface](/control).

A tax is still a spread. A 5% take makes fills worse than an untaxed pool. That is not a feature. It only says where the tax base comes from. After Flap's fee, the remainder buys parts.

## Reflection tokens

Reflection redistributes the tax to current holders in the same token. Price, liquidity, and "yield" share one risk. Transfer taxes also warp routing, quotes, and arb. Many AMM routers do not quote the amount a taxed token actually delivers.

MicroTape's dividend asset is BEM. A `$MTAPE` transfer updates the share. It does not pay `$BEM` inside the transfer. `$BEM` already booked stays on the sender. See [Dividends](/dividends).

Reflection's hold incentive is endogenous. MicroTape's hold incentive depends on external miners still emitting BEM. Exogenous is an advantage and a dependency. See [Risks](/risks).

## Inner-curve launches

Four.meme / Pons-style inner books use constant product plus a virtual reserve for price discovery, then migrate leftover assets to an outer pool. That path solves open depth and sniping. It does not, by itself, write a use for tax, and it does not lock LP.

This launch uses Flap's curve: 1,000,000,000 supply, migrate at 800,000,000 tokens sold, then Pancake V2. The added commitment is tax into the treasury. The LP recipient is Flap's choice. Math of the tax split: [Token & Curve](/token).

## Protocol-owned liquidity

After Olympus, protocol-owned liquidity means the protocol holds LP, earns fees, and keeps the right to rebalance. Designs such as HOLI go further and write POL as both a routing hub and a NAV reserve.

This treasury never receives the migration LP, so it cannot market-make with it, skim its fees, or rebalance it. That is not the same as a burned LP. Flap's migrator chooses the recipient. What this repo gives up is any claim on that depth. Later depth comes from Flap's migration and from the market. See [Risks](/risks).

## Staked dividends

MasterChef and Synthetix `StakingRewards` pay an exogenous reward through an accumulator per share. The usual premise is that the meme is locked in a staking contract, and the reward is inflated or injected from elsewhere.

The Flap Dividend uses that accumulator and does not add a lock. Eligibility is a balance of at least 10,000 `$MTAPE`, and the address is not excluded (Portal, the token, dead, and pools). The reward is PodMining BEM, not `$MTAPE` inflation.

No lock means selling ends further accrual. `$BEM` already booked stays on the sender. The receiver earns only later deposits. This is a dividend on liquid inventory, not a coupon on locked principal.

## One table

| | Tax meme | Reflection | Inner curve | POL | MicroTape |
|---|---|---|---|---|---|
| Position | Tax as opex or skim | Tax as same-token redistribute | Curve as price discovery | Protocol holds and manages LP | Tax buys irreversible miners |
| Tax destination | Wallet or buyback | Holders, same token | Usually none | Design-dependent | Treasury, parts and tape-out only |
| Yield asset | None, or same token | Same token | None | Fees, reserve yield | BEM, exogenous to MTAPE |
| Depth commitment | Team LP or unlocked | Same | Depends on LP recipient | Protocol can rebalance | LP stays with Flap's migrator |
| Supply identity | Often reserved | Often reserved | Varies | Varies | 1e9 on Flap's curve |
| Redemption | None | None | None | Some have a NAV print | None. No redeem-at-book |

Tax memes have a tax base and no production function. Reflection has a hold incentive and no exogenous asset. Inner curves have price discovery and do not write tax as capital goods. POL has ownership of depth, and ownership still sits with the protocol.

MicroTape takes a narrower line: tax → parts → miners → BEM. It does not also try to be a reserve token, a routing hub, or a managed market maker. The loop is a design goal. See [Flywheel](/loop).