# Capital Flows

This page is the protocol-wide map of sources, uses, and deployment. It does not repeat each mechanism's parameters. Each row links to the canonical page.

## Inflows

| Source | What enters the treasury | Canonical page |
|---|---|---|
| Launch surcharge | BNB from buys in the first 5 seconds | [Token & Curve](/token) |
| Miner share (4%) | BNB cut from the 5% trade tax | [Token & Curve](/token) |
| Graduation peel | Shortfall sent from the quote if treasury is under 0.35 BNB | [Token & Curve](/token) |
| Post-grad `swapTax` | Four fifths of BNB from selling accrued tax tokens | [Token & Curve](/token) |

These are sources, not one timeline. The launch surcharge exists for 5 seconds. The 4% miner share runs on both books, on different paths. The graduation peel happens at most once.

The 1% protocol fee is counted inside the 5% trade tax. It does not enter the treasury. Claimants: [Control Surface](/control).

## Uses and outflows

| Use | What leaves | Who can run it |
|---|---|---|
| Fill Firsto asks | Treasury BNB, for NAND / LATCH | kitBuyer only |
| TapeOut tape-out fee | Treasury BNB | Anyone, if the treasury already holds enough parts |
| Claim BEM | Booked BEM in the treasury | Anyone may claim for an eligible address |

Treasury BNB has no third authorized use. No owner withdraw, no TAPE buyback function, no redeem-at-NAV.

Holders exit on the curve or the Pancake pool, not through the treasury. The treasury does not make markets. After graduation, exit depth is the pool burned to `0xdead`, plus whatever the market adds later.

## Deployment loop

```mermaid
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flowchart TD
  Surcharge["Launch surcharge"] --> BNB["Undeployed BNB"]
  Share["4 percent miner share"] --> BNB
  Peel["Graduation peel"] --> BNB
  Swap["swapTax, four fifths"] --> BNB
  BNB -->|kitBuyer| Parts["Firsto NAND and LATCH"]
  BNB -->|anyone| Fee["Tape-out fee"]
  Parts --> NFT["Circuit NFT"]
  Fee --> NFT
  NFT --> Miner["Live miner"]
  Miner --> BEM["BEM to holders"]
  classDef hot fill:#f46622,stroke:#f46622,color:#120d09
  class BNB hot
```

Tax → undeployed BNB → parts → circuit → start → BEM → claim.

The dashed hop from claim back to volume is not on this map. That non-enforced feedback lives on [Flywheel](/loop).

Part prices are not chosen on-chain. Which Firsto order the executor posts decides how many machines a given tax BNB buys. Trust assumption: [Risks](/risks).