The life of a caper 1 – Launc…ast clears 1.5 / option_count.A pass then makes the proposal… heavily and voted on nothing.Stake accrues on a cast ballot…or, and it never reaches zero.The founder's half comes in tw…undamentals/history-of-daos) .

The fee structure A caper cha… $CAPER treasury in the token.Opening a proposal costs 1% of…oyed, with no runtime setters.

The fee structure A caper charges fees on fiveour occasions. Every buy and ever…$CAPER treasury in the token. The governance fees come in two tiers. Opening a proposal costs a flaOpening a proposal costs 1% of its largest option, at least 500 XRD, kept whether it pas…lot on one costs 100 XRD; and executtriggering a proposal that won its ballot costs a further 10% of what it moves, charged at the trigger and waived outright when the ballot itself returns “treasury pays”is free, for anyone. Nothing is burned: apart fro… CAPER PROTOCOLFee structureFIVEOUR FEESXRDpaid in XRDTOKENpaid in the caper’s own tokenTHE FIVEOUR FEESACTIONAMOUNTPAID INFLOWS …PERProposeopen a ranked ballot500 XRDflat, pass or fail1%of the largest option, min 500XRDthis caper’s treasuryVotera…1 voteXRDthis caper’s treasuryExecutetTriggeropen the market window10%of the action, or 0XRDthis caper’s treasuryfreeanyone can call itno feeTHE SKIM HALVES AS THE CURVE F…YShare of the skim49.5%Propose1% · min 500 XRDVote100 XRDExecute10%Funds the caper you’reactive i…oyed, with no runtime setters.

The fee structure A caper cha…of a trade at launch, 1% once 10.821.4% of the supply has sold, and …alf of whatever is left every 120% sold after that – there is …e skim on each trade100% → 1.098%at 120% sold, then halvingXRD + TOK…URVE FILLS0%33.33%66.67%100%0%5%10%15%220%30%40%100% at launchhalf by 1.0199% sold1% by 10.821.4% soldhalving every 120% sold – no floor% of the cap…st: half the openingrate by 1.0199% sold, 1% by 10.821.4%, then a halving every 120% of the supply – never zero,…the take per token peaks near 0.741.49% sold, bottoms out near 8462%,then climbs with the price. A caper that stops by 240% sold raised 852% of its skim XRD in the first120%; one that reaches 90% sold still raised 6458% of it there.Paid 94.5% in XR…oyed, with no runtime setters.

The life of a caper 1 – Launc…ach token they keep, it is 1.098% of a trade by the time a tenfifth of the supply has sold, and…lves again with every further tenfifth sold. There is no floor, an…undamentals/history-of-daos) .

The life of a caper 1 – Launc…and can never be rugged away. A 0.5% fee on each buy is what fundEvery buy and every sell pays the systekim, and 49.5% of it flows into that caper's own treasury. A sell pays no in XRD; there is no separate trade fee. Trading earns no g…e. On every buy and every sell, a skim is taken, and half of it goes to the founder. It starts… the first buyers pay about 2.506 times the curve price for eac…r, and it never reaches zero. ItThe founder's half comes in two parts. Two thirds: 90% of it is XRD taken off the trade, and one third10% is a slice of the tokens the trade moves. 1/31 of the token slice goesThe rest of the skim goes 49.5% to the caper's own treasury in XRD and 0.5% to the Caper Commons instead tokens, so every caper launched stre…undamentals/history-of-daos) .

The fee structure A caper charges fees on sixfive occasions, and the governance ones come in two tiers. The trade fee is small, paid in XRD and charged on buys only; a sell pays none. Opening a proposal costs a flat 500 XRD, kept whether it passes or fails; casting a ranked ballot on one costs 100 XRD; and executing a proposal that won its ballot costs a further 10% of what it moves, charged at the trigger and waived outright when the ballot itself returns “treasury pays”. The founder reward is paid in the curve’s own composition – two thirds in XRD, one third in the caper’s own token – and falls fast as the curve fills: 100% of a trade at launch, 1% once 10.8% of the supply has sold, and half of whatever is left every 10% sold after that — there is no floor, and it never reaches zero. Nothing is burned: every fee recycles into. Every buy and every sell pays the skim, a share of the trade that falls fast as the curve fills: 100% of a trade at launch, 1% once 10.8% of the supply has sold, and half of whatever is left every 10% sold after that – there is no floor, and it never reaches zero. The skim divides three ways: 49.5% to the traded caper’s own treasury in XRD; 50% to the founder, 90% of it in XRD and the rest in the caper’s own token; and 0.5% to the $CAPER treasury in the token. The governance fees come in two tiers. Opening a proposal costs a flat 500 XRD, kept whether it passes or fails; casting a ranked ballot on one costs 100 XRD; and executing a proposal that won its ballot costs a further 10% of what it moves, charged at the trigger and waived outright when the ballot itself returns “treasury pays”. Nothing is burned: apart from the founder’s half of the skim, every fee lands in a treasury, and two of them f…. CAPER PROTOCOLFee structureSIXFIVE FEESXRDpaid in XRDTOKENpaid in the caper’s own tokenTHE SIXFIVE FEESACTIONAMOUNTPAID INFLOWS …er lengthXRD$CAPER treasuryBuyon the bonding curve0.5%of the XRD spentXRDthis caper’s treasuryFounder rewarda slice or sellthe skim ofn each trade100% → 1.09%at 10% sold, then halvingXRD + TOK⅔ xrd · ⅓ coin · 49.5% this caper · 50% founder0.5% $CAPER 1/31Proposeopen a ranked ballot500… 0XRDthis caper’s treasuryTHE FOUNDER’S SHARESKIM HALVES AS THE CURVE FILLS0%33…8% soldhalving every 10% sold —– no floor% of the caper’s supply soldShare vs earningsThe founder’s shareskim ofn each trade is largest at laun… highest, and falls fast: halfthe openingrate by 1.01% sold, 1% by 10.8…lving every 10% of the supply —– never zero,neversettling. Price starts near ze…s near 0.74% sold, bottoms outnear 84%,then climbs with the price. A …by 20% sold raised 85% of its founderskim XRDin the first10%; one that reaches 90% sold…l raised 64% of it there.Paid ⅔94.5% in XRD, ⅓5.5% in the coin – 30/31 founder, 1/31 $CAPER: the treasury’s share all XRD, $CAPER’s all coin, the founder’s 90% XRD.WHERE VALUE POOLSTHIS CAPERFED BYBuy fee0Share of the skim49.5%Propose500 XRDVote100 XRDEx…ND$CAPERFED BYCreation feesXRDFounder reward1/31Share of the skim0.5%XRD + a token from everycaper …oyed, with no runtime setters.

A caper is an organization tha…ng against them. Caper is the launchpad that creates these organizations and keeps them honestprotocol those organizations run on: it creates the token, the treasury and the decision procedure together, and nothing can separate them afterwards. The four promises: - Launc…et – both accrue continuously, per buy, as a small fraction of each tradevery buy, every sell and every exit.

The life of a caper 1 – Launc…ice for each token they keep, and once 10% of the supply has sold the skim is 1% of a trade, never less than 0.5%it is 1.09% of a trade by the time a tenth of the supply has sold, and it halves again with every further tenth sold. There is no floor, and it never reaches zero. It comes in two parts. Two t…undamentals/history-of-daos) .

The fee structure A caper cha… a trade at launch, 1% once 10.8% of the supply has sold, and never below 0.5%half of whatever is left every 10% sold after that — there is no floor, and it never reaches zero. Nothing is burned: every fee…rda slice of each trade100% → 0.5%1% by 10% sold1.09%at 10% sold, then halvingXRD + TOK⅔ xrd · ⅓ coin · …s treasuryTHE FOUNDER’S SHARE FHALLS WIVES AS THE CIRCULATIONURVE FILLS0%33.33%66.67%100%0%5%10%15%20%100% at launchhalf by 1.301% sold1% by 10.8% soldnever below 0.5%halving every 10% sold — no floor% of the caper’s supply soldSh…st: halfthe opening rate by 1.301% sold, 1% by 10.8%, never below 0.5%then a halving every 10% of the supply — never zero,never settling. Price starts near zero, so the take pertoken peaks near 10.74% sold, bottoms outnear 184%, then climbs with the price. A caper that stops by20% sold raised 9085% of its founder XRDin the first 10%; one that reaches 90% sold still raised 64% of it there.Paid ⅔ in XRD, ⅓ in the coin …oyed, with no runtime setters.

The life of a caper 1 – Launc… every buy and every sell, a small and steadily shrinking skim goes to the founder,kim goes to the founder. It starts high and falls fast: the first buyers pay about 2.5 times the curve price for each token they keep, and once 10% of the supply has sold the skim is 1% of a trade, never less than 0.5%. It comes in two parts. Two thirds is X…undamentals/history-of-daos) .

The fee structure A caper cha…caper’s own token – and falls fast as the curve fills without reaching zero: 100% of a trade at launch, 1% once 10% of the supply has sold, and never below 0.5%. Nothing is burned: every fee…er rewarda slice of each trade5100% → 0.74%half by 6.755%1% by 10% soldXRD + TOK⅔ xrd · ⅓ coi…SHARE FALLS WITH CIRCULATION0%1.67%3.33%5%0%25%533.33%66.67%100%0%5%10%715%20%100%5% at launchhalf by 6.751.3% sold0.74% at1% by 100% soldnever below 0.5%% of the caper’s supply soldSh…gsThe founder’s share of each buy and each selltrade is largest at launch, when risk is highest, and fallsas the caper sells fast: halfthe opening rate by 6.751.3% sold, and never zero. But p1% by 10%, never below 0.5%. Price starts near zero,so the take is not front-loaded: per token sold it rises with the price, and the falling rate onlyslows the risepertoken peaks near 1% sold, bottoms out near 14%, then climbs with the price. A caper that stops by20% sold raised 90% of its founder XRD in the first 10%.Paid ⅔ in XRD, ⅓ in the coin …oyed, with no runtime setters.

The life of a caper 1 – Launc…gged away. A 0.5% fee on each tradebuy is what funds the system; the buy-side fee, and it flows into that caper's own treasury. A sell pays no trade fee. Trading earns no governance r… is at or above that baseline. The $XRD caper, which has no curve, is the one exception: its window reads a basket of other capers’ prices quoted in XRD and passes at or below the baseline ( details (/wiki/foundations/paying-someone-from-a-caper) ). Holding through the window is…undamentals/history-of-daos) .

The fee structure A caper charges fees on sevenix occasions, and the governance ones come in two tiers. Trading fees arehe trade fee is small and, paid in XRD and charged on buys only; a sell pays none. Opening a proposal costs a f… CAPER PROTOCOLFee structureSEVENIX FEESXRDpaid in XRDTOKENpaid in the caper’s own tokenTHE SEVENIX FEESACTIONAMOUNTPAID INFLOWS … the XRD spentXRDthis caper’s treasurySell · Swap · Exitleave a position0.5%of the XRD receivedXRD$XRD treasuryFounder rewarda slice …active in – its own war chest.$XRDFED BYSell · Swap · Exit0.5%Shared by every $XRD holder– the platform’s base layer.INDEX FUND$CAPERFED BYCreation…oyed, with no runtime setters.

The life of a caper 1 – Launc…gthens the commons. The slice tapers to zeroshrinks as the token distributes, which meanso a founder's upside comes from…undamentals/history-of-daos) .

The fee structure A caper charges fees on sixeven occasions, and the governance…the caper’s own token – and fades to zerolls as the curve fills without reaching zero. Nothing is burned: every fee…er rewarda slice of each trade7.5% → 0%fades out by 30.74%half by 6.75% soldXRD + TOK⅔ xrd · ⅓ coi…treasuryTHE FOUNDER’S SHARE FADES TO ZERO0%2.5%5%7.5%0%10%20%30%40%7.5% at launch0LLS WITH CIRCULATION0%1.67%3.33%5%0%25%50%75%100%5% at launchhalf by 6.75% sold0.74% at 3100% sold% of the caper’s supply…hare vs earningsThe founder’s cutshare of each buy and each sell is …hen risk is highest, and falls tozero by 30% soldas the caper sells: half the opening rate by 6.75% sold, and never zero. But price starts near zero,so actual earnings aren’the take is not front-loaded: they buiper token soldwith activity, then fade as the rate does rises with the price, and the falling rate onlyslows the rise.Paid ⅔ in XRD, ⅓ in the coin …oyed, with no runtime setters.

A caper is an organization tha…locations. - Exit on demand. Trading accrueEvery ballot you cast mints a soulbound stake token; han…h your share of the treasury. The door is never locked on a member who put money inA holder who has never voted can still sell on the curve at any time. The three permanent compone… small fraction of each trade.

The life of a caper 1 – Launc… is at or above that baseline. The $XRD caper, which has no curve, is the one exception: its window reads a basket of other capers’ prices quoted in XRD and passes at or below the baseline ( details (/wiki/foundations/paying-someone-from-a-caper) ). Holding through the window is… circulating tokens. The call asserttakes both buckeamounts, are non-emptysserts each is positive and withdraws both from the member’s own account, so an account that has never…arket, not by a pre-mine. On each buyvery buy and every sell, a small and steadily shrinking slice of the newly-sold tokens routes to the founder's vault instead of the buyer, andkim goes to the founder, in two parts. Two thirds is XRD taken off the trade, and one third is a slice of the tokens the trade moves. 1/31 of thate token slice goes to the $CAPER treasury –Caper Commons instead, so every caper launched stren…undamentals/history-of-daos) .

The fee structure A caper cha…Founder rewarda slice of each buy1trade7.5% → 0%fades out by 30% soldXR…OUNDER’S SHARE FADES TO ZERO0%5%10%12.5%5%7.5%0%10%20%30%40%17.5% at launch0% at 30% sold% of…The founder’s cut of each buy and each sell is largest at launch, when risk is highest, and falls tozero by 30%sold. But price starts near ze…ren’t front-loaded: they buildwith activity,then fade as the rate does.Pai…oyed, with no runtime setters.

The life of a caper 1 – Launc…pty, so an account that has neither traded nor votedver cast a ballot has no exit to take rather than a zero-valued one – and that now includes an account that has traded heavily and voted on nothing. Stake accrues on a cast ball…undamentals/history-of-daos) .

The life of a caper 1 – Launc…to that caper's own treasury. Every trade also accrues aTrading earns no governance record at all. It did, at 0.01 soulbound stake token at 0.01s per XRD of gross buy outlay or gross curve payout, which is what later opens the exitvalue, until the redeploy of 11 September 2026 removed the trade-side mint – so what opens the exit is a cast ballot, not a purchase. Details in Trading (/wiki/m…-valued one. Stake accrues on the trade itself and on each ballot cast, so the door opens with your first buy without waiting on any act of governance – and voting opens it tooa cast ballot and on nothing else a member can do, so the door opens with your first vote. Until 11 September 2026 a trade opened it too; removing that mint is what stopped a single transaction buying a position and the claim on the treasury together. This is the strongest form o…undamentals/history-of-daos) .

The fee structure A caper cha…en a ranked ballot500 XRDflat, kept whether it passes or failsXRDthis caper’s treasuryVotera…ns100 XRDper ballot · mints 1 soulbound vvoteXRDthis caper’s treasuryExecut… market window10%of the action · 0 if the ballot says treasury pays, or 0XRDthis caper’s treasuryTHE FO… cut of each buy is largest atlaunch, when risk is highest, and falls tozero by 30%sold. But price starts nearzero, so actual earnings aren’tfront-loaded: they build with activity,thenfade as the rate does.Paid ⅔ i…oyed, with no runtime setters.

Topic Core concept Components…utive winner, the market gets 48ha window from the trigger to veto by h…ts/fundamentals/what-is-a-dao)

The life of a caper 1 – Launc…he trigger locks the trailing 7-day time-weighted average price as a baseline and opens a 48-hourthe market window; when it closes, anyon…undamentals/history-of-daos) .

The fee structure A caper cha…’s treasuryExecutetrigger the 48hmarket window10%of the action · 0 if…oyed, with no runtime setters.

Topic Core concept Components… · Divest · Upgrade · Metadata – plus Debate, which executes nothing Decided by Two phases – a ra…ion_count of cast weight, then, for an executive winner, the market gets 48h from the …window TWAP under the baseline. A Debate winner is terminal at the ballot Exit Open to any holder carr…ts/fundamentals/what-is-a-dao)

A caper is an organization tha…. - Real say. Every proposal that would spend is settled by the market it sp…f the price holds up over its 48-hour window. Selling is the veto, s… small fraction of each trade.

The life of a caper 1 – Launc…makes the proposal triggerable, – unless the winning option is a Debate position, which the contract refuses to trigger, so a proposal can now pass and do nothing – and the trigger locks the tra…undamentals/history-of-daos) .

The life of a caper 1 – Launc…pty, so an account that has nevither traded nor voted has no exit to take rather tha…ke accrues on the trade itself and on each ballot cast, so the door opens with your first buy rather thanwithout waithing on any act of governance – and voting opens it too. This is the strongest form o…undamentals/history-of-daos) .

Topic Core concept Components…grade · Metadata Decided by The market – a proposal passes 48h after creation iff spot price is at or above the 7-day TWAP locked when it was raisedwo phases – a ranked Borda ballot must clear 1.5 / option_count of cast weight, then the market gets 48h from the trigger to veto by holding the window TWAP under the baseline Exit Open to any holder carr…ts/fundamentals/what-is-a-dao)

The fee structure A caper cha… every caper on the platform. CAPER PROTOCOLFee structureFISEVEN FEESXRDpaid in XRDTOKENpaid in the caper’s own tokenTHE FISEVEN FEESACTIONAMOUNTPAID INFLOWS … · $CAPER 1/31Proposeopen a 48h window500 min · 10% ranked ballot500 XRDflat, kept whether it passes or failsXRDwthichever is larger, kept either ws caper’s treasuryVoterank the options100 XRDper ballot · mints 1 soulbound vXRDthis caper’s treasuryExecutetrigger the 48h window10%of the action · 0 if the ballot says treasury paysXRDthis caper’s treasuryTHE FO…PERFED BYBuy fee0.5%Propose500+ XRDVote100 XRDExecute10%Funds the caper you’reactive i… setters.caper.networkCaper’s five fees and where each one flows …oyed, with no runtime setters.

The life of a caper 1 – Launc…s on this caper's own token). There is no ballot. CreationIt is decided in two phases. First a ranked ballot: members rank every option (one is always a “Do nothing”) for 100 XRD a ballot, and a Borda tally passes the leader only if its share of the weight cast clears 1.5 / option_count. A pass then makes the proposal triggerable, and the trigger locks the trailing 7-day time…e and opens a 48-hour window; afterwhen it closes, anyone can resolve the proposal, and it passes if and only if the live spot priceTWAP over the window itself is at or above that baseline. Holding through the window is consent and buying is suppo… only way to block a proposal the ballot carried is to sell the price under its…undamentals/history-of-daos) .

The fee structure A caper charges five fees. Trading fees are small and paid in XRD; the proposal fee is the larger of 5ees on six occasions, and the governance ones come in two tiers. Trading fees are small and paid in XRD. Opening a proposal costs a flat 500 XRD, kept whether it passes or fails; casting a ranked ballot on one costs 100 XRD; and a tenth of what the proposal wouldexecuting a proposal that won its ballot costs a further 10% of what it moves, ancharged iat is kept whetthe trigger and waived outright whern the proposal passes or fails; tballot itself returns “treasury pays”. The founder reward is paid in t…curve fills. Nothing is burned –: every fee recycles into a tre… every caper on the platform. CAPER PROTOCOLFee structureFIV…oyed, with no runtime setters.

The fee structure A caper cha… an index fund onall of Caper.Every figure is wWritten once when the platform logic is deployed – there are no runtime setters, so a change means a fresh logic component and a governed upgrade.caper.networkCaper’s five fee…oyed, with no runtime setters.

The fee structure A caper charges sixfive fees. Trading fees are small and paid in XRD; the proposal fee is the larger of 500 XRD and a tenth of what the proposal would move, and it is kept whether the proposal passes or fails; the founder reward is paid in the curve’s own composition —– two thirds in XRD, one third in the caper’s own token —– and fades to zero as the curve fills. Nothing is burned —– every fee recycles into a tre…. CAPER PROTOCOLFee structureSIXFIVE FEESXRDpaid in XRDTOKENpaid in the caper’s own tokenTHE SIXFIVE FEESACTIONAMOUNTPAID INFLOWS … · $CAPER 1/31Proposeopen a vote500 XRDdeters proposal spam48h window500 min · 10% XRDtwhis caper’s treasuryVotecast a ballot100 XRDskin in the gamechever is larger, kept either wayXRDthis caper’s treasuryTHE FO…PERFED BYBuy fee0.5%Propose500 XRDVote100+ XRDFunds the caper you’reactive in —– its own war chest.$XRDFED BYS….5%Shared by every $XRD holder—– the platform’s base layer.IND…XRD + a token from everycaper —– an index fund onall of Caper.AllEvery figures are platform-level settings, changed only with the protocol admin b is written once when the platform logic is deployed – there are no runtime setters, so a change means a fresh logic component and a governed upgradge.caper.networkCaper’s sixfive fees and where each one flows · platform-level settings, changed only with the protocol admin badgewritten once when the platform logic is deployed, with no runtime setters.

Topic Core concept Components Governance token · Treasury · Bonding-curve AMM Supply 100bn, fixed at genesis Proposals Payout · Invest · Divest · Vote · Upgrade Exit Open to any member whose ballot has been released – the treasury share equals your voting weight Related Getting started (/wiki/foundations/getting-started) , Bonding curve (/wiki/markets/bonding-curve) , What is a DAO? (/wiki/dao-governance/concepts/fundamentals/what-is-a-dao)

A caper is an organization that anyone can launch in one click. Each caper has its own token, treasury, and community of holders who steer it by making proposals and voting. Caper is the launchpad that creates these organizations and keeps them honest. The four promises: - Launch and raise instantly. No paperwork, no team, no upfront capital. Pick a name, sign one transaction, and your token is live with a market open for backers. - Always tradeable. Every caper has a built-in market — buy in or cash out at any time against a pool that never disappears. - Real say. Holders vote on every meaningful decision, and voting weight is the product of the tokens you hold and the votes you have actually cast. No insiders with hidden allocations. - Exit on demand. Once you have voted, burn your stake and walk away with your share of the treasury. The door is never locked on a member who has taken part. The three permanent components - A fixed-supply governance token — 100 billion units, minted once at genesis. The resource has no mint or burn role, so supply is structurally unchangeable. - A treasury that holds XRD and any tokens the DAO accumulates. - A perpetual bonding-curve AMM that mediates every buy and sell of the governance token. All 100bn tokens are minted into a single inventory vault on the curve. There is no upfront founder allocation and no pre-allocated Caper Commons bucket — both accrue continuously, per buy, as a small fraction of each trade.

The life of a caper 1 — Launch. One transaction creates the token, the treasury, and the curve, and hands the founder a badge. Nothing else is needed — see Raising funds (/wiki/markets/raising-funds) for what the founder does and doesn't get. 2 — Trade. Backers buy and sell against the bonding curve (/wiki/markets/bonding-curve) at a price set by a fixed formula, not by matching counterparties — so the market exists from the first second and can never be rugged away. A 0.5% fee on each trade is what funds the system; the buy-side fee flows into that caper's own treasury. Details in Trading (/wiki/markets/trading) . 3 — Govern. Any member can raise a proposal, and a proposal is either legislative – a signal-only vote that records an outcome and touches nothing on-chain – or executive, in which case each option carries exactly one of five on-chain actions: Payout (send treasury funds to a recipient), Invest (spend treasury XRD buying another caper's token), Divest (sell a token this treasury already holds back into that caper's curve for XRD), Vote (cast this caper's treasury weight in another caper's governance — capers can be members of capers), or Upgrade (swap the platform's shared logic, reserved to the $CAPER caper itself). The full set is broken down in Proposals (/wiki/governance/proposals) . Ballots are complete rankings settled by a Borda count (/wiki/dao-governance/concepts/voting/ranked-and-alternative-ballot-methods) rather than an instant runoff: every voter must rank every option, and a partial or duplicated ballot is rejected outright. Voting weight rewards commitment twice over: it scales with both the tokens you have staked into the caper's ballot box and the soulbound vote tokens you have earned by participating in past votes. See Proposals (/wiki/governance/proposals) and Voting (/wiki/governance/voting) . 4 — Exit. At any time, a member who has voted can burn their stake and receive their share of the treasury — computed by the same formula as their voting weight, so influence and exit rights can never drift apart. The call surrenders governance tokens and soulbound vote tokens together and asserts both buckets are non-empty, so a holder who has never voted has no exit to take rather than a zero-valued one. Vote tokens are minted when a proposal's ballots are released, so the door opens on your first released ballot rather than on your first cast. This is the strongest form of the rage-quit right (/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) pioneered by MolochDAO: not a proposal, not a grace period — a standing door. Founder economics Founders are paid by the market, not by a pre-mine. On each buy, a small and steadily shrinking slice of the newly-sold tokens routes to the founder's vault instead of the buyer, and 1/31 of that slice goes to the $CAPER treasury — so every caper launched strengthens the commons. The slice tapers to zero as the token distributes, which means a founder's upside comes from growing the caper, not from dumping an allocation. Full mechanics in Raising funds (/wiki/markets/raising-funds) . Capers in the DAO landscape A caper is a DAO (/wiki/dao-governance/concepts/fundamentals/what-is-a-dao) in the strict sense — treasury, token-weighted votes, on-chain execution — but it bundles into one contract what most DAOs assemble from parts: a token launch, an AMM pool, a treasury custody solution (/wiki/dao-governance/tooling/treasury/safe) , a voting system (/wiki/dao-governance/tooling/voting/snapshot) , and an execution layer. That single-contract design closes the gaps where DAO failures historically live — unfunded treasuries, governance (/wiki/dao-governance/concepts/fundamentals/dao-governance-models) that can't execute, and members trapped behind treasuries (/wiki/dao-governance/concepts/treasury/dao-treasury-management) they can't reach. Where it sits in the industry's arc — and what it inherits from a decade of experiments — is covered in the history of DAOs (/wiki/dao-governance/concepts/fundamentals/history-of-daos) .

Topic Core concept Components Governance token · Treasury · Bonding-curve AMM Supply 100bn, fixed at genesis Proposals Payout · Invest · Divest · Upgrade · Metadata Decided by The market – a proposal passes 48h after creation iff spot price is at or above the 7-day TWAP locked when it was raised Exit Open to any holder carrying stake tokens – the treasury share is (t × v) / (V × T) Related Getting started (/wiki/foundations/getting-started) , Bonding curve (/wiki/markets/bonding-curve) , What is a DAO? (/wiki/dao-governance/concepts/fundamentals/what-is-a-dao)

A caper is an organization that anyone can launch in one click. Each caper has its own token, treasury, and community of holders who steer it by raising proposals and trading against them. Caper is the launchpad that creates these organizations and keeps them honest. The four promises: - Launch and raise instantly. No paperwork, no team, no upfront capital. Pick a name, sign one transaction, and your token is live with a market open for backers. - Always tradeable. Every caper has a built-in market – buy in or cash out at any time against a pool that never disappears. - Real say. Every proposal is settled by the market it spends against: it passes only if the price holds up over its 48-hour window. Selling is the veto, so the people carrying the cost decide. No insiders with hidden allocations. - Exit on demand. Trading accrues a soulbound stake token; hand it back with your governance tokens and walk away with your share of the treasury. The door is never locked on a member who put money in. The three permanent components - A fixed-supply governance token – 100 billion units, minted once at genesis. The resource has no mint or burn role, so supply is structurally unchangeable. - A treasury that holds XRD and any tokens the DAO accumulates. - A perpetual bonding-curve AMM that mediates every buy and sell of the governance token. All 100bn tokens are minted into a single inventory vault on the curve. There is no upfront founder allocation and no pre-allocated Caper Commons bucket – both accrue continuously, per buy, as a small fraction of each trade.

The life of a caper 1 – Launch. One transaction creates the token, the treasury, and the curve, and hands the founder a badge. Nothing else is needed – see Raising funds (/wiki/markets/raising-funds) for what the founder does and doesn't get. 2 – Trade. Backers buy and sell against the bonding curve (/wiki/markets/bonding-curve) at a price set by a fixed formula, not by matching counterparties – so the market exists from the first second and can never be rugged away. A 0.5% fee on each trade is what funds the system; the buy-side fee flows into that caper's own treasury. Every trade also accrues a soulbound stake token at 0.01 per XRD of gross buy outlay or gross curve payout, which is what later opens the exit. Details in Trading (/wiki/markets/trading) . 3 – Govern. Any holder of at least one governance token can raise a proposal, and a proposal carries exactly one on-chain action: Payout (send treasury funds to a recipient), Invest (spend treasury XRD buying another caper's token), Divest (sell a token this treasury already holds back into that caper's curve for XRD), Upgrade (swap the platform's shared logic, reserved to the $CAPER caper itself), or Metadata (rewrite the mutable presentation keys on this caper's own token). There is no ballot. Creation locks the trailing 7-day time-weighted average price as a baseline and opens a 48-hour window; after it closes, anyone can resolve the proposal, and it passes if and only if the live spot price is at or above that baseline. Holding is consent and buying is support; the only way to block a proposal is to sell the price under its baseline before the window shuts. The full set is broken down in Proposals (/wiki/governance/proposals) . 4 – Exit. At any time, a holder can surrender governance tokens together with soulbound stake tokens and receive a share of the treasury equal to (t × v) / (V × T) – the tokens tendered, times the stake tokens tendered, over total stake supply times circulating tokens. The call asserts both buckets are non-empty, so an account that has never traded has no exit to take rather than a zero-valued one. Stake accrues on the trade itself, so the door opens with your first buy rather than with any act of governance. This is the strongest form of the rage-quit right (/wiki/dao-governance/concepts/membership/rage-quit-and-exit-rights) pioneered by MolochDAO: not a proposal, not a grace period – a standing door. Founder economics Founders are paid by the market, not by a pre-mine. On each buy, a small and steadily shrinking slice of the newly-sold tokens routes to the founder's vault instead of the buyer, and 1/31 of that slice goes to the $CAPER treasury – so every caper launched strengthens the commons. The slice tapers to zero as the token distributes, which means a founder's upside comes from growing the caper, not from dumping an allocation. Full mechanics in Raising funds (/wiki/markets/raising-funds) . Capers in the DAO landscape A caper is a DAO (/wiki/dao-governance/concepts/fundamentals/what-is-a-dao) in the strict sense – treasury, on-chain execution, holders who decide – but it bundles into one contract what most DAOs assemble from parts: a token launch, an AMM pool, a treasury custody solution (/wiki/dao-governance/tooling/treasury/safe) , a decision procedure (/wiki/dao-governance/tooling/voting/snapshot) , and an execution layer. It also replaces the part most DAOs struggle with: instead of a ballot almost nobody returns, the decision rides the market that is already pricing the treasury. That single-contract design closes the gaps where DAO failures historically live – unfunded treasuries, governance (/wiki/dao-governance/concepts/fundamentals/dao-governance-models) that can't execute, and members trapped behind treasuries (/wiki/dao-governance/concepts/treasury/dao-treasury-management) they can't reach. Where it sits in the industry's arc – and what it inherits from a decade of experiments – is covered in the history of DAOs (/wiki/dao-governance/concepts/fundamentals/history-of-daos) .

Topic Core concept Components…e Exit Open to any member who has votse ballot has been released – the treasury share equals…ts/fundamentals/what-is-a-dao)

The life of a caper 1 — Launc… rewards commitment twice over —: it scales with both the tokens you holdave staked into the caper's ballot box and the soulbound vote tokens you' have earned by participating in …rather than a zero-valued one. Vote tokens are minted when a proposal's ballots are released, so the door opens on your first released ballot rather than on your first cast. This is the strongest form of…undamentals/history-of-daos) .

The fee structure A caper cha…all of Caper.All figures are protocol defaults — adjustable by governanclatform-level settings, changed only with the protocol admin badge.caper.networkCaper’s six fee…with the protocol admin badge.

The fee structure A caper cha…with the protocol admin badge. Who sets the fees None of these numbers live inside an individual caper. Every caper on the platform trades through one shared logic component, and that component holds a single fee schedule for all of them: a 0.5% trade fee, a collateralization peak of 0.15 that sizes the founder reward, a 500 XRD proposal fee and a 100 XRD vote fee. They are instantiation values, not constants — one method, update_fees, rewrites all four in a single call. That method is not open to a caper's own proposals (/wiki/governance/proposals) . It is restricted to an admin role that requires the registry's protocol admin badge — the same key that authorises a logic upgrade (/wiki/governance/execution) . So a caper's members govern their treasury, not the platform's fee schedule. The registry itself globalizes under an updatable owner rule, which is what leaves room for that authority to be re-pointed at $CAPER governance later; until it is, the badge is the answer to “who can change this?”. All four arrive with an assertion, and three of the bounds bite. The collateralization peak must sit in [0, 0.15]; that bound exists because the founder's ceiling is derived from the peak rather than stored beside it – at the maximum, the founder's share of a buy works out just under 5%. Unbounded, that ceiling would be a setting the badge could raise; bounded, it is a property of the curve. The trade fee is capped at 10%, twenty times its current rate. The proposal fee is bounded the other way, by a floor: it must always cover the per-proposal settlement-gas budget, which is itself 500 XRD, so the figure above sits exactly on its own floor and is the one number here the badge can raise but not cut. Only the vote fee is bounded at zero alone. The founder reward (/wiki/markets/raising-funds) page carries the derivation, and Trading (/wiki/markets/trading) covers where each fee lands.

Topic Core concept Components…Divest · Vote · Upgrade Exit Always openOpen to any member who has voted – the treasury share equals y…ts/fundamentals/what-is-a-dao)

A caper is an organization tha…s with hidden allocations. - Always exit. BExit on demand. Once you have voted, burn your stake and walk away w…sury. The door is never locked on a member who has taken part. The three permanent compone… small fraction of each trade.

The life of a caper 1 — Launc…— Exit. At any time, a member who has voted can burn their stake and recei… rights can never drift apart. The call surrenders governance tokens and soulbound vote tokens together and asserts both buckets are non-empty, so a holder who has never voted has no exit to take rather than a zero-valued one. This is the strongest form of…undamentals/history-of-daos) .

The fee structure A caper cha…r to “who can change this?”. Exactly one of the four is bounded in code: tAll four arrive with an assertion, and three of the bounds bite. The collateralization peak must sit in [0, 0.15]. The; that bound exists because the foun… rather than stored beside it —– at the maximum, the founder's…it is a property of the curve. The trade fee is capped at 10%, twenty times its current rate. The proposal fee is bounded the other way, by a floor: it must always cover the per-proposal settlement-gas budget, which is itself 500 XRD, so the figure above sits exactly on its own floor and is the one number here the badge can raise but not cut. Only the vote fee is bounded at zero alone. The founder reward (/wiki/ma… covers where each fee lands.

Topic Core concept Components… Proposals Payout · Invest · VotDivest · Vote · Upgrade Exit Always open – the trea…ts/fundamentals/what-is-a-dao)

The life of a caper 1 — Launc…ber can raise a proposal, and everya proposal is one of three kindeither legislative – a signal-only vote that records an outcome and touches nothing on-chain – or executive, in which case each option carries exactly one of five on-chain actions: Payout (send treasury funds…uying another caper's token), orDivest (sell a token this treasury already holds back into that caper's curve for XRD), Vote (cast this caper's treas…pers can be members of capers), or Upgrade (swap the platform's shared logic, reserved to the $CAPER caper itself). The full set is broken down in Proposals (/wiki/governance/proposals) . Ballots are complete ranking…undamentals/history-of-daos) .

The fee structure A caper cha…s and where each one flows · protocol defaults, adjustable by governancelatform-level settings, changed only with the protocol admin badge. Who sets the fees None of these numbers live inside an individual caper. Every caper on the platform trades through one shared logic component, and that component holds a single fee schedule for all of them: a 0.5% trade fee, a collateralization peak of 0.15 that sizes the founder reward, a 500 XRD proposal fee and a 100 XRD vote fee. They are instantiation values, not constants — one method, update_fees, rewrites all four in a single call. That method is not open to a caper's own proposals (/wiki/governance/proposals) . It is restricted to an admin role that requires the registry's protocol admin badge — the same key that authorises a logic upgrade (/wiki/governance/execution) . So a caper's members govern their treasury, not the platform's fee schedule. The registry itself globalizes under an updatable owner rule, which is what leaves room for that authority to be re-pointed at $CAPER governance later; until it is, the badge is the answer to “who can change this?”. Exactly one of the four is bounded in code: the collateralization peak must sit in [0, 0.15]. The bound exists because the founder's ceiling is derived from the peak rather than stored beside it — at the maximum, the founder's share of a buy works out just under 5%. Unbounded, that ceiling would be a setting the badge could raise; bounded, it is a property of the curve. The founder reward (/wiki/markets/raising-funds) page carries the derivation, and Trading (/wiki/markets/trading) covers where each fee lands.

Topic Core concept Components…vest · Vote Exit Always open — pro-rata– the treasury share equals your voting weight Related Getting started (/w…ts/fundamentals/what-is-a-dao)

A caper is an organization tha…l decision, and voting weight comes from tokens youis the product of the tokens you hold and the votes you have actually holdcast. No insiders with hidden allo… small fraction of each trade.

The life of a caper 1 — Launc…mbers of capers). Ballots are ranked-choicecomplete rankings settled by a Borda count (/wiki/dao-governance/concepts/voting/ranked-and-alternative-ballot-methods) rather than an instant runoff: every voter must ranks every option, and a partial or duplicated ballot is rejected outright. Voting weight rewards commit…undamentals/history-of-daos) .

Topic Core concept Components…) , What is a DAO? (/wiki/daos-governance/concepts/fundamentals/what-is-a-dao)

The life of a caper 1 — Launc…he rage-quit right (/wiki/daos-governance/concepts/membership/rage-quit… A caper is a DAO (/wiki/daos-governance/concepts/fundamentals/what-is…ry custody solution (/wiki/daos-governance/tooling/treasury/safe) , a voting system (/wiki/daos-governance/tooling/voting/snapshot) , an…suries, governance (/wiki/daos-governance/concepts/fundamentals/dao-gov… behind treasuries (/wiki/daos-governance/concepts/treasury/dao-treasur…he history of DAOs (/wiki/daos-governance/concepts/fundamentals/history-of-daos) .

The fee structure A caper cha…founder reward is paid in the curve’s own composition — two thirds in XRD, one third in the caper’s own token — and fades to zero as the curv…y15% → 0%fades out by 30% soldTOKENfounder 30/31XRD + TOK⅔ xrd · ⅓ coin · $CAPER 1/31Proposeopen a …ty, thenfade as the rate does.Each reward splits 30/31 to thePaid ⅔ in XRD, ⅓ in the coin – 30/31 founder, 1/31 to $CAPER.WHERE VALUE POOLSTHIS C…lts, adjustable by governance.

Topic Core concept Components…) , What is a DAO? (/wiki/daos/concepts/fundamentals/what-is-a-dao)

The life of a caper 1 — Launc…he rage-quit right (/wiki/daos/concepts/membership/rage-quit-and-exit-rights) pi… A caper is a DAO (/wiki/daos/concepts/fundamentals/what-is-a-dao) in the strict …ry custody solution (/wiki/daos/tooling/treasury/safe) , a voting system (/wiki/daos/tooling/voting/snapshot) , and an execution l…suries, governance (/wiki/daos/concepts/fundamentals/dao-governance-models) that c… behind treasuries (/wiki/daos/concepts/treasury/dao-treasury-management) they…he history of DAOs (/wiki/daos/concepts/fundamentals/history-of-daos) .

The fee structure A caper cha…is caper’s treasuryTHE FOUNDER REWARD’S SHARE FADES TO ZERO0%5%10%15%0%10%2…ld% of the caper’s supply soldWhy it fadesA caper is riskiShare vs earningsThe founder’s cut of each buy is largest atlaunch, so thefounder earns the most from the earliestbuyers. The reward shrinks in a straightline and reaches zero once 30% of supply hassold — after that, the curvwhen risk is highest, and falls tozero by 30% sold. But price starts nearzero, so actual earnings aren’tfront-loaded: they build with activity, thenfade ias the buyer’sonly counterpartyrate does.Each reward splits 30/31 to t…lts, adjustable by governance.

The fee structure A caper cha…every caper on the platform. CAPER PROTOCOLFee structureSIX FEES XRD XRDpaid in XRDTOKENpaid in the caper’s own tokenTHE SIX FEESACTIONAMOUNTPAID INFLOWS TOCre… 1,000,000 XRDby ticker length XRD XRD$CAPER treasuryBuyon the bonding curve0.5%of the XRD spent XRD XRDthis caper’s treasurySell · Sw…osition0.5%of the XRD received XRD XRD$XRD treasuryFounder rewarda s…y15% → 0%fades out by 30% soldTOKENfounder 30/31 · $CAPER 1/31P…ote500 XRDdeters proposal spam XRD XRDthis caper’s treasuryVotecast … ballot100 XRDskin in the game XRD XRDthis caper’s treasuryTHE FOUNDER REWARD FADES TO ZERO0%5%10%15%0%10%20%30%40%15% at… is riskiest at launch, so thefounderearns the most from the earliestbuyers. Thereward shrinks in a straightline and reacheszero once 30% of supply hassold — after that,the curve is the buyer’sonly counterparty.Each reward …o the founder, 1/31 to $CAPER.WHERE VALUE POOLSTHIS CAPERFED BYBuy fee0.5%Pro…lts, adjustable by governance.

The fee structure A caper charges six fees. Trading fees are small and paid in XRD; the founder reward is paid in the caper’s own token and fades to zero as the curve fills. Nothing is burned — every fee recycles into a treasury, and two of them feed the $CAPER treasury, which collects a slice of every caper on the platform. CAPER PROTOCOLFee structureSIX FEES XRD paid in XRD TOKEN paid in the caper’s own token THE SIX FEES ACTIONAMOUNTPAID INFLOWS TOCreate a caperone-time registration10 – 1,000,000 XRDby ticker length XRD $CAPER treasuryBuyon the bonding curve0.5%of the XRD spent XRD this caper’s treasurySell · Swap · Exitleave a position0.5%of the XRD received XRD $XRD treasuryFounder rewarda slice of each buy15% → 0%fades out by 30% sold TOKEN founder 30/31 · $CAPER 1/31Proposeopen a vote500 XRDdeters proposal spam XRD this caper’s treasuryVotecast a ballot100 XRDskin in the game XRD this caper’s treasury THE FOUNDER REWARD FADES TO ZERO 0%5%10%15%0%10%20%30%40%15% at launch0% at 30% sold% of the caper’s supply soldWhy it fadesA caper is riskiest at launch, so the founderearns the most from the earliest buyers. Thereward shrinks in a straight line and reacheszero once 30% of supply has sold — after that,the curve is the buyer’s only counterparty.Each reward splits 30/31 to the founder, 1/31 to $CAPER. WHERE VALUE POOLS THIS CAPERFED BYBuy fee0.5%Propose500 XRDVote100 XRDFunds the caper you’reactive in — its own war chest.$XRDFED BYSell · Swap · Exit0.5%Shared by every $XRD holder— the platform’s base layer.INDEX FUND$CAPERFED BYCreation feesXRDFounder reward1/31XRD + a token from everycaper — an index fund onall of Caper.All figures are protocol defaults — adjustable by governance.caper.networkCaper’s six fees and where each one flows · protocol defaults, adjustable by governance.

Topic Core concept Components Governance token · Treasury · Bonding-curve AMM Supply 100bn, fixed at genesis Proposals Payout · Invest · Vote Exit Always open — pro-rata treasury share Related Getting started (/wiki/foundations/getting-started) , Bonding curve (/wiki/markets/bonding-curve) , What is a DAO? (/wiki/dao/concepts/what-is-a-dao)

A caper is an organization that anyone can launch in one click. Each caper has its own token, treasury, and community of holders who steer it by making proposals and voting. Caper is the launchpad that creates these organizations and keeps them honest. The four promises: - Launch and raise instantly. No paperwork, no team, no upfront capital. Pick a name, sign one transaction, and your token is live with a market open for backers. - Always tradeable. Every caper has a built-in market — buy in or cash out at any time against a pool that never disappears. - Real say. Holders vote on every meaningful decision, and voting weight comes from tokens you actually hold. No insiders with hidden allocations. - Always exit. Burn your stake and walk away with your share of the treasury. The door is never locked. The three permanent components - A fixed-supply governance token — 100 billion units, minted once at genesis. The resource has no mint or burn role, so supply is structurally unchangeable. - A treasury that holds XRD and any tokens the DAO accumulates. - A perpetual bonding-curve AMM that mediates every buy and sell of the governance token. All 100bn tokens are minted into a single inventory vault on the curve. There is no upfront founder allocation and no pre-allocated Caper Commons bucket — both accrue continuously, per buy, as a small fraction of each trade.

The life of a caper 1 — Launch. One transaction creates the token, the treasury, and the curve, and hands the founder a badge. Nothing else is needed — see Raising funds (/wiki/markets/raising-funds) for what the founder does and doesn't get. 2 — Trade. Backers buy and sell against the bonding curve (/wiki/markets/bonding-curve) at a price set by a fixed formula, not by matching counterparties — so the market exists from the first second and can never be rugged away. A 0.5% fee on each trade is what funds the system; the buy-side fee flows into that caper's own treasury. Details in Trading (/wiki/markets/trading) . 3 — Govern. Any member can raise a proposal, and every proposal is one of three kinds: Payout (send treasury funds to a recipient), Invest (spend treasury XRD buying another caper's token), or Vote (cast this caper's treasury weight in another caper's governance — capers can be members of capers). Ballots are ranked-choice: every voter ranks every option. Voting weight rewards commitment twice over — it scales with both the tokens you hold and the soulbound vote tokens you've earned by participating in past votes. See Proposals (/wiki/governance/proposals) and Voting (/wiki/governance/voting) . 4 — Exit. At any time, a member can burn their stake and receive their share of the treasury — computed by the same formula as their voting weight, so influence and exit rights can never drift apart. This is the strongest form of the rage-quit right (/wiki/dao/concepts/rage-quit-and-exit-rights) pioneered by MolochDAO: not a proposal, not a grace period — a standing door. Founder economics Founders are paid by the market, not by a pre-mine. On each buy, a small and steadily shrinking slice of the newly-sold tokens routes to the founder's vault instead of the buyer, and 1/31 of that slice goes to the $CAPER treasury — so every caper launched strengthens the commons. The slice tapers to zero as the token distributes, which means a founder's upside comes from growing the caper, not from dumping an allocation. Full mechanics in Raising funds (/wiki/markets/raising-funds) . Capers in the DAO landscape A caper is a DAO (/wiki/dao/concepts/what-is-a-dao) in the strict sense — treasury, token-weighted votes, on-chain execution — but it bundles into one contract what most DAOs assemble from parts: a token launch, an AMM pool, a treasury custody solution (/wiki/dao/tooling/safe) , a voting system (/wiki/dao/tooling/snapshot) , and an execution layer. That single-contract design closes the gaps where DAO failures historically live — unfunded treasuries, governance (/wiki/dao/concepts/dao-governance-models) that can't execute, and members trapped behind treasuries (/wiki/dao/concepts/dao-treasury-management) they can't reach. Where it sits in the industry's arc — and what it inherits from a decade of experiments — is covered in the history of DAOs (/wiki/dao/concepts/history-of-daos) .