DOCUMENTATION

01 · OVERVIEW

$RUNG is an Ethereum-native token that launches through a deterministic two-phase order book — a return to how crypto used to trade before AMMs.

There is no bonding curve, no AMM, no LP. Every $RUNG enters circulation through a fixed-price laddered bootstrap, then transitions to a permissionless EIP-712 order book. Every buyer needs a seller. Every seller needs a buyer.

21,000,000 supply · 2,100 rungs · 0 premine · 0 dev bag · 0 LP reserve

The two phases

1. Phase 1 — The Ladder. 2,100 fixed-price rungs auction off the entire supply. Buyers send ETH; the rung price scales quadratically with rung number.
2. Phase 2 — The Book. Once rung 2,100 closes, the ladder dies and a permissionless order book opens. Sellers post EIP-712-signed orders off-chain; anyone fills them on-chain. The same transaction that closes rung 2,100 also renounces all admin powers, forever.

02 · THE LADDER

The bootstrap phase. 2,100 rungs, 10,000 RUNG each (21,000,000 total). Every buyer's fillRung() transaction spills across rungs as each closes.

Price curve

The price per RUNG at rung n is:

pricePerToken(n) = PRICE_K · n²    where PRICE_K = 3,237,000 wei

Examples (at $2,400/ETH):

Full sweep raises approximately 100 ETH.

Spillover

One fillRung() call can close multiple rungs in sequence. Whoever's transaction submits the last slice that brings a rung's remaining tokens to zero mints the trophy NFT for that rung. A single tx can close many rungs and mint many trophies.

Practical cap is ~200–300 rungs per transaction due to the Ethereum block gas limit (~30M). Whales wanting larger positions split across multiple txs.

What you receive

For each fillRung():

• RUNG tokens equal to ETH-paid / pricePerToken (ERC20)
• One trophy NFT per rung your transaction closes
• Any leftover ETH refunded automatically

03 · TROPHIES

2,100 numbered ERC721 NFTs. One per closed rung, ever.

How they're minted

Each rung has 10,000 RUNG of supply. When that supply is exhausted by buyers, the rung "closes." The transaction that closes it mints Trophy #N to the sender of that transaction. The trophy is permanently associated with the rung's price and timestamp.

On-chain metadata

Trophy metadata is fully on-chain. No IPFS, no off-chain hosting, no external dependency. The SVG image and JSON metadata are generated by the contract at the moment tokenURI() is called.

What they do

Trophies grant nothing functional. No fee discount, no governance, no yield. They are status symbols — proof that you were there.

Trophies are standard ERC721 and are tradable on OpenSea, Blur, or any NFT marketplace. We embed live OpenSea listings inside the dApp under app.rung.trade/trophies → MARKETPLACE.

04 · THE BOOK

The permissionless central limit order book. Activates when rung 2,100 closes.

EIP-712 signed orders

Sellers sign an order off-chain (gasless). The order specifies amount, price per token, expiry, and a random salt:

SellOrder {
  address seller;
  uint256 amount;          // RUNG base units
  uint256 pricePerToken;   // wei per RUNG
  uint256 expiry;          // unix seconds
  uint256 salt;            // uniqueness
}

The signature is shared off-chain (via the indexer, or peer-to-peer). Any buyer can present the signed order to the contract along with the ETH payment, and the contract atomically:

1. Verifies the signature, expiry, and that the order isn't filled or cancelled
2. Pulls the RUNG from the seller (requires prior approve)
3. Sends ETH minus 0.1% taker fee to the seller
4. Sends 0.1% taker fee to the burn address (0x...dEaD)
5. Refunds any overpayment

Cancellation

The seller can call cancelOrder(order) on-chain at any time to invalidate a signed order. This costs ~47k gas.

Settlement currency

Native ETH only. No WETH wrapping required. Buyers send msg.value with the fill.

Indexer

A community indexer at api.rung.trade stores signed orders and serves them via REST + WebSocket. It is not authoritative — anyone can run their own, or share orders peer-to-peer. The on-chain contract is the only source of truth.

No partial fills

Orders are atomic. Each signed order is filled in full or not at all. (Sellers wanting partial fills should post multiple smaller orders.)

05 · TOKENOMICS

The total supply can only decrease over time. There is no mint function callable after deployment. Every burn (off-book transfer tax, book taker fee) is permanent.

06 · OFF-BOOK TAX

Every $RUNG transfer where neither the sender nor recipient is the Ladder contract or the Book contract pays a 5% tax in RUNG tokens, immediately burned.

Exempt transfers

• Mints (already exempt by design — from == address(0))
• Burns (to == address(0))
• Ladder ↔ wallet (during ladder phase, buying or any direct interaction)
• Book ↔ wallet (settlements via the Book are tax-free)

Taxed transfers

• Wallet ↔ wallet direct sends
• Wallet ↔ Uniswap / Curve / any external pool
• Wallet ↔ third-party escrow contract

Effect

Every off-book transfer permanently retires supply. The book becomes the gravitationally cheap venue for all serious trading. Shadow markets (Uniswap pools) leak supply on every interaction — they exist, but they bleed.

07 · TRUST MODEL

Two phases of trust assumptions.

During the ladder (Phase 1)

An admin address (the deploy wallet) holds these powers:

• setPaused(bool) — emergency pause of fillRung()
• setTreasury(address) — rotate the recipient of ladder ETH
• renounceAdmin() — voluntary early renunciation

These exist as safety mechanisms during the highest-risk window of the protocol's life. They cannot be used to mint tokens, alter prices, change the curve, or rug the treasury — only to pause or redirect to a different cold-storage address.

After rung 2,100 closes (Phase 2)

The same transaction that closes rung 2,100 also automatically and atomically renounces all admin powers across every contract:

• Ladder admin → address(0)
• Ladder active flag → permanently false
• Book activated → permanently true
• No setPaused, no setTreasury, no upgrades

The contracts become fossils. The launch ends. The protocol begins.

08 · CONTRACTS

All contracts deployed at the launch transaction. Verified on Etherscan.

Addresses will be filled in immediately after the mainnet deploy transaction confirms.

Verification

Every contract is verified on Etherscan with full source code, ABI, and the same compiler settings used in development (Solidity 0.8.28, optimizer 200 runs, via_ir true). Do not interact with any contract claiming to be $RUNG that is not in the table above.

Audit

Pre-launch audit performed in-house:

• 37 unit + integration tests, 100% passing
• 6 invariant tests across 4,096 randomized state mutations each
• Slither static analysis — no high/medium findings on protocol code
• Foundry-fork mainnet rehearsal of full deploy → ladder buy → handover lifecycle

09 · FAQ

Can I sell RUNG during the ladder phase?

The Book is locked until rung 2,100 closes. During the ladder phase you have three exit paths:

• Send RUNG to another wallet — pays the 5% off-book tax (burned)
• Send RUNG to a Uniswap pool (if anyone has created one) — same 5% tax
• Sell any trophy NFTs you've minted on OpenSea — no tax, no friction

What happens if no one buys from the ladder?

Nothing breaks. The ladder stays open until rung 2,100 closes — there is no time limit. If interest stalls at rung 47, the protocol simply waits. Late buyers can resume at any time.

Can a single whale sweep the entire ladder?

Yes, in principle — but practically capped by the Ethereum block gas limit. Sweeping ~200 rungs in one transaction is the realistic ceiling. Larger sweeps split across multiple transactions, giving MEV bots and organic buyers a chance to slip in between blocks.

Is there a token vesting schedule?

No. There is no team allocation, no investor allocation, no LP reserve, and no vesting. 100% of supply enters circulation only when ETH is paid for it at the ladder.

What happens to the ETH I send for a rung?

It is forwarded to the treasury address at the moment your transaction confirms. During the ladder phase, the treasury is controlled by the deploy wallet (configurable to a multisig or cold address via setTreasury). After handover, the treasury address is locked — admin can no longer change it.

How is the trophy NFT awarded if my tx closes multiple rungs?

You receive one trophy per closed rung. A transaction that closes rungs 17, 18, and 19 mints Trophy #17, #18, and #19 — all to your wallet.

What's the EIP-712 domain for signing book orders?

Name: RUNG Book, version 1, chainId 1 (mainnet), verifyingContract = Book address.

Is the off-book tax permanent?

Yes. There is no admin function to modify or disable the 5% tax. It is baked into the token contract at deploy and is enforced by every transfer for the lifetime of the protocol.

What chain is this on?

Ethereum mainnet only. No L2 deployment is planned. Bridging would defeat the purity of the order-book settlement model.

Where do I get help?

X / Twitter: @rungtoken. All technical discussion happens publicly there. There is no admin DM, no support ticketing system, no help desk — by design.