Designing a Cobuild

When you launch a cobuild, you lock in a small set of rules that define how money and tokens move forever. Those rules live in stages-time windows with fixed settings. Within each stage, you choose five main levers:

1. Stage cadence - How often the rules change (length and number of stages).
2. Issuance curve - How the token's issuance price rises over time.
3. Split % - What share of newly minted tokens goes to preset recipients (team, partners, other contracts) vs the buyer.
4. Auto-issuance - One-time token mints that happen automatically at stage start.
5. Cash-out tax - The % fee paid when someone redeems tokens for treasury assets.

The price corridor

Under the hood, these parameters interact with two mechanical facts:

• Ceiling: the current issuance price (plus splits). Nobody pays more than they can mint for.
• Floor: the redemption value, roughly treasury ÷ supply, adjusted by protocol fees and the cash-out tax.

Every issuance, redemption, loan, or auto-issuance moves either the treasury or the supply, which nudges that floor up or down.

Think of this as "write once, run forever." There's no governance switch to fix a misconfigured curve later. Picking parameters is about picking incentives:

• Urgency vs accessibility - Is this a rush-to-get-in launch, or an open, calm system?
• Builder funding vs community allocation - How much supply funnels to the team vs buyers?
• Liquidity vs loyalty - Do you make it cheap to exit, or reward people who stick around?