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Pons V2 integration

Why Pons buybacks are disabled

Pons V2 offers its own optional buyback mechanism. Plouto launches with buybackEnabled = false. This page explains why, because on the surface it looks like turning off a feature that does what Plouto wants.

What the Pons buyback does

When enabled, a share of fees is used to purchase the memecoin, and the purchased tokens are sent to the Pons buyback vault (0x42df2a798f82289E177311362e8f5ccC45c1219c) where they vest over approximately five years.

The tokens are bought. They are not destroyed.

Why that is not retirement

They return

Vested tokens re-enter circulation on a schedule. This is a lock, not a removal — closer to Plouto's temporary contraction than its permanent contraction.

Plouto does not control the schedule

The vesting terms belong to Pons. Plouto could not change, extend or cancel them.

It would be reported dishonestly

A protocol claiming "supply retired" while the tokens are sitting in a vault waiting to vest is making a claim it cannot support. Plouto would have to either misreport it or explain a permanent asterisk on every figure.

It competes with the 60% share

Fees spent on the Pons buyback are fees not arriving as creator revenue, so it would reduce what the Core has to allocate — for an outcome Plouto considers weaker.

What Plouto does instead

The BuybackExecutor performs its own purchase and retires the result in the same transaction:

  • Bounded by size caps, a slippage floor, a deadline and an on-chain price-impact limit.
  • Retired immediately — a real burn() where the token supports it, the dead address otherwise.
  • Never held. An invariant asserts the executor's PLOUTO balance is always zero between executions.
  • Fully evented, with the realBurn flag recorded so anyone can check which mechanism ran.

Enforced at registration

This is not merely a launch-time preference. finalize-plouto.ts refuses to initialize the registry if the flag is on:

typescript
if (record.buybackEnabled) {  fail("Pons's own buyback is ENABLED. It vests into a 5-year vault instead of retiring supply. Disable it before finalizing.");}

So a launch that accidentally enabled it cannot be registered without the operator noticing.

The factory can toggle it

For completeness: setBuybackEnabled(address token, bool enabled) exists on the factory and setBuybackEnabled(bytes32 poolId, bool) on the hook. Both are Pons-permissioned, not Plouto-permissioned.

If it were ever switched on externally, the status page reads the launch record live and the discrepancy would be visible.