How it works
The whole mechanism, in the order it happens to you. Every number on this page is read from one file.
The short version
Sell
You sell a Pons token. Any token, curve or pool, any size. That is your exit.
Ghost
For 48 hours after your exit we read every trade. The best 15-minute average price with real buyers behind it is your Ghost.
Left on the table
What you sold, times the gap between your price and the Ghost. In USD. Capped at what the market actually bought after you left.
Table
Every wallet is ranked for the week. Table A counts dollars. Table B counts the multiplier. Both are public, holder or not.
Paid
Wednesday. In ETH. To your wallet. If you hold 500,000 $REGRET when the Round closes and when the table pays.
Scoring, exactly
Regret is not loss. It is the gap between what you got and what the market offered within 48 hours after you left. A trade that made money can still be the biggest paperhand of the week.
- Exit
- One sale of a Pons token, in the block where it happened. A sale belongs to the Round of its block.
- Scored quantity
- Only tokens you bought on-chain count, oldest lots first. Tokens that arrived by transfer have no cost basis and score nothing.
- Ghost
- The highest valid 15-minute VWAP in the 48 hours after your exit. A bucket is valid with at least 3 distinct buyers and $200 of buys, neither of them you. No valid bucket, no ghost, no regret.
- Left on the table
- Scored quantity × (Ghost − your price), in USD, never below zero.
- Multiplier
- Ghost ÷ your price. The receipt shows the real number. The payout ranking caps it at 50x, ties broken by dollars.
- Realism cap
- You cannot have left more on the table than the market bought after you. Left on the table is capped at 1.0 × the buy volume in the window, excluding you.
The formulas
Ghost(S) = max VWAP_usd(b) · valid buckets b in (t_S, t_S + 48h] LOTT(S) = q_scored × max(0, Ghost(S) − P_sell) LOTT(S) = min(LOTT(S), 1.0 × buy_volume_usd_excl_W(window)) MULT(S) = Ghost(S) ÷ P_sell PoR_A(W, r) = Σ LOTT(S) · every scored exit S of W in Round r PoR_B(W, r) = max MULT(S) · exits with q_scored × P_sell ≥ $25
Table A — Left on the Table. The sum of your dollars for the Round.
Table B — The Multiplier. Your single best multiplier, on exits worth at least $25.
Lifetime: the sum of everything since the index began. It sets your tier.
Rank ladder
Paper Cut$0 – $100
Origami$100 – $1,000
Confetti$1,000 – $10,000
Shredder$10,000 – $100,000
Pulp$100,000 – $1,000,000
Ghost$1,000,000+
What doesn't count
A prize for regret invites fake regret. These rules make it expensive. A human audit closes the rest.
- Tokens with fewer than 25 distinct traders or less than $2,500 of volume in the Round, not counting you.
- Sales inside the first 60 seconds of a launch. Snipe tax and chaos. Out.
- Tokens you launched, created or collect fees from. Your regret there is zero.
- Self-pump: if your buys are more than 20% of the buying in the Ghost window, that exit scores zero. Buying back higher still counts, as long as you were not the one moving the price.
- Tokens you did not buy on-chain. Transfers and airdrops have no cost basis.
- Price buckets without real buyers: fewer than 3 distinct buyers or less than $200 of buys, excluding you.
- Excluded wallets: the Treasury, team wallets, Pons contracts, the burn address, and wallets disqualified in audit with a public reason.
- Table B only: the token must have graduated or traded at least $10,000 in the Round, and the paid multiplier is capped at 50x.
Every Round is audited by a human before it pays. Flags such as fresh wallet clusters, common funders and ping-pong volume go into a public report. Decisions are PAY, DQ or HOLD, each with a reason code in the Ledger. A disqualification does not reorder the public board. The seat passes to the next eligible wallet when the table pays.
Eligibility
500,000 $REGRET
Hold at least 500,000 $REGRET (0.05% of supply) in your wallet at the block the Round closes and again when the table pays. Balances in liquidity pools or in someone else's contract do not count. A Safe counts.
The USD value appears once the token trades.
Ranked without holding? You stay on the board with a NOT ELIGIBLE stamp. Buy before the Round closes and you are in.
Selling $REGRET scores regret like any other token. Selling all of it means you do not get paid. That irony is intentional. It is in the manifesto.
Contracts and smart accounts never compete. A seat is claimed by connecting the wallet that sold, and a contract cannot connect, so its sales are read into the record and left out of the tables.
Payout table
The Pot is 75% of the fees harvested in the Round, plus rollover and seed. 70% goes to Table A, 30% to Table B. Seats are paid poker style: the deeper the field, the more seats, and the first seat takes the most.
| Field | Seats | Share of the pot |
|---|---|---|
| 0–2 | 0 | no table · the pot rolls over |
| 3–9 | 3 | 50% / 30% / 20% |
| 10–29 | 5 | 40% / 25% / 15% / 12% / 8% |
| 30–79 | 9 | 30% / 18% / 12% / 9% / 7% / 6% / 6% / 6% / 6% |
| 80–199 | 12 | 27% / 16% / 11% / 8% / 6.5% / 5.5% / 5% / 4.5% / 4.5% / 4% / 4% / 4% |
| 200+ | 18 | 25% / 15% / 10% / 7% / 5.5% / 4.5% / 4% / 3.5% / 3% / 3% / 2.75% / 2.75% / 2.5% / 2.5% / 2.25% / 2.25% / 2.25% / 2.25% |
The Bubble: the first wallet outside the seats takes 0.5% of the pot and a badge. No bubble when the field fits the table.
Anything unpaid rolls into the next Round. Dust under 0.000001 ETH stays in the pot.
A wallet can be paid on both tables in the same Round.
Calendar
| UTC | your time | Calendar |
|---|---|---|
| Monday 00:00:00 | — | Round opensThe board goes live. Provisional, ghosts still moving. |
| Sunday 23:59:59 | — | Last callThe Round closes. $REGRET balances are snapshotted. Fees are harvested into the Treasury. |
| Tuesday 23:59:59 | — | Ghosts settleThe last Ghost window ends. Scoring is final. The audit report is written. |
| Wednesday | — | The Final Table paysA human reads the audit and sends one transaction. The board is stamped PAID. |
| Wednesday to Sunday | — | The Furnace2 to 5 burns at hours nobody knows in advance. |
next close in —
A sale belongs to the Round of its block. Its Ghost window can run into the next Round. That is why the table is only final on Tuesday.
Round 0, the Prologue, runs from launch to the first Sunday 23:59:59 UTC. Same rules, pot equals seed plus fees.
Live parameters
params_version 1Every parameter lives in one file. A change is a new version, effective from the next Round, recorded in the Ledger.
| Parameter | Value |
|---|---|
| BUBBLE_CONSOLATION_BPS | 50 |
| BUCKET_MIN | 15 |
| BURN_SHARE | 0.25 |
| FINALITY_BLOCKS | 20 |
| FURNACE_BURNS_PER_ROUND | [2,5] |
| FURNACE_MAX_SLIPPAGE | 0.03 |
| GHOST_WINDOW_H | 48 |
| LOTT_CAP_MULT | 1 |
| MIN_BUCKET_BUYERS | 3 |
| MIN_BUCKET_BUY_USD | 200 |
| MIN_EXIT_USD_B | 25 |
| MIN_HOLD | 500000000000000000000000 |
| MIN_TOKEN_AGE_S | 60 |
| MIN_TOKEN_TRADERS | 25 |
| MIN_TOKEN_VOL_USD | 2500 |
| MIN_TOKEN_VOL_USD_B | 10000 |
| MIN_TRADER_AGE_ENABLED | false |
| MIN_TRADER_AGE_H | 72 |
| MULT_PAY_CAP | 50 |
| PARAMS_VERSION | 1 |
| PAYOUT_TABLE | [{"maxField":2,"minField":0,"seats":0,"sharesBps":[]},{"maxField":9,"minField":3,"seats":3,"sharesBps":[5000,3000,2000]},{"maxField":29,"minField":10,"seats":5,"sharesBps":[4000,2500,1500,1200,800]},{"maxField":79,"minField":30,"seats":9,"sharesBps":[3000,1800,1200,900,700,600,600,600,600]},{"maxField":199,"minField":80,"seats":12,"sharesBps":[2700,1600,1100,800,650,550,500,450,450,400,400,400]},{"maxField":null,"minField":200,"seats":18,"sharesBps":[2500,1500,1000,700,550,450,400,350,300,300,275,275,250,250,225,225,225,225]}] |
| POT_SHARE | 0.75 |
| ROLLOVER_DUST_WEI | 1000000000000 |
| ROUND_CLOSE | {"time":"23:59:59","weekday":7} |
| ROUND_OPEN | {"time":"00:00:00","weekday":1} |
| ROUND_TZ | UTC |
| SEED_ROUND_1_ETH | null |
| SEED_ROUND_1_USD_TARGET | 300 |
| SELF_PUMP_MAX_SHARE | 0.2 |
| SUPPORTED_QUOTE_SYMBOLS | ["ETH","WETH","USDG"] |
| TABLE_A_SHARE | 0.7 |
| TIER_LADDER | [{"code":"paper_cut","maxUsd":100,"name":"Paper Cut"},{"code":"origami","maxUsd":1000,"name":"Origami"},{"code":"confetti","maxUsd":10000,"name":"Confetti"},{"code":"shredder","maxUsd":100000,"name":"Shredder"},{"code":"pulp","maxUsd":1000000,"name":"Pulp"},{"code":"ghost","maxUsd":null,"name":"Ghost"}] |
Excluded wallets
The Treasury, the team wallets, the Pons contracts, the burn address and every contract never compete. Disqualified wallets appear here with their reason code and a link to the Ledger.
FAQ
- Do I need to connect a wallet?
- No. Paste it. Connecting only lets you put a name on the board.
- I made money on that trade. Why is it "regret"?
- Regret isn't loss. It's the gap between what you got and what the market offered within 48 hours after you left. You can be up 3x and still be the biggest paperhand of the week.
- How do I get paid?
- Be on the Final Table, hold ≥ 500,000 $REGRET at round close and at payout. ETH lands in your wallet on Wednesday. No claim.
- Can I fake regret?
- You can try. Read "What doesn't count", then read the Ledger's DQ column.
- Who runs the payout?
- A human, from a public treasury address, after reading the audit. Every payout is one transaction you can inspect.
- What's the Furnace?
- 25% of fees buy $REGRET and burn it at hours nobody knows in advance. Not even us until the worker rolls the dice.
Legal
Not financial advice. Financial autopsy. Prizes are paid for past behavior and guarantee nothing about future behavior — yours or the market's.
The prize is a contest decided by ranking. There is no draw. The only random element is the timing of the Furnace, which pays nobody.
Eligibility requires holding $REGRET. Check the rules where you live before you take a seat. A payout blocked by the sequencer is held and recorded in the Ledger.