One Broker, end to end.

A Broker is minted, opens its account, takes positions inside it, buys weight once, accrues fees, borrows against itself and finally sells as a single package. Each step below is the same lifecycle the terminal walks through.

01  Mint

Supply is capped at 5,000 and ten Brokers is the most a single transaction will mint. The mint price is read from the contract rather than fixed in the interface, and proceeds go to the treasury, not the Distributor.

A Broker earns from the block it is minted in. There is no staking step and nothing to activate.

02  Open the account

Every Broker has exactly one account address, derived from the registry, the implementation, the chain id, the token contract and the token id. Because it is deterministic, the address is known before any code exists at it, and deployment is idempotent: calling createAccount a second time returns the same address rather than reverting.

Until it is deployed the account can still receive ETH and tokens. Deployment matters only when the account itself needs to act, such as signing a purchase on the stock desk.

03  Hold positions

Buying from the StockDesk sends ETH from the Broker's account, so the hStock lands inside the Broker rather than in the wallet that signed. That is the whole point: the position is held by the account the token controls, which is what makes it transferable with the token.

Each fill pays 1% to the Distributor. Redemptions pay the same rate.

04  License

A license raises the Broker's distribution weight from 1x up to 20x. It is bought once, never expires and never steps down, and the weight is stored against the token id, so it rides with the token through every later sale.

Upgrades cost the difference against the tier already held. Weight applies from the moment it is bought, so a license cannot backdate a claim on revenue already sitting in the contract.

05  Earn

Three sources reach the Distributor: 2.5% of every Broker Market sale, 1% of every fill on the stock desk, and a fifth of all credit interest. There is no emission and no reward token, only fees somebody actually paid.

Nothing is pushed on a schedule. Each Broker pulls what its weight has earned by calling claim(tokenId), and anything unclaimed stays with the token, so a Broker sold with accrual carries it to the buyer.

06  Borrow

Credit is drawn against the Broker itself, which pledges the account and everything inside it without unwinding a single position. The limit is set by license tier, from 0.05 ETH unlicensed up to 1.50 ETH at Principal.

Loans run 30 days at 12% simple interest. Lenders take 80% of that interest and the remaining 20% goes to the Distributor. Lender withdrawals need idle cash in the pool.

07  Sell

One transfer moves the license, the account, the portfolio inside it and the unclaimed distributions. The account needs no notification and no migration step, because authority was never stored: it is read live from ownerOf(tokenId).