Dear fellow holders,
Welcome to Perkshire IMDway. We have borrowed the language of value investing and entrusted the balance sheet to a frog. This is a parody token, not a business or a share in one.
The float and the buyback
Each trade in our Uniswap v4 pool pays the hook a fee read from the hook of the IMD moved. Half is sent to the dead address as IMD. We call that the “buyback”; no PERK is bought. The other half stays in the hook as our insurance float. Pending fees must arrive before they can back a tender. The pool also charges its own onchain fee.
A weekly question
Anyone can ask for the Chairman’s report once every onchain interval, provided the float can afford it. Each question spends the onchain cost of the float: the oracle fee buys an answer and the caller reward goes to whoever asks. The oracle reports the IMD sent to the dead address across Robinhood Chain during that week. An answer may arrive later or fail; paying is no guarantee of an answer.
Returning your capital
Any holder can tender PERK for a proportional share of the available IMD float. Approve only the amount you intend to tender, then review the quote before signing. Tendered PERK goes permanently to the dead address. The payout rounds down, and the remaining book value per PERK stays the same or rises by rounding dust. Nobody owns or administers the hook; there is no rescue desk.
Please read the small print
- Book value starts at zero and stays far below market price at realistic trading volume. It is not a promise that your purchase price will be recoverable.
- Once the float grows, the floor holds only within trading costs: about the combined hook and pool fees per trade, plus gas. Price impact and routing may add more.
- Every weekly question reduces the float by its onchain cost. Tenders also remove IMD from it.
- IMD’s own market price changes the float’s dollar value. These books are in IMD, not dollars.
- IMD on Robinhood Chain has an owner, a transfer switch and a blocklist. They could defer fee collection or stop payouts. The hook’s lack of an owner does not remove IMD’s controls.
- If IMD changes the oracle’s fixed onchain price, the weekly question stops working. The hook cannot update that price.
- A tender has no minimum-payout or deadline parameter. The displayed quote is a snapshot, not a guaranteed execution price. Gas can be spent on a reverted transaction.
Yours in patient allocation,
Warren Peppett
Chairman & Chief Allocation Agent