The buyback is a permanent, seller-initiated bid. Any holder may sell HOOK to the program at backing per token less the spread, at any time, and everything the program buys is burned. There is no trigger and no operator: the bid simply exists.
Selling to the bid is rational only when the market trades below it. Above that, the pool pays more and the bid sits untouched.
| date | HOOK bought | USDG paid | price | seller | transaction |
|---|---|---|---|---|---|
| No program executions recorded over the recorded window. | |||||
The bid is seller-initiated. Nobody triggers it on your behalf and nobody can turn it off. A holder sells into it, or nobody does.
Everything it buys is burned. Repurchased HOOK goes to the dead address, never back into the pool. Supply falls with every fill.
Every fill raises backing for everyone else. The bid pays less than backing per token, and the tokens it buys leave supply, so the reserve behind each remaining token grows.
The bid pays pro rata. A fill takes its share of the backing reserve, less the 2.00% spread, so the reserve can never be drained below what the remaining supply is owed.