A token whose distributions come from revenue, not from printing.
Every reserve token before this one paid its holders by minting. The number in the wallet went up while the claim behind each token went down, and the machine needed a bigger number every epoch to keep the story running. That is not a fund. That is a queue.
HOOK pays from revenue. A fee hook sits on the pool and takes a cut of every swap, and that cut does two things: it buys HOOK on the open market and hands it to stakers, and it fills a reserve of USDG. One part of that reserve is held for redemptions and leaves only to buy tokens back; the other is put to work beside HOOK in the Liquidity Desk. Nothing is minted to pay anyone. Every distribution traces to a purchase, and every purchase traces to a trade somebody made.
HookHook Capital Management exists to run that machine in public and to publish the books while it runs. There is no committee setting the rate and no discretion in the flows. The fee is fixed, the split is fixed, and the figures on this terminal are read from the chain.
Trading pays the fee. The fee pays the stakers and fills the reserve. The reserve raises backing per token and funds a bid that buys HOOK below it. A rising bid and real distributions bring the next holder, who trades, and the wheel turns again.
Nothing in that loop asks anyone to believe in a token. It asks only that people trade, and people trade whether or not they believe anything.
| mechanism | what it is | what it feeds | status |
|---|---|---|---|
| The fee hook | Takes the fee inside the swap, before settlement, on the only pool that matters. | Revenue no venue can route around. | live |
| Distributions | Stakers are credited every epoch at a rate set by what the fee actually bought. | The reason to hold and the reason to stake. | live |
| The reserve | 20 percent of every fee arrives as USDG. The backing bucket is drawn only by redemptions; the rest is the allocation. | Backing per token, the money behind the bid, and the desk. | live |
| The Liquidity Desk | Allocation capital placed single sided in Uniswap v4 pools against HOOK, on the chain, marked at market. | Trading fees to the reserve, and HOOK taken in as the paired token moves. | live |
| The buyback | A standing bid at backing per token less a spread. Everything it buys is burned. | A bid that rises as the reserve fills. | live |
Nothing mints. There is no emissions path, so there is no dilution and no rate a committee could raise. A staked balance grows only by what the machine bought.
The split is read from the machine. 4.00% of a sell goes to stakers and 1.00% to the reserve, out of 5.00% total, and a buy pays the same. No swap escapes it and no swap is favoured, and a change would show on this terminal the moment it happened.
The reserve is not a budget. None of it is spent on the fund. The backing bucket leaves only through the buyback, which pays holders and burns what it buys; the allocation bucket is deployed in the open, in positions the reports page lists at market.
The rate is measured, never promised. Every rate on this terminal is computed from epochs that already settled and labelled as such. A quiet market means small distributions, and the terminal will say so rather than estimate.
The backing reserve grows with every trade and never shrinks except to buy tokens back. That is the whole objective: a floor that starts at zero and only rises, under a token that pays from revenue.
The buyback program and its terms are set out on the buyback page.
This page states an objective, not a promise. Distributions depend on fees collected and may be nothing. Nothing here is financial advice.