HEDGEHOGS — Every NFT is a hedge fund

The primitive

TBF — THE TOKEN-BOUND FUND

Hedgehogs glue four standards into one new primitive — on a completely standard, marketplace-safe skeleton.

ERC-721

THE MANAGER

The hedgehog NFT is the manager seat. A vanilla collection contract — one contract, one floor, full marketplace support. Nothing exotic touches it, ever.

ERC-6551

THE ACCOUNT

Each NFT is bound to its own smart account through the 6551 registry. The account belongs to the token, so selling the hog sells the seat.

ERC-4626

THE VAULT

The account is a tokenized vault. It holds the stock tokens and issues shares — quills — priced at NAV. Deposit, redeem, exit: all standard.

interface ITokenBoundFund /* is IERC6551Account, IERC4626 */ {
    function manager() external view returns (address);   // always the NFT holder
    function trade(address tokenIn, address tokenOut, uint256 amountIn, uint256 minOut) external;
    function nav() external view returns (uint256);       // oracle-priced (NAVOracle)
    function mandate() external view returns (uint8);
    // deposit() / redeem() / withdraw() inherited from ERC-4626
}

Lifecycle

MINT A FUND. RUN IT. OR RAID ONE.

MINT = IPO

Your mint cost isn't spent — it's your fund's AUM.

50% of the mint price seeds your hog's vault as its day-one AUM. 30% accrues to the liquidity treasury that seeds each hog's market with protocol-owned liquidity, 10% funds the team. You receive the NFT and all 1,000,000 of its genesis quills: sole shareholder, sole manager, day one.

REVEAL

Your mandate unseals at reveal.

The gacha is double: cosmetic traits plus your mandate — Blue Chip, Balanced, or Degen — assigned by on-chain commit-reveal and enforced at every trade.

MANAGE

The seat earns. Skill compounds.

Trade your book freely — any token on your mandate's whitelist, every order routed through the protocol adapter, mandate walls enforced on-chain. The seat earns 80% of a 10% performance fee above the high-water mark plus 0.5%/yr on AUM. The floor price of the NFT is a market on your future earnings.

GROW

Depositors are your AUM. Attract them.

Anyone can deposit into any hog at NAV, or swap into its quills on its treasury-seeded $HEDGE pair. Good managers gather AUM; AUM compounds fees; fees re-rate the seat. Capital migrates to skill.

EXIT / RE-ROLL

Nobody is ever trapped. Nothing is ever seized.

redeem() pays any quill holder their pro-rata stock tokens, any time (0.5% exit fee to buy-and-burn). Gather 100% of a hog's quills and you can liquidate it: assets out, NFT burned, a fresh-ID mint slot opens with a new sealed book. The re-roll, with a hard NAV floor under it.

Mandates

THREE BOOKS. ONE WHITELIST. NO SURPRISES.

Every hog mints with a mandate — sealed until reveal, enforced at every trade, rendered in the art. You always know exactly what risk book you're buying into.

Blue Chip hedgehog — pinstripe suit, monocle, briefcase — BLUE CHIP ~50%

The institutions. Stock tokens and majors only — the book your grandmother's pension wishes it had.

Stock tokens + majors only
40% max single position
The only capped mandate

Balanced hedgehog — blazer, glasses, coffee — BALANCED ~35%

The open mandate. Stocks, majors, memecoins — anything on the whitelist, no caps. Coffee in one hand, conviction in the other.

Full whitelist access
No position caps
The open mandate

Degen hedgehog — purple hoodie, laser eyes, phone with candles — DEGEN ~15%

The scarce tier. Anything on the whitelist, no caps, laser eyes in the art. Godspeed.

Full whitelist access
No position caps
Scarcest competition cohort

Fees & token

THE SEAT EARNS. $HEDGE BURNS.

10%

performance fee, above high-water mark

80 / 20

fee split — NFT holder / protocol burn

0.5%

management fee per year, streamed

$HEDGE fixed supply · zero emissions

$HEDGE HAS THREE JOBS

01Base pair. Every hog's quills trade against $HEDGE. All speculation on all 3,333 funds is structural demand — one reserve asset, no fragmented liquidity.
02Fee sink. The protocol's 20% slice of every performance and management fee market-buys $HEDGE and burns it. Activity is deflation.
03Action currency. Re-rolls and other protocol actions cost $HEDGE, burned. Activity is deflation too.
04The 3% engine — 2.5 to the ecosystem, 0.5 to devs. A swap tax on DEX pairs only: 1% drips daily into every live vault, equal per hog; 1% pays the week's winners — each mandate cohort competes for a third of the pool, top 10% of the cohort by NAV growth, linear descending, first place earns the most — straight into their vaults; 0.5% streams to levelled hogs as Upgrade Emissions (burn $HEDGE to level up, hold to keep it — levels reset when the NFT changes hands); 0.5% funds the team. Volume feeds every fund — and pays skill and conviction a bonus.

WHAT IT DOESN'T HAVE

No emissions schedule. No lock-ups, no ve-curves, no gauge politics. LPs on quill pairs earn swap fees because good hogs attract volume — not because an emissions faucet points at them. Fixed supply in, burns out. The whole tokenomics fits in a tweet.

CUMULATIVE BURN ▓▓▓▓▓▓▓▓░░░░░░░░ — every fee event, every re-roll, every exit fee feeds it.

Shareholder rights

NO TAKEOVERS. NO TRAPS. EXIT IS THE LAW.

REDEEM()

Burn your quills, walk out with your pro-rata assets in-kind — any time, no permission, no vote. Arbitrage pins every quill to NAV from below. Lost confidence in a manager? You just leave.

CAPITAL FLIGHT = DISCIPLINE

A manager who bleeds redemptions loses their AUM and their fee base automatically. No governance vote needed — the exit door is the accountability mechanism, and it's ERC-4626-native.

BUY THE SEAT

Think you'd run a fund better? Buy its NFT on the open market — a manager who's bleeding has every reason to sell. A voluntary sale under economic pressure, never a seizure.

NFTs never move involuntarily. There is no takeover function, no forced transfer, no confiscation path in any contract. Marketplaces see a boring ERC-721 with a burn mechanic and live metadata — which is exactly the point.

The art

FULLY ON-CHAIN. FIXED AT REVEAL.

Every hog's traits are drawn once, at reveal, and never change — mandate marks like Degen laser eyes included. Your art is your identity; the terminal is where the P&L lives.

Golden legendary sample — GOLDEN · LEGENDARY

Preliminary style samples — the full collection carries a deep trait table (9 layer categories, weighted rarities, mandate marks, 1/1 legendaries), fixed at reveal.

Trait lab

ONE BASE. 2.1 BILLION COMBINATIONS.

Every trait is generated separately against a single canonical base template, then composited on a fixed pixel grid — 9 layer categories, weighted rarities, ultra-rare body types. Same hog, one change at a time:

BASE + BODY TYPES — the ultra-rare axis

Spectral body ultra-rare — SPECTRAL 0.5%

CLOTHING

Vest and rolled sleeves clothing trait — VEST

Trench coat clothing trait — TRENCH COAT

Varsity jacket clothing trait — VARSITY 1.5%

Hawaiian shirt clothing trait — HAWAIIAN

Astronaut suit clothing trait — ASTRONAUT 1%

Royal robe clothing trait — ROYAL ROBE 0.5%

EXPRESSIONS

Gritted teeth expression trait — GRITTED TEETH

QUILL STYLES

Frosted tips quills trait — FROSTED TIPS

Flaming quills ultra-rare trait — FLAMING 2%

HEADWEAR

Concept renders from the trait pipeline — production sprites are redrawn on a 48×48 grid as transparent layers so every combination composites deterministically. Full taxonomy, weights and exclusion rules live in the trait spec.