finne did a great job with the $IMD terminal, its been great to track burns and better understand how pool4 works
a few notes/comments looking at the different sections:
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1) given that $IMD token is = fren pet token (which was on base) total supply is a bit confusing as there are still tokens on base and some previous burns
the terminal gives us the full picture:
- total (unified) supply now 7,122,330 IMD
- so far pool4 contributed 16,992 IMD burned
- current pool4 liquidity is small, plan is to move more liquidity to it in future (see heads up section)
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2) can think of pool4 like an autonomous third party that absorbs big sales. sort of a central bank for the token that never prints supply, only ever shrinks it
it holds ETH to absorb these sales and also some IMD (to sell for ETH) but only up to a cap that decreases ~3k/day (currently at ~29k, with a floor set at 20k IMD)
if IMD is sold into pool4 over the cap, the IMD is trimmed -> part is then burned and distributed as rewards to stakeholders
the graph spikes over the red line (cap) show us excess imd that is then trimmed
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3) as IMD is trimmed over cap:
85% is burned (needs to be bridged on base first)
4.5% goes to stakers (paying out)
4.5% to NFT nodes (accruing): agent network which will launch in future)
6% to bond reserve (accruing - this imd will be resold at discount when bonds open above $4): used to pay the orchestrator node
Sep 8, 2026 · 8:58 PM UTC
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5) pool4 is unique because it has both a full range double sided LP and a single-sided ETH wall which defends downside. the wall is single-sided on purpose. it's all eth bids, no imd for sale above it
looking at the numbers:
- double sided lp: 32.90 ETH paired with 29,310 IMD
- single sided wall: 17.10 ETH
as IMD gets retired, the ETH that was paired with it in LP gets oved to the single sided wall (that's the 0.0555 ETH that's retained and will be used to rebalance)
over time can expect the double sided LP to shrink towards the floor (currently 20k imd)
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