Tokens
Everything on PopularityX is priced and settled in eUSDC, the protocol's unit of account. This page is the token layer above it: the single exposure record a board keeps for each account, the Long, Long Other, and Short tokens derived from it, the auto-merge back to eUSDC, and how any position can be wrapped into a standard ERC20. It closes with $POPX's planned supply and distribution.
eUSDC
Depositing into PopularityX converts USDC to eUSDC, the protocol's unit of account. Everything else on the board is priced and settled in eUSDC.
eUSDC is your cash inside PopularityX: a standard ERC20 token, redeemable 1:1 for USDC at any time. Being a standard ERC20 is what makes it portable: it works with any standard ERC20 wallet and tooling, supports ordinary transfers, and is composable across DeFi like any other ERC20 token.
A new token standard
Positions on PopularityX are not held as separate ERC20 tokens, one balance per outcome. The ledger keeps a single record of an account's exposure across a board, and every Long and Short balance is derived from it.
A trade updates that one record, so the cost of trading is the same at any board size. See Under the hood for the mechanics.
A board
A board defines a set of positions.
The complete set of positions on a board is equivalent to 1 eUSDC.
Long Tokens
A Long token represents transferable, positive exposure to a position.
Long Other
Long Other represents every position on a board not yet individually tokenised.
Tokenising new positions
Tokenising a new position gives Long Other holders a new Long token.
Short Tokens
A Short token constitutes the complement of exposure to a position.
Transferring a Short token moves each of its underlying Long tokens too.*
* This transfer emits a single Short token transfer event.
Auto-merge
A Long token and a Short token merge back to eUSDC automatically.
Wrapping to ERC20
Any position, a Long or a Short of any name, can be wrapped into a standard ERC20 token, and unwrapped back to the ledger at any time.
A wrapped position works with ordinary wallets, ERC20 tooling, and DeFi contracts. Unwrapping returns it to the ledger. eUSDC works the same way: it is your uncommitted cash, made portable as a standard token. Wrapping is always the holder's choice; a position only becomes a token when someone wants it to be one.
$POPX
$POPX is planned as a fixed-supply ERC20 with no mint function. The full supply is minted once at deployment and split between distributor contracts and the treasury.
Earning accrues continuously on account value (how earning works). Distribution happens as claims: at each allocation event, a snapshot of earned records is built into a Merkle tree, the root is published so anyone can recompute it, and holders claim their allocation from a distributor contract, one claim per leaf. Claiming can be gasless, the same way trading is. A plan, not a promise; the schedule lives on the roadmap.