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Each topic is an isolated contract system with immutable economics. Reserves, side tokens, stakes, votes, and rewards are inspectable per topic rather than pooled in one shared market.

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Per-topic topology

DebateTopicFactoryV3 selects the reserve implementation and creates one EIP-1167 market clone plus six topic-owned components:
  • proposition and opposition SideToken contracts;
  • proposition and opposition ConvictionVault contracts; and
  • proposition and opposition ReserveRewardDistributor contracts.
The factory records topicById, isTopic, and reserveKindOf. Implementation contracts are templates and must never be treated as live markets.

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Reserve implementations

Shared behavior lives in TopicMarketBaseV3; only asset movement differs. mUSDC supports EIP-2612, although the current UI uses ERC-20 approval.

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Reversible curve

Each side token has a hard maximum supply of 21,000,000 and a curve ceiling of 20,790,000 tokens (99% of maximum supply). Buys mint and sells burn; a complete exit returns that side’s supply and curve-reserve contribution to zero. The reserve function R(p, o, config) combines:
  • logarithmic pressure for each side;
  • overall topic heat;
  • smoothed contrast between side supplies; and
  • configurable pacing.
A trade settles the reserve delta:
Preset selections resolve to a numeric MarketConfig. Custom topics pass validated values. The resolved configuration and hash are immutable.
The Solidity field depthWei is historical naming. In mUSDC markets it stores six-decimal reserve units, not wei.
Trades enforce deadlines and maximum-input or minimum-output bounds. Validation rejects zero amounts, supply above the ceiling, invalid configuration, and non-positive reserve deltas.

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Fees and rewards

Every trade fee splits into creator, platform, and side-reward shares. The side-reward share moves to the traded side’s distributor and accrues per vault share. If that side has no stakers, its reward share goes to the platform so funds cannot become stranded. Market reserve, creator fees, and platform fees remain liabilities of the topic market. Reward assets are transferred to the distributor. isReserveSolvent() checks that the market balance covers all liabilities it still holds.

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Conviction, arguments, and votes

  • Staking transfers liquid side tokens into the matching vault.
  • Vault shares remain one-for-one with staked token units.
  • A factory-wide immutable cooldown controls withdrawal timing.
  • Publishing requires stake on that side to meet minCommentStake.
  • Voting power equals the staked balance on that side.
  • Allocated votes cannot exceed unused voting power.
  • Stake supporting active votes cannot be withdrawn.
  • Deactivated posts remain available for vote removal so stake cannot become trapped.

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Administrative limits

The factory owner can change the creation fee and default treasury for future topics, and withdraw collected creation fees. Existing topics cannot have their creator, treasury, reserve kind, curve, fees, or posting threshold changed. There is no market pause, upgrade hook, reserve migration, or privileged trade. Asset-moving entry points are non-reentrant, and only the factory can perform one-time initial seeding.