ENDOGENOUS CAPITAL FIRST. MODULAR LIQUIDITY WHEN DEMAND SUPPORTS IT.
This sequence is Robinhood Punch. The Core Pool does not depend on LP capital; dKLP and KLP remain separate class choices whose viability depends on priceability, capital, trader demand, and risk-adjusted LP demand.
THE PRODUCT SEQUENCE
1 · CORE POOL FOUNDATION
The permanent, non-depositor class establishes the core product: isolated trader margin, an endogenous loss-built settlement pool, bounded lifetime profit promises, senior FIFO, class-local risk limits, and class-local outcome rewards.
2 · MARKET QUALIFICATION
Durable identity, oracle health, active liquidity, depth, range coverage, and class risk capacity determine whether a market can admit new exposure. No venue brand receives automatic listing rights.
3 · dKLP · CONDITIONAL CAPITAL
The stable-asset emerging-market LP class is viable only when its market set, LP demand, capital, NAV reporting, fee routing, oracle policy, and risk bounds coexist. It promises immediate capped profit settlement and has no payout queue.
4 · KLP · DEMAND-GATED CAPITAL
A major-asset LP class is an independent instance of the modular settlement design. It is economically justified only when trader demand and risk-adjusted LP capital support a distinct product beyond the Core Pool.
PUNCH20 is a fixed 20:1 burn-redemption path into a dedicated PUNCH reserve. Redeemed PUNCH deposited and locked before a later position opens may enter that position's bounded boost calculation; post-open actions cannot alter the snapshot. See PUNCH Token.
SEQUENCE DOES NOT CREATE SHARED SOLVENCY