Mint the key

The bursar is a key. It is generated when a launch is onboarded, and the vault records its address as operator. The operator can call claim, sweep, refuel and the ladder builder. It cannot call withdraw, cannot change the owner, and cannot change the fee-stream recipient.

Deploy the vault

Every token gets a vault contract at a deterministic address, computed from the token address before anything is deployed. The vault holds whatever the fee stream delivers: ETH, USDG, or a tokenized equity, depending on the quote currency chosen at launch.

Point the stream

The Pons fee recipient is set to the vault. From then on, claim and sweep move accrued fees from Pons escrow into the vault, and the operator has no authority over the recipient.