Bursar is two contracts and one key per token. Everything on this page is a property of one of those three things.

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.

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.

Claiming the token’s accrued fees from Pons into the vault is a public function. The bursar calls it on a schedule; anyone may call it sooner. Whoever calls pays the gas; proceeds always land in the vault. This is what keeps the stream moving if the bursar is stopped or out of gas.

The bursar pays its own gas from the vault, up to a cap per rolling window. Both are properties of the vault rather than of any venue: the cap is fixed when that launch’s vault is deployed and the window is a constant on the vault itself, so every venue a bursar builds into shares the one allowance.

A sweep moves anything the claim left behind in Pons escrow into the vault. Two outcomes look similar and are not. Nothing to sweep means the escrow held zero, so no transaction was sent. Waiting on Pons means fees have accrued but Pons has not yet made them releasable; the sweep will succeed after the Pons epoch closes.

The creator chooses what the bursar does with collected fees: build ladders in the token’s own pool, hold fees in the quote currency, or spread ladders across the board where the token trades.