Primary release

When purchases are available

Every purchase checks coverage again. The reserve backing per active token must be at least 70% of the raw first-step release price. The comparison always uses step 0, not the current step and not the secondary-market price.

This is not a one-time activation flag, but pool-price moves and USD conversions do not toggle the gate. Ordinary pro-rata redemption preserves underlying backing per token, and protected purchases cannot dilute it. Coverage can remain unmet for an extended period. A purchase pause, exhausted inventory, external asset behaviour or failed execution check can also prevent a purchase.

What sets the threshold

The deployed V1 controller fixes the 70% rule. The raw curve is derived from the family’s immutable launch denomination reference and curve schedule. The operator cannot override that deployed rule. Current USD conversion changes how the threshold is displayed; it does not change the underlying-token test.

The total underlying reserve required therefore changes with active claim supply. It is not a fixed dollar fundraising target. The controller uses integer arithmetic, so the displayed approximation and an exact execution boundary can differ by rounding.

How the purchase price works

The curve contains 64 fixed steps across 16 bands. A purchase can cross steps; the controller accounts for the inventory and price at each step. Its backing protection may raise the payable price above the raw curve price, so that the reserve contribution does not dilute existing backing per active claim.

Use the current onchain quote for the exact amount, including a multi-step purchase. A displayed raw first-step price is not a promise that a purchase is available at that price. Maximum underlying input, minimum cAsset output, recipient and deadline are supplied to execution. There is no caller-selected maximum-steps argument; the fixed schedule bounds the purchase.

What stays separate

Secondary trading can operate while primary release is closed. Only paid curve purchases release inventory. Reserve redemption remains separate and unpausable by Catch. No timer, website switch or aggregator listing overrides these contract conditions.