Streamer-token economics (Identity tier)

The deep dive on what happens when a streamer launches their own SPL token via the Identity-tier launchpad — how the token is minted, how supply is allocated, how creator royalties flow, what burn mechanics exist, how the token lives, and how it eventually winds down. If you only want the broad BTV-and-all-four-tiers view, read Tokenomics first. This page is the Identity-tier zoom.

Naming convention. Throughout this document, STREAM is the placeholder for an individual streamer's token (e.g. "PEWPIE" coin for a streamer named pewpie_streams). BTV is the BitView native token. The Identity tier mints one STREAM mint per streamer.

What a streamer token is — and what it isn't

A streamer token is a standard SPL token (spl-token program, 2022-style metadata) minted on Solana mainnet by the BitView launchpad on behalf of an eligible streamer. It is:

• A fungible reward currency that the streamer can use to fund Identity-tier distributions on their own channel.
• A community identity token that fans can hold to qualify for Discord roles, NFT drops, raffles, and token-gated rooms.
• A tradable asset with one and only one liquid market: the STREAM/BTV pool seeded on Meteora DLMM at launch.
• A creator-royalty stream for the streamer (0.10% of every swap touching the STREAM/BTV pool routes to the streamer's wallet).

It is not:

• A security or an investment vehicle. We design and document it as utility-coded; see Risk and compliance.
• A claim on BitView platform revenue.
• A claim on the streamer's IRL income from any other source.
• A stablecoin. Price is determined entirely by secondary trading.
• Pairable with USDC, SOL, or USDT directly. STREAM only ever pools with BTV. Anything else is two-hop via the BitView swap router.

Eligibility for the Identity tier

We gate Identity-tier launches behind hard requirements so that the launchpad doesn't fill with dead tokens that taint platform reputation. Three conditions must all be true:

Requirement	Threshold	Reason
Audience size	≥ 1,000 average concurrent viewers (last 90 days)	Below this, liquidity has nowhere to grow into. Dead pools hurt everyone.
Subscription tier	Pro ($99/mo) or Plus ($499/mo)	Skin-in-the-game commitment to the platform.
Operational history on BitView	≥ 3 successfully finalized distributions	Verifies the streamer is real, the channel works, and they understand the product.

Additional discretionary gates (BitView ops review):

• No active red-flag conditions (rugpull history, ToS violations, sanctions hits, restricted content) under our content policy.
• Identity-tier launches rate-limited to 3 per streamer per quarter to prevent token-launch-as-PR-stunt abuse.
• For Tier-A concierge streamers, launchpad access can be granted before all gates clear, at BitView's discretion.

Below these gates, the streamer can still run Native-tier distributions indefinitely (fund with USDC or SOL, viewers earn BTV) — no Identity-tier required. Most streamers will never launch their own token, and that's by design. See Tokenomics for the broader tier framing.

Mint mechanics

The launchpad creates the STREAM mint on Solana mainnet in a single signed transaction bundle. The streamer's wallet signs; BitView's launchpad backend coordinates the steps.

Mint configuration

Parameter	Default	Configurable?
Token program	SPL Token 2022	No — fixed.
Decimals	6	Yes (streamer can pick 4, 6, or 9). 6 is recommended for fair micro-rewards.
Total supply	100,000,000 STREAM	No — fixed at launch.
Mint authority	None (revoked) after initial mint completes	No — revocation is enforced for fixed supply.
Freeze authority	None (never set)	No — non-confiscable by design.
Metadata	Name, symbol, image, description	Yes — streamer provides.
Update authority	Streamer's wallet	Yes — streamer can update metadata.
Transfer fee extension	Not enabled	No — pools rely on standard transfer semantics.

Why mint authority is revoked

Revoking mint authority after the initial 100M is created is the single most important guarantee of the streamer-token economy. Without revocation, the streamer (or an attacker who compromises the streamer's wallet) could mint additional STREAM and dilute every holder. With revocation, the supply is hard-capped at 100M forever.

This is non-negotiable. The launchpad signs a disable_mint instruction immediately after the initial 100M mint, in the same transaction bundle. The on-chain mint account permanently shows mint_authority = None.

Why freeze authority is never set

A token with a freeze authority can be selectively prevented from trading at any holder's address. This is incompatible with our non-custodial promise to viewers. The mint is created with freeze_authority = None, which is also irreversible.

The launch transaction bundle

The streamer signs one transaction containing roughly seven instructions. If any instruction fails, the whole bundle reverts and the streamer can retry without partial state.

1.  create_mint
       decimals=6, mint_authority=launchpad_pda, freeze_authority=None

2.  mint_to: 100_000_000 STREAM → launchpad_distribution_pda
       The full 100M is minted here, once.

3.  disable_mint
       mint_authority transitions from launchpad_pda to None.
       Supply is now permanently capped.

4.  create_metadata
       Metaplex metadata account with name/symbol/image/description.

5.  allocate: 10_000_000 STREAM → streamer_reserve_vesting_pda
       2-year linear vest contract owned by the streamer wallet.

6.  allocate: 5_000_000 STREAM → bitview_protocol_vesting_pda
       4-year linear vest contract owned by BitView treasury.

7.  initialize_pool: Meteora DLMM STREAM/BTV pool
       Seeded with 50K BTV + 50K BTV-worth of STREAM
       (or match-funded — see Liquidity bootstrap below).
       Remaining 85M - pool_seed STREAM stays in the
       launchpad_distribution_pda for future reward events.

Launch fee

Charged at launch, paid by the streamer:

• 1 SOL (~$140 at $140/SOL) by default.
• Waived if the streamer stakes ≥ 10,000 BTV at launch time. The BTV stake unlocks 30 days after launch (so capital is recoverable; the streamer just commits it upfront).

This fee covers: the SPL mint creation cost, the metadata account rent, the DLMM pool initialization, audit-budget time, and the listing on the BitView discovery page. It is denominated in SOL specifically to keep it small in USD terms while ensuring no spam launches.

Initial price determination

Before allocation makes sense, the streamer has to answer: what is one STREAM worth at launch? This single number sets the initial market cap, the BTV-denominated size of the pool seed, the notional value of the streamer reserve, and what viewers think they're earning during the first distribution. Getting it wrong on either side hurts the launch:

• Too high. Pool seed is small in STREAM terms, fan demand can't meet supply, price collapses on the first cash-out wave, narrative is "streamer-token dump".
• Too low. Streamer reserve is worthless on paper, viewer reward per tick looks insulting ("I just watched for 4 hours and earned $0.03"), no enthusiasm.

The launchpad supports three approaches. Pick one before signing the launch bundle.

Approach A — Audience-anchored (recommended default)

Launch market cap is derived from the streamer's measured audience:

initial_market_cap_usdc  =  max(avg_concurrent_viewers × $5, $5,000)
launch_price_usdc        =  initial_market_cap_usdc / 100,000,000
launch_price_btv         =  launch_price_usdc / current_btv_usdc_price

The $5 per avg viewer anchor is calibrated against the funding model — a streamer running healthy reward budgets generates ~$5/year of viewer reward flow per concurrent viewer, and the initial token market cap should be on the same order so the token isn't immediately over- or under-priced relative to the underlying engagement.

Worked example, 2,400-viewer streamer (assuming BTV trades at $0.005, the canonical reference price used across these docs):

initial_market_cap_usdc  =  max(2,400 × $5, $5,000)  =  $12,000
launch_price_usdc        =  $12,000 / 100,000,000   =  $0.00012
launch_price_btv         =  $0.00012 / $0.005       =  0.024 BTV
                                                       (at BTV = $0.005)

This is the recommended path. Tier-A concierge streamers usually take it. The math is publicly documented and defensible.

Approach B — Streamer-picked target market cap

The streamer picks a target market cap directly (subject to a range check). This is offered to streamers who have a specific fund-raising plan, a sponsor co-marketing commitment, or a community expectation already set.

• Floor: $5,000 initial market cap. Below this the pool seed is too thin to support trading.
• Ceiling: $250,000 initial market cap. Above this, BitView ops reviews — most legitimate streamers will be well below this; large numbers attract speculators we don't want.

The launchpad refuses values outside this range. The streamer can appeal to BitView ops for a manual ceiling lift in specific cases (e.g. an established creator with a credible six-figure community).

Approach C — Manual price input (advanced)

The streamer picks a launch price directly in BTV. Bounded:

• Floor: 0.001 BTV per STREAM (~$0.000005 USDC at BTV = $0.005). Below this, market cap is under $500 and DLMM bin granularity becomes problematic.
• Ceiling: 0.5 BTV per STREAM (~$0.0025 USDC at BTV = $0.005). Caps initial market cap at 50M BTV ≈ $250K, matching the Approach B ceiling.

Used by crypto-native streamers who already have a target price narrative ("we're launching at 0.02 BTV"). Same range check as Approach B applies.

What the price implies

Whichever approach is chosen, the launch price determines:

Derived value	Formula	Worked example (price = 0.024 BTV, BTV = $0.005)
Initial market cap (BTV)	100,000,000 × launch_price_btv	2,400,000 BTV (~$12,000)
BitView pool seed (BTV side)	50,000 BTV per launch (fixed)	50,000 BTV (~$250)
Pool seed (STREAM side)	50,000 BTV / launch_price_btv	~2.08M STREAM
Pool seed as % of supply	seed_stream / 100,000,000	~2.08%
Pool depth at launch	2 × 50,000 BTV = 100,000 BTV total liquidity	~$500 two-sided
Streamer reserve notional value at launch	10,000,000 × launch_price_btv	240,000 BTV (~$1,200)

Important consequence. A higher launch price means a smaller fraction of supply seeds the pool but a larger initial market cap. At launch_price = 0.024 BTV (the audience-anchored value for 2,400 viewers), only ~2% of supply seeds the pool — pool seed is thin relative to typical distribution event size, so per-event match- funding is essential to keep the pool from draining. At a lower launch_price = 0.005 BTV, 10% of supply seeds the pool (10M STREAM), giving more pool depth but lower initial market cap ($2,500). The price the streamer picks trades off initial pool depth against initial market cap and reserve notional value. The audience- anchored default optimizes for credible market cap; streamers prioritizing pool depth should consider Approach C with a manual lower price.

The launchpad shows this tradeoff explicitly during wizard step 4 and forces the streamer to acknowledge it before signing.

Supply allocation — the 10 / 5 / 85 split

The 100M STREAM minted at launch is split into three buckets at the same moment as creation. No further STREAM ever exists.

Bucket	Amount	Owner	Vesting	Purpose
Streamer reserve	10,000,000 (10%)	Streamer wallet	Linear over 24 months, no cliff	Streamer's skin in the game and future reward stream
BitView protocol allocation	5,000,000 (5%)	BitView treasury wallet	Linear over 48 months, no cliff	Liquidity maintenance, marketing campaigns, alignment
Distribution rewards pool	85,000,000 (85%)	Launchpad PDA	None — available immediately for distribution funding	Funds Identity-tier viewer rewards over the token's lifetime

Streamer reserve (10%)

A vested 2-year drip to the streamer. Built specifically to prevent launch-day dumps and to align the streamer with long-term token health.

• Vesting: linear over 24 months, claimable continuously after the launch slot.
• Vest schedule: ~13,700 STREAM unlock per day for 24 months.
• No cliff. Streamer can claim what's unlocked at any moment.
• Storage: the unvested portion lives in a Streamflow vesting stream owned by the streamer. The schedule is created with cancelable_by_sender = false so the BitView treasury (the original sender) cannot revoke it after init; the streamer similarly cannot accelerate beyond the per-second linear unlock. The stream metadata pubkey is a permanent on-chain identifier the streamer can show in their wallet or on streamflow.finance.
• Provisioning: the launchpad's bitview-scripts vest_streamer_reserve script (or POST /vesting-api/build-identity-reserve) wires this up immediately after the allocate step. Without it, the 10M reserve sits in the streamer's plain ATA and the on-chain guarantee documented here doesn't hold.

Worked unlock — illustrative for a larger streamer launching at $0.005 USDC per STREAM (representative of Approach B or C launches for top-tier streamers with credible $500K initial market cap; the audience-anchored default for smaller streamers produces proportionally smaller numbers):

Month	Cumulative unlocked	Notional value (at $0.005/STREAM launch price)
1	~417K STREAM	~$2,085
6	~2.5M STREAM	~$12,500
12	~5M STREAM	~$25,000
24	10M STREAM	~$50,000

These are launch-price valuations. If the token appreciates 10× over two years, the reserve unlock is worth $500K notional — which is exactly the upside alignment the vest is designed to create.

For the audience-anchored PEWPIE example (2,400 viewers, $0.00012/PEW launch price) the same unlock schedule produces notional values 40× smaller — month 24 = ~$1,200 unless the token appreciates. The vest mechanism is identical; the numbers scale with the streamer's launch price.

BitView protocol allocation (5%)

A vested 4-year drip to BitView treasury. Held specifically as liquidity-maintenance capital and marketing campaign fuel.

• Vesting: linear over 48 months.
• No cliff for the streamer's tokens; 1-year cliff for the BitView allocation (BitView cannot touch its portion until month 13).
• Held by: BitView treasury multi-sig.
• Used for: topping up STREAM/BTV pool liquidity on the BitView side, funding co-marketing campaigns, retention drops to the streamer's audience, or quarterly community giveaways.

This is not discretionary revenue extraction. The allocation is publicly traceable on-chain; usage is reported quarterly in the Treasury management report.

Distribution rewards pool (85%)

The working capital of the streamer's distributions. Available immediately at launch.

• Held by: the launchpad distribution PDA, with the streamer as authorized funder.
• Drawn down per distribution: the streamer creates a distribution event (e.g., 500K STREAM over 4 hours), and that amount is transferred from the rewards pool PDA into the distributor vault for the event.
• Refilled by: nothing. The 85M is the lifetime supply for rewards. When it's depleted, Identity-tier distributions stop unless the streamer buys STREAM back from the open market to refill.

This is a deliberate design choice — see Why the rewards pool doesn't refill below.

Liquidity bootstrap — the STREAM/BTV pool

Without a liquid market, STREAM is worthless to the viewer who earns it. The launchpad solves this by seeding a Meteora DLMM STREAM/BTV pool at launch, atomically with the mint creation.

Pool seed sizing

Side	Amount	Source
BTV side	50,000 BTV (~$250 at BTV = $0.005)	BitView 15% liquidity-bootstrap allocation
STREAM side	50,000 BTV worth of STREAM (e.g. ~2.08M STREAM at 0.024 BTV/STREAM audience-anchored launch price, OR 10M STREAM at 0.005 BTV/STREAM Approach C lower-price launch)	The 85M distribution rewards pool — first slice

The exact STREAM amount on the seed side depends on the launch price the streamer picks. Two paths exist:

Path A — Match-funded (recommended, default)

The streamer puts up 50% of the BTV side from their own wallet. The launch math:

streamer wallet:    25,000 BTV (50% of BTV side)
BitView treasury:   25,000 BTV (50% of BTV side)
Distribution pool:  50,000 BTV worth of STREAM (the STREAM side)

Pool launches with $500 worth of initial liquidity, two-sided.

The streamer takes 0.10% creator royalty on every subsequent swap. BitView keeps a 0.10% protocol fee. Standard fee schedule.

Path B — BitView-only seeded

BitView treasury puts up the full BTV side; the streamer puts up zero. This is offered for Tier-A concierge streamers who don't want to front capital, or for streamers who'd rather conserve liquidity.

The trade-off: BitView's protocol fee on swaps goes up from 0.10% to 0.20%. The streamer's 0.10% creator royalty stays unchanged. The extra 0.10% compensates BitView for carrying the BTV exposure alone.

streamer wallet:    0 BTV (no match-funding)
BitView treasury:   50,000 BTV (100% of BTV side)
Distribution pool:  50,000 BTV worth of STREAM (the STREAM side)

BitView protocol fee: 0.20% (vs 0.10% default) until streamer
opts to match-fund the pool later, at which point it drops to 0.10%.

DLMM bin distribution at launch

The pool is initialized as Meteora DLMM (Dynamic Liquidity Market Maker) with a wide initial bin distribution centered on the launch price. This means:

• Modest price moves (±20%) don't immediately deplete one side of the pool.
• Large price moves walk the pool through bins predictably.
• We don't run an active rebalancer — see Tokenomics §Liquidity policy for the policy detail.

Pool ownership

The LP position is held by BitView treasury (and the streamer, if match-funded) as a normal Meteora LP token. BitView's LP position cannot be partially withdrawn without a quarterly review decision (see Pool decay and wind-down). This is a soft commitment, not an on-chain lock — but it's published policy and we're held to it in the transparency report.

Per-event value injection — who actually creates value

This is the most-asked question about streamer tokens, and the docs above explain mechanics without yet answering it directly:

If the streamer mints STREAM for free and pays viewers in STREAM, where does the value the viewers earn actually come from?

The honest answer is that STREAM has no inherent value at launch beyond the 50,000 BTV of pool seed liquidity (and whatever value the streamer or BitView contributed to that seed). Every STREAM paid to a viewer is a claim against that pool. If 30% of viewers immediately swap their STREAM into BTV, the pool's BTV side drains, the STREAM side grows, and price falls. After enough events with no offsetting buy pressure, the pool's BTV side is empty and STREAM is effectively worthless.

This is the failure mode of every "creator coin" attempt before BitView. We avoid it by being explicit: per-distribution event, the streamer must inject value to back the STREAM they're paying out. There is no perpetual motion machine. The launchpad and the playbook both enforce this honesty.

The default path — Buyback-and-refill (atomic, one signature)

Wizard default since 2026-05-24. The four-path picker below this section is preserved for historical and analytical reference, but the production wizard now ships a single, mandatory flow that's strictly better than any of the four individual paths.

The streamer picks a distribution amount in STREAM. The wizard then bundles every economically-required step into one signed transaction:

ix 0  USDC/SOL → BTV         (Jupiter exact-out for the BTV match
                              amount = distribution × current pool
                              price; spent from streamer wallet)
ix 1  BTV → STREAM           (swap via the streamer's own STREAM/BTV
                              pool; streamer's BTV exits wallet, STREAM
                              arrives in wallet, pool BTV ↑, STREAM ↓)
ix 2  SPL transfer STREAM     (streamer wallet STREAM → vault ATA; pure
                              SPL transfer, the vault ATA accepts any
                              incoming transfer regardless of authority.
                              Amount = the fee-aware swap-output quote
                              minus a tight 0.5% slippage buffer, so
                              ~all of the bought-back STREAM is swept
                              into the vault — see note below)
ix 3  streamer_vault::withdraw_for_distribution
                              (vault releases the distribution amount
                              to the merkle-distributor's token vault)
ix 4  merkle_distributor::init_distributor
                              (sets up the merkle root, claim window,
                              clawback receiver)

After the tx confirms, the bot picks the distribution up from the backend register call and joins the streamer's channel.

Why this works — the vault as a circular buffer

The clever bit is ix 2. The bought-back STREAM doesn't sit in the streamer's wallet (where they'd be tempted to dump it) and doesn't get burned (which would be a sunk cost). Instead it goes back into the vault, refilling it by ≈ the amount drained for this event.

Refill precision (impl note). The transfer amount is derived from a fee-aware getQuote of the exact BTV being swapped, then floored by only REFILL_SLIPPAGE_BPS = 0.5% (distributionMatchFund.ts). This same floored figure is the swap's minimumAmountOut, so it is provably ≤ what the swap delivers and the atomic transfer can never overdraw the wallet. At most ~0.5% (plus any pool drift) of true dust may remain in the streamer's wallet.

This replaced an earlier implementation that floored the refill at distribution × (1 − 1%) — a worst-case slippage assumption reused as the transfer amount. Because the pool is deep, real slippage was near zero, so the swap delivered ~the full distribution while only 99% was forwarded, stranding ~1% of every distribution in the streamer's wallet instead of recycling it into the vault. If you ran distributions before this fix, those residual STREAM balances are still sitting in your wallet's STREAM ATA and can be swept into the vault with a one-off transfer.

Side	Per event	Over a quarter (12 events)
Streamer USDC/SOL outflow	$60 worth of BTV	~$720
Pool BTV side	+1,200 then ~-360 from cashouts	~+800 BTV net per quarter
Pool STREAM side	-500K then ~+150K from cashouts	~-300K STREAM net per quarter
Vault STREAM balance	+buyback ≈ +500K refill, -500K withdrawn = ~0	stays full forever
Total STREAM supply	unchanged (no burns)	unchanged
Streamer's LP fees earned	+0.10% × every swap (buyback + cashouts)	accruing

The vault becomes a circular buffer refilled by the streamer's own BTV spend each event. After 12, 50, or 500 events the vault balance is roughly where it started. The streamer's 85M distribution allocation is, in practice, almost permanent — it gets recycled, not depleted.

The streamer's only real cost is the USDC/SOL spent on BTV. They keep their LP position (100% of the pool), so the LP fees from both the buyback swap AND every viewer cashout flow back to them.

Conservation of value — restated

Per-event, the streamer pays in USDC/SOL exactly the BTV-value of the STREAM about to enter circulation. Pool BTV side is deeper right before viewers cash out. Cashouts absorb back, ratio returns to ~original. Net effect:

• Viewers receive STREAM (claim against the pool)
• Pool BTV side: net ↑ slightly per event (post-cashout)
• Pool STREAM side: net ↓ slightly per event
• Vault STREAM: ~unchanged (refilled by buyback)
• Total STREAM supply: unchanged

No path-picker UX, no acknowledgment checkbox, no choice between four flows. The streamer enters one number (distribution amount in STREAM) and the wizard handles the rest. The doc paths below explain the alternatives we could offer if a streamer needs something different — but in practice the buyback-and-refill flow strictly dominates them and the wizard doesn't expose the choice.

Alternative paths (analytical reference only)

The four paths below were the original 2026 design before the buyback-and-refill flow was identified. They remain documented for analytical comparison and as fallback options the BitView ops team can manually invoke on the bot if needed. The wizard does not offer this menu — it ships only the default flow above.

Path 1 — Pure STREAM, no match (lowest cash cost, highest token cost)

The streamer draws STREAM from the distribution rewards pool (the 85M allocation) and pays viewers in STREAM. They put zero new BTV or USDC into the system.

streamer wallet:    0 BTV out
distribution PDA:   -500,000 STREAM (drawn from 85M pool)
viewer wallets:     +500,000 STREAM total (per accrual)

Effect on STREAM/BTV pool when viewers sell:
  ~30% cash-out rate × 500K STREAM = 150K STREAM hits pool
  Pool BTV decreases by ~360 BTV (at 0.0024 BTV/STREAM, with slippage)
  Pool STREAM increases by 150K
  Price drops ~1.5%

Cost to streamer: zero cash. But every Pure-STREAM distribution walks the price down. The streamer is effectively paying viewers out of their own reserve's notional value, since their 10M reserve is denominated in STREAM at the now-lower price.

When to use: only when there is a strong, organic buy-side from the community offsetting the cash-out pressure (Discord-role holders, NFT-drop eligibility floor, sustained fan accumulation). Most streamers should not default to this path.

Path 2 — Match-funded event (recommended default)

For every STREAM paid out, the streamer adds the equivalent BTV value to the STREAM/BTV pool LP at the same moment. The pool gets deeper per event instead of getting thinner.

distribution amount:        500,000 STREAM
launch price:               0.0024 BTV per STREAM
equivalent BTV value:       500,000 × 0.0024 = 1,200 BTV (~$60)

streamer wallet:    -1,200 BTV out (added to pool as LP)
distribution PDA:   -500,000 STREAM (drawn from 85M pool)
pool LP:            +1,200 BTV + 500,000 STREAM-equivalent of LP shares
viewer wallets:     +500,000 STREAM total

Effect on pool when viewers sell:
  Pool BTV is now 1,200 BTV deeper than before.
  Sell pressure absorbs into the deeper pool.
  Net price impact ≈ 0 — pool depth tracks distribution volume.

Cost to streamer: the BTV value of the distribution (paid as LP, not as expense). The streamer retains the LP position — their match-funding becomes their LP share, which earns 0.10% on every subsequent swap. They can withdraw it later (subject to the same pool-decay rules as everyone else).

When to use: as the default for any streamer who wants the token to retain price stability over time. The wizard recommends this path on every Identity-tier event.

Path 3 — Pre-event buyback

The streamer buys STREAM from the open market with USDC or BTV before each event, then pays viewers from the just-purchased STREAM (plus optionally from the 85M pool).

T-1 hour before event:
  streamer wallet:   -1,200 BTV out
  router:            BTV → STREAM swap (via STREAM/BTV pool)
  streamer wallet:   +500,000 STREAM (approximately, with slippage)

T-0 event creation:
  streamer wallet:   -500,000 STREAM out (to vault)
  vault:             +500,000 STREAM
  viewer wallets:    +500,000 STREAM (over the stream's duration)

Effect on pool:
  Buyback: +1,200 BTV into pool, -500K STREAM out of pool
  Event distribution: STREAM out of streamer (not from pool)
  Cash-out by 30% of viewers: 150K STREAM into pool, BTV out
  Net pool change: +~840 BTV, +~350K STREAM (price up modestly)

Cost to streamer: same BTV outflow as match-funding, but distributed differently. The buyback puts buy pressure on STREAM before the distribution, which front-runs the cash-out and typically nets the streamer a better effective price.

When to use: when the streamer wants visible market activity (a buyback is a chart event that signals to holders), or when they want to maintain price discipline without committing capital into LP. Slightly more sophisticated than match-funding; recommended for streamers running consistent monthly campaigns.

Path 4 — Native-substitute event

The streamer skips the STREAM-tier entirely and runs the distribution as a Native-tier BTV event for this stream. No new STREAM is paid out at all; the streamer funds with USDC or SOL and viewers earn BTV.

streamer wallet:   -$2,500 USDC/SOL out
                    → Jupiter swap to BTV
                    → distributor vault (BTV)
viewer wallets:    +$2,500 BTV total over the stream

Effect on STREAM/BTV pool: zero.

Cost to streamer: the full USDC/SOL value of rewards (minus 0.10% swap fee).

When to use: when the streamer wants to give viewers BTV (brand collaboration, special anniversary stream, audience that already holds BTV). Or when the STREAM pool has gone illiquid and the streamer wants to fund engagement while figuring out a relaunch plan. This is the safety valve that lets an Identity-tier streamer keep running BitView events even when their own token is in trouble.

Summary — the four paths side by side

Path	Streamer cash cost (per $60-equivalent reward)	Pool effect	When to pick
Pure STREAM	$0	Pool drains; price decays	Only with strong organic buy-side
Match-funded (default)	$60 BTV, added to LP (recoverable)	Pool deepens proportionally	Default — long-term price stability
Pre-event buyback	$60 BTV, spent on STREAM purchase	Pool BTV up, STREAM down (visible chart event)	Streamers with marketing instinct, building price narrative
Native-substitute	$60 USDC/SOL → BTV (full cash, ~0.10% swap fee)	None	When STREAM is illiquid, or for brand/anniversary events

What the wizard does (current, single-path)

In wizard step 2 (parameter setting), the streamer enters one number — the distribution amount in STREAM. The wizard:

• Computes the BTV match amount = distribution × current pool price (reads pool.tokenAAmount / pool.tokenBAmount from the DAMM v2 pool state, since that's what the pool actually prices off — direct vault balances are ignored by the AMM).
• Shows the projected pool impact. "After this distribution and cashouts settle, pool BTV side will be ~$X (vs current $Y); vault STREAM balance unchanged."
• Shows the USDC/SOL cost. "You'll spend ≈ $60 in USDC/SOL on BTV; the bought-back STREAM refills your vault."
• Asks for one signature in step 4 — the 5-ix atomic bundle documented in the buyback-and-refill section above.

No path picker, no acknowledgment checkbox, no four-way menu. The default flow is strictly better than the four historical paths so there's nothing for the streamer to choose between.

The historical four-path framing remains useful when explaining the economics to a Tier-A streamer for the first time ("here are the things we considered, here's why we picked the recycling flow"), but the wizard itself is a single happy path.

Conservation of value — there is no free lunch

A pithy version of the per-event reality, useful when explaining streamer-token economics to a Tier-A streamer for the first time:

Every STREAM token paid to a viewer must be backed by value the streamer puts in somewhere in the flow — at launch (via match- funded pool seed), per event (via match-funding, buyback, or Stable substitution), or after the fact (via voluntary buybacks when the pool starts to thin).

The streamer is not "minting free money to give viewers." They are translating their existing revenue (Twitch subs, sponsorships, ad share) into a fan-economy currency that compounds the value into community identity, royalty revenue, and a vested reserve. The token is a wrapper around real economic activity. The wrapping has infrastructure costs (BitView subscription, swap fees, launch fee) but the value flowing to viewers comes from the streamer, not from BitView and not from nowhere.

Three reasons this framing matters:

1. It makes the math honest. When the streamer plans their monthly reward budget (see funding model), they include the real BTV/USDC outflow per event, not a misleading "free token" line.
2. It informs path selection. A streamer with strong organic fan-buying behavior can run Pure-STREAM events. A streamer without that base must match-fund or use Stable. The product surfaces this.
3. It defends the regulatory posture. STREAM is utility-coded because it does not promise unfunded yield. The value paid out is value the streamer put in. We can defend this — and we can't defend a hidden-emissions design.

Three failure scenarios this prevents

Failure scenario	What happens without conservation-of-value	What happens with it
Streamer runs 10 Pure-STREAM events with no fan-buying	Pool BTV drains to zero. STREAM goes to zero. Viewers feel scammed.	Wizard refuses Pure-STREAM for first 3 events; subsequent attempts trigger warnings; streamer redirects to Match-funded.
Streamer thinks their token is "printing money"	Streamer over-distributes, reserve loses notional value, lawsuit risk grows.	Streamer's monthly cash outflow is visible; they can plan against revenue.
Streamer launches at $250K market cap with zero match-funding	Pool is too thin to support cash-outs; immediate price collapse.	Initial price approach + match-funding default keep pool depth proportional to distribution volume.

What ever causes STREAM tokens to leave circulation? Honestly, not much by default — most token economies that overpromise "deflationary burns" do not deliver. Here is the complete list of paths that remove STREAM from supply:

1. Voluntary streamer burn

The streamer can voluntarily burn STREAM from their reserve (the vested 10M allocation) at any time. This is offered as a marketing / scarcity move and is fully discretionary.

• Implementation: streamer calls burn on their own wallet's STREAM balance. Standard SPL instruction; no special launchpad logic.
• Use cases observed in similar token economies: anniversary burns ("burning 100K STREAM to celebrate 1 year"), achievement burns ("burning 50K STREAM per 1,000 new subscribers"), buyback-and-burn funded by streamer's own revenue.
• BitView does not require, recommend, or schedule burns. Voluntary means voluntary.

2. Unclaimed-distribution clawback or burn

When a distribution finalizes and the claim window closes (default 30 days), unclaimed STREAM in the distributor vault has two possible fates, chosen by the streamer at distribution creation:

• Clawback to streamer. Default. The streamer recovers unclaimed STREAM to their wallet via the on-chain clawback instruction (on-chain program reference). Useful when the streamer wants to roll unclaimed amounts into the next distribution.
• Burn unclaimed. Alternative path. The streamer configures the distribution so that the clawback receiver is a burn address (e.g., 1111111111111111111111111111111111111111111111111111111111111111, or an unspendable PDA). Unclaimed STREAM is permanently removed from supply when the clawback executes.

This is the only programmatic burn path in the streamer-token economy, and it's strictly opt-in per distribution.

3. Delisting + dead-pool wind-down (involuntary)

If a streamer is delisted from the BitView platform (rugpull, content-policy violation, sanctions hit, Twitch ban), the following happens to their token:

• The STREAM/BTV pool is removed from the BitView swap router and discovery page within 24 hours of confirmed evidence.
• At the next quarterly liquidity review, BitView's portion of the pool LP is withdrawn, returning BTV to BitView treasury and releasing the STREAM side back to the launchpad PDA.
• The 5% BitView protocol allocation that was vesting is clawed back to the treasury wallet immediately (BitView's own allocation, BitView's own decision).
• The STREAM mint itself remains on Solana mainnet forever — we do not have the authority to delete or freeze it. Holders who want to trade STREAM after delisting can do so on third-party DEXs at their own risk, but they get no BitView support.
• The streamer's reserve allocation continues vesting on its 24-month schedule regardless. BitView doesn't have authority to claw back the streamer's reserve. (This is intentional — even a rugpulling streamer keeps what they earned by streaming successfully; the punishment is the loss of the launchpad, royalty stream, and protocol allocation, not retroactive confiscation.)

The streamer's reserve could be voluntarily burned by the streamer post-delisting as a goodwill gesture, but BitView doesn't require it.

4. Sybil-stake slashing (BTV only, not STREAM)

For completeness: when a confirmed industrial sybil network gets slashed, the slash takes BTV (the anti-sybil stake) — never STREAM. STREAM is the reward currency, not the stake currency. Slashed BTV flows to BitView treasury, not to a burn address.

What we explicitly don't do

• No automatic burn from swap fees. The 0.10% creator royalty goes to the streamer's wallet. The 0.10% (or 0.20%) BitView protocol fee goes to BitView treasury. Neither is burned.
• No "deflationary tokenomics" claims. Marketing pages for STREAM tokens do not get to advertise auto-burns we haven't implemented.
• No discretionary mint after launch. Mint authority is revoked in the launch transaction bundle. Total supply is 100M forever.
• No streamer-side governance to enable inflation. The supply cap is on-chain enforced. Even if the streamer wanted to mint more, they cannot.

Creator royalty — the streamer's recurring revenue line

Every swap that touches the STREAM/BTV pool generates a 0.10% fee that routes to the streamer's wallet. This is the most important streamer-side revenue mechanism in the whole BitView product.

How the royalty is collected

The STREAM/BTV pool's swap interface (via the BitView swap router) is configured with a two-fee skim:

• 0.10% → streamer's royalty wallet
• 0.10% → BitView protocol treasury (or 0.20% under Path B BitView-only seeding)

Fees are denominated in the input token of the swap. So a BTV → STREAM swap takes the fee in BTV; a STREAM → BTV swap takes the fee in STREAM.

This is trustless and continuous — no manual claim required by the streamer. Fees accumulate to the wallet automatically as part of the swap atomic transaction.

Concrete revenue scenarios

Royalty revenue is purely a function of secondary swap volume. The broad scenarios:

Daily STREAM/BTV swap volume	Annual streamer royalty
$1,000/day (small but active community)	~$365
$10,000/day (mid-tier streamer with active fan trading)	~$3,650
$50,000/day (top-tier with viral moment)	~$18,250
$100,000/day (sustained top-tier secondary market)	~$36,500
$1,000,000/day (during a viral moment, sustained for the duration)	~$3,650/day

These compound with:

• The streamer reserve vesting unlocks (~$2K–$50K/year notional).
• BitView's 5% protocol allocation usage for joint marketing pumps.
• Sponsorship co-share (5% of brand spend on Sponsored-tier distributions, see Funding model).
• NFT drop royalties on Identity-tier holder events (see NFT drops).

For a successful streamer at maturity, the creator royalty alone can match or exceed Twitch subscription revenue, which is why we treat it as the headline economic argument when we talk to top streamers.

Why the rewards pool doesn't refill

A natural question: why is the 85M distribution allocation a one-time budget instead of an emission curve? Three reasons:

1. It forces price discipline. If the streamer runs through 85M STREAM by paying out 1M per distribution × 4 distributions per week, that's 21 weeks of runway. To extend past that, the streamer must either (a) buy STREAM back from the open market with USDC / BTV (which adds buy pressure to STREAM/BTV), or (b) stretch their distribution sizes by funding partially in BTV instead. Both outcomes are healthy for the token.

2. It prevents emission-funded dumps. If we kept emitting STREAM from a treasury, every distribution would inject new supply, suppressing price. The fixed allocation means each token paid out to a viewer is a token already in circulation, and the streamer feels the cost.

3. It mirrors BTV's own design. BTV has a fixed 1B supply with a 5-year viewer-reward emission curve, then no further mints. STREAM has a fixed 100M supply with no emission curve at all — it's a strictly tighter version of the same principle.

Streamer-token lifecycle — the long view

The 24-month arc of a typical Identity-tier streamer token, from launch through maturity to either continued growth or wind-down:

T+0 (launch)          Mint creation, pool seed, distribution pool armed.
                      Streamer announces on stream + Discord + Twitter.
                      First Identity-tier distribution starts within 24h.

T+1 week              First post-distribution claims execute. Initial
                      cohort of holders forms. Secondary swap volume
                      starts on STREAM/BTV pool.

T+1 month             Initial price discovery completes. The token has
                      either found a stable floor near launch price or
                      has moved (up or down) based on community
                      enthusiasm and trading activity.
                      Streamer's reserve unlocks ~417K STREAM.

T+3 months            Pattern is set: streamers running 4–8 Identity-
                      tier distributions per month, drawing from the
                      85M pool, accumulating royalty revenue.
                      Discord token-gated rooms are active.
                      First NFT drop typical here.

T+6 months            ~2.5M STREAM unlocked from streamer reserve.
                      Cumulative royalty revenue: $200–$5,000 depending
                      on community activity and price.
                      Pool concentration drift reviewed; if pool has
                      rotated >40% from initial mix, decision made.

T+12 months           Half the streamer reserve unlocked (5M STREAM).
                      BitView's 5% allocation 1-year cliff expires —
                      treasury can now use the allocation for joint
                      campaigns.
                      Mid-token-life review: still healthy? Still
                      depleting the 85M pool? Streamer buying back?

T+18 months           ~7.5M streamer reserve unlocked.
                      If distribution rewards pool is depleted, streamer
                      decides: open-market buyback, distribution slowdown,
                      or transition to Native-tier (BTV) distributions.

T+24 months           Full streamer reserve vested.
                      Most successful Identity tokens have settled into
                      a stable secondary market with consistent
                      royalty revenue.
                      Pool decay review: if price has dropped >80% from
                      launch AND no distributions in 90 days, pool
                      liquidity is pulled (see Pool decay below).

T+48 months           BitView's 5% protocol allocation fully vests
                      (continues being used as policy dictates).

Pool decay and wind-down

A streamer token does not have to "succeed forever." We design the wind-down path because most tokens will eventually go dormant, and we want that to happen cleanly, not as a slow-motion liquidity drain.

Decay trigger (both conditions required):

• STREAM price has dropped ≥ 80% from launch price.
• ≥ 90 days since the last distribution event on this streamer's channel.

Decay action (at next quarterly liquidity review):

• BitView withdraws its portion of the STREAM/BTV pool LP.
• BTV side returns to treasury for redeployment.
• STREAM side returns to the launchpad PDA, available for the streamer to claim or burn at their discretion.
• The STREAM/BTV pool is delisted from the BitView swap router and discovery page.
• The dead-token pool is archived; the mint itself remains on Solana mainnet forever (we have no authority to remove it).
• The streamer's reserve allocation continues vesting on its original 24-month schedule, regardless of pool status. They keep what they earned.

Soft revival path:

A streamer who has been dormant but wants to relaunch can request a re-seed review. If they pass eligibility gates again, BitView can reseed the STREAM/BTV pool with fresh BTV liquidity from the 15% bootstrap allocation. Subject to BD discretion; not automatic.

Anti-rug protections

The Identity-tier launchpad is engineered to make outright rugs hard. The protections are stacked:

Protection	What it prevents	Where it's enforced
Mint authority revoked at launch	Streamer mints additional STREAM and dilutes holders	On-chain (SPL mint account)
Freeze authority never set	Streamer freezes a holder's tokens	On-chain (SPL mint account)
Streamer reserve vested 24 months, linear, no cliff	Streamer dumps reserve on launch day	On-chain vesting PDA
Pool LP held by BitView treasury (and streamer if match-funded)	Streamer pulls all liquidity at once	On-chain LP custody + published policy
STREAM only pairs with BTV	Fragmented liquidity hides rugs	BitView swap router whitelist
0.10% creator royalty paid per-swap, not lump-sum	Streamer cashes out future royalty in advance	On-chain pool fee config
Identity-tier eligibility gates	Bad-faith actors get a launchpad slot	BitView ops + on-chain attestation
Delisting + clawback of BitView 5% allocation on rugpull	Bad actors keep platform alignment after misconduct	BitView treasury policy
Public on-chain audit of all flows	Streamer's actions are invisible to the community	Solana mainnet — all moves are public

The one thing we cannot prevent: a streamer who has waited 24 months and fully vested can sell their reserve. This is by design — the streamer is supposed to be rewarded for sustained engagement. The 2-year vest is the protection; we don't double-protect against post-vest market activity.

Worked example — "PEWPIE coin" launch

To make the mechanics concrete, here's a full launch walkthrough for a hypothetical streamer named pewpie_streams.

Pre-launch state

• pewpie_streams has been on BitView for 4 months.
• Avg concurrent viewers: 2,400 over last 90 days. Pro subscriber.
• Has finalized 5 distributions to date (3 Stable USDC, 2 Native BTV), all healthy.
• Discord has 8,200 members. Strong community identity ("PEW Gang").
• Cleared the eligibility gates.

Initial price determination (Approach A — audience-anchored)

The wizard runs the audience-anchored formula on pewpie's 2,400 avg concurrent viewers (BTV trades at $0.005, the canonical reference):

initial_market_cap_usdc  =  max(2,400 × $5, $5,000)  =  $12,000
launch_price_usdc        =  $12,000 / 100,000,000   =  $0.00012
launch_price_btv         =  $0.00012 / $0.005       =  0.024 BTV per PEW
                                                       (BTV = $0.005)

pewpie accepts the suggested price.

Launch wizard inputs

Token name:               PEWPIE
Token symbol:             PEW
Decimals:                 6
Logo:                     pewpie_logo_512x512.png
Initial price approach:   A — audience-anchored
Launch price:             0.024 BTV per PEW (~$0.00012 USDC)
Initial market cap:       $12,000
Seeding path:             Match-funded (Path A — pewpie puts up
                          half the BTV side, BitView puts up half)
Streamer reserve target:  10,000,000 PEW (locked default)
Launch fee payment:       Stake 10K BTV (waiver)

Launch transaction (signed by pewpie_streams)

1.  create_mint(decimals=6, mint_authority=launchpad_pda, freeze_authority=None)
        → new mint address: PEWxxx...xxx
2.  mint_to(100_000_000 PEW → launchpad_distribution_pda)
3.  disable_mint(mint_authority → None)        ← supply hard-capped here
4.  create_metadata(name="PEWPIE", symbol="PEW", image=cdn_url)
5.  allocate(10_000_000 PEW → pewpie_reserve_vesting_pda)
6.  allocate(5_000_000 PEW → bitview_protocol_vesting_pda)
7.  initialize_pool: Meteora DLMM PEW/BTV
        BTV side: 25,000 BTV (pewpie) + 25,000 BTV (BitView) = 50,000 BTV
        PEW side: 50,000 BTV / 0.024 = ~2,083,333 PEW
                  (drawn from the 85M distribution rewards pool)
        Launch price: 1 PEW = 0.024 BTV

After launch:

Address	Balance	Lock
pewpie_streams wallet	0 PEW directly held (reserve is in vesting PDA)	—
pewpie_reserve_vesting_pda	10,000,000 PEW	Linear unlock 24mo, ~13,700/day
bitview_protocol_vesting_pda	5,000,000 PEW	1yr cliff, then linear 48mo
launchpad_distribution_pda	~82,916,667 PEW	The 85M rewards pool minus the ~2.08M used in pool seed
PEW/BTV DLMM pool	~2.08M PEW + 50K BTV	LP held by pewpie (25K BTV side) + BitView (25K BTV side)
pewpie BTV stake (launch-fee waiver)	10,000 BTV	Unlocks 30 days post-launch

Total pool depth at launch: 100K BTV ($500 two-sided at BTV = $0.005), with PEW priced at $0.00012 each. pewpie's cash cost to launch: 25K BTV ($125) into the LP — which is recoverable as their LP share, not an expense. The pool is shallow relative to the typical distribution event size, which is why per-event match-funding is not optional but the default behavior of the wizard — without it, even one full-day event of cashouts would drain a meaningful fraction of the BTV side.

First Identity-tier distribution (Match-funded, Path 2)

pewpie creates a distribution for their next stream and picks the default Match-funded path so the pool deepens proportionally to the distribution volume.

Tier:                Identity (PEW)
Funding path:        Match-funded (Path 2)
Pool amount:         500,000 PEW (drawn from launchpad_distribution_pda)
Match BTV amount:    500,000 × 0.024 = 12,000 BTV (~$60 at BTV = $0.005)
                     (added to the PEW/BTV pool LP under pewpie's name,
                     proportional with ~500K PEW from the distribution
                     pda to preserve the pool ratio)
Duration:            4 hours
Periodicity:         60 seconds
Max per viewer:      5,000 PEW

What pewpie signs for this event:

1. transfer 500,000 PEW: distribution_pda → distributor_vault_pda
2. add_liquidity 12,000 BTV + ~500,000 PEW → PEW/BTV pool (BTV from pewpie wallet; PEW from another slice of the distribution pda to keep the ratio at the current pool price)
3. POST /distributions-api/register with the new distributor PDA.

Stream runs. 1,247 unique viewers credited. 487,500 PEW total credited (12,500 PEW unallocated, returned to distribution PDA). After the 30-day claim window:

• 87% of credited PEW claimed → 423K PEW now in viewer wallets.
• 30% of those viewers swap immediately to BTV → ~127K PEW hits pool.
• 13% unclaimed → 63.5K PEW.
• pewpie configured "clawback to streamer" (default), so they recover 63.5K PEW for the next distribution.

Pool state after the first event (match-funded):

Side	At launch	After match-fund (pre-event)	After cash-outs	Net change
BTV in pool	50,000	62,000 (+12K injected)	62,000 - ~3,000 ≈ ~59,000	+9,000 BTV net (matching deposit, partially offset by cashout outflow)
PEW in pool	2,083,333	2,583,333 (+500K proportional match)	2,583,333 + ~127K ≈ ~2.71M	+627K PEW net
PEW price	0.024 BTV	0.024 BTV (unchanged by proportional add)	~0.0218 BTV	-9.2% modest price drop

Compare against the same event without match-funding (Path 1 Pure-STREAM):

Side	Before event	After cash-outs (no match)	Net change
BTV in pool	50,000	~47,000	-3,000 BTV drained
PEW in pool	2,083,333	~2,210,000	+127K PEW
PEW price	0.024 BTV	~0.0213 BTV	-11.4% price decay

The match-funded path costs pewpie 12K BTV (~$60) per event but keeps the pool BTV-side from being net-drained. Pool depth grows proportionally to distribution volume, which is the long-term sustainability property. Over 12 events (a typical quarter at 1 event/week), this is ~$720 in BTV deployed as LP — and the LP earns 0.10% creator royalty + 0.10% LP fees on every subsequent swap.

One month post-launch — revenue picture

Source	Amount
PEW from streamer reserve unlocked (Month 1)	417K PEW (~$50 notional at $0.00012)
Creator royalty (0.10% on $5K cumulative PEW/BTV swap volume)	~$5
BitView Pro subscription paid	-$99
Match-funded BTV injected into pool (4 events × ~$60)	-$240 (held as LP, recoverable)
Distribution rewards (PEW value, paid to viewers, partially recovered via clawback)	-$240 effective
Twitch sub revenue (continues as before)	+$X (independent of BitView)
Brand sponsorship co-share (none yet, pewpie isn't on Plus tier)	$0

The first month is investment-mode for pewpie. Cash outflow: $99 to BitView + ~$480 into LP/rewards = ~$580/month. The LP injection is recoverable; the $99 isn't.

Note how much smaller the rewards line is than in older draft examples — the audience-anchored launch price keeps the per-viewer PEW payout proportional to realistic engagement value at this stage, rather than the inflated $0.05-per-PEW numbers that appeared in early-stage drafts (those represent appreciation scenarios, not launch reality).

One year post-launch — assuming success

By month 12, in a "successful but not viral" scenario where pewpie runs match-funded distributions weekly and the community organically buys PEW for Discord-role gating and NFT-drop eligibility:

Metric	Value
PEW price (BTV-denominated)	~0.06 BTV (2.5× launch — supported by community demand + match-funded pool injections)
PEW price (USDC-equivalent)	~$0.0003
Cumulative streamer reserve unlocked	5M PEW (~$1,500 notional at current price)
Cumulative match-funded BTV deployed into LP	$2,880 ($60 × 48 events), recoverable
Cumulative creator royalty earned (12-month average $20K/day swap volume)	~$7,300
Distribution rewards pool remaining (started with ~82.9M after seed, depleted ~50M over 12 months across ~4 distributions/month at 500K each + clawback recovery)	~33M PEW
pewpie's LP position (share of pool, recoverable)	~$1,500 (notional, growing with pool health)
Avg Discord members	14,500 (~75% YoY growth)
Twitch sub baseline	+20% YoY (loyalty layer effect)

In year two, pewpie has three paths to extend the runway:

1. Buy PEW back from open market using accumulated royalty revenue and Twitch sub income, then distribute the bought-back PEW. This is sustainable indefinitely if community engagement stays healthy.
2. Transition to Native-tier BTV distributions for some events. PEW is still useful as a community-identity token (Discord roles, NFT-drop eligibility) but isn't depleting.
3. Wind down PEW distributions and run only Stable / Native / Sponsored events. PEW continues trading on the pool but no new PEW enters circulation from pewpie. The ~33M remaining pool slowly drains to viewers over the long tail.

If the community goes quiet and price drops 80%+ with 90 days of no distributions, the pool decay triggers and the PEW market goes dormant — but pewpie keeps their reserve vest and whatever royalty they already collected.

Cumulative pewpie cash position at month 12

Net of all PEW-related cash flows:

Line	Amount
BitView Pro subscription (12 × $99)	-$1,188
Launch-fee waiver stake (10K BTV, returned at month 1)	$0 net (held capital)
LP capital deployed via match-funding (48 events × $60)	-$2,880 (recoverable as LP)
Pool seed contribution (25K BTV at launch, ~$125)	-$125 (recoverable as LP)
LP fees earned on pool position (50% share of 0.20% on $20K/day × 365)	+$7,300
Creator royalty (0.10% on $20K/day × 365)	+$7,300
Distribution rewards (paid to viewers, post-clawback net)	-$2,500
Net cash	+$7,907 over 12 months

Plus the non-cash items:

• 5M PEW reserve unlocked (~$1,500 notional, vesting continues to 24mo).
• LP position recoverable (~$4,130 notional, growing).
• Twitch sub baseline +20% YoY (the actual point of all this).
• 6,300 new Discord members.

Risk and failure modes

Honest about what can go wrong:

Failure	What happens	Who eats it	Mitigation
Streamer dumps reserve at month 24	Reserve fully vested. Streamer sells 10M PEW into the pool. Pool slippage spikes; price drops.	Holders, secondarily BitView LP	Public reserve unlock schedule; community can anticipate. The vest was the protection.
Streamer goes inactive after launch	Distributions stop. Royalty drops to zero. Pool depth slowly drifts.	Holders' PEW becomes illiquid.	Pool decay review at quarterly cadence pulls dead pools.
Viral pump-and-dump	Price spikes 100× then crashes. Late buyers eat losses.	Late buyers	Wide DLMM bin distribution dampens but does not prevent. Public warning that streamer tokens are volatile.
Identity-tier oversold to wrong streamer	Streamer with 1,200 viewers launches token, community doesn't engage, token dies in 6 months.	BitView LP, streamer's vested reserve	Eligibility gates; rate-limited launches; concierge review at Tier A.
Streamer's wallet is compromised	Attacker drains streamer reserve (vested portion).	Streamer	Streamer is responsible for wallet security; we recommend hardware wallet for reserve management.
BitView LP carrier loss in BitView-only path	Pool BTV side rotates fully to PEW after price crash; BitView treasury holds illiquid PEW.	BitView treasury	Path B has 0.20% fee to compensate; quarterly review pulls pool if it's dead.
Streamer endorses an external scam	Reputational poisoning; pool gets sold off.	All token holders	Delisting from BitView discovery + swap router; BitView's protocol allocation clawed back per our content policy.
Regulatory action against streamer tokens	If a jurisdiction classifies streamer tokens as securities, BitView may have to delist for that region.	BitView (compliance cost), streamers in that region	See Risk and compliance for the utility-coded framing.

How the streamer should think about this

Three rules of thumb we share with every Tier-A streamer considering the Identity tier:

1. Treat the token as community infrastructure, not a payday. The reserve vest takes 24 months. The royalty revenue compounds over years. The token's job is to make your community stickier, which makes everything else (subs, sponsorships, NFT drops) more valuable. The token itself is the smallest revenue line.

2. Match-fund the pool. Path A keeps platform fees low (0.10% vs 0.20%), demonstrates skin-in-the-game to your fans, and aligns you with BitView's LP position. The $125 cost (half of 50K BTV side) is tiny compared to the long-term royalty stream.

3. Don't pre-announce. Identity-tier launches are most successful when announced same-day. Pre-announcement attracts speculation from non-community traders. Same-day-from-stream attracts your actual fans.

Cross-references

• Tokenomics — the broader BTV + four-tier framing
• Funding model — how the Identity tier sits among the four distribution paths
• Streamer flow §Phase 9 — the streamer's lived experience of launching a token
• On-chain program — distributor program, clawback, instruction reference
• Cross-token swap — the swap router that prices STREAM/BTV
• NFT drops — the non-fungible loyalty layer on top of the fungible streamer token
• Treasury management policy — how BitView's 5% protocol allocations are reported
• Risk and compliance — the utility-coded posture