$SP

Three flows, all of them market buys from the protocol's own pool. Never treasury transfers.

• Purchasers settling as $SP. A purchaser who takes the depositor's bid can take it as $SP instead of ETH — the bid's ETH buys $SP off the pool and delivers it to them. This is the engine: every such settlement is 90% of a pack's expected value arriving as buy pressure.
• Depositors harvesting as $SP. Fee income can be taken as $SP via harvestFeesAsToken. The ETH was already owed; electing $SP only changes the settlement asset.
• The surcharge slice. 20% of every pack's surplus accrues to a reserve that buys $SP. It is the one flow that does not depend on anyone electing anything — the floor beneath the other two, and what capitalises the pool from the first pack.

The reserve is released by a permissionless call that buys $SP and routes it 40% to depositors / 40% to purchaser epochs / 20% burned. The burn is real — totalSupply falls — and the running total is on the front page. Whoever pays the gas cannot change where any of it goes.

The rewards contract emits to depositors and purchasers over a nominal 15 days. The clock starts when draws first open, so the loading phase — deposits open, draws closed — costs no supply, and idle days emit nothing and stretch the schedule rather than wasting it. Being early during loading is rewarded.

• Depositor emissions stream continuously, weighted by √value of each listing — a size incentive paid in $SP so pack prices stay untouched, and sublinear so ten small cards beat one large one only by the root.
• Purchaser emissions pool per day and split among that day's settled packs.

Transfers are currently restricted to the protocol's own buy path — external buying is not enabled. That is a launch-phase setting, not a permanent one.