VIII / Badge AMM
A vault-swap, not a custom AMM. v1 scope.
| Action | Price |
|---|---|
| SWAP — next badge out, blind, FIFO | X $JOBBER + ETH fee |
| SNIPE — pick an exact badge | 1.15X $JOBBER + ETH fee |
| DEPOSIT — send a badge in | 0.85X $JOBBER |
X fixed in v1. Deposits close automatically if vault reserves fall below 20% of opening balance.
A badge's account contents are not priced by the vault. A badge holding six months of accrued NVDA is worth more than a fresh one and the vault charges the same for both — a deliberate arbitrage that gives the vault a real function as a floor and gives attentive holders a reason to watch inventory.