WHAT IS 기억 ($SEMI)? CORE Vault, 2020: fixed supply, LP locked forever, farming paid by transfer fees instead of printing. The floor was ETH. 기억, 2026: same model, better collateral. SEMI trades in one Uniswap v4 pool against MU, tokenized Micron stock issued by Robinhood on Robinhood Chain. The floor under SEMI is real semiconductor equity. MU already trades against ETH, so you can buy SEMI with anything. No wrapper, no minting, no middle token. Why Micron: the cleanest large-cap on the memory cycle, up triple digits on AI memory demand, and Robinhood-official so the backing is exactly what it says. THE MECHANICS - 10,000,000 SEMI at genesis. Supply is ELASTIC but gated: new SEMI can be minted ONLY by the Ratchet, and only when MU backing per token sets a new high. No human can mint. Live supply is on the Stats panel — read it, do not assume genesis. - 100% of supply plus the MU seed goes into the pool at launch. No dev bag. The LP position sits in a contract with no withdraw function. Locked forever. - every swap pays 5%, converted to MU and split: 2% compounds into the locked pool. the floor, up only. 3% goes to operations — infra, development, and market-making or other market operations at its discretion, which may include buying other tokens and assets, and providing liquidity elsewhere — never back into this protocol’s mechanics. Treat the operations wallet as wholly or partly the dev team's income: it covers salaries and compensation for the people building and running this. That is deliberate and stated up front, not hidden in a "protocol revenue" line. - BONDING: bring MU, get SEMI at a 20% discount vesting over 24h. 100% of bonded MU goes into the locked floor, and the mint is gated so a bond can never lower backing per token. - EMISSIONS: stake SEMI to earn minted SEMI. The Ratchet only mints when MU backing per token hits a new high, capped at 2% of supply per epoch. No dilution unless the floor grew first. - ANTI-SNIPE: for the first minute after the pool opens the fee starts at 50% and decays to 5%, front-loaded (t=0 50%, ~12s 34%, 30s 16%, 60s 5%). first-block snipers pay ~50% and it goes to the floor. during that minute no swap can take more than 10% of the pool in one bite. all constants, no admin, no re-arm. - harvest() is public. anyone can pull the lever. - No dev bag. The founder holds zero tokens at launch and buys from the open market like everyone else. THE FLOOR Two things hold SEMI up: 1. The LP can never leave. SEMI trades against MU in one pool with no withdraw function, and 2% of every trade compounds more MU into it. There is always real Micron in the pool and the amount only grows. The curve is a hard, deepening support. 2. The backing high-water mark only goes UP. The Ratchet records the highest backing-per-token that has held across a full epoch and never lowers it. New SEMI mints ONLY when backing sets a new high, so emissions are impossible unless the collateral grew first. What the mark is NOT: a redemption button. In a violent sell-off spot backing can sit below it for a while. The mark is the up-only reference that gates emissions and bonding; the locked, compounding LP is what catches price on the curve. RISKS MU is a tokenized security issued by Robinhood, not a share you custody. The backing is only as real as that structure. The stock prices ~6.5h/day; this pool trades 24/7, so the floor marks to last close on weekends. The seed is unrecoverable by design. This is an experiment on a frontier chain. Size accordingly.