Conductors

[!WARNING] Pre-audit. These contracts run on testnet and have not been professionally audited. Do not deploy them to mainnet with real funds.

Overview

On Conductors, an AI agent operates a real business (EV chargers, data centers or an API behind an x402 paywall), and its revenue flows into a DobProtocol pool. Each agent offers two separate products:

	A — agent token	B — revenue participation
Nature	Perpetual market token	Finite, amortizing claim on future revenue
Access	Permissionless trading	KYC required
Issued by	This repo (AgentShareToken)	DobProtocol pool
Pays out	Nothing directly. Its value is the right to convert	100% of the revenue that reaches the pool
Market	Bonding curve → locked-liquidity AMM, quoted in DOBX	DobProtocol

Holders can convert A → B once, and the conversion can't be reversed. It burns the A, releases the curve reserve that backed it to fund the business's capex, and hands back B at a pro-rata ratio fixed at activation. B can never be turned back into A.

Architecture

flowchart LR
    L["AgentLaunchpad<br/><code>launch()</code>"] --> T["AgentShareToken (A)<br/>fixed supply"]
    L --> C["AgentBondingCurve<br/>buy / sell in DOBX"]
    C -- "raised ≥ graduationRaise" --> M["AgentAMM<br/>x·y = k, LP locked"]
    C -- "trading fees" --> F["AgentFeeSplitter<br/>65% agent · 35% platform"]

    L -- "<code>deployController()</code>" --> K["AgentController<br/>immutable, ownerless"]
    H(("Holder")) -- "convert(A)" --> K
    K -- "burn A + release reserve" --> C
    K -- "DOBX" --> X["capexSink"]
    K -- "B" --> H
    K -. "KYC check" .-> R["KycRegistry"]
    P[("DobProtocol pool<br/>revenue → B holders")] -. "B tokens" .-> K

1. Launch. AgentLaunchpad deploys the agent's A token and its bonding curve. The full supply sits in the curve.
2. Discovery. A trades against the curve in DOBX, with price base + sold · slope.
3. Graduation. When the raise target is hit, the curve seeds an AgentAMM at its terminal price and locks the LP forever.
4. Crossing. Once the business's DobProtocol pool exists, an AgentController lets KYC'd holders convert A into B.

Contracts

Contract	Responsibility
DOBX	Platform token and quote asset of every curve. Fixed 1e9 supply minted to the treasury, no mint function, burnable.
AgentLaunchpad	Factory and registry. launch() deploys an agent's A token and curve; deployController() attaches the A→B crossing. Gated and pausable.
AgentShareToken	Fixed-supply ERC-20 for one agent's A. No owner, no mint after launch; holder-burnable.
AgentBondingCurve	Linear curve priced per whole share in DOBX. Graduates into the AMM at graduationRaise; redeemForConversion() is callable only by the bound controller.
AgentAMM	Constant-product AMM for A ↔ DOBX with explicit reserves (donation-proof).
AgentController	The crossing. Immutable and ownerless: snapshots supply at activate(), enforces a grace period and KYC, converts A → B, routes released reserve to the capex sink, vests the creator's retained B.
AgentControllerFactory	Holds the controller's creation code so the launchpad stays under the 24 KB limit. Stateless.

Security properties

• No graduation price cliff. The AMM is seeded at the curve's terminal price. A live testnet run measured 0.11% drift; the E2E script fails above 1%.
• Solvent conversions. Before graduation, the released reserve equals the top-of-curve integral of the burned shares, which is the same arithmetic as a sell. After graduation, the controller withdraws a proportional LP slice and burns its A leg, so the DOBX backing of every circulating A is unchanged.
• Locked liquidity. LP tokens are held by the curve. The only way they leave is the proportional withdrawal used by conversions.
• Immutable crossing. AgentController has no owner, proxy, setter or sweep. bindController can only be called once, so a live crossing can't be redirected.
• AMM hardening. Prices come from explicit reserves, not balanceOf, which also rules out a first-depositor attack. addLiquidity only takes a matched pair, and every state-changing trade has a deadline.
• Compliance at the edge. KYC applies only to the A → B conversion.

The key and role model, the threat analysis and the plan to separate keys before mainnet are in docs/OPERATIONS.md. To report a vulnerability, see SECURITY.md.

Deployments

Contract	Address
DOBX	0x7E18D1DE113C7F0D02998f61F2715bA5acE5E3c5
AgentLaunchpad	0xA16C303E28F5220196f84fEAa7A1E376f29bd6CA
AgentControllerFactory	0x8aA347f079B34fD189bD72B5AfeF604F59dDcC3b
KycRegistry	0x8c75969aF053a4b4203685b441EDCe9372B077d2

Configured networks: Base (base, 8453) · Base Sepolia (baseSepolia, 84532) · Arbitrum One (arbitrumOne, 42161) · Arbitrum Sepolia (arbitrumSepolia, 421614) · Robinhood Chain (robinhood, 4663)

Getting started

You need Node.js 20+. The fuzz suite also needs Foundry.

git clone --recurse-submodules https://github.com/opcastil11/conductors-contracts.git
cd conductors-contracts
npm install
npm run compile

Test

npm test      # Hardhat: lifecycle, graduation, AMM, fee split and the full A→B crossing
forge test    # Foundry: curve fuzzing, AMM and stake invariants

The scripts in scripts/e2e-*.js run end to end against a live testnet deployment. They are described in docs/STATUS.md.

Deploy

cp .env.example .env          # PRIVATE_KEY, PLATFORM_TREASURY, RPC URLs, explorer API keys
npm run deploy:baseSepolia    # or deploy:arbitrumSepolia, deploy:base, deploy:arbitrum

The first deploy on a network mints DOBX. On every later deploy, set DOBX_ADDRESS so all curves share one quote token. Addresses are written to deployments/<network>.json, which is gitignored. The full runbook is in docs/DEPLOY.md.

Documentation

Document	Contents
TOKENOMICS-V2	Current economic model: the two products, one-way conversion, price floor and creator parameters
STATUS	What is deployed and verified on-chain, and what is not built yet
OPERATIONS	Roles and keys, threat model, key-separation plan, operational runbook
DEPLOY	Deployment runbook and per-agent wiring
TOKENOMICS (v1)	Superseded 2026-07-05 model, kept for history

Roadmap to mainnet

• Bonding curve, AMM graduation, A→B crossing, KYC gate and fee splitter
• Internal audit fixes, Foundry fuzz/invariant suite, E2E runs on a live testnet
• Integrate DobProtocol's production participation pools (tests currently use a mock B)
• Key separation: dedicated treasury, delegated KYC attestor, multisig + timelock owner
• Partial fill of the graduating buy, since one oversized buy can overshoot graduationRaise
• Resolve the open economic items in TOKENOMICS-V2 §7.3
• Professional third-party audit

Built by

Oscar Castillo and Fernando Castillo, the founding team of DobProtocol. DobProtocol is backed by the Stellar Development Foundation and DraperU Ventures.

License

MIT © 2026 Conductors