Open, fill, flow, spring.

1. 01

   Open

   The project picks its token, the water line, the depth band, a term of 7 to 30 days and a spring target.

   It sends one HYPE deposit to the pour's vault covering prepaid rent at the maximum flow rate, the reserve tank, the listing fee and a small gas float, then sends its token side.

   Only tokens created by a supported Elysium launchpad factory are accepted. SPOUT reads the token's bytecode and rejects proxies, owner mint, pause, blacklist and self destruct paths.

2. 02

   Fill

   The flow rate opens at 25% of the project's maximum and rises linearly for 48 hours. It is a reverse Dutch auction: the rate clears the moment the water line fills, and every tap earns that same clearing rate.

   LPs open a tap by sending HYPE to the vault. Anything above the water line is refunded automatically. Queued taps can be withdrawn while the pour is still filling.

   If the window closes under 50% of the water line, the pour is cancelled and every deposit returns to its sender.

3. 03

   Flowing

   The vault wraps the HYPE and mints one concentrated position per tap, HYPE only, in a range just below the current price: bid support. The project's token goes into one range above the price: ask depth.

   Rent streams per second on chain time. Taps keep every trading fee their range earns.

   When the TWAP runs more than 5% above a tap's range, the keeper closes it and re centers the HYPE under the new price. Fees and absorbed tokens stay booked to that tap.

4. 04a

   Spring

   The keeper reads the pool's ticks every few seconds and separates SPOUT depth from organic depth. When organic depth holds the spring target for 24 hours, or the token reaches HyperCore spot (Mains), the pour ends early.

   50% of the unused rent goes to taps as a bonus and the rest returns to the project with the full reserve tank.

5. 04b

   Term end

   Every position closes. Taps receive their HYPE plus any token they absorbed while sellers walked the price down.

   Each tap's result is valued at the pool TWAP. Any loss against the HYPE it put in is paid from the reserve tank, up to the tank's size. What remains returns to the project.

6. 04c

   Shutoff

   The valve trips when the pool TWAP falls below the floor, the token side leaves the vault, the token's supply changes, or a dev wallet moves more than 20% of its opening balance.

   Taps exit immediately. On a fault, the whole reserve tank and all unused rent go to taps pro rata. On a floor trip, the tank covers measured losses.