> For the complete documentation index, see [llms.txt](https://docs.catapult.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.catapult.trade/pult.md).
# $PULT
$PULT is the native token of Catapult Trade.
### The App
Catapult Trade combines iGaming mechanics with the front end of leveraged trading, a category we call **iTrading**: instant, session-based markets that behave like trading and feel like play. The app targets mass-consumer attention spans instead of professional desks. Turbo generates permanent synthetic markets on an algorithmic price engine modeled on Geometric Brownian Motion, verified through cryptographic commit-reveal, running entirely inside the app with no order book or external liquidity to manage. Hyper wraps real Hyperliquid perpetual futures, routed through builder codes, in a mobile-native social feed, short trading loops, and gamified progression, with its wider alpha landing close to TGE.
### The Token
$PULT is a value-capture token. Every deflationary mechanism attached to it draws on real, USD-denominated protocol revenue already produced by a live product.
Utility ties directly to product usage rather than to a roadmap. Locked $PULT gates top-tier modes and VIP features across the app. Loop rewards, streaks, referrals, and leaderboard payouts pay out in $PULT. Staking yield draws from Net Trading Revenue.
### Utility Mechanics
#### Deflationary
Five flows buy and burn $PULT on the open market, funded from live protocol revenue:
* Turbo profit-fee burn: half the profit fee on winning Turbo trades
* Hyperliquid builder-code fee burn: half the builder-code fees earned on Hyper
* AI Trade Agents deployment fee burn: half the fees to activate AI trading bots on Turbo
* Insurance pool surplus burn: USD collected above the Hyper insurance pool's reserve target
* Locked-stake float removal: time-locked $PULT removed from circulating float for the duration of the lock
Each burn scales with usage: trading volume, bot adoption, insurance activity.
#### Incentivizing
Loop rewards, streaks, referrals, and leaderboard payouts pay out in $PULT, funded from the Ecosystem tranche. This is the model's one structural source of sell pressure, bounded by the size of that tranche.
#### Neutral
Two flows buy $PULT without pushing supply firmly in either direction. NTR staking yield pulls 10% of monthly Net Trading Revenue into the open market and distributes it to stakers as APY; stakers tend to resell what they receive, so the net effect lands closer to flat than deflationary. The comeback bonus runs the same mechanism in reverse: the protocol buys $PULT on the open market and gifts it to losing traders, funded from USD/NTR rather than a token treasury bucket, so buy and sell pressure roughly cancel out.
### Tokenomics
Max supply is fixed at 1,000,000,000 $PULT. Supply is split across allocations covering early backers, public sale rounds, ecosystem incentives, multichain liquidity and CEX listings, community distribution, and the team. $PULT deploys as an omnichain fungible token via LayerZero, with liquidity live on BNB, Base, Solana, and HyperEVM at TGE.