What a ride is
Every thesis posted on FOMO becomes a position anyone can join, with the author’s exit. One contract, one coin per ride, no oracle.
The shape of it
A ride is opened on one FOMO wallet (the author) and one coin, the moment that wallet posts a thesis on it. It carries the author's address, the coin, a Uniswap v4 pool of that coin against native ETH, and the thesis text. Riders put ETH in; the contract buys the coin on the pool and mints them shares, which are a fraction of the ride's tokens and nothing else.
From then on the ride watches one thing: the author's on-chain balance of that coin. When the author sells a fraction of their position, the ride sells the same fraction. When they are out, it is out. Every rider can leave at any time by taking their share of the ride in kind, without touching the pool and without a fee.
- Joining: what your ETH buys, how shares are priced, and the four reasons a join is refused.
- The author's exit: the rule the ride follows, read from chain state, that anyone can trigger.
- Leaving: in kind, free, any time; and claiming the ETH the ride's sales returned to you.
Lifecycle
| Status | Meaning | Joins | Withdrawals |
|---|---|---|---|
| Boarding | Riders may join. The author still holds what the ride mirrors. | Yes, within the chase cap | Yes |
| Exiting | The author has started to leave, or the ride has expired. The ride only ever sells from here, and never goes back to Boarding. | No | Yes |
| Closed | No tokens left; only ETH to claim. The author may open a new ride on the same coin. | No | Yes, for the ETH |
The board shows two more words that are not statuses on chain. Author leaving means the author has already sold past the threshold but nobody has synced the ride yet; a join would be refused all the same. Expired means the ride's time is up and the next sync sells everything.
The author does nothing
The author does not know the ride exists, never signs anything, and never has to. Half of every fee the ride earns is credited to their wallet, to be pulled whenever they like, by them or by anyone on their behalf. See Fees.