RATCHET Not launched
A small ratchet at a fork. One road, marked sell, leads to a box where a market price line drifts; the other, marked redeem, leads to the reserve vault. A light runs down each road in turn, and the words read take the better. SELL REDEEM MARKET PRICE RESERVE SHARE TAKE THE BETTER

Short answers. Take the better way.

A holder can sell to the market or redeem from the reserve, and should take whichever pays more.

A price line that moves up and down, with the flat peg line struck out

Is the price stable?

No. RATCHET is not a stablecoin. Its price floats, nothing pegs it, there are no loans, and a redemption pays tokenized S&P 500, not dollars.

A rising S&P 500 index line with its area shaded

Can the dollar value behind a token fall?

Yes, with the S&P 500. The ratchet counts SPYB, and SPYB's price moves with the S&P 500, so the reserve's dollar value moves too.

A vault whose window shows nothing inside and a no sign: nothing to pay yet

Can I redeem whenever I like?

Whenever the reserve has something to pay and SPYB and the token transfer normally. The vault itself never refuses a non-zero payout, but an empty or dust-sized reserve pays zero, so it refuses everyone; sell or redeem, whichever pays more.

Measured on a testnet fork: a 15% position bought for 1 tBNB would sell for 0.9216 tBNB and redeem for 0.0028 tBNB SELL 0.9216 tBNB REDEEM 0.0028 tBNB
The measured run

A second holder, whose reserve share had been raised to 7.49 tBNB by a donation, redeemed instead.

One 15% position, bought for 1 tBNB, after tax was dispatched
WayPays
Sell to the market0.9216 tBNB
Redeem from the reserve0.0028 tBNB
A trade bar with a small slice cut off and split into three streams: Flap, the reserve, and holders

Where does the fee go?

Mostly to the reserve. Of every $100 traded, under today's configuration: $1.89 to the reserve, $0.81 to holders as dividends, $0.30 to Flap.

A round SPYB token with an index line inside it

Who issues SPYB?

bStocks, a third party. SPYB is the tokenized S&P 500 on BNB Chain, and RATCHET neither issues it nor controls it.

Two balance bars against a dividend minimum line: the one above earns, the one below earns nothing

Can I redeem part of a position?

Yes, with one catch. Leave less than the dividend minimum (10,000 tokens today, set by Flap's dividend contract) and that wallet's dividend share drops to zero; a full redemption is unaffected.

A loop: tokens resting in the vault earn S&P 500 dividends that flow back into the reserve

What happens to tokens I hand back?

They stay in the reserve for good. They keep earning S&P 500 dividends, and anyone can call collectDividends() to add those to the reserve.

A token handed into a vault with the tax box struck through

Is redeeming taxed?

No. Handing tokens back to the reserve pays 0 wei of tax.

A token handed into the vault and a share of the reserve coming out

Does the project keep a way out for itself?

No. There is no owner function and no special command, so the launcher's tokens leave the same two ways as anyone's: sell or redeem.

An hourglass between two empty address slots

Is it live?

Not yet. No token, reserve or factory address exists on any chain; once published, identify RATCHET by its token and reserve pair.