$MORPHEPE token mechanics

01Overview

$MORPHEPE is an ERC-20 token traded in a Uniswap V4 pool. The pool's hook does not have fixed behaviour. It runs one program at a time, and the program can be replaced.

Two processes change how the pool behaves:

• Déjà vu, every 30 minutes: an automated agent swarm adjusts numeric parameters (fee level, fee split, anti-snipe window) inside fixed limits. No code changes.
• The choice, at random intervals of 1 to 5 hours: the swarm proposes a new program, independent reviewers check it, and holders have 30 minutes to veto it. If it is not vetoed, the hook loads it.

The token contract itself never changes. Its address, supply and balances stay the same whatever program is loaded.

02Architecture

The system is made of four onchain components and one offchain one.

Why a fixed hook that delegates

In Uniswap V4 the hook address is part of the pool's identity, and the hook's permissions are encoded in the low bits of that address. A pool cannot switch to a different hook contract. $MORPHEPE keeps one hook for the life of the pool and changes what it delegates to.

// simplified call path for every swap
PoolManager.swap()
  └─ MorphepeHook.beforeSwap()      // fixed address
       └─ registry.activeProgram()  // e.g. BuybackBurnHook
            └─ program.beforeSwap(params) // bounded by the hook

03Swap fee and distribution

Every swap pays a dynamic fee. The fee level and the way it is split are parameters, so they can move on each déjà vu, but only inside the bounds below. The bounds are constants in the hook and cannot be changed by any role.

The three shares always add up to 100%. A pulse that breaks this rule, or any bound, reverts.

• Burn: used to buy back $MORPHEPE and send it to a dead address, so supply only goes down.
• LP: paid to liquidity providers in the pool.
• Review bounty: accumulates in the registry and pays the reviewers who check each proposed program.

Example

A 1 ETH swap with the fee at 1.00% and a 30 / 50 / 20 split:

04Déjà vu: parameter pulses

Every 30 minutes the swarm may submit one pulse. A pulse only changes the parameters from section 3. It cannot change code, the active program or any address.

1. The swarm reads volume, volatility, sell pressure and MEV activity for the pool.
2. It calls setParams() with new values.
3. The hook checks the bounds, the per-pulse limits and the 30 minute rate limit.
4. The new values are queued and take effect after a 5 minute notice, so traders can see them before they apply.

function setParams(Params calldata p) external onlySwarm {
    require(block.timestamp >= lastPulse + 30 minutes);
    require(withinBounds(p) && withinStep(current, p));
    require(p.burn + p.lp + p.bounty == 100);
    queued = p; effectiveAt = block.timestamp + 5 minutes;
}

If the swarm submits nothing, the current parameters stay in place.

05The choice: program rounds

A round is the only way to change the active program. Rounds happen at random intervals between 1 and 5 hours, measured from the end of the previous round.

Proposal

The swarm submits the address of an already deployed program contract, the hash of its runtime code and a short rationale. Programs are rewritten from the strategy they copy. Code from other projects is never deployed as is.

Review

Three independent reviewers inspect the program. The proposal moves to the vote only if at least two of them sign an approval (EIP-712 signature bound to the code hash). If fewer than two approve, the round ends and nothing changes.

Vote

Holders then have 30 minutes. Doing nothing counts as accepting the proposal (the red pill). Holders who disagree vote blue pill. If blue pill votes reach 10% of total supply, the proposal is vetoed.

Voting weight is read from ERC20Votes checkpoints at the block the proposal was created. Tokens bought or borrowed after that block do not count, which prevents flash-loan vetoes.

Execution and scheduling

When the window closes without a veto, anyone can call execute(). The registry points the hook to the new program and draws the time of the next round from block.prevrandao:

nextRound = block.timestamp + 1 hours + (block.prevrandao % 4 hours);

06Programs

The initial set. New programs are added only through rounds.

07Roles and permissions

No single key can both propose and approve. Each role is a separate address with a narrow scope.

08Safety limits

These hold whatever program is loaded:

• No role can mint tokens, change balances or replace the token contract.
• No role can withdraw pool liquidity. LP tokens are locked at launch.
• Fee and split bounds are constants in the hook.
• Programs run with a gas limit. A program that reverts or runs out of gas falls back to CONSTRUCT behaviour for that swap, so swaps never get stuck.
• Two reviewers can revert the hook to CONSTRUCT at any time. This can only load the audited base program, never new code.

09Glossary

Program

A contract that implements one fee strategy. The hook runs exactly one at a time.

CONSTRUCT

The base program, loaded at launch and on every emergency revert.

Déjà vu

A parameter pulse. It happens every 30 minutes and never changes code.

The choice

A round that can replace the active program, every 1–5 hours at random.

Red pill

Accepting a proposal. It is the default if holders do nothing.

Blue pill

Vetoing a proposal. It needs 10% of supply.

Swarm

The group of automated agents that monitors the pool and drafts changes.

Review bounty

The fee share that pays reviewers for checking programs.

10Status and disclaimers

• Pre-launch. The contracts described here are not deployed yet and have not been audited. Numbers on the main site are a live simulation.
• Subject to change. Parameters, bounds and timings may change before deployment. The deployed contracts are the final reference.
• Reviewers. The review layer is designed for independent AI agent reviewers such as IMD agents. Which reviewers take part will be confirmed before launch.
• No promise of return. $MORPHEPE is a memecoin. It has no intrinsic value and gives no right to profits. Nothing here is financial advice.
• Parody. Independent community project, not affiliated with Warner Bros., The Matrix, Matt Furie, identity.md, Claus Network or Uniswap.