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Selling opens a bond

A sell is split three ways, in this order.

Sell 1000 CVN
 ├─  30 CVN  (3% of gross)          → tax, converted to ETH, paid to the creator
 ├─ 194 CVN  (20% of the remaining) → YOUR bond, entry rate 10%/day
 └─ 776 CVN                         → sold into the pool; you receive the ETH

The order matters: the tax comes first, and the 20% retention applies to what is left after it. On 1000 tokens that is 20% of 970, or 194.

What you actually walk away with​

You receive the ETH proceeds of 776 tokens out of 1000 — a 22.4% haircut. In exchange, 194 tokens are registered as a bond in your name and start earning immediately.

During the launch window the tax is higher than 3% (see the creator tax), so the haircut is temporarily larger. The interface shows the live figure before you sign.

The exemption​

The split above is the default, not a universal fact. Committing tokens grants a lifetime, cumulative retention-free allowance of 5x your commit principal. While a sale fits inside what remains of it, the sell pays the 3% tax and nothing else — no retention, no new bond. Each exempt sale consumes its amount from the allowance; committing more (or compounding a commit bond) raises it. Past the quota, the full 20% returns and a sale mints a bond again.

The route does not decide it — the tokens do. The exemption applies wherever the sale happens: the official app, an aggregator, a direct pool swap. What it asks for is proof that the wallet spending the allowance is the wallet selling, and there are two ways to show that. Either the sale came through the official app, whose router reports its own caller to the hook, or the CVN being sold left that wallet during the same transaction. A balance that visibly went down cannot be borrowed from anybody.

So naming someone else's wallet in the swap data buys nothing — their wallet did not move — and neither does merely being the one who signed the transaction. The allowance and the tokens it pays for have to belong to the same wallet. Where that cannot be seen, the sale pays the retention exactly like a sale from someone who never committed, and nothing is lost there: the 20% comes back as a position that earns. What committing earns you is detailed in Opening a bond.

The allowance also travels with the position. Sell or give away a commit bond and whatever quota it had already spent goes with it, in proportion — so a bond can never be moved to a fresh wallet to start its 5x over.

What the protocol refuses​

  • Exact-output orders. Only exact-input swaps are supported.
  • Partially filled sells. If you submit a sell with a tight price limit so that only part of it executes, the transaction reverts.

That second rule exists because of a real flaw found during the July 2026 audit: when the retention was sized on the amount requested while the proceeds came from the amount actually traded, an attacker could open a bond with a reference value of zero and break the protocol for the price of one token. Rejecting partial fills removes the gap at its source. Trading through the app is unaffected — it always swaps to the range bound.