hedgehog protocol

Hedgehog Protocol is a hub-and-spoke token factory on Sonic. anyone can launch a meme token in one click. every token is a real ERC-20 with instant liquidity from block one — no external LPs needed, no seed money required. all liquidity is protocol-owned and non-withdrawable.

the protocol has two layers:

1. the liquidity engine — hub pools, bonding curves, fees, POL accumulation. immutable. holds all the money.
2. the token layer — deploys real ERC-20 tokens per meme launch with optional feature toggles (referral, vesting). upgradeable without touching liquidity.

the protocol runs on a single hub token called $HEDGE. memes are priced in HEDGE via bonding curves. HEDGE itself trades against native S and USDC through two constant-product AMM pools. these pools grow deeper over time as fees are recycled into them permanently. there is no withdrawal mechanism.

at launch, the creator can optionally enable:

• referral rewards — referrers receive a % of the meme token on referred buys
• vesting locks — purchased tokens are time-locked to prevent immediate dumps

feature configuration is set at launch and cannot be changed after. buyers know exactly what they're getting into. rules don't change.

the hub

HEDGE is the center of everything. two hub pools:

• HEDGE/S — trade HEDGE against Sonic's native token
• HEDGE/USDC — trade HEDGE against USDC (Circle native, 6 decimals)

both pools are constant-product AMMs (x × y = k). the key difference: there are no LP tokens. the protocol owns all liquidity. nobody can pull it. the k invariant only increases over time as fees get recycled. it's a one-way ratchet.

the spokes

each meme is a "spoke" radiating from the HEDGE hub. priced in HEDGE via a linear bonding curve:

Price(S) = m × S

where:
  S = current circulating supply
  m = slope constant (set at launch, immutable)

cost to buy from S_old to S_new:
  Cost = (m/2) × (S_new² − S_old²)

HEDGE returned from selling:
  Returned = (m/2) × (S_old² − S_new²)

total HEDGE reserve at supply S:
  Reserve = (m/2) × S²

every meme has instant two-way liquidity from the moment it's created. no waiting. the curve IS the market.

real ERC-20 tokens

every meme launched deploys a real ERC-20 contract:

• shows up in MetaMask, wallets, portfolio trackers
• transferable freely between addresses
• indexable by DexScreener, GeckoTerminal, aggregators
• can be paired on external DEXes post-graduation
• backed 1:1 by bonding curve reserves at all times

minted on buy, burned on sell. no fractional reserve. the ERC-20 contract is non-upgradeable once deployed.

how trades work

buyMemeWithS()  — S → HEDGE → meme (one tx)
sellMemeForS()  — meme → HEDGE → S (one tx)

all tolls, fees, and POL flow directly into the original liquidity pools. the token layer holds zero liquidity.

launching a meme costs 50 S. flat fee. the toll is split:

the hub pool half is converted to HEDGE and deposited into the S pool reserves — permanently increasing depth.

equity minting

each launch also mints 0.01% of HEDGE's remaining unminted supply to treasury. geometric decay:

• early launches mint more (remaining supply is larger)
• later launches mint less
• capped at 5B — rate approaches zero asymptotically. it never runs out

not dilution — minted to treasury, not into circulation. doesn't affect pool reserves or curves.

every hub pool swap pays 1% fee in HEDGE. fees accumulate in a pending buffer. when crankPOL() is called (by anyone, permissionless):

1. takes all accumulated HEDGE fees
2. splits equally across all hub pools (currently 2)
3. deposits each share into the pool's HEDGE reserve
4. k invariant increases. pools get deeper. less slippage for traders.

protocol-owned liquidity cycle.

TWAP deviation check: if spot price deviates >10% from time-weighted average, crank won't execute. prevents manipulation.

when launching a meme, the creator can enable a referral mechanism. entirely optional, configured at launch, immutable after.

anti-dump protection. configured at launch, immutable after.

protects communities from large immediate sell-offs. vesting duration is visible on-chain before purchase — no surprises.

all feature configurations are permanent at launch. once a token is deployed with referral at 3% and vesting at 7 days, those parameters cannot be changed by anyone — not the launcher, not the protocol owner, nobody.

• buyers can trust the rules won't change after they buy
• launchers can't flip vesting on after people hold tokens
• referral percentages can't be jacked up or zeroed out

trade-off: want different features? launch a new token. old tokens keep their config forever.

each hub pool maintains its own time-weighted average price oracle. updated on every swap, computes a rolling average.

• POL safety — prevents cranking at manipulated prices
• external integrations — other contracts can read the TWAP for manipulation-resistant price feeds

when a meme's HEDGE reserve hits 50,000 HEDGE, it "graduates." graduated memes get featured in the Pro DEX section. this is purely UI — curve mechanics don't change, reserve stays locked.

graduated memes are composable ERC-20 tokens. holders can pair them on external DEXes, use them in DeFi, or build communities around them. the bonding curve remains as permanent two-way liquidity regardless.

if a meme sits at minimum supply (50k tokens) for 30 consecutive days with zero activity, it sunsets:

• 50% of remaining HEDGE reserve → HEDGE/S hub pool
• 50% → treasury
• spoke marked as sunset, no more trading

prevents dead memes from locking liquidity. reserve gets recycled.

sonic mainnet • all verified on sonicscan

USDC (Circle native on Sonic): 0x29219dd400f2Bf60E5a23d13Be72B486D4038894

all math uses 18-decimal fixed-point (WAD) precision via Solady's FixedPointMathLib. rounding is protocol-favored: buys round up, sells round down.