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How a round runs

A round is a timed contest that adds the next coin to the chain. It opens when the first coin is entered. Every candidate trades against the head coin, the newest coin in the chain.
1

Registration

Anyone can enter a coin by posting the bond, a refundable deposit. Registration lasts 1/5 of the round’s trading time. It runs from 3 minutes to 1 hour.
2

Trading

All candidate pools open together. Trading lasts 15 minutes on the first two rounds. It doubles every two rounds until it reaches 12 hours. On rounds of an hour or more, a coin can still enter during the first third of trading, and its pool opens when it enters.
3

The end

Each round has a public planned end. The real end is a random moment in the last 3 minutes before it. That moment comes from drand, a public source of random numbers, and is checked on-chain. Only trades made before the planned end count.
4

Scores and the result

Once the real end is settled, scores are tallied over the next 5 minutes, and the candidate with the highest score becomes the new head coin.

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Scoring

Buying a candidate raises its score, and selling lowers it. The score is the average amount of money in the candidate’s pool during the closing window, shown as the market cap that money supports. That window is the last 15 minutes before the real end, and it is the same for every candidate, whenever it entered.

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After the round

The winner becomes the new head coin and gets its bond back in full. Its number and parent are written on-chain. Every candidate in the next round is priced in it, and its creator gets half of the creator share on that round’s candidate trades. From then on, it earns its part of the chain share, the part of each fee locked into the chain, from every later coin. Every other candidate keeps its pool and trades forever against the coin it was paired with. Its creator keeps the full creator share on its trades after the round. Their bonds go to the locked $DOLL buy liquidity in link one’s pool.