LIST.
EARN PER INFERENCE.

List your AI model on Bourse and tokenize it. Every paid inference call routes USDC to a vault tied to your token, and the buyback crank uses that USDC to buy + burn the token on its own market. Demand becomes deflation. You choose the distribution rail.

// THE_FLYWHEEL

Inference demand is the flow. Buyback-and-burn is the accumulator. Holders express a view on which models win.

   ┌────────────────────────────────────────────┐
   │             USER / AI AGENT                │
   │  pays per call (x402) or via API key key   │
   └──────────────────────┬─────────────────────┘
                          │  USDC inference fee
                          ▼
   ┌────────────────────────────────────────────┐
   │                BOURSE ROUTER               │
   │       multi-provider · failover · OpenAI   │
   └──────────────────────┬─────────────────────┘
                          │  routes the
                          │  inference fee
              ┌───────────┴───────────┐
              ▼                       ▼
   ┌──────────────────────┐ ┌──────────────────────┐
   │   PROVIDER PAYOUT    │ │   MODEL VAULT (PDA)  │
   │ HF / Cerebras / etc. │ │  on-chain · USDC     │
   └──────────────────────┘ └──────────┬───────────┘
                                       │
                                       │  buyback crank
                                       │  swaps USDC → token
                                       ▼
                            ┌──────────────────────┐
                            │  RAYDIUM (devnet) /  │
                            │  pump.fun → graduate │
                            │  → JUPITER (mainnet) │
                            └──────────┬───────────┘
                                       │  burn the bought-back tokens
                                       ▼
                            ┌──────────────────────┐
                            │   SUPPLY ↓ · PRICE ↑ │
                            │  every paid call =   │
                            │     deflation        │
                            └──────────────────────┘

// STEP_01 · APPLY

Submit a listing application from /creators/apply. You provide:

• › Model identifier (e.g. google/gemma-3-27b-it)
• › Display name + description
• › Token ticker + supply
• › Your fee bps — what fraction of every inference goes to your revenue vault
• › Distribution track → A (Bourse-native) or B (external · pump.fun)
• › Payout wallet (Solana)

// STEP_02 · CHOOSE_DISTRIBUTION

Two distribution tracks. The economic primitives match — both feed the same revenue vault on every paid inference. The differences are how the token launches, who trades it, and what mint standard you use.

// STEP_03 · TRACK_B · PUMP.FUN_RAIL_IN_DETAIL

If you pick Track B, here's exactly what happens behind the scenes.

1. STEP_03_A · APPROVAL
   Your application is reviewed. On approval, Bourse's admin route resolves the chosen distributor from its registry and calls that distributor's launch endpoint with your token name, ticker, description, and metadata. The distributor deploys the SPL mint via pump.fun. Cost varies by distributor: ClawPump v1 is gasless on the free tier (absorbs ~0.02 SOL) or 0.03 SOL self-funded.
2. STEP_03_B · BONDING_CURVE
   Token launches on pump.fun's bonding curve. Anyone can buy/sell from inception. Price is determined by the curve, not pre-set liquidity. Standard pump.fun mechanics: 1% trade fee per swap, distributed per distributor terms (typically: most to creator, the rest split between distributor operations and Bourse).
3. STEP_03_C · GRADUATION
   When the bonding curve fills, the token migrates to Raydium / PumpSwap as a regular AMM listing. Graduation is automatic. Post-graduation, your token trades on whichever DEX the migration targeted, indexable by Jupiter and the rest of Solana DeFi.
4. STEP_03_D · INFERENCE_FLOW
   In parallel, every paid inference call to your model hits Bourse's router. Bourse splits the gross charge into the upstream provider payout and your creator fee. The creator fee routes — on-chain — to your token's revenue vault.
5. STEP_03_E · BUYBACK_AND_BURN
   The vault accumulates USDC. The buyback crank withdraws that USDC and swaps it for your token on whichever market it lives — pump.fun bonding curve pre-graduation, Raydium / Jupiter post-graduation. The bought-back tokens get burned. Supply contracts. Every paid call = deflation.

// ECONOMICS_AT_A_GLANCE

Track B fee terms are governed by Bourse's agreement with whichever distributor handles the launch. v1 ships with ClawPump as the default distributor; alternative distributors with different splits will be added to the dropdown over time. Detailed splits are shared with creators during application review.

// FOR_HOLDERS

When someone holds the token of a model, they hold a claim on that model's inference demand. Two mechanisms compound:

• › USAGE → BURN. Every paid inference call funds a buyback that retires circulating supply. Higher usage = stronger deflation.
• › TRADE_FEES → BURN. Track A's Token-2022 transfer-fee feeds the same vault. Track B's pump.fun trade fee feeds the creator + the distributor / Bourse operations split.
• › NO_INFLATION. Mint supply is fixed at listing. Burn is the only direction supply moves.

Holding model tokens is taking a position on which AI models win. The exposure is real because the demand is real — every burn is paid for by an inference call that actually happened.