How it works
Trade for the crown.
A custodial spot and Lighter perpetuals terminal with a live NAV-and-fee competition. Every trader has a tradeable coin, and the full USDG pot backs the crowned trader when the threshold is crossed.
Half of each spot or Lighter Badabing fee arrives in USDG.
- tony_44+$142.80
- pauly+$91.12
- sil+$38.05
Lowest NAV-rank × fee-rank product wins.
The pot buys the winner’s existing coin and graduates it if needed.
A cycle, start to finish
One account, one trader coin, one continuously funded crown.
- 01
Activate your dedicated account
Log in and fund your dedicated Badabing account with USDG. Badabing controls its signer, and the same account owns spot inventory, BDB stake, and its registered Lighter account.
- 02
Launch once, then trade
Your first trade that can also afford the posted launch cost creates your no-tax trader coin on PONS. If the account is short, the trade still executes and launch waits for the next affordable trade.
- 03
Build NAV performance and fee rank
The board ranks cycle NAV PnL and Badabing fees paid. The lowest (PnL rank + 5) × (fee rank + 5) score leads; exact ties go to higher fees, then a deterministic final key.
- 04
The pot closes and crowns automatically
The first block whose accounted USDG pot reaches the threshold fixes the winner and full overshoot. Settlement buys the winner coin, graduates it if needed, vests the winner grant for seven days, and opens the next cycle.
Where the money goes
Every Badabing fee splits down the middle.
Spot fills charge 1% of USDG notional. Lighter fills charge 3 bps initially; Lighter venue fees and funding are separate and still affect NAV. Spot trades also pay the USDG network charge shown before submission, only when the trade succeeds. Max reserves that charge. Deposits, withdrawals, and spot-to-Lighter USDG transfers have no Badabing transfer fee initially; the funding panel shows any other costs and current availability.
The launch cost is a separate trader-paid Treasury pass-through: it is not split and does not count toward fee rank. Trader-coin creator fees go 50% to the trader’s account, 40% to BDB stakers, and 10% to the team. Collection runs automatically every five minutes once total fees reach 0.01 USDG. Folio shows your share, accrued USDG, and collection status.
The active pot threshold is fixed for the cycle and shown live on the board. A threshold change applies only to a later cycle, so the finish line cannot move mid-cycle.
What counts
The board uses settled, attributable results.
Compete on complete account performance
Cycle PnL is end NAV minus start NAV, minus deposits, plus withdrawals. It includes realized and unrealized spot PnL, Lighter equity, funding, venue fees, and staked BDB value.
Use spot, Lighter perps, or both
All supported positions live inside the same closed account and are valued in USDG at the exact cycle boundary, so one NAV identity covers both products.
Follow the public board
The live board shows traders with launched coins, their place, and performance. At close, Badabing publishes the timestamped marks, flows, fees, Lighter read, winner, and settlement evidence.
Stake BDB through your account
Eligible account-held BDB stake earns 50% of Badabing fees, 40% of trader-coin creator fees, and crowned-coin liquidity fees. Unstaking starts a non-earning seven-day cooldown.
Follow one round
Meet Tony.
- 01
Tony activates and funds his dedicated Badabing account with USDG. The same account is registered on Lighter; there is no user key or separate withdrawal destination.
- 02
Tony’s first affordable trade also pays the posted launch cost and creates his no-tax PONS trader coin. Later spot and Lighter fills charge Badabing fees, each split 50/50 between the pot and BDB stakers.
- 03
At each boundary Badabing values Tony’s USDG, spot coins, Lighter equity, and BDB. Deposit-adjusted NAV PnL gives one rank, fees paid gives another, and the two ranks produce his competition score.
- 04
The first confirmed block that takes the accounted pot to or above its threshold fixes the close block, includes the overshoot, and commits Tony as winner. Failed settlement cannot choose somebody else.
- 05
Settlement spends 80% buying Tony’s existing coin for a seven-day vest. Another 10% buys coin and 10% remains USDG to mint permanent Uniswap V4 liquidity. The next cycle starts with a zero accounted pot.
Know the boundary
Real money means real risk.
Spot
Launch tokens can be thin, volatile, and fall to zero. Quotes can move before a transaction confirms.
Perps
Leverage magnifies losses. Liquidation, Lighter fill fees, and funding all affect your result.
Winner coin
Automatic launch and graduation execute the game rule; they do not guarantee liquidity, price, or profit.
The few words worth knowing
Plain-English glossary.
- Dedicated account
- The execution account Badabing uses to attribute fills, PnL, and winner rewards to one user.
- NAV
- Everything valued in USDG inside the account: USDG cash, marked spot coins, Lighter equity, and active or cooling BDB.
- Cycle PnL
- End NAV minus start NAV, minus USDG deposits, plus USDG withdrawals. Depositing money is not profit and withdrawing is not a loss.
- The pot
- The USDG crown budget funded by half of every Badabing spot and Lighter execution fee.
- The crown
- The trader with the lowest two-axis rank product when the pot first reaches its threshold.
- Graduate
- Moving a PONS trader coin from its launch curve into its open Uniswap market.
- Vesting
- The winning account receives the 80% pot-bought token grant gradually over seven days.
- BDB
- Badabing's token. Only eligible BDB staked through a Badabing account earns protocol revenue.
- Permanent liquidity
- Ten percent of the pot buys winner coin and ten percent stays USDG to mint locked Uniswap V4 liquidity; its fees go to BDB stakers.