What is a bonding-curve reward token? Inside Immute's on-chain dividend mechanic

yaml style: blog status: draft generated_at: 2025-01-31 A bonding-curve reward token is a smart-contract mechanism where token price is a deterministic function of supply, and every trade generates automatic dividends distributed to all existing holders. Immute implements this pattern on Sepolia testnet, where a 10% fee on every buy and sell flows pro-rata to every IMT holder. Mainnet launch is coming soon — but developers can test the mechanics today at https://immute.io . The price formula Tra