PAIR $PAIR

Revenue basis

DefiLlama revenue line for PAIR. Our audit re-derived it from chain logs: it sums the locker's fee-allocation events plus the per-launch fee, and the revenue-to-fee ratio comes out at 30.38% against the code-enforced 30% protocol share, so it reconciles in structure and ratio. Two caveats: it is the protocol's own allocation event rather than an independent volume measure, and the fees are denominated in the launched tokens and marked at spot prices where 1% of supply sells 43.6% below spot.

No holder payout mechanism of any kind. Revenue is marked in illiquid launch tokens at spot.

Launch screen CLEAN

0 buys in the creation block plus 50; 1B PAIR minted straight into the v4 PoolManager; first swap 57 minutes later (one 0.02 ETH buy, sold in full later). Current holder table not replayed.

Method: replay from mint, decode every swap in the first 50 blocks after the first pool, group same-block buys by gas price and amount, trace first token funding. Timing and gas never prove common ownership on their own.

Token audit (ours) GO-WITH-CONDITIONS

PAIR is a fixed-supply ERC20 with no owner, no proxy and no external call opcode, and its entire launch supply sits in a Uniswap v4 position whose NFT is held by an ownerless, non-upgradeable locker with no withdrawal function and principal unchanged since the mint. A $5,000 exit quotes about 6% below spot and a real $7,556 sell settled hours before the pin, but 1% of supply clears about 44% below spot, so a position cannot be scaled. The open risks are a single-key upgradeable launchpad changed 25 times in 12 days with no timelock, no audit and no verified source anywhere in scope, and a fee stream that pays the launch signer and the protocol and nothing to holders.

• A-1: The token runtime matches none of 51 mint, burn, pause, blacklist, seize or fee signatures, reverts on owner() and paused(), has zero EIP-1967 slots and contains no CALL, DELEGATECALL, CREATE2 or SELFDESTRUCT opcode
• A-2: The pool hook's permission bits allow only beforeInitialize; it has no owner, no upgrade path and all-zero storage
• A-3: The launchpad proxy is UUPS and its implementation changed 25 times between 25 Aug and 5 Sep, owned through a contract whose own owner is a plain account; Safe and timelock probes all revert
• B-1: The mint sent 1B PAIR into one v4 position and the NFT to the locker; that NFT has exactly one transfer in its history and its liquidity at the pin equals the mint value, 96.0% of the pool's active liquidity
• B-2: The locker is immutable and its resolved selectors cover only claim, collect and position reads, so no privileged actor can withdraw the principal
• C-1: Quoter: $5,000 sells 6.1% below spot, $100,000 at 31.8%, and 1% of supply at 43.6%, corroborated by an executed sell of 473,271 PAIR
• C-2: The 158 other PAIR pools mostly use PAIR as the quote asset against other launch tokens, so the canonical PAIR/SPY pool is the only real exit
• D-1: A gapless Transfer replay of 138,727 logs plus live balance checks puts 10.48% of supply at the burn address, 5.75% in the PoolManager, and the ten largest other holders at 6.01% combined
• E-1: No swap took PAIR out of the pool in the mint block or the following 50, and the first trade came 57 minutes later, so no bundled snipe appears on the available evidence
• F-1: All 161 fee-allocation events split exactly 30% to the protocol and 70% to the launch signer, totalling 5.79% of supply, with essentially all of it already claimed out
• H-1: The quote asset SPY is a beacon proxy whose implementation carries pause, mint, burn and role checks, so the only real exit venue is priced in an issuer-controlled asset

Pinned 2026-09-07. Surfaces: A controls, B liquidity custody, C sellability, D concentration, E launch, F fees, G rights, H dependencies. A critical on any surface caps the verdict.

Professional audit no audit found

Contracts

Data sources