mechanics
What the thing actually does, stated plainly, including the parts that are unflattering.
the pairing
Most memecoins are quoted in ETH. Their treasury, if they have one, accumulates a currency that has nothing to do with the joke.
$ILY is quoted in $MILADY, the Flayer collection token for Milady Maker. Deposit a Milady into the Flayer Locker and you get 1.0 MILADY. Burn 1.0 MILADY and you can take a Milady back out. The token is the collection, made fungible.
So the fees our pool generates are not dollars we later convert into something thematic. They are already the thing. There is no conversion step, and therefore no moment where somebody decides what to buy.
the four stations
1. The bid wall
Flaunch’s Progressive Bid Wall places MILADY-denominated limit orders just beneath spot, funded from trading fees. This is native launchpad behaviour, not something we built or control.
2. The escrow
The remaining creator share accrues in a Flaunch fee escrow and is claimed into the treasury. This part is live and has already executed claims.
3. The Reliquary
MILADY accumulates. At 1.0 it redeems one Milady Maker NFT, which is added to the treasury permanently.
4. The Deepening
A share goes into the $ILY/$MILADY pool as protocol-owned liquidity that is never withdrawn. It makes the market it depends on less thin.
the choosing
Flayer’s redeem function takes explicit token IDs — redeem(collection, tokenIds). There is no random draw. Somebody has to pick.
Rather than have that be us, the Locker’s inventory is published when the Reliquary reaches 1.0, and holders vote on which Milady to take. The vote is a poll: non-binding and off-chain. It confers no governance right and no claim.
Note the boundary this draws. Whether and when value converts into NFTs is mechanical and fixed. Which picture comes out is an aesthetic question with no effect on treasury value — every Milady costs the same 1.0 MILADY regardless of traits. Only the second question is delegated.
the tithe
A share of fees is distributed to holders of Milady Maker NFTs — not to $ILY holders. The coin pays rent to the collection it is named after.
This is a gift, not a return. It is not a yield, it is not consideration for anything, and it can stop. Implementation is not yet live.
what this is not
Not a claim on anything. Holding $ILY gives you no redemption right, no pro-rata entitlement, no dividend, and no interest in any treasury asset. If the treasury held a thousand Miladys, holders would still own none of them.
Not managed for your benefit. The routing rule is mechanical and published specifically so that no one is exercising judgment on anyone’s behalf.
Not affiliated with anyone. Not Remilia, not the Milady Maker collection, not Flayer, not Flaunch. We are admirers with no relationship to any of them.
Not an investment. It is a memecoin with a mechanism attached because the mechanism is interesting to watch.
what could go wrong
The MILADY market is thin right now
There are 33 MILADY in existence, backed by 33 NFTs. A single redemption consumes about 3% of that. Any meaningful trade moves the price hard, and $ILY inherits that volatility on top of its own.
The honest counterweight: supply is elastic, not capped. Anyone holding a Milady can deposit it into the Locker and mint 1.0 MILADY. If $ILY generates sustained volume, the fees make depositing worthwhile, more Miladys enter the Locker, and the market deepens on its own. Supply is also arbitrage-bound to the NFT floor in both directions — it grows when MILADY is dear and shrinks when it is cheap.
So this is a risk of the current phase, not a permanent ceiling. It is most acute now, while we are accumulating our first Milady in a 33-unit market, and it eases as volume arrives. That is the reason for the rule against market-buying MILADY: in a thin book we would mostly be bidding against ourselves.
Buying $ILY is a two-hop route
You likely hold ETH, and the path is ETH → MILADY → ILY. Expect worse price impact than a normal ETH pair, and expect price charts on aggregators to look strange.
The infrastructure is new
The Flaunch hook this launched on was deployed days before the token. Flayer is likewise recent. New contracts holding real value carry risk that no amount of design care removes.
The treasury is not yet a multisig
It currently spans a Flaunch RevenueManager and a single creator wallet — one private key. A Safe is planned. Until then, the honest description is that the treasury has a single point of failure.
Several things are called “Milady”
At least three ERC-20s use the name. Ours is the Flayer collection token at 0x8b3Bc6942D6823a8022605648b671A2FeB954800. Confusing it with the NFTX vault token or with $LADYS will lose you money.
It is a memecoin
The most likely outcome for any memecoin is that it goes to approximately zero. A treasury does not change that, and nothing in this design is a floor, a backstop, or a promise.