Baton Corporation Ltd.

report & accounts · prospectus

01USDY paid out

0.00

first distribution pending

02Holders paid

no payouts yet

03Fees claimed

0.00

0.000 SOL awaiting the next swap

04Distributions

one per coin every 60 min

Part IThe company

1.1Baton Corporation Ltd. has one line of business. It turns a coin’s trading fees into a dividend for the coin’s holders.One product. No market-making, no fund, no tricks.

1.2A coin is launched here on pump.fun, or an existing one is imported. Either way its creator fee is pointed at a wallet only the keeper controls. The keeper is the engine: a process that runs the same rules for every coin, around the clock.

1.3Holding the coin is membership. There is nothing to sign up for, stake or claim. If the coin is in your wallet when the register is read, you are paid, in the same wallet.The register is the chain. There is no other list.

1.4The fees arrive in SOL. The dividend is paid in USDY. Baton never sells the coin and never touches what holders hold. Its entire revenue is the fee, and its entire expense is passing the fee on.

The register of holdersexhibit 1

Holding the coin is the only qualification. The register is rebuilt every hour, so there is no record date to miss and nothing to claim.

Part IIMinutes of the hourly meeting

2.1Every coin holds a meeting once an hour. The resolutions below are passed every time, in this order. Each one is minuted as a transaction on Solana.Nobody attends. Everybody can read the minutes.

resolved	that	minuted as
1 · receipts	fees claimed since the last meeting, in up to 240 sittings of 15 s, be noted. Vaults under 0.005 SOL wait to be worth a transaction.	claim txs
2 · reserve	0.01 SOL stay in the coin's wallet to pay its own way. The rest is treasury.	balance
3 · quorum	a treasury under 0.02 SOL adjourns the meeting. The SOL carries over to the next hour.	nothing
4 · conversion	the treasury be swapped into USDY through Jupiter, at the market, less any account rent.	swap sig
5 · register	every holder be read from the chain. The curve, the pool and program accounts are struck off.	snapshot
6 · dividend	the USDY be paid pro rata. Holders new to USDY get an account opened at the coin's expense.	transfer sigs

2.2The fee is native SOL while a coin is on the bonding curve and wrapped SOL once it trades on PumpSwap. The keeper unwraps it on receipt, so every treasury holds one currency.

Where the money goesexhibit 2

Four hops, one direction. Trading pays the creator fee; the keeper claims it every 15 seconds; once an hour the treasury becomes USDY and leaves for the register. The dashed return path does not exist.

2.3Claims are frequent so fees never sit in pump.fun’s vault. Dividends are hourly so each swap is large enough to be worth its costs, and each holder’s share large enough to be worth sending.240 claims. One dividend.

The working hourexhibit 3

Each of the 240 ticks is a claim, 15 seconds apart. The blue mark is the meeting: swap, then pay. A treasury under 0.02 SOL lacks a quorum; the hand goes round again and the money carries over.

Part IIINotes to the accounts

3.1Consolidated across every coin, live. No figure here is typed in by hand; each is a sum over transactions you can open.

note	item	all coins, to date
1	Creator fees claimed	0.000 SOL
2	Held in treasuries, awaiting the next meeting	0.000 SOL
3	Converted into USDY	0.000 SOL
4	Account rent paid for new holders	0.000 SOL
5	Wallet reserves and network fees (1 − 2 − 3 − 4)	0.000 SOL
6	USDY bought	0.00 USDY
7	USDY paid to holders	0.00 USDY
8	Dividends declared · holders paid · transfers	0 · 0 · 0
9	Covenant: converted + rent ≤ claimed (3 + 4 ≤ 1)	holds

The books open at zero. They are not restated, rounded or audited after the fact; they are summed from the ledger every few seconds.

Schedule A What is USDY

A.1USDY (US Dollar Yield) is a tokenized note issued by Ondo. Its issuer describes it as secured by short-term US Treasuries and bank demand deposits. On Solana it is an SPL token with 6 decimals at mint A1KLoBrKBde8Ty9qtNQUtq3C2ortoC3u7twggz7sEto6.Issuer: Ondo. Baton has no relationship with it beyond buying the token.

A.2It is accumulating. There are no coupons and nothing to claim. The yield on the underlying assets is added to the token’s redemption price, which the issuer steps up over time. Your balance stays the same; what each unit is worth rises.

An accumulating note pays by raising its redemption price, not by sending coupons. The stepped line assumes a hypothetical 4% a year and monthly steps, drawn for shape only. USDY’s actual rate and update schedule are set by its issuer and change over time.

A.3Why not pay in SOL? Because a memecoin holder already has enough volatility. Why not a plain stablecoin? Because it holds a dollar and does nothing else. A Treasury-backed note pays the holder for leaving it alone.Paid in the coin: more of the same risk. Paid in USDY: a different one.

Fine print · USDY’s yield is set by its issuer and can change at any time, including downward. It is not a bank deposit. Under the issuer’s terms USDY is not available to US persons; transfers may be restricted and the issuer can freeze tokens. Rates shown are hypothetical.

Schedule BThe arithmetic of a dividend

B.1If an hour buys U USDY and holder i has balance b_i, the holder receives:

payout_i = U · b_iΣ b(B.1)

B.2The sum runs over eligible holders only. No tiers, no lock-ups, no minimum holding period.2% of the coin, 2% of the dividend. No tiers.

B.3The rent rule. A wallet needs a token account to hold USDY. Opening one costs about 0.002 SOL, paid from the coin’s fees. A new holder whose share would be worth less than that sits the hour out, and the split is recomputed without them. Their slice goes to the others, not to Baton.

B.4Worked through on a hypothetical register:

step	working	result
sum	31 + 22.5 + 14 + 9.5 + 2.85 + 0.15	Σb = 80.00
test 06	120 × 0.15 / 80.00	0.23 < $0.35 rent · sits out
re-sum	80.00 − 0.15	Σb = 79.85
pay 01	120 × 31 / 79.85	46.59 USDY
check	Σ payouts	120.00 USDY

A hypothetical hour: 120 USDY across six wallets. The pool holds 20% of supply and is struck off. Holder 06 is new and its slice would not pay for its own account, so it sits out and the others divide its share. Every number here is made up.

Schedule CInflation

C.1With inflation at π, cash held for t years loses purchasing power by a factor of (1 + π)^t. A note accruing a yield y grows by (1 + y)^t. What you can buy is the ratio:Cash is a promise that shrinks.

real value = 100 · (1 + y)^t(1 + π)^t(C.1)

What $100 buys, ten years onexhibit 6

In today’s money. Both lines assume a hypothetical 3% inflation; the upper line also a hypothetical 4% yield. Not a forecast. If yields fall below inflation, the upper line slopes down as well, only less steeply.

hypothetical	1 year	5 years	10 years
cash · π 3%	$97.1	$86.3	$74.4
note · y 4%, π 3%	$101.0	$104.9	$110.1
note · y 2%, π 3%	$99.0	$95.2	$90.7

C.2The second line is the story people like. The third is the one they should also read. Same formula, different inputs, and the inputs are not ours to choose. A yield-bearing dollar narrows the loss cash takes for granted. It does not make a memecoin safe.Read the third line too.

C.3There is a second hedge, closer to home. Paid in the coin, a holder accumulates more of the same risk. Paid in USDY, a share of what the coin earned for them sits outside the chart.

Fine print · All rates here are hypothetical illustrations, not projections. Payouts depend entirely on trading volume; a coin nobody trades pays nothing. Nothing here is investment advice.

Part IVCovenants

4.1The engine is narrow on purpose. These hold for every coin, every hour:

covenant	statement
fees only	Every USDY paid was bought with claimed creator fees. Σ converted + Σ rent ≤ Σ claimed (Note 9).
never sells	There is no code path that sells the coin. Holders' tokens are never touched.
pro rata	Each payout is U · bᵢ / Σb over eligible holders. No wallet is weighted, favoured or exempt.
nothing kept	USDY bought in an hour is paid out that hour. Skipped shares go to other holders.
on the record	Every claim, swap and transfer has a signature, published as it lands.

Part VRisk factors

5.1No returns are promised. Dividends depend entirely on trading volume, which nobody controls. No volume, no fees, no dividend. The coin itself can fall to zero.

5.2USDY is a third party’s instrument. Its issuer sets the yield and can change it. It is not available to US persons under the issuer’s terms. The issuer can restrict transfers and freeze tokens.

5.3Markets move. Swaps go through Jupiter at market prices and are subject to slippage and to USDY’s own price.

5.4The engine is software, not a contract. The keeper holds each coin’s fee wallet and enforces these rules. It is public and checkable, and it can stop, fail or run late. Timings are approximate.

5.5A coin is not a share. The register is an analogy. Holding a coin gives no claim on any company’s assets or profits and no vote. Nothing here is investment, legal or tax advice. Where you live may decide whether you can hold USDY at all.