Whitepaper

Immutable. Price-based unlocks. No admin. No upgradeability.

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1. Why PB Exists

Perpetual Bitcoin (PB) was designed to remove the failure modes that dominate modern crypto launches: admin control, upgradeability, governance capture, vesting cliffs, insider exits, liquidity rugs, and human discretion over market rules.

PB replaces those moving parts with one immutable system: one Vault, one supply, one execution path for buys, and one set of rules for everyone. No APY farming. No inflation. No transfer taxes. No calendar-based unlock cliffs.

2. Core Design

PB's architecture is intentionally simple:

The full supply is minted at genesis and held by the Vault. No further minting is possible.
Official purchases must use the PerpetualBitcoin.io frontend, its verified IPFS mirror, or the downloaded copy of the same frontend, all of which call the Vault buy function.
Direct PulseX pair buys and other bypass attempts fail by contract design, while liquid PB remains freely sellable on the AMM.

3. How The System Works

Every PB position follows the same lifecycle:

  1. Buy: a user buys through the official frontend/Vault route, not through a raw AMM swap; direct PulseX pair-buy bypass attempts fail by contract design.
  2. Split: 3.69% becomes liquid PB and 96.31% becomes locked PBc.
  3. Track: a PBt NFT records the entry price and future unlock state.
  4. Unlock: when a buy pushes market price to the position's next trigger, calculated from that position's original entry price as entryPrice × 1.5555n, each trigger represents a 55.55% increase from the previous trigger. The contract transfers 1/3 of the remaining PBc to the Vault and exchanges it for USDL.
  5. Repeat: the remaining locked amount continues following the same rule indefinitely until only dust remains

Unlocks are price-based, not time-based. That is the core distinction. The protocol does not ask holders to decide when to sell, and it does not force everyone through the same calendar cliff.

4. Liquidity, Backing, and Settlement

PBc is always backed by PB held in the Vault. The governing rule is simple: outstanding PBc can never exceed the PB held in reserve by the Vault.

While the Vault holds excess PB above that 1:1 backing line, it can pair a predefined portion of purchases with PB and deepen AMM liquidity. When that excess is exhausted, liquidity contribution stops automatically and the remaining PB stays reserved for PBc backing and future unlock obligations.

Unlock settlement is designed to be efficient. Eligible unlocks are settled inside buy flows through internal netting when buyer USDL is available. If the buy does not cover the full settlement, the Vault sells the required PB through the AMM to cover the USDL shortfall. The resulting USDL is sent to the position's payout address, and the PBt tracker advances to the next unlock index and trigger. At the dust threshold, all remaining PBc is settled and the PBt tracker is closed. Liquid PB can still trade freely on the market.

5. Mainnet Presale - CLOSED

The mainnet presale is CLOSED. Presale participation is block-based, capped per address, and converts into standard PB positions at launch through the protocol's conversion flow.

6. Security and Longevity

PB is built around a very narrow trust surface:

PB is meant to outlive its creators. It is not just a token launch, but a fixed ruleset for buying, locking, unlocking, and distributing value without discretionary control.

7. Conclusion

Perpetual Bitcoin is a price-based, immutable protocol that turns the buy path, the lock path, the unlock path, and the backing model into one transparent system. It is designed to remove the usual crypto failure modes and replace them with rules that do not change.

Mainnet presale is closed. Launch conversion is finalized. The deployed protocol operates under fixed, immutable contract rules.

Perpetual Bitcoin protocol flowchart showing buy, lock, unlock and vault mechanics
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