Model logic: exchange volume = external flow (starting level compounding at the growth rate - defaults to zero) + agent-manufactured flow (live agents × average daily volume per agent), so with a zero start the venue's entire volume is generated by the launchpad's graduated agents; institutional access revenue scales with firms attracted per $100M of daily volume; listing stakes lock PAI (demand for the token, shown as PAI locked rather than revenue). Launchpad revenue = launch fees + curve fees on active agent tokens (35% of cumulative launches assumed active) + live-agent slots/compute + platform share of creator performance fees (20% creator fee on 2%/mo gross return of capital following live agents). Costs = fixed opex + market-making incentives (full in year 1, half in year 2, zero in year 3) + per-live-agent infrastructure. All figures illustrative; zero retail fees throughout, by design.