Right now, with meme trading, platforms are all trying to solve one problem: bundling.
That is, an entity buys into the first few blocks of a token launch using dozens of wallets simultaneously, sweeping up the cheapest batch of chips at open in one go. On-chain, it looks like a bunch of new addresses buying, appearing like organic demand, but in reality they are all controlled by the same person, with a cost basis so low it's almost negligible.
For example, in recent discussions, analysts found several groups running scam operations on Pons V2 using bundling: after launch, dozens or hundreds of wallets buy in immediately, then dump, ending the battle in 16 seconds, and move on to the next.
This is also why BUN has risen to a new high. Today, amid a sluggish on-chain market, Bundle Cat (BUN) bucked the trend and hit a new high, with FDV surpassing $100 million.
Let's talk about this project.
How to solve bundling
Behind $BUN is a launch protocol called Mosh. It has introduced a small innovation.
The bundling problem ultimately comes down to "this batch of goods is destined to be sold." Mosh's approach is to crowdfund it, lock it up, and make the act of "selling" structurally disappear.
Step one: crowdfund the bundle. Each launch starts with a fundraising round with a target amount; it only launches once the target is met. The official docs state there is no deadline; if not filled, it stays open, and during this period contributors can sell their shares back at the current curve price. Once filled, Mosh takes a one-time 5% launch fee, and the remaining funds are used partly to buy the tokens off the Pons curve and partly to keep ETH in the treasury as the agent's cash. For BUN this time, the team contributed 8 ETH themselves.
Step two: launch and lock-up are completed in the same transaction. The bundled chips are crowdfunded by participants, and at the moment of launch they are locked into a non-custodial contract vault, including for the Mosh team, and no one can withdraw them.
Step three: change contributors' returns from token price to fees. Funders do not receive tokens, and their principal cannot be redeemed. The official risk page states it plainly: after the token launch, funders can neither retrieve their principal nor transfer their shares. What they get is something else: as long as the pool is still trading, they receive a proportional share of the creator fees.
How is the money calculated? The Pons pool charges a 1% base fee per transaction, Pons keeps 30%, and the remaining 70% goes back to the token's creator. For a Mosh launch, that means back to the bundle. The launcher can also stack an additional creator fee on top; the higher it is, the faster funders recoup, but the harder the token is to trade. Together these make up the bundle's fee income, and the contract splits it on the spot: Mosh 20%, funders 80%. On Pons, this money is settled in ETH (the paired asset), so it does not have to be paid in the launched token.
Based on the project team's fee calculations, at a 0% creator fee, backers earn 56 cents per $100 in trading volume, requiring approximately 179 times the bundled scale in trading volume to break even; at a 0.5% creator fee, this drops to about 104 times, and at 1%, it drops to about 74 times.
So funding a Mosh bundle is like buying a perpetual fee bond: you earn from trading volume, but you don't hold any position you can dump. Previous bundlers wanted to pump and exit, while Mosh backers—the new bundlers—want a coin that can keep trading for months.
How Mosh Solves Market Making
Micro-cap tokens rely almost entirely on passive AMM liquidity. No one is managing inventory, no one is supporting the price during a crash, no one is adjusting spreads. Professional market makers do these things, but they're expensive, hard to onboard, and often a black box—small teams aren't even sure whether that "market maker" is supporting the market or eating them alive.
Mosh's answer: the moment the launch ends, the market maker is already on the job with inventory.
The batch of tokens locked in the vault cannot be withdrawn, but can be bought and sold within contract limits. Sell when there's demand, accumulate ETH, and buy back with ETH when selling pressure hits—Mosh calls this "structural buying." Multiple agents each manage their own inventory and trading budgets, can run different strategies, and together they form what the team calls a swarm.
All constraints are written into the contract, not relying on the team's verbal guarantees: each vault can only trade one pair, with hourly limits on buys and sells; operators can sign and pay gas, but cannot withdraw tokens; pausing an agent won't release inventory to operators or backers.
The biggest wallet on the market becomes a counterparty that can't leave; the cheapest batch of chips at launch becomes an inventory that can be traded for months.
BUN Live Trading: How That 71% Operates in the Vault
BUN is the first trial run of this mechanism, and it was funded by the team itself, so it's a clean baseline case.
Raised 8 ETH, of which 4.24 ETH was used to buy 714.3 million BUN from the curve, accounting for about 71% of supply; the remaining 3.76 ETH stayed in the vault as the agent's cash. No creator fee was set at launch, no team share either, and backers split fees according to the default ratio.
BUN has a total supply of 1 billion tokens. According to the project page and community statistics from mid-September, it is divided into three parts:
· AI agent vault, accounting for 71.4%, can buy and sell within contract limits, cannot withdraw, cannot transfer to anyone
· Pons platform, accounting for 8.2%, essentially permanently locked
· Actual circulating supply, accounting for 20.4% So BUN's real market cap is only 20% of its FDV.
How the money in the vault moves
The market-making capital comes from two sources: BUN in the vault (inventory) and the remaining 3.76 ETH (ammunition). Missing one side means you can only operate one-sided — with only tokens, you can't catch it when it drops; with only money, you have nothing to give when it pumps.
That 71% is this vault inventory. Here's how things move inside the vault on a daily basis:
· When people rush to buy, the agent sells a portion of BUN and collects ETH into the vault;
· When selling pressure comes in, it uses the ETH in the vault to buy tokens back;
· Profits from trading stay in the vault, don't flow to the team's pockets, and can be used for the next round of quotes.
Note that it doesn't throw tokens into the pool as an LP. It holds spot and actively quotes and fills within limits: quotes are generated off-chain, and only trigger when the price hits a certain Uniswap tick. What the vault limits is "how much can be bought and sold per window."
How much can be bought and sold per hour is hard-capped by contract limits; tokens in the vault cannot be withdrawn, nor transferred to the team or backers. So if the agent sells more than it buys back, BUN in the vault decreases and ETH increases — the vault balance itself is one of the most important metrics to watch.
What the AI decides in the middle
The AI in BUN does one very specific thing: watching a batch of inventory that can't run away, deciding when to buy, when to sell, how much to buy or sell, and how wide to set the spread.
Buying and selling BUN within limits; using ETH from sales to buy back; adjusting spread and direction; providing counterparty flow to the market; and later planning to manage Uniswap v4 range liquidity — that is, laying liquidity near the price. These are all things the AI can do in BUN.
The AI is indeed doing work. Tokens in the BUN vault are actually changing hands, and the balance keeps moving. The team has disclosed a set of early data: the agent bought approximately 1.22 million BUN (spending 2.4 ETH) and sold approximately 1.26 million BUN (getting back 4.2 ETH).
Crunching the Numbers: Breakeven in the First Minute, Roughly 8x in 23 Days
We just mentioned the 179x formula — 8 ETH would require approximately $3.8 million in trading volume to break even. The team claims that after the opening buy tax (decaying from 99% to 0) was folded into transaction fees, it covered the entire 8 ETH within the first minute.
After that, through continued accumulation from regular trading, BUN has generated approximately $30 million in trading volume. Backers have cumulatively received 64.48 ETH, roughly $173,000 — equivalent to 8.06x the bundled principal.
Meanwhile, the team plans to route BUN's fee flow through the Agentic Liquid Fund (ALF) to buy back BUN, linking platform revenue to the token price. But this is still just a plan and has not yet launched.
Who Is the Team
Mosh is backed by a company called UV Labs, founded in 2022, with 6 people, a U.S. company.
Founder Justin Bebis is also a serial crypto entrepreneur. He was early at Fantom — the Fantom Foundation officially published a piece introducing him in 2022. His track record includes Reaper.Farm (automated yield compounding), Granary (lending), and Reliquary (using financial NFTs to represent positions, incorporating participation time into rewards). He later built Cod3x, which is also quite well-known, merging AI and DeFi operations into a single entry point. Co-founder Sean Kramer was previously a professional esports player — coming to meme trading is basically a dimensionality reduction attack.
For now, the market seems to be buying into BUN's innovation. On the second day after the meme scam factory exposé, BUN hit a new high against the trend. Will bundled governance + AI market-making become the standard for the next generation of memes?
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
