---
name: premium-prm
description: Full deep dive on PRM / Premium (prm.market), the penny-stock premium launchpad on Robinhood Chain. Usage stats, the value-accrual answer, the pHODO mechanism and the 40.65% operator overhang. Read before any PRM, pHODO, KIMCHI or Desk-auction question.
sources: [cowork]
aliases: [PRM, Premium, prm.market, prm_market, pHODO, Desk auction, Curve Desk]
---
Continues the PRM rows in [[screen-log-4]] (10 Sep four-way, the verification pass, the cohort forensics and the dollar-priced sell ledger). The bot that watches it is in [[alert-bot-fleet-4]] and [[alert-bot-fleet-5]].

# PRM / Premium, 12 Sep 2026 re-screen (Ben pasted the @prm_market pHODO card, "check this project in detail... also interested in value accrual to the token")

- **PRM `0xf24f8F6b08fE87CF062E833a732AD7F636064BC8`**, Robinhood Chain, launched 6 Sep 2026 17:40:20 UTC. At screen: mcap $5,672,181, agg liq $309,285 across 30 pairs (deepest `0x093af755db0f7b0570da44c61a5a8915d39f8ab0dd3b7e7ce0771980a9639142` PRM/WETH, $221,501), v24 $802,681. Intraday ATH $0.008087 on 8 Sep = ~$8.05M cap, so about -30%.
- **pHODO `0x64e8bee350C0bA7C7601f7ecA7f61AB965148B51`**, the only stock Desk. mcap $24,511,772 on 85,680,750 supply, liq $282,482. **The Desk Unit is worth 4.3x the platform token.**

## The site has a public API and it is the source of record. USE IT.
- `https://www.prm.market/api/markets` (28 markets with `feeReceiver`, `feeReceiverKind`, `cap`, `status`, `createdAt`) and `https://www.prm.market/api/auctions` (live Desk auctions, bids, rewards, burned). Both unauthenticated, both container-reachable. `/api/status`, `/api/rewards`, `/api/stats`, `/api/desks` are PAGES not endpoints and return HTML.
- The rendered `/status` page carries the whole transparency table: TVL, volume, fees, every buyback and burn transaction, and the contract/owner list.

## Usage, verified 12 Sep 14:03 UTC. It is small and FLAT, not growing.
| | 8 Sep | 10 Sep | 12 Sep |
|---|---|---|---|
| all-time volume | $5.6M | $7.53M | **$9,384,105** (26,955 swaps) |
| platform fees | $15.5K | $20.9K | **$25,548.57** (8.5882 ETH) |
| PRM burned | 7.32M | 12.61M | **13,734,182** |
- Run rate settles at **~$930k volume/day and ~$2,300 fees/day**. Days one and two ran at $2.8M/day, so it fell ~3x and then held. Total TVL only **$150,746**.
- **28 markets: 1 stock, 27 memes, 4 graduated. Only KIMCHI ($429,229) and DOGEHOUSE ($12,152) are alive; 23 of 27 sit at $3,300 to $5,100 still on the curve.** A 1-in-27 hit rate with one real hit.

## VALUE ACCRUAL: none is implemented, and they say so themselves
- **FAQ item 10, verbatim: "Buybacks, burns and revenue-distribution tokenomics discussed in the FAQ remain proposals; no automatic buyback or revenue entitlement is implemented."** That is the answer, from the project.
- **The buyback is discretionary, from one wallet, the authority `0x07ec901873CFF7AD597B9b17B99f17eF04A8aF75`** (which is also the PRM deployer and the auction/desk owner). 29 transactions, clips of 0.1 to 2 ETH. Bought back 7,812,875 PRM for **~14.4 ETH (~$36,000)**; burned **13,734,182 PRM = 1.37% of supply**, verified at the dead address and matching their dashboard to the token.
- **PRICE THE BURN: the site prints "$77,725.23 burned", which is mark-to-market. Real cash spent is ~$36,000.** The extra ~5.9M burned beyond what was bought came from the authority's own bag.
- **Where the money came from: the cohort's ETH fell 74.84 to 60.38 ETH between 10 and 12 Sep, matching the buyback spend. The buyback is funded by the operator's own day-one sell proceeds ($626,509 net taken out at launch), not by protocol fees.**
- **The ONE coded PRM sink is the Desk auction.** Bid PRM, winner takes 70% of that Desk's LP fees for 30 days, losers reclaim PRM plus a bonus, **the winning PRM goes to the dead address**. Fee split 70 winner / 20 Premium incentive reserve / 10 Commission Reserve. Manager `0xEDC64dCc7d15364006d6ac3e387976CBc4735eeB`.
- **`burned: 0` on all three live auctions. Zero PRM has ever been burned by this mechanism.** First cycle ends 17 Sep 15:15 UTC.

## THE AUCTIONS ARE THE OPERATOR BIDDING AGAINST HIMSELF
- Three live Desks, all opened by the authority: **Desk 1 Hyperion DeFi (HYPD), Desk 2 Lantronix (LTRX), Desk 3 Steven Madden (SHOO)**. Opening bid 100,000 PRM, gap 100,000.
- **Every one shows `contributors: 1`**, and the three bidders are all inside the 38-wallet launch fleet: `0x287dcd51d7cc4b0747b7b634a85b154551db6b77`, `0x7cbc725d55d337e490c16560be9622481783c06e`, `0x91bba21186c1f42917e61b031645c1440a82ed94`. They outbid each other up through steps 9 to 11, walking a Desk from 100,000 to 730,000 PRM while the money never leaves the fleet. Manager held 3,280,000 PRM at 14:05 and **7,800,000 PRM ($44,858) by 14:25**.
- **So "community auctions are live and competitive" is one bidder per desk, all his own wallets.** BUT the settlement still burns the winning PRM, so it does permanently remove ~2.2M of his own overhang per cycle. Circular, and net-positive for float.

## The full burn ledger, read off chain 13 Sep 2026 (Ben: "this is the first PRM burn?")
- [stated] Ben asked whether the PRM Watch card announcing a 414,120 PRM burn was the first one. **It was the TENTH.** The card said "#1 first one on record" because the bot's history started when the bot did.
- **Every PRM transfer to `0x000000000000000000000000000000000000dead` ever, all ten sent by `0x07ec901873CFF7AD597B9b17B99f17eF04A8aF75` (deployer, buyback authority, desk owner). Zero transfers to the zero address.**
| # | block | PRM |
|---|---|---|
| 1 | 56763008 | 4,621,220 |
| 2 | 57071627 | 1,512,287 |
| 3 | 57517947 | 1,192,899 |
| 4 | 58257991 | 1,913,337 |
| 5 | 58354781 | 998,930 |
| 6 | 59120432 | 1,422,363 |
| 7 | 59534443 | 952,856 |
| 8 | 60123595 | 1,120,290 |
| 9 | 61175115 | 1,368,610 |
| 10 | 61735613 | 414,120 |
- **Total burned 15,516,912 PRM = 1.552% of supply**, confirmed by live `balanceOf(dead)` against `totalSupply` 1,000,000,000. Burn 10 is the SMALLEST of the ten, and burn 9 (1,368,610) landed after the 12 Sep reading of 13,734,182, which is why the two totals reconcile.
- **Burns are getting smaller and the gaps are not shrinking.** The first burn alone was 30% of everything burned to date. Read as a decaying discretionary buyback, not an accelerating one.
- Method that got this in one call each: `eth_getLogs` on the token with `topics: [TRANSFER_SIG, null, "0x"+\"0\"*24+dead]`, fromBlock 0x0 to head. Full-chain topic filter on the recipient. See [[data-access]].

## The overhang has NOT moved. Not one token.
- Fleet (38 wallets, one operator, proved 10 Sep by gas fingerprint: 39 of 42 launch buys set `gas` to exactly 3,000,000 and `maxPriorityFeePerGas` to exactly 3 gwei).
- **10 Sep: 406,546,817 PRM. 12 Sep including the 7.8M parked in auction bids: 406,546,817 PRM. Identical to the token.** The apparent 404.5M then 400.0M readings were purely tokens moving into bids, which is why the bot's sweep now adds the auction manager back in.
- **40.65% of supply = $2,326,310 against $309,285 of liquidity = 7.5x the pool.** Paid 4.568 ETH ($11,292) for it, so ~328x up. Zero wallet-to-wallet transfers ever (the consolidation falsifier has still never fired).
- **13 Sep whole-life replay adds two addresses the earlier passes missed.** The day-one dump went through **`0x08a59435c8359a45f4f5dc8d91df893cc33daf29`**, an 87-byte ERC-1967 proxy, 71 sells totalling **446,281,787 PRM**, which is what the $601,602 day-one cash actually was in token terms. And **`0x7cc44e0880feb0f6934d26103458b3a158ea0280`**, a plain EOA that never bought the curve, was handed **25,762,381 PRM (2.58% of supply, ~$198,833)** by two fleet wallets at blocks 56228282 and 56228753 and has never moved it. **That is unwatched overhang on top of the 40.65%, so the real operator-side block is ~43.2%.** It is now wallet 39 in the bot.
- Launch acquisition, for the record: **42 curve buys, 875,684,584 PRM from `0x0ea38acc640a159f2cebe5439a54d977ded64158`** (now drained to zero). Buybacks since: 69 buys, 18,144,013 PRM, almost all through PoolManager `0x8366a39cc670b4001a1121b8f6a443a643e40951`.
- Contracts: **every proxy is UUPS and upgradeable by `0x07ec901873CFF7AD597B9b17B99f17eF04A8aF75` with no timelock**, stated on their own status page ("A single owner can upgrade owned proxies and beacons immediately, without a timelock"). Only GraduationManager is renounced. 22 contracts verified on Sourcify.

## pHODO: the premium is a premium over nothing
- FAQ: "no shares, dividends, votes or redemption right. There is no conversion to an official Stock Token in the implemented protocol, and no promise that one will become available." Premium does not route orders to any exchange.
- **So "25.23% premium vs offchain HODO" is two unrelated prices, not an arbitrage spread. And it is collapsing: they posted 60% on 11 Sep, 25.23% on 12 Sep.**
- @ragstorichesrn (8 Sep) asked the load-bearing question and it is unanswered: if HODO ever comes onchain, pHODO gets instantly arbed down. chjokka's bull case is that PRM holders become the arbitrageurs instead of the market makers, which is a story with no contract behind it.

## Claims audit
- "$2.4M+ volume / 25.23% premium / 26 pHODO-paired launches / ~$9,200 LP revenue" (12 Sep card): **CONFIRMED in shape** (27 memes indexed, the platform-wide numbers are $9.38M volume and $25,549 fees). The card quotes pHODO-specific figures, not platform figures.
- **"Team behind an Ethereum launchpad that raised $20-30M and ran to $200-300M last cycle": UNRESOLVED, and there is no trace of it.** Searched twitterapi.io for team / founder / launchpad / raised / last cycle / previous across the ticker, the CA and the handle. Nobody says it. @nastyboyyzz asked "Who is the team behind it?" publicly on 9 Sep and got no reply. Treat as Telegram lore.
- "@theunipcs is holding $PRM" (@corgil, 11 Sep): **UNRESOLVED**, not verified on chain this pass.
- Named support, genuinely the best of any RH launchpad this week: @EddyXBT (39.7k), @crypticd22 (30.5k), @corgil (23.7k), @OzenInvests (23.7k), @chjokka (13.0k), @Stanley_Trader (21k), @Eli5defi (48.2k) spotlight. **Tier one still ZERO.**

## Chain context and comps, 12 Sep
- RH TVL $932,366,193 (+8.4% 7d, +86.2% 30d). RH DEX v24 $2,716,309,555 (+45.6% 1d). **PRM's fee base is 0.00003% of chain DEX volume.**
- PONS $444,023,141 · PAIR $6,372,634 · **PRM $5,672,181** · PAIREX $1,678,191 · HKRS $295,815.
- Slot ownership: attention rank high in the launchpad category; **structural rank poor, 28 markets against PAIR's 2,111.** Toll booth: the take rate exists (platform fee, ~0.23% of volume realised) but **PRM does not sit between the flow and the counterparty because no contract routes any of it to the token**, so no first-mover premium can be priced.

## Frames
- **F1 fundamental anchor $1.5M to $4M.** ~$840k/yr annualised platform fees at the sector's 3x to 8x is $2.5M to $6.7M, discounted to the bottom because none of it is entitled to PRM and the launch hit rate is 1 in 27.
- **F2 live-product floor $1M to $3M.** PRM at $5.67M is already above the band and near PAIR, which has 75x the launches.
- **F3 narrative ceiling $15M to $25M.** PAIR did $23.67M on the same "pair anything" story. But $2.33M of overhang against a $309k pool means a re-rate to $20M hands one wallet an $8M exit into a book that cannot absorb a tenth of it.

## Falsifiers / triggers
1. UPGRADE: the 406,546,817 block moves into a locker or vesting contract.
2. UPGRADE: the first auction settles 17 Sep 15:15 UTC and actually burns PRM, turning a proposal into a mechanism. Watch whether any auction ever shows `contributors > 1`.
3. UPGRADE: a second KIMCHI, one market above $1M holding a week.
4. DOWNGRADE: the fleet net sells more than 20,000,000 tokens in a day to a POOL (not the auction manager).
5. DOWNGRADE: platform fees fall under $1,500/day.
6. Any transfer between two fleet wallets (consolidation before a bigger exit). Never fired.