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There are three different things you can hold here, and they are not the same proposition. The collection, activation and the token are connected, but each one gets something different — and one of them gets nothing at all from the others.

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Three different things to want

Holding $AGNTS pays you nothing. Distributions go to activated pieces, not to token holders. Buying the token is not buying a claim on the protocol’s revenue, and nothing on this page should be read as saying otherwise.

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Where the money comes from

The pool that activated pieces share is funded by fees the protocol actually collects. Most of that comes from the launchpad. Projects launch there because it is the path of least resistance: you tell your agent to launch a token, and it deploys on Base, Robinhood Chain or Solana without you touching a contract. The first launch is free, the next costs a dollar, and — the part that matters to whoever is launching — the creator keeps the majority share of the trading fee on their own token, claimable at any time. The protocol’s cut is the smaller slice, and it is that slice which funds everything below.

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Where it goes

70% to activated pieces. 30% to the treasury. Split by weight, recalculated weekly — see Rewards. Note what is not in that sentence: token holders. The 1.095% taken on $AGNTS trades goes 100% to the protocol and none of it enters the pool. There is no path by which holding the token pays you.
Nothing has been distributed to date. Fees collected before distributions go live are kept by the treasury and are not paid out retroactively.

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Where $AGNTS is required

Exactly two places, and both of them are things you do, not things you hold:
  1. Activating a piece — 100,000 $AGNTS for a Common up to 1,000,000 for a Legendary. Half is burned, half goes to treasury. Plus a fee of 10% of the piece’s floor, paid in ETH.
  2. Buying a piece out of the vault — the swap amount for that tier, plus the vault fee.
That is the whole of it. The token is the thing you spend to use the collection.

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The limits of that demand

Worth being blunt about, because the arithmetic has a hard edge to it. Activating every piece once would cost more $AGNTS than exists. Against a fixed supply of 1,000,000,000. Half of that supply sits in the vault, so the amount actually circulating would cover about 5,000 Commons and nothing else. And half of every activation is burned, so activating destroys the means to activate. The collection cannot be fully switched on — not at these prices, not ever, by construction. This is the real ceiling, and it is why the activation cost is a number that can be lowered and never raised. As the token moves, the amount comes down. See $AGNTS & the Vault.

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What keeps it going after the first wave

Three things recur, and all three are driven by churn rather than by growth:
  • Activation does not survive a sale. Sell an activated piece and it switches off. The buyer starts from scratch. Every time a piece changes hands, activating it is a fresh cost.
  • Activation does not survive a burn. Climbing the ladder destroys the pieces you burned, along with their activation. The piece you draw comes back switched off.
  • Half of every activation is burned, so the supply falls as the collection is used.
Being straight about it: these are real and repeating, but they are bounded by how often 6,969 pieces — shrinking toward roughly 4,115 — actually trade and climb. This is not an uncapped source of demand and should not be read as one.

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Open questions

Honest status, because these are product decisions as much as documentation:
AGNTS are collectibles. Activation is a mechanic within the collection, not an investment, and nothing on this page should be read as a return, a yield, or a promise of any payment.