Money has to deepen kennels. Grad lock first, official MM next, protocol share last. Not collecting.

Kennels empty. Funding is closed — read the uses first.

1. 01P2 first
   Grad pool

   Seed the graduation lock pool — real book depth.

   Your cut: later swap fees + points

2. 02P2 mid
   Official MM

   Inventory for official-token market making. Rules locked.

   Your cut: MM fees

3. 03P3
   Rev share

   Protocol vault share. Opens after kennel depth is real.

   Your cut: protocol revenue

Preview, not a raise. Lockups and risk come first. Compliance sits with the founder. Flows will be on-chain.