An onchain protocol building an immutable collection of Punks.
Every $111 trade feeds a public ETH bid for any Punk carrying an uncollected trait. Accepted Punks enter a 72-hour return auction. Unreturned Punks enter the vault, and their trait becomes permanent. The work completes when all 111 distinct traits are vaulted.
Punks have 111 trait slots in the protocol's taxonomy: 5 types (Alien, Ape, Female, Male, Zombie), 11 head variants, 8 attribute counts, and 87 accessories. Not every slot renders a distinct visual. The Alien type and the Alien head variant share a sprite, the same for Ape and Zombie, and attribute counts are numerical rather than something you see on a Punk. The Permanent Collection is a protocol whose goal is to assemble a vault of Punks that, together, cover every one of those slots.
The artwork is the system. The on-chain renderer paints an 11×10 mosaic of every trait plus the pulled-out final type beneath it (uncollected, in return auction, and permanent), and the picture updates as the protocol runs.
No deadline, no admin pause, no upgrade path. The protocol completes when the full set is vaulted or reaches an equilibrium where the remaining traits are held by owners who refuse the bid.
- The live bid: one global ETH offer, standing open to any owner of an eligible Punk, funded by every $111 swap
- Accept: an owner whose Punk carries an uncollected trait accepts the bid, and the Punk enters a 72-hour return auction. Punks listed by allowlisted peer protocols (PunkStrategy at launch, others as added) can also be bridged in by anyone for a finder fee
- 72-hour return auction: anyone can bid to return the Punk to circulation. A bid above the reserve sends the Punk back to the market and refills the live bid; no bid sends the Punk to the vault and the chosen trait becomes permanent
- Proof NFT: each first-vaulted trait mints a Proof NFT to the address that gave up the Punk, one permanent record per trait, capped at 111
PunkVault is immutable. There's no admin path that can move a Punk out; the contract has no transfer, withdraw, rescue, or sweep selector. This is asserted at the bytecode level.
The vault is also the issuer of the protocol's 112 named tokens: 111 Proofs (one per trait, minted to the original seller of the vaulted Punk) and one Title NFT (auctioned separately as the role-of-record for the entire work).
The Punks themselves aren't ERC721 tokens; they live at the canonical 2017 Punks market contract, where the vault holds them at its address indefinitely.
Every swap pays a 6% protocol fee on top of the 0.5% V4 LP fee. The hook routes each leg to a fixed destination from block one:
- live bid5.00%Patron — grows the standing live bid
Flushes to LiveBidAdapter on every swap and sweeps to Patron — the standing ETH offer an eligible Punk owner can accept.
- liquidity (LP)0.50%Protocol-owned LP (V4 standard) — the locker routes its fees to the live bid at launch
Standard Uniswap V4 LP fee, paid pro-rata to in-range liquidity — not taken by the hook. At launch the conversion locker holds 100% of the LP positions and routes its share to LiveBidAdapter, so the LP fee feeds the live bid until public LPs add depth.
- team0.65%
The PC-treasury share of the protocol leg, routed by PCController. Flows from block 1 — there is no pre-acquisition phase gate on this leg.
- swap referral0.25%Referrer — pulled from the protocol leg if a swap carries attribution
Capped at 0.25% of swap volume. Pulled FROM the protocol leg (never reduces the live-bid leg). Credited from the first swap whenever the swap carries attribution; with no referrer the slice stays in the protocol leg and folds into the team / artcoins split.
- artcoins protocol0.10%$LAYER buy-and-burn — via PCController (from block 1)
The artcoins-protocol share of the protocol leg — a $LAYER buy-and-burn, routed by PCController. Flows from block 1, same as the team share.
The referral slice comes out of the protocol leg, not on top of it, and never reduces the live bid. At launch the conversion locker holds 100% of LP positions and forwards its share to the live bid until public LPs add depth.
Anti-sniper window (first ~30.000000000000004 minutes after launch)
For the first ~30.000000000000004 minutes after launch, the protocol fee starts at 90% and decays linearly to the 6% baseline at 2.8% per minute. Everything above the baseline (the "overage") routes 100% to the live bid. The baseline split above runs underneath the overage during the window, and on its own once the window closes.
$111 is an artcoin: a token whose purpose is to power a piece of on-chain art, not governance or utility. The artwork is the protocol; trading the coin is what makes the protocol run.
Permanent Collection is launched on the artcoins platform: the token, the pool, and the LP locker are deployed via the artcoins factory. Read more about artcoins →
$111 is a speculative token. A few honest disclaimers:
- $111 doesn't redeem for vaulted Punks
- $111 holders don't govern the protocol: no DAO, no vote, no parameter change
- Economic parameters lock about a year after deployment. The admin can renew that timer or burn the role to make the lock permanent, and can never move funds either way. A few bounded carve-outs stay editable past the lock (the seller allowlist, plus a couple of fee-rate knobs the admin can tune within hard limits) so the protocol can track market conditions over time
- The 6.5% swap fee is how the protocol runs. The bulk grows the live bid; a thin protocol leg funds a PC treasury and a LAYER buy-and-burn from block one, and the Vault Title auction's proceeds go to the project. None of it is distributed to $111 holders
Read the full protocol spec, the audit, and the contract addresses before depositing any meaningful capital.