What Happened
Bankr has migrated their token launcher from Clanker to Doppler Protocol, the same professional-grade infrastructure used by Zora, Paragraph, and Noice. This isn't a fork or a copy: Bankr is using the canonical Doppler contracts on Base, deployed and maintained by Whetstone Research.
This article breaks down the technical architecture, explains the liquidity mechanics, and clarifies what this means if you're trading these tokens.
Note: Bankr's initial Feb 10 deployment used ScheduledMulticurveInitializer. Within three days, they switched to DecayMulticurveInitializer with a significantly different curve structure. The article documents both setups. Skip to Current Setup if you only care about how it works now.
The Core Infrastructure
The Airlock Pattern
Doppler uses a modular "Airlock" architecture where a central orchestrator contract delegates to specialized components:
Airlock (0x660eAaEdEBc968f8f3694354FA8EC0b4c5Ba8D12)
├── TokenFactory80 → Deploys DERC20 tokens
│
├── Pool Initializer (one of):
│ ├─ ScheduledMulticurveInitializer (0xA36715d..., Feb 10)
│ │ └── Hook: binary start-time gate
│ │
│ └─ DecayMulticurveInitializer (0xd59ce43..., Feb 13+) ← CURRENT
│ └── Hook: 80% → 1.2% fee decay over 10s
│
├── NoOpGovernanceFactory → Immutable, no admin controls
├── NoOpMigrator → Required param (always reverts)
└── StreamableFeesLockerV2 → Locks positions, streams fees
Key takeaway: Once deployed, these tokens are fully immutable. No admin can change parameters, pause trading, or rug the liquidity.
Original Liquidity Design: Scheduled Multicurve (Feb 10)
Historical: This section describes Bankr's initial setup which was replaced on Feb 13. See Current Setup for the active configuration.
Bankr's initial deployment used Doppler's Uniswap V4 Scheduled Multicurve with four overlapping curve definitions subdivided into ~21 segments.
What This Means Technically
Instead of a single liquidity position or full-range V3 LP, Bankr tokens launch with:
Component | Specification |
|---|
DEX Version | Uniswap V4 |
Fee Tier | 1.2% (12,000 pips) |
Tick Spacing | 200 |
Curve Structure | 4 curves → ~21 segments |
Liquidity Lock | StreamableFeesLockerV2 (time-locked) |
Trading Gate | startingTime timestamp on hook
|
The Four Curves (Example: BlueWhale deployment)
Curve | Tick Range | Segments | ETH/Segment | Purpose |
|---|
1 | [-230,200 → -219,200] | 10 | 0.2 ETH | Core range — widest coverage |
2 | [-222,000 → -215,200] | 5 | 0.25 ETH | Mid concentration |
3 | [-216,200 → -210,000] | 5 | 0.35 ETH | Tightest concentration |
4 | [-210,800 → +887,200] | 1 | 0.2 ETH | Safety net (thin) |
Total deployed: ~4.55 ETH across 21 positions
Market Cap Depth Map (WETH @ ~$2,700)
Zone | Mcap Range | Depth Characteristic |
|---|
$27K → $61K | Curve 1 only | Thin, easy to push through |
$61K → $82K | Curves 1+2 overlap | ~2x depth |
$82K → $108K | Curve 2 only | Moderate |
$108K → $122K | Curves 2+3 overlap | ~2x depth |
$122K → $189K | Curve 3 only | Moderate |
$189K → $205K | Curves 3+4 overlap | ~2x depth |
$205K+ | Curve 4 only | Extremely thin — cliff edge |
Critical Trading Implications
1. Designed for Volatility, Not Stability
The liquidity structure is optimized for fast, violent price action in a narrow mcap band:
Entire concentrated range: $27K → $205K (7.5x price journey)
Beyond $205K: Near-zero liquidity, price can moon or crater on minimal volume
All segments activate at once: The "scheduled" hook is a binary gate (blocked → fully live), not gradual activation
Bottom line: These tokens are engineered for micro-cap speculation, not gradual price discovery.
2. No External Liquidity
The Doppler hook blocks all third-party liquidity additions. What you see at launch is what you get:
No retail LPs can add depth to stabilize price
No whale can come in and provide "support"
The curve structure is immutable, no adjustments possible
3. Locked but Not Burned
Liquidity positions are locked in the UniswapV4MulticurveInitializer, not burned. This means:
Fees stream to beneficiaries forever.
Migration is effectively disabled (NoOpMigrator always reverts)
The initializer holds the liquidity position, but the fees are distributed to beneficiaries configured by the user, plus 5% for Doppler.
The "Scheduled" Hook Explained (Feb 10)
Historical: Bankr now uses DecayMulticurveInitializerHook instead. See Current Setup.
Despite the name, "Scheduled" doesn't mean gradual liquidity activation:
At creation, a startingTime timestamp is set
Before that time: all swaps revert with CannotSwapBeforeStartingTime()
After that time: all 21 segments are immediately tradeable
There's no phased rollout, no time-based dampening. It's a binary switch from "no trading" to "full volatility."
DERC20: The Token Standard
Doppler tokens are DERC20, an extended ERC20 with additional built-in functionality.
contract DERC20 is ERC20, ERC20Votes, ERC20Permit, Ownable {
uint256 public immutable vestingStart;
uint256 public immutable vestingDuration;
uint256 public immutable vestedTotalAmount;
address public pool;
bool public isPoolUnlocked;
uint256 public yearlyMintRate; // Max 2%
string public tokenURI;
}
Built-in features:
Vesting: Up to 80% of supply can be time-locked
Governance: ERC20Votes for DAO functionality (though irrelevant for Bankr)
Inflation controls: Max 2% yearly mint rate
Permit2: Gasless approvals.
Pool locking: Liquidity locked until conditions met (in our case, forever)
Current Setup (Feb 13): DecayMulticurveInitializer
Bankr switched to a newer Doppler contract within three days of launch. The following reflects the current active configuration.
Current Contracts
Contract | Address |
|---|
DecayMulticurveInitializer | 0xd59ce43e53d69f190e15d9822fb4540dccc91178
|
DecayMulticurveInitializerHook | 0xbB7784A4d481184283Ed89619A3e3ed143e1Adc0
|
Source: DecayMulticurveInitializer.sol / DecayMulticurveInitializerHook.sol
What Changed: Decaying Fee Instead of Start-Time Gate
The old "Scheduled" hook blocked all swaps until startingTime, then opened the floodgates. The new "Decay" hook takes a different approach: swaps are always allowed, but the fee starts extremely high and linearly decays to the terminal rate.
The hook struct (from source, single storage slot):
struct FeeSchedule {
uint32 startingTime;
uint24 startFee; // Fee at start
uint24 endFee; // Terminal fee
uint24 lastFee; // Last applied (monotonically decreasing)
uint32 durationSeconds;
}
Flow Caster deployment values (verified on-chain):
Parameter | Value |
|---|
startFee | 800,000 = 80% |
endFee | 12,000 = 1.2% |
durationSeconds | 10 seconds |
The fee decays linearly: currentFee = startFee - (startFee - endFee) * elapsed / durationSeconds. At second 0 it's 80%, at second 5 it's ~41%, at second 10 it locks at 1.2%.
This is an anti-snipe mechanism. Bots that buy in the first seconds get taxed at up to 80%. Wait 10 seconds and you pay a normal 1.2%.
Current Curve Structure
The Feb 10 setup used 4 overlapping curves with ~21 segments in a narrow $27K–$205K range. The current setup is much simpler:
Curve | Tick Range | Share | Mcap Range |
|---|
0 (concentrated) | [-230,000 → -120,000] | 99% | ~$27.7K → ~$1.66B |
1 (safety net) | [-120,000 → +887,200] | 1% | ~$1.66B → ∞ |
The concentrated range now extends to \(1.66B, roughly 60x wider than the previous \)205K ceiling. No overlapping curves, no stacked "speed bump" zones. One large position holds 99% of supply.
Revised Comparison
Aspect | Bankr in Clanker (V4, current) | Bankr in Doppler (Decay, current) |
|---|
DEX | Uniswap V4 | Uniswap V4 |
Tick Range | [-230,400 → -120,000] | [-230,000 → -120,000] |
Mcap Range | ~$26.7K → ~$1.66B | ~$27.7K → ~$1.66B |
Fee | 1.2% (static, can add a volatility hook that rises it up to 5% depending on market conditions) | 80% → 1.2% (10s linear decay) |
Anti-Snipe | Dedicated MEV module | Fee decay (80% for first 10s) |
Curves | 1 (single concentrated range) | 2 (99%/1% split) |
Tick Spacing | 200 | 200 |
External LPs | Allowed | Blocked by hook |
The tick ranges are nearly identical, both platforms now target the same ~$27K → ~$1.66B market cap corridor.
Current Trading Implications
The "cliff edge at $205K" no longer applies to new Bankr deployments, the concentrated range now extends to ~$1.66B
Anti-snipe via fee decay is aggressive: buying in the first 10 seconds costs up to 80%
The safety-net tail (1% of supply beyond $1.66B) means there's some liquidity above the concentrated range. Clanker allows adding liquidity on arbitrary ranges after token deployment.
Summary
Bankr's migration to Doppler represents a shift in infrastructure philosophy.
Both Clanker and Doppler are professional-grade systems, Clanker is backed by Farcaster/Neynar, has processed billions in volume, and its v4 now offers similar features including custom curves (up to 7 positions), dynamic fees, and MEV protection.
The key differences are economic: Clanker protocol fees are significantly higher than Doppler's. Doppler also offers richer token primitives (DERC20 with built-in governance, vesting, and inflation controls) and more granular curve design flexibility through its multicurve architecture.
The current setup concentrates 99% of liquidity in a ~$27K–$1.66B range with a 1% safety net above. Combined with aggressive anti-snipe fees (80% decaying to 1.2% over 10 seconds) and no external LP access, the design prioritizes fee capture from active trading while providing reasonable depth acraoss a wide mcap range.
Trade accordingly.
References
