Leaving the market funds a position.
Covenant is a Uniswap v4 hook that changes what a sell does. Part of a sell stays behind as a bond — a position, owned by the seller, that pays a daily reward. Unless you have committed, and then it does not.
Three things that are true whatever the market does.
Liquidity that cannot leave
The pool is seeded once, by the contract itself, and there is no code path that removes it: not for the team, not for anyone. The contracts are immutable.
Your bond is an NFT
Each position is an ERC-721 token, so ownership is verifiable on-chain. Hold several, or fold them into one. Committed tokens are not burned: they join the pool that pays the rewards.
A reward pool with a floor
Rewards come from a fixed share of the supply and nothing else — no trading-fee income tops it up. It is finite, it is paid first come first served, and the app shows what is left.
A sell that leaves something behind.
Sell, and a tenth of the trade stays yours as a bond earning 10%/day. Or open one deliberately, without selling anything, at 15%/day. Show up every six hours and the rate climbs, up to 20%/day.