Abstract
Attention is the most powerful force in Web3. It determines which projects get funded, which narratives trend, which ecosystems grow, and which tokens capture liquidity. Yet despite its central role, attention remains unstructured, unpriced, and easily manipulated. Web3 has evolved through multiple attention-capture mechanisms — Gleam campaigns, ambassador programs, quests, and most recently InfoFi platforms. Each phase improved distribution, but none created durable markets for attention itself. InfoFi made attention measurable. It did not make it liquid. TDL represents the next step in this evolution, building rails for Attention Economy: Attention Markets. Through Rayo and not.market, we move beyond tracking attention toward financialising it. We introduce capital-efficient, liquidity-driven markets that allow participants to express conviction directly. Instead of leaderboards and social metrics, belief is reflected through structured liquidity. Attention becomes Liquidity.Conviction becomes price discovery.
Narratives become markets.
Market context (Background)
The evolution of attention in Web3 can be understood in phases:2017–2019: Incentivised Participation
Gleam campaigns and ambassador programs drove surface-level growth. Attention was manually distributed and difficult to sustain.2021–2023: The Quest Era
Structured tasks improved scalability but still rewarded activity over belief. Participation scaled, but conviction remained shallow.2023–2025: InfoFi
Platforms like Kaito introduced information dashboards and leaderboard-based visibility systems. InfoFi improved signal extraction and real-time narrative tracking. However, InfoFi still operates at the data level. It measures conversation, influence, and velocity — but it does not translate attention into conviction.The Next Step: Attention Markets
Attention Markets go beyond tracking information. They create structured, capital-backed environments where narratives become liquid instruments. If InfoFi made attention visible, Attention Markets will make attention liquid. Markets introduce:- Capital commitment
- Liquidity dynamics
- Conviction (instead of ai slop)
Our approach
TDL is building rails for the attention economy through Attention Markets. We believe:- Markets are the most honest representation of conviction & mindshare.
- Liquidity concentration reflects real cultural momentum.
- Capital allocation is stronger than social signalling.
Speculation -> not.market
Value accrual -> $TDL $TDL empowers and integrates in Rayo & not.market.
Technical overview & architecture
Both of our products work in unison, while addressing different problems and user bases.not.market
not.market is building synthetic pre-markets on Solana for the community to trade based on their conviction in projects before TGE. How does it function? The first and foremost step is to understand the asset’s fair price. While there are a few ways to determine it, the best approach is to rely on the available market or on the team’s current valuations. If there isn’t any data, we follow our own process to determine the price based on the category they’re building in and provide a market at a fair price. In terms of execution, we will leverage Meteora’s DLMM stack for efficient market creation and trading. DLMM excels for pre-markets - concentrated liquidity bins handle volatility, dynamic fees deter snipers and Solana’s speed enables tight spreads. not.market team will curate and launch pre-markets for high-conviction projects, filtering noise to focus on sustained interest.- Market Launch: Team seeds single-sided liquidity in custom price bins, setting FDV range, supply cap, and parameters (e.g., 25 bps bin step).
- Trading: Users swap USDC/SOL; prices form organically from bin utilisation and order flow.
- Fees: Platform + Protocol fee. Read more: https://docs.meteora.ag/overview/products/dlmm/dlmm-fee-calculation
- No TGE or Failure: Market closes with pro-rata principal refunds based on final positions.
- Successful TGE: Pooled liquidity converts to DEX LP positions or pro-rata live token distribution to holders.
- TGE with Insufficient Liquidity: Team discretion to refund if the project fails to provide adequate post-TGE pools, avoiding forced bad migrations.
- All settlement happens onchain for transparency.
| Aspect | Synthetic Spot (Pre-markets on not.market) | Perps (Hyperps) | OTC (Whales.market) | IOUs |
|---|---|---|---|---|
| Instrument | Onchain spot positions | Leveraged perps | Onchain | Offchain |
| System | AMM with concentrated bins | CLOB | RFQ | Opaque |
| Primary Role | Speculation | Price discovery | Exposure | Early signals |
| Efficiency | Concentrated bins, dynamic fees | Funding rates | Demand & Supply dependent | Depends on market making |
| Trader Outcome | Token / LP exposure | Price prediction and perp position | Token exposure with vesting possibility | Token exposure |
Rayo
It is a platform to discover new & emerging projects in Web3/crypto. While it looks simple but it’s much more difficult to achieve in terms of adoption. Rayo relies on community intelligence to scale the platform’s reach across projects & users. Our competitors usually rely on a centrally controlled environment to determine what gets on the platform, which cannot scale in the long run. We’re building with a long-term mindset, allowing the community to participate from day 1. Design goals:- Surface early-stage cultural and technical signals (not price or social hype).
- Preserve authenticity by privileging community curation over vanity metrics.
- Support a broad multi-chain and infra landscape (platform-agnostic across ecosystems).
- Enable predictable, auditable visibility mechanics (transparent rules for how projects surface).
- Scale to hundreds of thousands of users and millions of interactions while maintaining low friction for contributors.
- Client / Frontend: Built using Next.js (React) with TypeScript and Tailwind CSS, optimised for performance, fast rendering, and low-latency navigation.Provides:
- Project profiles & browsing:Information about the project, Chains supported, Socials & resources, User submitted & voted for it, Category, etc.
- Ecosystem + Category filters
- User profiles
- Voting interactions
- Project submission
- Leaderboard
- Base-level data
- Backend & APIHandles all major interactions:
- Project listing & retrieval
- User registration & authentication
- Vote submission
- Project submission
- Ecosystem/category metadata
- Curation EngineA lightweight deterministic engine that computes:
- Project popularity (based on votes)
- Action velocity (rate of votes in recent periods)
- Ecosystem/category ranking
- Data (core entities)Our architecture supports:
- Project profiles
- Ecosystem mapping (L1s, L2s, infra, tooling)
- Category & sub-category data (defi, infra, identity, agents, etc.)
- Curation metrics for surfacing early attention
- Activity time-series (daily votes)
- Scoring & RankingWe prioritise community signals:
- Projects can be sorted based on:
- Votes (Most/Least/Recent)
- On the homepage, Votes below 150 are shown in Recent, while votes above 150 have to compete with others to pop up in the Popular section.
- User profiles are sorted based on (Leaderboard):
- Recent: This tab shows 50 accounts that have joined the platform recently.
- Proposers: On this tab, you can find the top 50 who have submitted projects on Rayo.
- All contributors: This tab shows the top 50 users by total points earned from contributions.
- Points: Users earn points based on their contributions on the platform, including Profile updates, submitting and voting for a project.
- Projects can be sorted based on:
Features & Capabilities
Rayo - Capturing Attention- Ecosystem surfacing
- Collective intelligence
- Community-driven signal
- Cultural categorization
- Attention drives Liquidity
- Pre-markets are the core of trending narratives
- Market-based attention (mindshare)
- Conviction (PYMWYMI)
- Supports both Rayo & not.market in the mission to Supercharge Attention Economy
- Fees / Burn mechanism
- Value flows to $TDL
$TDL is designed strictly as a digital utility token that enables access to specific products, features, and services within the TDL ecosystem, including but not limited to governance participation, protocol interactions, and platform utilities. $TDL is not designed or marketed for investment, speculation, or financial return, and participation in the token distribution should not be interpreted as an investment opportunity.
Use Cases
For Traders: Traders can take positions in projects when they’re trending before TGE, rather than waiting for project tokens to launch—giving them an alternative opportunity to trade when it makes sense. For Projects: Both products create interesting opportunities for Founders & teams. They can watch where people are paying more attention to, for the distribution of their product. For Investors & Analysts: Markets are a much better representation of mindshare, not yapping. They provide real insights into where the community’s conviction is strong or fading. It gives you a much clearer picture of what makes sense.Business & Token Model
$TDL TDL token will accrue value in different ways on Rayo & not.market. Fees: Markets on not.market enables both buyers and sellers to capitalise on trending projects while providing a fair pricing model. 1% fee on each transaction. Spend: On Rayo, in the near future, we will have functionality to provide visibility to projects and individuals. We are still finalising the scale of its impact and the possible opportunities for users to gain visibility. It creates long-term utility-driven mechanisms within the ecosystem. While we will be working on more ways to transfer value back to $TDL and its token holders, the points mentioned above are the initial steps towards a healthy business & token model.The $TDL token follows a structured and transparent tokenomics framework designed to support long-term ecosystem growth, user participation, and responsible treasury management. The tokenomics model outlines the total token supply, allocation methodology, vesting and release schedules, and any supply-modifying mechanisms associated with the token. Attaching the tokenomics link for reference and clarity.
Token Classification Disclaimer: $TDL is a utility token that provides access to certain features, functionalities, and services within the TDL ecosystem. $TDL does not represent or confer:
(a) any equity interest, share, or security;
(b) any ownership, proprietary or controlling interest in any entity;
(c) any right to receive dividends, revenues, profits, or other financial returns;
(d) any claim, entitlement, or interest in the assets or property of the issuer or its affiliates; or
(e) any guarantee of future value or performance.
$TDL is not intended to be, and shall not be construed as, a security, investment contract, financial instrument, or any other regulated product under the laws of the British Virgin Islands or any other jurisdiction
Team
Nirbhik Jangid - Founder. Previously, 1st team member at Polygon.Rudransh Singhal - Smart Contract Dev.
Anshul Pareek - Business & Ops.
Nayan - Community.
Conclusion
Attention is the visible force driving Web3 - but it has never been structured, measured, or tradable. TDL solves this by building the complete stack for the Attention Economy. With Rayo capturing the early signal and not.market turning Pre-TGE opportunity into liquid markets; attention becomes transparent, measurable, and tradable. Where others reward noise, we value conviction. Where others build feeds, we build markets. Where past cycles engineered engagement, we turn it into liquidity. TDL is not just participating in the Attention Economy — it is defining it.Disclaimer
This whitepaper is provided for informational purposes only. Nothing herein constitutes legal, financial, tax, investment, or other professional advice. No part of this whitepaper shall form the basis of, or be relied upon in connection with, any contract or commitment. The whitepaper has not been reviewed or approved by the BVI Financial Services Commission.
No Securities Offering - Nothing in this whitepaper shall be construed as an offer to sell or the solicitation of an offer to purchase securities or any other regulated financial product in the British Virgin Islands or any other jurisdiction.
Liability Limitation - To the maximum extent permitted by applicable law, the issuer and its affiliates disclaim all warranties, representations, and guarantees, whether express or implied, regarding this whitepaper or the $TDL token. The issuer shall not be liable for any indirect, incidental, or consequential losses arising from the use or inability to use $TDL.
Whitepaper Subject to Change - This whitepaper may be updated, amended, or replaced without prior notice. The issuer does not undertake any obligation to provide recipients with access to additional information or to update this whitepaper.
Risk Disclosures Risk Factors
The acquisition, holding, and use of $TDL involve significant risks. Prospective participants/investors should carefully evaluate and understand the following non-exhaustive risk factors:
(a) Regulatory Risk – digital assets and virtual asset service activities remain subject to evolving laws and regulations. Regulatory actions or changes in applicable law may adversely affect the ecosystem or the ability to use $TDL.
(b) Market and Price Volatility – digital asset markets are highly volatile. $TDL may experience substantial fluctuations in price, demand, and utility. There is no guarantee of liquidity or market stability.
(c) Smart Contract and Technical Risks – Smart contracts, blockchain protocols, and related code may contain vulnerabilities, bugs, or exploits that could result in partial or total loss of tokens.
(d) Operational and Governance Risks – Decisions relating to upgrades, governance processes, or ecosystem changes may impact the functionality or use of $TDL.
(e) Private Key and Cybersecurity Risks – Loss, theft, or compromise of private keys or digital wallets may result in irreversible loss of $TDL.
(f) Network Congestion or Failure – Blockchain networks may become congested, malfunction, or cease operation, affecting the ability to transfer or utilise tokens.
These risks are not exhaustive, and participants/investors are strongly advised to seek independent professional advice.
Jurisdictional Restrictions The distribution, purchase, or use of $TDL is not permitted in jurisdictions where digital asset offerings are restricted or prohibited. $TDL is not available toGlossary
(i) residents, citizens, or entities of the United States of America,
(ii) any jurisdiction subject to sanctions or restrictions imposed by the United Nations, OFAC, the European Union, or the Financial Action Task Force (FATF) and
(iii) jurisdictions where participation in token offerings is unlawful. The participants/investors are responsible for ensuring that their participation complies with local laws.
- AMM: A protocol used by decentralised exchanges (DEXs) that uses mathematical algorithms and liquidity pools (collections of token pairs) to facilitate automated, permissionless trading without needing a traditional order book or a centralised intermediary.
- SPL-20: SPL-20 (Solana Program Library-20) is a standard for creating and managing tokens on the Solana blockchain. Much like the ERC-20 standard on Ethereum, SPL-20 establishes a comprehensive framework comprising conventions and interfaces tailored for both fungible and non-fungible tokens (NFTs).
- DLMM: Meteora’s Dynamic Liquidity Market Maker (DLMM) is a Solana-based protocol offering high-capital efficiency for traders through zero-slippage, discrete price bin swaps, similar to Trader Joe’s Liquidity Book.
- PYMWYMI: Put your money where your mouth is.