MONIA
Meme Overnight Index Average
Open-interest-weighted annualised funding across liquid meme perpetuals.
Funding is what it costs to hold leveraged long exposure for a day, so MONIA
is the meme economy's overnight benchmark — its SONIA.
Memeflation
Debasement of the meme unit
Sector capitalisation divided by tokens in circulation gives real value per
meme. Its rate of decline is inflation, decomposed on a matched sample into
issuance and price components so that threshold crossings are recorded as
entries and exits rather than mistaken for debasement.
The Bonk Rate
Policy rate · set by rule, not discretion
A Taylor rule with a neutral rate of 4.20% and a memeflation target of 2.00%.
The degeneracy gap measures sector turnover against its own trailing trend —
the output gap of the meme economy.
r* + π + 0.25(π − π*) + 0.25(degeneracy gap)
The Universe
Inclusion rule
All meme tokens at or above $1M market capitalisation, drawn from a fixed
daily sample frame of 5,000 tokens. Constant scan depth means a change in the
constituent count reflects a real threshold crossing, not a sampling artefact.
Monetary Aggregates
M0 · M1 · M2
M0, the Bonk Base, is stablecoin supply on Solana — the settlement asset of
the meme economy. M1 adds the ten largest memes. M2, Broad Bonk, is the entire
qualifying universe. Velocity is turnover divided by capitalisation.
The Corridor
Standing facilities
Facilities operate at the Bonk Rate ±100bp. When MONIA trades outside that
band, transmission is impaired: the market is charging a materially different
price for leverage than the Committee's stance implies.
🚀 BONKISH
Conditions exceptionally loose. Unlimited Quantitative Bonking authorised.
📈 MILDLY BONKISH
Conditions have eased. Further Bonking may be appropriate.
⚖️ NEUTRAL
Stance broadly appropriate. Bonking remains data dependent.
📉 MILDLY DEBONKISH
Conditions have tightened. The Committee is monitoring closely.
🩸 DEBONKISH
Severe strain. The Emergency Bonking Facility stands activated.
