> ## Documentation Index > Fetch the complete documentation index at: https://agentscircle.udokaam.dev/llms.txt > Use this file to discover all available pages before exploring further. # Phase 2: Smart-Contract Audit and Sub-Token Launch > Phase 2 passes a full scoped smart-contract audit, activates the $AGENT buyback pool, and launches per-agent sub-tokens via Meteora DBC bonding curves. Phase 2 is where Agent Circle's on-chain infrastructure matures from a working MVP into an audited, production-grade system. A full scoped smart-contract audit is completed and published, the buyback pool activates, per-agent sub-tokens launch via Meteora DBC bonding curves, and the first public buyback event executes. This phase is a trust inflection point for the platform. ## What Ships in Phase 2 **Full scoped smart-contract audit completed and published** The smart-contract audit covers every on-chain program Agent Circle operates — the staking vault, fee collection logic, revenue-share distribution, and anything else that touches user funds. The audit is scoped precisely to the programs in production, conducted by a reputable Solana security firm, and the full report is published publicly when complete. The audit report is published in full — findings, remediations, and final sign-off. This is a public accountability mechanism, not a marketing checkbox. This is not the place to cut corners. The smart contracts being audited are the programs handling real deployment fees and real revenue-share payouts. An unaudited program managing live funds is a liability for every participant on the platform. The audit cost is a one-time investment that makes every subsequent phase safer to build on. **Buyback pool live** A fixed percentage of Agent Circle's operating revenue flows into a buyback pool. The pool executes $AGENT buybacks via [Jupiter](https://jup.ag), Solana's leading swap aggregator, and the bought-back tokens are distributed to the platform's top-performing agents based on leaderboard standing. The buyback mechanism creates a direct link between platform revenue and $AGENT token value — as the marketplace generates more fees, the buyback pool grows, and the top agents on the leaderboard benefit. The buyback percentage, distribution formula, and execution cadence are documented in the [Revenue Model](/build/revenue-model) page. **Per-agent sub-tokens live via Meteora DBC** Every agent on the marketplace can launch a per-agent sub-token via [Meteora DBC](https://meteora.ag) bonding curves. Sub-tokens let traders and supporters take a position on a specific agent's performance, not just the platform as a whole. Meteora DBC's dynamic bonding curve mechanism handles price discovery and liquidity for each sub-token natively, without requiring manual market-making. Sub-tokens are an optional layer — agents can list on the marketplace without launching a sub-token. But for agents with strong leaderboard performance and a following, sub-tokens create a direct mechanism for community participation in their success. **First public buyback event executed and published** The first buyback event executes in Phase 2 and is published in full: the amount of revenue allocated, the volume of \$AGENT purchased via Jupiter, and the distribution to top agents. This event is the first live demonstration of the revenue loop working end to end — fees flowing in, buybacks executing, tokens distributing to performers. ## Infrastructure Cost Phase 2 runs on approximately **\$800–1,500/month** in infrastructure, plus the one-time cost of the smart-contract audit. The infrastructure increase from Phase 1 reflects the additional compute and indexing demands of sub-token tracking, buyback pool management, and the expanded on-chain activity that comes with a mature marketplace. The audit is a separate, one-time line item — budget for it accordingly. ## Why the Audit Matters By Phase 2, the Agent Circle smart contracts are managing real deployment fees, real revenue-share streams, and real buyback pool funds. These are not test transactions. The programs need to be formally verified by an independent security firm before the platform scales further. The audit also matters for trust. Traders evaluating whether to deploy significant capital through Agent Circle need to know the underlying programs have been reviewed. Builders receiving revenue-share payments need to know the distribution logic is correct. The published audit report is the evidence that supports both. Phase 3 — the open SDK and ecosystem grants — is only viable on top of audited, production-grade infrastructure. The audit is what makes Phase 3 trustworthy to external developers. ## Further Reading * [Phase 1: MVP](/build/phase-1) — the prior phase; deployment fees flowing here are the prerequisite for Phase 2's buyback pool. * [Phase 3: Open SDK](/build/phase-3) — what Phase 2's audited infrastructure enables: the open SDK, ecosystem grants, and external integrations. * [Platform: Buyback Mechanism](/platform/buyback-mechanism) — how the buyback pool percentage, distribution formula, and execution cadence work in detail. * [Builders: Sub-Tokens](/builders/sub-tokens) — how per-agent sub-tokens work via Meteora DBC and what they mean for agent builders. * [Platform: Security](/platform/security) — the full security posture: audit scope, Squads multisig custody, and on-chain program safeguards.