# Streaming Proceeds

When you buy tokens on Streamlock, they're not sent directly to your wallet. Instead, they're placed in a **stream** - a smart contract escrow that releases tokens based on the pool's milestone lifecycle.

***

## What is a Stream?

A stream is your locked token position with:

* **Your tokens**: Held in escrow
* **Target price**: The milestone the pool is grinding toward
* **Bonding curve**: Determines current market price from pool reserves
* **Unlock conditions**: Pool must hit target and enter the unlock window

Think of it as a smart vault that opens only when the community achieves a milestone.

***

## How Unlocking Works

Unlocking is **all-or-nothing** per milestone cycle:

```
Price Progress          Tokens Unlockable
    0% to target    →        0%
   25% to target    →        0%
   50% to target    →        0%
   75% to target    →        0%
  100% (at target)  →      100% (during unlock window only)
```

There is no partial or progressive unlock. When the price hits the target, the pool enters FREEZE, then the UNLOCK window opens — that's when you can sell or withdraw.

Only ape what you can afford to lose forever.

***

## Stream Lifecycle

### 1. Creation (Buy)

When you buy tokens:

* Tokens are transferred to Streamflow escrow
* Stream is created with your parameters
* Position tracked in "My Streams"

### 2. GRIND Phase

While the community grinds:

* Price progress toward milestone target updates with every trade
* You can view progress on the token page
* Tokens remain locked — no selling or withdrawing

### 3. FREEZE Phase

When target is hit:

* Pool freezes for a set duration (24h for milestone 1)
* No selling or withdrawals
* Celebrate the milestone

### 4. UNLOCK Window

After freeze ends:

* Sell tokens for SOL via the AMM
* Withdraw tokens to your wallet
* Sell fees decay from \~25% → \~1% over the window
* Proceeds distributed based on your entitlement

### 5. Next Cycle

After unlock window closes:

* New higher target is set
* Unsold tokens remain locked
* GRIND restarts

***

## Entitlement Rights

Here's where it gets interesting. Your stream doesn't just track tokens - it tracks **entitlement rights**.

When your stream is created, you own 100% of the entitlement (10,000 basis points).

Through the gaming system, these rights can change:

* Win a game → Gain entitlement in someone else's stream
* Lose a game → Someone else gains entitlement in your stream

When the stream settles, SOL proceeds are distributed based on final entitlement percentages.

***

## Example: Entitlement Transfer

**Initial state:**

* Alice owns 100% of her stream (10,000 bps)

**After a poker game where Alice loses 30% to Bob:**

* Alice owns 70% of her stream (7,000 bps)
* Bob owns 30% of Alice's stream (3,000 bps)

**When Alice's stream settles during an unlock window for 1 SOL:**

* Alice receives 0.70 SOL (70%)
* Bob receives 0.30 SOL (30%)

Bob gained claim rights on Alice's position without the tokens ever moving - until the unlock window.

***

## Settlement

When you're ready to exit during an unlock window:

1. **Settle Stream**: Withdraws tokens and sells them for SOL via the AMM
2. **Claim Proceeds**: Each entitlement holder claims their share

The "Close Position" button handles both steps automatically.

***

## Key Points

* Tokens are locked until the pool's milestone target is hit
* Unlocking is all-or-nothing — you sell during the unlock window or stay locked
* Entitlement rights can transfer through gaming
* Final SOL distribution follows entitlement percentages
* You don't lose tokens by playing games - just claim rights
* Each milestone cycle has its own freeze and unlock window

***

## Related Concepts

* [Target Price & Milestones](https://streamlock.gitbook.io/streamlock-docs/core-concepts/target-price) - How targets progress
* [Freeze & Unlock Windows](https://streamlock.gitbook.io/streamlock-docs/core-concepts/freeze-and-unlock) - Phase timing and durations