The shortest plain-English explanation of what PB does, how buys work, why positions are locked, and why the design is different.
This is the fast overview for first-time readers. It is shorter than the Whitepaper Lite and less argumentative than the Manifesto. If you want the deeper mechanism after this, read Whitepaper Lite.
Most token launches still depend on human discretion: admin keys, upgrade paths, insider decisions, and time-based vesting cliffs that can dump supply into the market. PB tries to replace that discretion with fixed post-deployment rules.
The buy routes through the Vault. A small portion becomes liquid PB, the rest becomes locked PBc, and a PBt position tracks the entry price and future unlock state.
The lock is there to reduce immediate dump pressure and make unlocks depend on price milestones instead of a calendar. When a milestone is reached, part of the remaining locked claim can settle into USDL under the protocol rules.
Normal vesting unlocks on dates, whether demand exists or not. PB uses price-based unlock thresholds, non-transferable locked claims, and rule-based settlement, so the design reacts to market conditions rather than a preset release calendar.
You have the fast version. The next page is the calmer mechanism breakdown.