The new Sato documentation acknowledges the existence of structural spreads in Bonding Curve trading.

According to ME News, on May 7th (UTC+8), Sato released a new version of its mechanism document, further explaining the operating logic of the Curve. The document shows that Sato's Bonding Curve is not a completely symmetrical exchange system. Users' mint and burn tokens use different pricing logics, and the burn price may be structurally lower than the mint price due to adjustments. According to the document, Sato officially defines the Curve as an "issuance system + last-return buyback pool," rather than a fully redeemable backing system. The Curve is primarily responsible for issuing tokens in the early stages, but after external liquidity matures, it transforms into a "last-return buyer," providing on-chain buyback functionality when secondary market liquidity is insufficient. Previously, some developers in the community pointed out that there was a state misalignment between ethCum and totalMintedFair within the Sato Hook, causing users to "buy at a high Curve price and sell at a low Curve price." While some ETH remained in the Hook reserve, it could not be fully redeemed through the selling path. (Source: ME)