diff --git a/UNICORN_PLAN.md b/UNICORN_PLAN.md
new file mode 100644
index 0000000..8010e96
--- /dev/null
+++ b/UNICORN_PLAN.md
@@ -0,0 +1,230 @@
+## Pounce Unicorn Plan (integriert)
+
+Ziel: Pounce von einem starken Produkt (Trust + Inventory + Lead Capture) zu einem skalierbaren System mit Moat + Flywheel entwickeln.
+
+---
+
+## Absicht & holistisches Konzept
+
+### Absicht (warum es Pounce gibt)
+
+Pounce existiert, um Domains von „toten Namen“ (nur Renewal-Kosten, keine Nutzung) zu **messbaren, handelbaren digitalen Assets** zu machen.  
+Wir bauen nicht nur einen Feed oder einen Marktplatz, sondern eine **Lifecycle Engine**: entdecken → erwerben → monetarisieren → liquidieren.
+
+### Für wen (Zielgruppe)
+
+- **Domain Investors / Operators**: brauchen sauberes Inventory, schnelle Entscheidungen, klare Workflows.
+- **Builders / Entrepreneurs**: wollen gute Assets finden und sofort nutzen/monetarisieren.
+- **Portfolio Owner** (ab 10+ Domains): wollen Governance (Health, Renewal, Cashflow) statt Chaos.
+
+### Positionierung (klarer Satz)
+
+**Pounce ist das Operating System für Domains**: ein Clean Market Feed + Verified Direct Deals + Yield Routing – mit Messbarkeit vom ersten View bis zum Exit.
+
+### Das Gesamtmodell (4 Module)
+
+1. **Discover (Intelligence)**
+   Findet Assets: Clean Feed, Scores, TLD Intel, Filter, Alerts.
+
+2. **Acquire (Marketplace / Liquidity)**
+   Sichert Assets: externe Auktionen + **Pounce Direct** (DNS-verified Owner).
+
+3. **Yield (Intent Routing)**
+   Monetarisiert Assets: Domain-Traffic → Intent → Partner → Revenue Share.
+
+4. **Trade (Exit / Outcomes)**
+   Liquidität und Bewertung: Domains werden nach **Cashflow** bepreist (Multiple), nicht nur nach „Vibe“.
+
+### Warum das Unicorn-Potenzial hat (Moat + Flywheel)
+
+- **Moat**: Proprietäre Daten über Intent, Traffic, Conversion und Cashflow auf Domain-Level (schwer kopierbar).
+- **Flywheel**: mehr Domains → mehr Routing/Conversions → mehr Daten → bessere Scores/Routing → mehr Deals → mehr Domains.
+
+---
+
+## 0) Leitprinzipien
+
+- **Moat entsteht dort, wo proprietäre Daten entstehen**: Yield/Intent + Deal Outcomes.
+- **Trust ist ein Feature**: alles, was Spam/Scam senkt, steigert Conversion.
+- **Telemetry ist nicht „später“**: jede neue Funktion erzeugt Events + messbare KPIs.
+
+---
+
+## 1) Deal‑System (Liquidity Loop fertig machen)
+
+### 1A — Inbox Workflow (Woche 1)
+
+**Ziel**: Seller können Leads zuverlässig triagieren und messen.
+
+- **Inquiry Status Workflow komplett**: `new → read → replied → closed` + `spam`
+  - Backend PATCH Endpoint + UI Actions
+  - „Close“ inkl. Grund (z.B. sold elsewhere / low offer / no fit)
+- **Audit Trail (minimal)**
+  - jede Statusänderung speichert: `who/when/old/new`
+
+**KPIs**
+- inquiry→read rate
+- inquiry→replied rate
+- median reply time
+
+### 1B — Threading/Negotiation (Woche 2–3)
+
+**Ziel**: Verhandlung im Produkt, nicht off-platform.
+
+- **Threading**: Buyer ↔ Seller Messages als Conversation pro Listing
+- **Notifications**: E‑Mail „New message“ + Login‑Gate
+- **Audit Trail (voll)**: message events + status events
+- **Security**: rate limits (buyer + seller), keyword checks, link safety
+
+**KPIs**
+- inquiry→first message
+- messages/thread
+- reply rate
+
+### 1C — Deal Closure + GMV (Woche 3–4)
+
+**Ziel**: echte Conversion/GMV messbar machen.
+
+- **“Mark as Sold”** auf Listing
+  - Gründe: sold on Pounce / sold off‑platform / removed
+  - optional: **deal_value** + currency
+- optional sauberer **Deal-Record**
+  - `deal_id`, `listing_id`, `buyer_user_id(optional)`, `final_price`, `closed_at`
+
+**KPIs**
+- inquiry→sold
+- close rate
+- time-to-close
+- GMV
+
+### 1D — Anti‑Abuse (laufend ab Woche 1)
+
+- **Rate limit** pro IP + pro User (inquire + message + status flips)
+- **Spam flagging** (Heuristiken + manuell)
+- **Blocklist** (buyer account/email/domain-level)
+
+**KPIs**
+- spam rate
+- blocked attempts
+- false positive rate
+
+---
+
+## 2) Yield als Burggraben (Moat)
+
+### 2A — Connect/Nameserver Flow (Woche 2–4)
+
+**Ziel**: Domains „unter Kontrolle“ bringen (Connect Layer).
+
+- **Connect Wizard** (Portfolio → Yield)
+  - Anleitung: NS/TXT Setup
+  - Status: pending/verified/active
+- **Backend checks** (NS/TXT) + Speicherung: `connected_at`
+- **Routing Entry** (Edge/Web): Request → route decision
+
+**KPIs**
+- connect attempts→verified
+- connected domains
+
+### 2B — Intent → Routing → Tracking (Monat 2)
+
+**Ziel**: Intent Routing MVP für 1 Vertical.
+
+- **Intent detection** (MVP)
+- **Routing** zu Partnern + Fallbacks
+- **Tracking**: click_id, domain_id, partner_id
+- **Attribution**: conversion mapping + payout status
+
+**KPIs**
+- clicks/domain
+- conversion rate
+- revenue/domain
+
+### 2C — Payout + Revenue Share (Monat 2–3)
+
+- Ledger: pending → confirmed → paid
+- payout schedule (monatlich) + export/reports
+
+**KPIs**
+- payout accuracy
+- disputes
+- net margin
+
+### 2D — Portfolio Cashflow Dashboard (Monat 3)
+
+- Portfolio zeigt: **MRR, last 30d revenue, ROI**, top routes
+- Domains werden „yield-bearing assets“ → später handelbar nach Multiple
+
+**KPIs**
+- MRR
+- retention/churn
+- expansion
+
+---
+
+## 3) Flywheel / Distribution
+
+### 3A — Programmatic SEO maximal (Monat 1–2)
+
+- Templates skalieren (TLD/Intel/Price)
+- klare CTA‑Pfade: „Track this TLD“, „Enter Terminal“, „View Direct Deals“
+
+**KPIs**
+- organic sessions
+- signup conversion
+
+### 3B — Public Deal Surface + Login Gate (Monat 1)
+
+- Public Acquire + /buy als Conversion‑Engine
+- “contact requires login” überall konsistent
+
+**KPIs**
+- view→login
+- login→inquiry
+
+### 3C — Viral Loop „Powered by Pounce“ (Monat 2–3)
+
+- nur wenn intent passt / low intent fallback
+- referral link + revenue share
+
+**KPIs**
+- referral signups
+- CAC ~0
+
+---
+
+## 4) Skalierung / Telemetry
+
+### 4A — Events (Woche 1–2)
+
+Definiere & logge Events:
+- `listing_view`
+- `inquiry_created`
+- `inquiry_status_changed`
+- `message_sent`
+- `listing_marked_sold`
+- `yield_connected`
+- `yield_click`
+- `yield_conversion`
+- `payout_paid`
+
+**KPIs**
+- funnel conversion
+- time metrics
+
+### 4B — Ops (Monat 1)
+
+- Monitoring/alerts (Errors + Business KPIs)
+- Backups (DB daily + restore drill)
+- Deliverability (SPF/DKIM/DMARC, bounce handling)
+- Abuse monitoring dashboards
+
+---
+
+## Empfohlene Reihenfolge (damit es schnell „unfair“ wird)
+
+1. **Deal-System 1A–1C** (GMV & close-rate messbar)
+2. **Yield 2A** (Connect Layer) parallel starten
+3. **Events 4A** sofort mitziehen
+4. **Yield 2B–2C** (Moat) sobald Connect stabil
+5. Flywheel 3A–3C kontinuierlich
diff --git a/backend/app/api/listings.py b/backend/app/api/listings.py
index be83e83..eaabf95 100644
--- a/backend/app/api/listings.py
+++ b/backend/app/api/listings.py
@@ -188,6 +188,11 @@ class InquiryResponse(BaseModel):
         from_attributes = True
 
 
+class InquiryUpdate(BaseModel):
+    """Update inquiry status for listing owner."""
+    status: str = Field(..., min_length=1, max_length=20)  # new, read, replied, spam
+
+
 class VerificationResponse(BaseModel):
     """DNS verification response."""
     verification_code: str
@@ -716,6 +721,69 @@ async def get_listing_inquiries(
     ]
 
 
+@router.patch("/{id}/inquiries/{inquiry_id}", response_model=InquiryResponse)
+async def update_listing_inquiry(
+    id: int,
+    inquiry_id: int,
+    data: InquiryUpdate,
+    current_user: User = Depends(get_current_user),
+    db: AsyncSession = Depends(get_db),
+):
+    """Update an inquiry status (listing owner only)."""
+    allowed = {"new", "read", "replied", "spam"}
+    status_clean = (data.status or "").strip().lower()
+    if status_clean not in allowed:
+        raise HTTPException(status_code=400, detail="Invalid status")
+
+    # Verify listing ownership
+    listing_result = await db.execute(
+        select(DomainListing).where(
+            and_(
+                DomainListing.id == id,
+                DomainListing.user_id == current_user.id,
+            )
+        )
+    )
+    listing = listing_result.scalar_one_or_none()
+    if not listing:
+        raise HTTPException(status_code=404, detail="Listing not found")
+
+    inquiry_result = await db.execute(
+        select(ListingInquiry).where(
+            and_(
+                ListingInquiry.id == inquiry_id,
+                ListingInquiry.listing_id == id,
+            )
+        )
+    )
+    inquiry = inquiry_result.scalar_one_or_none()
+    if not inquiry:
+        raise HTTPException(status_code=404, detail="Inquiry not found")
+
+    now = datetime.utcnow()
+    inquiry.status = status_clean
+    if status_clean == "read" and inquiry.read_at is None:
+        inquiry.read_at = now
+    if status_clean == "replied":
+        inquiry.replied_at = now
+
+    await db.commit()
+    await db.refresh(inquiry)
+
+    return InquiryResponse(
+        id=inquiry.id,
+        name=inquiry.name,
+        email=inquiry.email,
+        phone=inquiry.phone,
+        company=inquiry.company,
+        message=inquiry.message,
+        offer_amount=inquiry.offer_amount,
+        status=inquiry.status,
+        created_at=inquiry.created_at,
+        read_at=inquiry.read_at,
+    )
+
+
 @router.put("/{id}", response_model=ListingResponse)
 async def update_listing(
     id: int,
diff --git a/backend/app/api/yield_domains.py b/backend/app/api/yield_domains.py
index 9b8b856..0a50be0 100644
--- a/backend/app/api/yield_domains.py
+++ b/backend/app/api/yield_domains.py
@@ -124,13 +124,13 @@ async def get_yield_dashboard(
         domain_ids = [d.id for d in domains]
         monthly_result = await db.execute(
             select(
-                func.count(YieldTransaction.id).label("count"),
+        func.count(YieldTransaction.id).label("count"),
                 func.coalesce(func.sum(YieldTransaction.net_amount), 0).label("revenue"),
                 func.sum(case((YieldTransaction.event_type == "click", 1), else_=0)).label("clicks"),
                 func.sum(case((YieldTransaction.event_type.in_(["lead", "sale"]), 1), else_=0)).label("conversions"),
             ).where(
                 YieldTransaction.yield_domain_id.in_(domain_ids),
-                YieldTransaction.created_at >= month_start,
+        YieldTransaction.created_at >= month_start,
             )
         )
         monthly_stats = monthly_result.first()
@@ -153,8 +153,8 @@ async def get_yield_dashboard(
         pending_result = await db.execute(
             select(func.coalesce(func.sum(YieldTransaction.net_amount), 0)).where(
                 YieldTransaction.yield_domain_id.in_(domain_ids),
-                YieldTransaction.status == "confirmed",
-                YieldTransaction.paid_at.is_(None),
+        YieldTransaction.status == "confirmed",
+        YieldTransaction.paid_at.is_(None),
             )
         )
         pending_payout = pending_result.scalar() or Decimal("0")
@@ -258,8 +258,8 @@ async def get_yield_domain(
     """
     result = await db.execute(
         select(YieldDomain).where(
-            YieldDomain.id == domain_id,
-            YieldDomain.user_id == current_user.id,
+        YieldDomain.id == domain_id,
+        YieldDomain.user_id == current_user.id,
         )
     )
     domain = result.scalar_one_or_none()
@@ -350,8 +350,8 @@ async def activate_domain_for_yield(
     if intent_result.suggested_partners:
         partner_result = await db.execute(
             select(AffiliatePartner).where(
-                AffiliatePartner.slug == intent_result.suggested_partners[0],
-                AffiliatePartner.is_active == True,
+            AffiliatePartner.slug == intent_result.suggested_partners[0],
+            AffiliatePartner.is_active == True,
             )
         )
         partner = partner_result.scalar_one_or_none()
@@ -408,8 +408,8 @@ async def verify_domain_dns(
     """
     result = await db.execute(
         select(YieldDomain).where(
-            YieldDomain.id == domain_id,
-            YieldDomain.user_id == current_user.id,
+        YieldDomain.id == domain_id,
+        YieldDomain.user_id == current_user.id,
         )
     )
     domain = result.scalar_one_or_none()
@@ -487,8 +487,8 @@ async def update_yield_domain(
     """
     result = await db.execute(
         select(YieldDomain).where(
-            YieldDomain.id == domain_id,
-            YieldDomain.user_id == current_user.id,
+        YieldDomain.id == domain_id,
+        YieldDomain.user_id == current_user.id,
         )
     )
     domain = result.scalar_one_or_none()
@@ -501,8 +501,8 @@ async def update_yield_domain(
         # Validate partner exists
         partner_result = await db.execute(
             select(AffiliatePartner).where(
-                AffiliatePartner.slug == update.active_route,
-                AffiliatePartner.is_active == True,
+            AffiliatePartner.slug == update.active_route,
+            AffiliatePartner.is_active == True,
             )
         )
         partner = partner_result.scalar_one_or_none()
@@ -539,8 +539,8 @@ async def delete_yield_domain(
     """
     result = await db.execute(
         select(YieldDomain).where(
-            YieldDomain.id == domain_id,
-            YieldDomain.user_id == current_user.id,
+        YieldDomain.id == domain_id,
+        YieldDomain.user_id == current_user.id,
         )
     )
     domain = result.scalar_one_or_none()
diff --git a/frontend/src/app/acquire/page.tsx b/frontend/src/app/acquire/page.tsx
index 55cf2cf..dcbc0c7 100644
--- a/frontend/src/app/acquire/page.tsx
+++ b/frontend/src/app/acquire/page.tsx
@@ -552,21 +552,21 @@ export default function AcquirePage() {
                   </div>
                 </button>
               ) : (
-                <a
-                  key={`${auction.domain}-${i}`}
-                  href={auction.affiliate_url}
-                  target="_blank"
-                  rel="noopener noreferrer"
+              <a
+                key={`${auction.domain}-${i}`}
+                href={auction.affiliate_url}
+                target="_blank"
+                rel="noopener noreferrer"
                   className={clsx(
                     "block p-3 border active:bg-white/[0.03] transition-all",
                     "bg-[#0A0A0A] border-white/[0.08]"
                   )}
-                >
+              >
                 <div className="flex items-start justify-between gap-3">
                   <div className="flex-1 min-w-0">
                     <div className="flex items-center gap-2">
                       <span className="text-sm font-bold text-white font-mono truncate">
-                        {auction.domain}
+                      {auction.domain}
                       </span>
                     </div>
                     <div className="flex items-center gap-2 mt-1 text-[10px] font-mono text-white/30">
@@ -589,7 +589,7 @@ export default function AcquirePage() {
                     )}
                   </div>
                 </div>
-                </a>
+              </a>
               )
             ))}
           </div>
@@ -660,50 +660,50 @@ export default function AcquirePage() {
           {/* Search & Filters Bar */}
           <div className="mb-6 sticky top-20 z-30 backdrop-blur-xl bg-[#020202]/90 border-y border-white/[0.08] py-4 -mx-6 px-6">
             <div className="flex gap-4 justify-between items-center">
-                {/* Search */}
+              {/* Search */}
               <div className="relative w-[400px] group">
                 <Search className="absolute left-4 top-1/2 -translate-y-1/2 w-4 h-4 text-white/40 group-focus-within:text-accent transition-colors" />
-                    <input
-                        type="text"
+                <input
+                  type="text"
                   placeholder="Search assets..."
-                        value={searchQuery}
-                        onChange={(e) => setSearchQuery(e.target.value)}
+                  value={searchQuery}
+                  onChange={(e) => setSearchQuery(e.target.value)}
                   className="w-full pl-12 pr-4 py-3 bg-[#0A0A0A] border border-white/10 text-white placeholder:text-white/20 font-mono text-sm focus:outline-none focus:border-accent transition-all"
-                    />
-                </div>
-                
-                {/* Filters */}
+                />
+              </div>
+              
+              {/* Filters */}
               <div className="flex gap-2">
-                        <select
-                            value={selectedPlatform}
-                            onChange={(e) => setSelectedPlatform(e.target.value)}
+                <select
+                  value={selectedPlatform}
+                  onChange={(e) => setSelectedPlatform(e.target.value)}
                   className="appearance-none px-4 py-3 bg-[#0A0A0A] border border-white/10 text-white font-mono text-sm focus:outline-none focus:border-accent cursor-pointer"
-                        >
-                            {PLATFORMS.map(p => <option key={p.id} value={p.id}>{p.name}</option>)}
-                        </select>
-                    
-                    <div className="flex border border-white/10 bg-[#0A0A0A]">
-                        {[
+                >
+                  {PLATFORMS.map(p => <option key={p.id} value={p.id}>{p.name}</option>)}
+                </select>
+                
+                <div className="flex border border-white/10 bg-[#0A0A0A]">
+                  {[
                     { id: 'all' as const, label: 'All', icon: Gavel },
                     { id: 'ending' as const, label: 'Ending', icon: Timer },
                     { id: 'hot' as const, label: 'Hot', icon: Flame },
-                        ].map((tab) => (
-                            <button
-                                key={tab.id}
-                                onClick={() => setActiveTab(tab.id)}
-                                className={clsx(
+                  ].map((tab) => (
+                    <button
+                      key={tab.id}
+                      onClick={() => setActiveTab(tab.id)}
+                      className={clsx(
                         "px-5 py-3 flex items-center gap-2 text-xs font-bold uppercase tracking-widest transition-all border-r border-white/10 last:border-r-0",
-                                    activeTab === tab.id
-                                        ? "bg-white/10 text-white border-b-2 border-accent"
-                                        : "text-white/40 hover:text-white border-b-2 border-transparent"
-                                )}
-                            >
+                        activeTab === tab.id
+                          ? "bg-white/10 text-white border-b-2 border-accent"
+                          : "text-white/40 hover:text-white border-b-2 border-transparent"
+                      )}
+                    >
                       <tab.icon className={clsx("w-4 h-4", activeTab === tab.id ? "text-accent" : "")} />
-                                {tab.label}
-                            </button>
-                        ))}
-                    </div>
+                      {tab.label}
+                    </button>
+                  ))}
                 </div>
+              </div>
             </div>
           </div>
 
@@ -719,18 +719,18 @@ export default function AcquirePage() {
             </div>
 
             {/* Table Body */}
-                  {loading ? (
+            {loading ? (
               <div className="flex items-center justify-center py-20">
                 <Loader2 className="w-6 h-6 text-accent animate-spin" />
               </div>
             ) : filteredAuctions.length === 0 ? (
               <div className="text-center py-20 text-white/30 font-mono">No assets found</div>
             ) : (
-                          <div>
+              <div>
                 {filteredAuctions.map((auction, i) => (
                   auction.is_pounce ? (
                     <button
-                      key={`${auction.domain}-${i}`}
+                    key={`${auction.domain}-${i}`}
                       type="button"
                       onClick={() => handlePounceDirectClick(auction)}
                       className={clsx(
@@ -744,7 +744,7 @@ export default function AcquirePage() {
                         <span className="text-[8px] font-bold text-accent uppercase">Direct</span>
                       </div>
                       <span className="font-mono text-base text-white group-hover:text-accent transition-colors truncate">
-                        {auction.domain}
+                      {auction.domain}
                       </span>
                     </div>
                     <div className="text-center text-xs font-mono text-white/40 uppercase">
@@ -798,14 +798,14 @@ export default function AcquirePage() {
                           "w-8 h-8 border flex items-center justify-center transition-all",
                           "border-white/10 text-white/30 group-hover:bg-white group-hover:text-black"
                         )}>
-                          <ExternalLink className="w-4 h-4" />
-                        </div>
+                        <ExternalLink className="w-4 h-4" />
                       </div>
-                    </a>
+                    </div>
+                  </a>
                   )
                 ))}
-                            </div>
-                          )}
+              </div>
+            )}
           </div>
 
           {/* Stats Footer */}
@@ -822,18 +822,18 @@ export default function AcquirePage() {
               <div className="bg-[#080808] p-10 text-left">
                 <div className="inline-flex items-center justify-center w-10 h-10 border border-accent/20 bg-accent/5 text-accent mb-4">
                   <Filter className="w-5 h-5" />
-                        </div>
+                </div>
                 <h3 className="text-xl font-display text-white mb-2">Eliminate Noise.</h3>
                 <p className="text-white/50 mb-6 max-w-md text-sm">
                   Our Trader plan filters 99% of junk domains automatically.
-                        </p>
-                        <Link
-                            href="/pricing"
+                </p>
+                <Link
+                  href="/pricing"
                   className="inline-flex items-center gap-2 px-6 py-3 bg-accent text-black text-xs font-bold uppercase tracking-widest hover:bg-white transition-all"
-                        >
+                >
                   Upgrade <TrendingUp className="w-4 h-4" />
-                        </Link>
-                </div>
+                </Link>
+              </div>
             </div>
           )}
         </div>
diff --git a/frontend/src/app/buy/[slug]/page.tsx b/frontend/src/app/buy/[slug]/page.tsx
index e748b1b..888296b 100644
--- a/frontend/src/app/buy/[slug]/page.tsx
+++ b/frontend/src/app/buy/[slug]/page.tsx
@@ -382,36 +382,36 @@ export default function BuyDomainPage() {
                           </div>
                         </div>
                       ) : (
-                        <form onSubmit={handleSubmit} className="space-y-4 animate-fade-in">
-                          <div className="flex items-center justify-between mb-4">
-                            <h3 className="font-bold text-white text-lg">
-                              {listing.asking_price ? 'Purchase Inquiry' : 'Contact Seller'}
-                            </h3>
-                          </div>
+                      <form onSubmit={handleSubmit} className="space-y-4 animate-fade-in">
+                         <div className="flex items-center justify-between mb-4">
+                           <h3 className="font-bold text-white text-lg">
+                             {listing.asking_price ? 'Purchase Inquiry' : 'Contact Seller'}
+                           </h3>
+                         </div>
 
-                          <div className="space-y-3">
+                         <div className="space-y-3">
                             <div className="grid grid-cols-2 gap-3">
-                              <input
-                                type="text"
-                                placeholder="Name"
-                                required
-                                value={formData.name}
-                                onChange={(e) => setFormData({ ...formData, name: e.target.value })}
-                                className="w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all"
-                              />
-                              <input
-                                type="email"
-                                placeholder="Email"
-                                required
-                                value={formData.email}
-                                onChange={(e) => setFormData({ ...formData, email: e.target.value })}
+                               <input
+                                  type="text"
+                                  placeholder="Name"
+                                  required
+                                  value={formData.name}
+                                  onChange={(e) => setFormData({ ...formData, name: e.target.value })}
+                                  className="w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all"
+                               />
+                               <input
+                                  type="email"
+                                  placeholder="Email"
+                                  required
+                                  value={formData.email}
+                                  onChange={(e) => setFormData({ ...formData, email: e.target.value })}
                                 readOnly={isAuthenticated}
                                 title={isAuthenticated ? 'Uses your account email' : undefined}
                                 className={clsx(
                                   "w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all",
                                   isAuthenticated && "opacity-70 cursor-not-allowed"
                                 )}
-                              />
+                               />
                             </div>
                             {isAuthenticated && (
                               <p className="text-[10px] text-zinc-600 font-mono">
@@ -419,13 +419,13 @@ export default function BuyDomainPage() {
                               </p>
                             )}
                             <input
-                              type="text"
-                              placeholder="Phone (Optional)"
-                              value={formData.phone}
-                              onChange={(e) => setFormData({ ...formData, phone: e.target.value })}
-                              className="w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all"
+                               type="text"
+                               placeholder="Phone (Optional)"
+                               value={formData.phone}
+                               onChange={(e) => setFormData({ ...formData, phone: e.target.value })}
+                               className="w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all"
                             />
-                            {listing.allow_offers && (
+                             {listing.allow_offers && (
                               <div className="relative">
                                 <span className="absolute left-4 top-1/2 -translate-y-1/2 text-zinc-500">$</span>
                                 <input
@@ -438,28 +438,28 @@ export default function BuyDomainPage() {
                               </div>
                             )}
                             <textarea
-                              placeholder="I'm interested in this domain..."
-                              rows={3}
-                              required
-                              value={formData.message}
-                              onChange={(e) => setFormData({ ...formData, message: e.target.value })}
-                              className="w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all resize-none"
+                               placeholder="I'm interested in this domain..."
+                               rows={3}
+                               required
+                               value={formData.message}
+                               onChange={(e) => setFormData({ ...formData, message: e.target.value })}
+                               className="w-full bg-zinc-900/50 border border-white/10 rounded-lg px-4 py-3 text-sm text-white placeholder:text-zinc-600 focus:outline-none focus:border-emerald-500/50 transition-all resize-none"
                             />
-                          </div>
+                         </div>
 
-                          <button
+                         <button
                             type="submit"
                             disabled={submitting}
                             className="w-full py-4 bg-white text-black font-bold text-lg rounded-xl hover:bg-zinc-200 transition-all disabled:opacity-50 flex items-center justify-center gap-2 mt-6 shadow-lg shadow-white/10"
-                          >
+                         >
                             {submitting ? <Loader2 className="w-5 h-5 animate-spin" /> : <Send className="w-5 h-5" />}
                             {listing.asking_price ? 'Send Purchase Request' : 'Send Offer'}
-                          </button>
-                          
-                          <p className="text-center text-xs text-zinc-600 mt-3">
-                            Secure escrow transfer available via Escrow.com
-                          </p>
-                        </form>
+                         </button>
+                         
+                         <p className="text-center text-xs text-zinc-600 mt-3">
+                           Secure escrow transfer available via Escrow.com
+                         </p>
+                      </form>
                       )}
                      </>
                    ) : (
diff --git a/frontend/src/app/buy/page.tsx b/frontend/src/app/buy/page.tsx
index c81b738..525fc34 100644
--- a/frontend/src/app/buy/page.tsx
+++ b/frontend/src/app/buy/page.tsx
@@ -307,9 +307,9 @@ export default function BrowseListingsPage() {
                   <div className="mt-4 pt-4 border-t border-border/50 flex items-center justify-between">
                     <div className="text-sm text-foreground-muted">
                       <span className="flex items-center gap-1">
-                        <Eye className="w-3 h-3" />
-                        View Details
-                      </span>
+                      <Eye className="w-3 h-3" />
+                      View Details
+                    </span>
                       {!isAuthenticated && (
                         <span className="mt-1 flex items-center gap-1 text-xs text-foreground-subtle">
                           <Lock className="w-3 h-3" />
diff --git a/frontend/src/app/terminal/listing/page.tsx b/frontend/src/app/terminal/listing/page.tsx
index dae4b20..28fcae8 100755
--- a/frontend/src/app/terminal/listing/page.tsx
+++ b/frontend/src/app/terminal/listing/page.tsx
@@ -9,7 +9,7 @@ import {
   Plus, Shield, Eye, ExternalLink, Loader2, Trash2,
   CheckCircle, AlertCircle, Copy, X, Tag, Sparkles,
   TrendingUp, Gavel, Target, Menu, Settings, LogOut, Crown, Zap, Coins,
-  ArrowRight, RefreshCw, Globe, Lock, Briefcase
+  ArrowRight, RefreshCw, Globe, Lock, Briefcase, MessageSquare, Mail, Phone, Building, Send
 } from 'lucide-react'
 import Link from 'next/link'
 import Image from 'next/image'
@@ -39,6 +39,19 @@ interface Listing {
   created_at: string
 }
 
+interface ListingInquiry {
+  id: number
+  name: string
+  email: string
+  phone: string | null
+  company: string | null
+  message: string
+  offer_amount: number | null
+  status: string
+  created_at: string
+  read_at: string | null
+}
+
 // ============================================================================
 // MAIN PAGE
 // ============================================================================
@@ -52,6 +65,7 @@ export default function MyListingsPage() {
   const [loading, setLoading] = useState(true)
   const [showCreateWizard, setShowCreateWizard] = useState(false)
   const [selectedListing, setSelectedListing] = useState<Listing | null>(null)
+  const [leadsListing, setLeadsListing] = useState<Listing | null>(null)
   const [deletingId, setDeletingId] = useState<number | null>(null)
   const [menuOpen, setMenuOpen] = useState(false)
   
@@ -321,6 +335,7 @@ export default function MyListingsPage() {
                   onDelete={() => handleDelete(listing.id, listing.domain)}
                   onVerify={() => setSelectedListing(listing)}
                   onPublish={() => handlePublish(listing)}
+                  onLeads={() => setLeadsListing(listing)}
                   isDeleting={deletingId === listing.id}
                 />
               ))}
@@ -335,9 +350,9 @@ export default function MyListingsPage() {
                 {tier === 'trader' ? 'Upgrade to Tycoon for 50 listings' : 'Contact us for enterprise plans'}
               </p>
               {tier === 'trader' && (
-                <Link href="/pricing" className="inline-flex items-center gap-2 px-4 py-2 bg-amber-400 text-black text-xs font-bold uppercase tracking-wider">
+              <Link href="/pricing" className="inline-flex items-center gap-2 px-4 py-2 bg-amber-400 text-black text-xs font-bold uppercase tracking-wider">
                   <Sparkles className="w-3 h-3" />Upgrade to Tycoon
-                </Link>
+              </Link>
               )}
             </div>
           )}
@@ -389,6 +404,14 @@ export default function MyListingsPage() {
           onVerified={() => { loadListings(); setSelectedListing(null) }}
         />
       )}
+
+      {/* LEADS MODAL */}
+      {leadsListing && (
+        <LeadsModal
+          listing={leadsListing}
+          onClose={() => setLeadsListing(null)}
+        />
+      )}
     </div>
   )
 }
@@ -403,6 +426,7 @@ function ListingRow({
   onDelete, 
   onVerify, 
   onPublish, 
+  onLeads,
   isDeleting 
 }: { 
   listing: Listing
@@ -410,6 +434,7 @@ function ListingRow({
   onDelete: () => void
   onVerify: () => void
   onPublish: () => void
+  onLeads: () => void
   isDeleting: boolean
 }) {
   const isDraft = listing.status === 'draft'
@@ -458,6 +483,16 @@ function ListingRow({
               <ExternalLink className="w-3 h-3" />View
             </a>
           )}
+          {listing.inquiry_count > 0 && (
+            <button
+              type="button"
+              onClick={onLeads}
+              className="px-4 py-2 border border-white/[0.08] text-white/40 hover:text-accent"
+              title="View buyer inquiries"
+            >
+              <MessageSquare className="w-4 h-4" />
+            </button>
+          )}
           <button onClick={onDelete} disabled={isDeleting}
             className="px-4 py-2 border border-white/[0.08] text-white/40 hover:text-rose-400">
             {isDeleting ? <Loader2 className="w-4 h-4 animate-spin" /> : <Trash2 className="w-4 h-4" />}
@@ -467,7 +502,7 @@ function ListingRow({
       
       {/* Desktop */}
       <div className="hidden lg:grid grid-cols-[1fr_100px_100px_60px_60px_120px] gap-4 items-center px-3 py-3">
-        <div className="flex items-center gap-3">
+                <div className="flex items-center gap-3">
           <div className={clsx("w-8 h-8 border flex items-center justify-center",
             listing.is_verified ? "bg-accent/10 border-accent/20" : "bg-white/[0.02] border-white/[0.06]"
           )}>
@@ -505,6 +540,16 @@ function ListingRow({
               <ExternalLink className="w-3.5 h-3.5" />
             </a>
           )}
+          {listing.inquiry_count > 0 && (
+            <button
+              type="button"
+              onClick={onLeads}
+              className="w-7 h-7 flex items-center justify-center border border-white/10 text-white/30 hover:text-accent"
+              title="View buyer inquiries"
+            >
+              <MessageSquare className="w-3.5 h-3.5" />
+            </button>
+          )}
           <button onClick={onDelete} disabled={isDeleting}
             className="w-7 h-7 flex items-center justify-center border border-white/10 text-white/30 hover:text-rose-400">
             {isDeleting ? <Loader2 className="w-3.5 h-3.5 animate-spin" /> : <Trash2 className="w-3.5 h-3.5" />}
@@ -515,6 +560,173 @@ function ListingRow({
   )
 }
 
+// ============================================================================
+// LEADS MODAL
+// ============================================================================
+
+function LeadsModal({ listing, onClose }: { listing: Listing; onClose: () => void }) {
+  const [loading, setLoading] = useState(true)
+  const [error, setError] = useState<string | null>(null)
+  const [inquiries, setInquiries] = useState<ListingInquiry[]>([])
+  const [updatingId, setUpdatingId] = useState<number | null>(null)
+
+  useEffect(() => {
+    let mounted = true
+    setLoading(true)
+    setError(null)
+    api.getListingInquiries(listing.id)
+      .then((data) => {
+        if (!mounted) return
+        setInquiries(data as ListingInquiry[])
+      })
+      .catch((err: any) => {
+        if (!mounted) return
+        setError(err?.message || 'Failed to load inquiries')
+      })
+      .finally(() => {
+        if (!mounted) return
+        setLoading(false)
+      })
+    return () => { mounted = false }
+  }, [listing.id])
+
+  const formatOffer = (amount: number | null) => {
+    if (!amount) return null
+    return new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 }).format(amount)
+  }
+
+  const updateInquiryStatus = async (inquiryId: number, status: 'new' | 'read' | 'replied' | 'spam') => {
+    setUpdatingId(inquiryId)
+    try {
+      const updated = await api.updateListingInquiry(listing.id, inquiryId, status) as ListingInquiry
+      setInquiries(prev => prev.map(i => i.id === inquiryId ? { ...i, ...updated } : i))
+    } catch (err: any) {
+      setError(err?.message || 'Failed to update inquiry')
+    } finally {
+      setUpdatingId(null)
+    }
+  }
+
+  return (
+    <div className="fixed inset-0 z-50 flex items-center justify-center p-4">
+      <button type="button" onClick={onClose} className="absolute inset-0 bg-black/70" aria-label="Close" />
+      <div className="relative w-full max-w-2xl border border-white/[0.10] bg-[#020202] shadow-2xl">
+        <div className="flex items-start justify-between gap-4 p-4 border-b border-white/[0.08]">
+          <div>
+            <div className="text-[10px] font-mono tracking-[0.2em] text-accent uppercase">Leads</div>
+            <h3 className="mt-1 text-lg font-display text-white">{listing.domain}</h3>
+            <p className="mt-1 text-xs font-mono text-white/40">
+              Buyer inquiries sent through Pounce.
+            </p>
+          </div>
+          <button type="button" onClick={onClose} className="p-1 text-white/40 hover:text-white" aria-label="Close">
+            <X className="w-5 h-5" />
+          </button>
+        </div>
+
+        {loading ? (
+          <div className="flex items-center justify-center py-16">
+            <Loader2 className="w-6 h-6 text-accent animate-spin" />
+          </div>
+        ) : error ? (
+          <div className="p-6 text-sm font-mono text-rose-400">{error}</div>
+        ) : inquiries.length === 0 ? (
+          <div className="p-6 text-sm font-mono text-white/40">No inquiries yet.</div>
+        ) : (
+          <div className="max-h-[70vh] overflow-auto">
+            <div className="space-y-px">
+              {inquiries.map((inq) => (
+                <div key={inq.id} className="p-4 border-b border-white/[0.06] bg-white/[0.02]">
+                  <div className="flex items-start justify-between gap-4">
+                    <div className="min-w-0">
+                      <div className="flex items-center gap-2">
+                        <span className="text-sm font-bold text-white">{inq.name}</span>
+                        {inq.offer_amount ? (
+                          <span className="px-2 py-0.5 text-[10px] font-mono uppercase border border-accent/20 bg-accent/10 text-accent">
+                            Offer {formatOffer(inq.offer_amount)}
+                          </span>
+                        ) : (
+                          <span className="px-2 py-0.5 text-[10px] font-mono uppercase border border-white/[0.10] bg-white/[0.03] text-white/50">
+                            Inquiry
+                          </span>
+                        )}
+                        {!inq.read_at && (
+                          <span className="px-2 py-0.5 text-[10px] font-mono uppercase border border-amber-400/20 bg-amber-400/10 text-amber-400">
+                            New
+                          </span>
+                        )}
+                      </div>
+                      <div className="mt-1 flex flex-wrap items-center gap-3 text-[11px] font-mono text-white/40">
+                        <span className="flex items-center gap-1">
+                          <Mail className="w-3.5 h-3.5" />
+                          {inq.email}
+                        </span>
+                        {inq.phone && (
+                          <span className="flex items-center gap-1">
+                            <Phone className="w-3.5 h-3.5" />
+                            {inq.phone}
+                          </span>
+                        )}
+                        {inq.company && (
+                          <span className="flex items-center gap-1">
+                            <Building className="w-3.5 h-3.5" />
+                            {inq.company}
+                          </span>
+                        )}
+                      </div>
+                </div>
+                    <div className="text-right text-[10px] font-mono text-white/30 shrink-0">
+                      {new Date(inq.created_at).toLocaleString('en-US')}
+              </div>
+                  </div>
+
+                  <div className="mt-3 whitespace-pre-line text-sm text-white/70 leading-relaxed">
+                    {inq.message}
+                </div>
+
+                  <div className="mt-3 flex flex-wrap justify-end gap-2">
+                    {!inq.read_at && (
+                      <button
+                        type="button"
+                        onClick={() => updateInquiryStatus(inq.id, 'read')}
+                        disabled={updatingId === inq.id}
+                        className="inline-flex items-center gap-2 px-3 py-2 bg-white/[0.03] border border-white/[0.10] text-white/60 hover:text-white hover:bg-white/[0.06] text-[10px] font-mono uppercase tracking-wider transition-colors disabled:opacity-50"
+                        title="Mark as read"
+                      >
+                        {updatingId === inq.id ? <Loader2 className="w-4 h-4 animate-spin" /> : <CheckCircle className="w-4 h-4" />}
+                        Read
+                      </button>
+                    )}
+                    <button
+                      type="button"
+                      onClick={() => updateInquiryStatus(inq.id, 'spam')}
+                      disabled={updatingId === inq.id}
+                      className="inline-flex items-center gap-2 px-3 py-2 bg-white/[0.03] border border-white/[0.10] text-white/60 hover:text-rose-300 hover:border-rose-400/30 hover:bg-rose-400/10 text-[10px] font-mono uppercase tracking-wider transition-colors disabled:opacity-50"
+                      title="Mark as spam"
+                    >
+                      {updatingId === inq.id ? <Loader2 className="w-4 h-4 animate-spin" /> : <AlertCircle className="w-4 h-4" />}
+                      Spam
+                    </button>
+                    <a
+                      href={`mailto:${encodeURIComponent(inq.email)}?subject=${encodeURIComponent(`Re: ${listing.domain}`)}`}
+                      onClick={() => updateInquiryStatus(inq.id, 'replied')}
+                      className="inline-flex items-center gap-2 px-3 py-2 bg-white/[0.05] border border-white/[0.10] text-white/70 hover:text-white hover:bg-white/[0.08] text-[10px] font-mono uppercase tracking-wider transition-colors"
+                      title="Reply via email"
+                    >
+                      Reply
+                      <Send className="w-4 h-4" />
+                    </a>
+              </div>
+                </div>
+              ))}
+            </div>
+          </div>
+        )}
+      </div>
+    </div>
+  )
+}
+
 // ============================================================================
 // CREATE LISTING WIZARD (3-Step Process)
 // ============================================================================
@@ -817,7 +1029,7 @@ function CreateListingWizard({ onClose, onSuccess, prefillDomain }: {
                 <CheckCircle className="w-8 h-8 text-accent" />
               </div>
 
-              <div>
+          <div>
                 <h2 className="text-xl font-display text-white mb-2">Ownership Verified!</h2>
                 <p className="text-xs font-mono text-white/40">Step 3 of 3: Publish your listing to the Pounce Market</p>
               </div>
@@ -941,7 +1153,7 @@ function DnsVerificationModal({ listing, onClose, onVerified }: {
                 </div>
               </div>
 
-              <div>
+          <div>
                 <label className="block text-[10px] font-mono text-white/40 uppercase mb-2">TXT Value</label>
                 <div className="flex items-center gap-2">
                   <div className="flex-1 px-4 py-3 bg-white/5 border border-white/10 text-accent text-sm font-mono overflow-x-auto">
diff --git a/frontend/src/components/Footer.tsx b/frontend/src/components/Footer.tsx
index 4e2cea7..37082ba 100644
--- a/frontend/src/components/Footer.tsx
+++ b/frontend/src/components/Footer.tsx
@@ -66,8 +66,8 @@ export function Footer() {
             <div className="hidden sm:block mb-8 max-w-sm">
                 <label className="text-[10px] font-mono uppercase tracking-widest text-white/30 mb-2 block">Mission Briefings</label>
                 <form onSubmit={handleNewsletterSubmit} className="flex">
-                    <input
-                        type="email"
+                    <input 
+                        type="email" 
                         value={newsletterEmail}
                         onChange={(e) => setNewsletterEmail(e.target.value)}
                         placeholder="Email address"
diff --git a/frontend/src/lib/api.ts b/frontend/src/lib/api.ts
index 9a87732..a3598b4 100644
--- a/frontend/src/lib/api.ts
+++ b/frontend/src/lib/api.ts
@@ -381,6 +381,13 @@ class ApiClient {
     return this.request<any[]>(`/listings/${id}/inquiries`)
   }
 
+  async updateListingInquiry(listingId: number, inquiryId: number, status: 'new' | 'read' | 'replied' | 'spam') {
+    return this.request<any>(`/listings/${listingId}/inquiries/${inquiryId}`, {
+      method: 'PATCH',
+      body: JSON.stringify({ status }),
+    })
+  }
+
   // Subscription
   async getSubscription() {
     return this.request<{