Terms and constants

Every term the app and these pages use, defined once. Where a word is narrower here than in ordinary use, the narrow meaning is the one that is enforced.

The two assets

Term	Meaning
ETH	What contributions are made in and what licences are ultimately paid for with, after a swap.
$STANDARD	Standard Reserve's currency. Licences, balances, distributions and withdrawals are all denominated in it.
$STANDEV	A separate, deferred issuance. It does not exist in this version. Units are not $STANDEV and carry no entitlement to it.
Asset rate	The ETH-to-$STANDARD rate supplied in a report and used to value ETH. A valuation input, not a conversion the pool can execute at will.

The pool swaps ETH to $STANDARD to buy licences and is taxed 2% doing so. It never converts back, except to return ETH it could not deploy.

Standard Reserve

Term	Meaning
Charter	A bank on the Reserve, held as a soulbound NFT. It operates one to ten branches.
Branch	The unit of capacity. The Reserve's daily issue is divided equally across every branch in existence.
Balance	Earnings accrued inside the Reserve for a charter. Not tokens and not claimable until branches are retired.
Licence	The right to open a branch, bought at the daily auction in $STANDARD which is burned. Never resaleable, never carried as value.
Retirement	Closing branches to release their share of the charter's balance, less the exit fee. The branches are destroyed.
Exit fee (φ)	The Reserve's charge on retirement. It rises when many are exiting at once.
Policy rate (m)	The Reserve's issuance multiplier, set from net ETH flow, bounded 0.2 to 1.25.
τ	Days a branch takes to earn back its own licence price.
c	The cost of re-opening a retired branch, as a share of what the retirement releases.
Dormancy	Thirty days without action forfeits 70% of a bank's balance and lets anyone close it.

Ownership and money

Term	Meaning
Unit	A nontransferable accounting entry setting your share of distributions and assessed value.
Raw unit	The smallest indivisible unit tracked. At least one remains while the pool continues.
Slot	One of 128 concurrent ownership or subscription positions. A capacity bound, not an identity check.
Paid basis	What was actually spent to acquire the capacity being retired. Recovered first.
Cost carry	Evidenced operating costs not yet recovered. Recovered second.
Loss carry	Carried realised capital losses. Recovered third.
Eligible profit	What remains of a receipt after all three. Only this can create a fee.
Realised profit	What retirements bring in above the cost of the branches retired, after recorded costs and earlier losses.
Payout	$STANDARD paid to members after a retirement. Does not redeem units.
Target / funded / collected	The deployed contract's three distribution stages. See Accounting.
Queued units	Units requested for withdrawal. Still ownership, still exposed. Not a debt.
Price floor	A minimum you attach to a contribution (units per ETH) or a withdrawal (per unit). Below it you are skipped, not filled.
Essential reserve	Operating cash set aside. Still an asset; restricted from use.

Fixed constants

Rule	Value
Fee	10% of realised profit, assessed on the net realised result, vesting by 30-day epoch, clawed back by later losses while unclaimed
Entry and exit fee	None. Transaction costs are borne by the operator
Licence price ceiling	τ ≤ 25 days of one branch's issuance
Licences a day	3 per charter, until ten branches
Regular retirement trigger	One branch when c ≤ 25%
Exit fee ceiling	5%, or 10% for a member waiting 90 days
Notice of a policy change	7 days
Processing bound	128 concurrent slots
Illiquid mark cap	At most three times the capital recorded as paid
Asset-rate drift	Rises at most 5% per day elapsed; falls unrestricted
Settlement grace	Refunds of a just-closed round locked 24 hours
Withdrawal cutoffs	Weekly, anchored to activation, each with a 24-hour settlement window
Governance fallback	After 60 silent days, anyone may trigger a proportional distribution of idle cash and owned ETH
Observation freshness	Public chain observations older than 120 seconds are rejected

Contract constants are fixed at construction with no upgrade mechanism. Policy constants live in the keeper's onchain limits and change only on seven days' notice.

Rounding

Integer throughout, flooring at each step in the contract's own order. A contribution floors from ETH to $STANDARD, then floors again from $STANDARD to units — collapsing the two into one ratio mints more units than the contract does.

Residues too small to allocate stay protected inside the contract. They are not sweepable.

States the app can show

State	Meaning
Local preview, test funds	A local rehearsal with test assets and simulated time. Not a live position.
Public contributions are not open	Deployment or release requirements are unmet. Not a balance of zero.
Loading / indexing	Evidence is being obtained or verified.
Stale / not available	Current evidence cannot support the value. It is withheld, not replaced.

Words that mislead

• Balance inside the Reserve is not cash, not a distribution and not realised profit. It becomes $STANDARD only when branches are retired.
• Eligible profit is a cumulative record of receipts that cleared the hurdles when recognised. It is not lifetime profit and loss, and a later loss does not reduce it.
• Liquid treasury is not free withdrawal cash.
• Unit value is an assessment, not a price anyone is obliged to pay. What a member leaving is paid is a different and lower figure than what a member entering pays.
• Reserve policy or issuance describes the Reserve as a whole, not a rate of return for this pool.
• Coverage compares cash with assessed queued value. It supplies no date.
• Contributing wallets is a historical count including those who left.
• A modelled return in the thesis or the app is a model at one block under stated assumptions. It moves with every auction and is not a forecast.

Public contributions are not open.