On Elysium

Concentrated liquidity
on autopilot.

You pick a rank, not a price. Strata lays the band for you — under the market if you bring HYPE, over it if you bring STRATA — and lays it down again when the market walks away from it.

1. You choose how far off the market you want to stand. Rank 1 is the first terrace off it, rank 6 is six terraces off it. Nobody types a tick.
2. The band moves with the market, not your money. A terrace is lifted and laid back down whole: same asset out, same asset in, nothing swapped and nothing sold to do it.
3. What the trades leave behind settles. A tenth of every fee is withheld: the STRATA is burned and the HYPE is laid back into the ladder for good.

The ladder

Twelve ranks, six a side.

Every rank is a band of — cut from one fixed grid, so two readers never disagree about where a rank is. Pick one from the ladder.

Bid rank 1

Band

—

Standing as

—

It holds

—

Shares out

—

Yours

—

Owed to you

—

The autopilot

It moves the band.
It never moves the money.

A terrace that has drifted is lifted off the pool and laid back down at its rank. Both bands lie wholly on one side of the market, so the same asset comes out as goes back in. Anyone may run it, on anyone's terrace.

Pool tick

—

Settled tick

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Layers on the record

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Since the last layer

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Average over

—

Fastest the record moves

—

The target is never the pool's last tick. It is read off the record, and the record pays the elapsed time to the price that was already on it — so a price pushed and released inside one transaction is credited with nothing. A new layer may differ from the one under it by at most —, and the record refuses to answer at all unless the whole window is covered.

Bedrock

Every trade leaves
something behind.

— of every fee the ladder realises is withheld. The STRATA is burned. The HYPE is laid back into the terrace standing nearest the market, as liquidity with no owner and no way out — there is no function that can withdraw it, for anybody, ever.

Laid down for good

—

STRATA burned

—

Waiting, in HYPE

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Waiting, in STRATA

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Fees realised, HYPE

—

Fees realised, STRATA

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Settle it

Settling pays nobody, least of all whoever runs it. It burns what is waiting and lays the rest down.

The token

STRATA

One fixed supply, minted once. No owner, no role, no pause, no way to make another unit. The number can only ever go down, and the only thing that takes it down is the burn the toll pays for.

Supply at birth

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Supply now

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Burned

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STRATA per HYPE

—

Whole supply at that price

—

Pool fee · spacing

— · —

STRATA

—

Strata

—

Sediment

—

Chain

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How it works

The whole thing,
in order.

A rank, not a price

The price axis is cut into terraces of one fixed width. A rank is a position in that stack, counted from wherever the market is standing: rank 1 is the first whole terrace off it, rank 2 the one past that. You bring one asset and a rank. HYPE stands under the market as a bid; STRATA stands over it as an offer. The band is placed for you, and it is single-sided, so there is nothing to swap on the way in.

Then the market moves

Your rank stops being true, and advance makes it true again. The terrace is lifted off the pool and laid back down where its rank says it belongs. The band it leaves and the band it joins both lie wholly on one side of the market, so the same asset comes out as goes back in: nothing is swapped, nothing is sold, and no price has to be trusted to do it. Only the depth changes. Anybody may run it, on anybody's terrace, and whoever does takes — of the HYPE fees that running it realises.

Being filled is not breaking

When the market walks all the way through a terrace, the terrace has been filled — the HYPE under it bought STRATA at every tick on the way. It does not break and it does not need rescuing. It is simply standing on the other side now, and the autopilot keeps its rank there instead.

Fees are recorded, not shared out

A terrace earns in whatever the taker paid with. The moment a fee is realised it is written per share of that terrace, so arriving late never pays you for someone else's week, and leaving never forfeits your own. Taking your stake out is open at all times, including while the market is standing inside the band and the terrace holds both assets.

The record, and why it exists

A pool with no hook keeps no history: its last tick is whatever the last trader decided. Strata never moves a terrace on that number. Sediment is a pull oracle anybody may write to, and three rules make the stack hard to lie to: the elapsed time is paid for by the tick that was already on the record, never the one being read; a new layer may differ from the one under it by at most —; and it refuses to answer at all unless the whole window is covered by layers no further apart than a quarter of it.

The numbers

Terrace width

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Ranks

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Toll into Bedrock

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Bounty for advancing

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Rest between two moves

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Drift before a move

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Average window

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Every one of those is fixed in the constructor and a zero switches its mechanism off. There is no owner, no mint, no pause and no upgrade in any of the three contracts.