Specification

Vouchstone.

The full rules. The Protocol Note is the short form. This page is the restatement with tables.

Abstract

Vouchstone is a standing book that turns a held VOUC balance into the destination of the Trade Cut. The issue is 90,000 VOUC, all of it in the ETH Market at launch. The ETH Market is Uniswap version 4, Ethereum, quoted in ETH. A trade takes a Trade Cut of 2%. Standing on the sending wallet, accrued by Hold Span, chooses Supply Rest or Book Thicken. Standing cannot be bought, sent, or transferred. It ends when the wallet's VOUC balance reaches zero. Units in Supply Rest exit the book and are never minted again.

The problem, stated once

A public book that charges every trade the same amount still has to decide where that amount goes. If the destination is a person, the book has a beneficiary. If the destination is fixed forever as rest or as depth, the book cannot tell a long holder from a wallet that just arrived.

Vouchstone answers that with Standing. The cut is always 2%. The destination is read from the sending wallet at the instant of the trade. The mark cannot be purchased, so the destination cannot be bought.

Design

Two instruments. Standing is a wallet mark. Trade Cut is the take on a trade. The Scale is the live reader on the transfer path. The ETH Market is the book. Supply Rest and Book Thicken are destinations, not extra minters.

The token contract holds the 90,000 VOUC issue. The transfer path holds Trade Cut and Hold Span. No separate authority can award Standing. The deployer has no path to shift a Stone Holder's balance, stop the ETH Market, or mint VOUC again.

Parameters

Mechanism

A transfer is the trigger. The path reads the sender's Standing. The path takes 2% as Trade Cut. If Standing is long, the cut is sent to Supply Rest. If Standing is none, the cut is sent to Book Thicken. The path updates Standing: holding through Hold Span accrues the mark; a zero VOUC balance ends it. The path emits the transfer. There is no later call that rewrites the destination.

Worked examples

Busy book and quiet book use the same 2% rule. The quiet row takes no cut because no trade occurred. Standing on wallets that still hold is unchanged by the absence of a trade.

Failure and edge cases

A span with no trades: nothing happens. No cut. Standing unchanged for wallets that still hold.

A reverted transfer: no cut is taken. Standing is not updated by that call.

An empty balance: Standing on that wallet is already gone. A later buy starts from Standing none.

A wallet that sells part of its balance: Standing remains, because the balance is not zero. The cut on that sale still follows Standing at that instant.

What cannot change

Trade Cut, Hold Span, and the 90,000 VOUC issue cannot be rewritten. Each has no setter because a setter would let someone aim the cut, skip Hold Span, or mint VOUC again. Those are the behaviours the design answers.

Verification

On the explorer, once the address slot is filled: total supply is 90,000 VOUC and does not increase. A trade of 500 VOUC shows a 10 VOUC cut. Supply Rest only rises. Book Thicken remains in the ETH Market. Standing is not a transferable token. After a zero balance, later trades from that wallet are Standing none until Hold Span accrues again.

Notation and definitions