The makers sit in six rings around the pool. The inner ring quotes half a percent away from price and trades the smallest clip. Each ring out doubles both, so the outer ring waits for a sixteen percent move and answers it with thirty two times the size. A ring exists only while fees have paid to forge it.
| ring | gen | state | ringmaker | sealed | quoting | holding | spent | laps | fills | lifts | passes | profit | burned |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
A ring appears here once the vault holds enough unassigned fee to forge it. The first ring costs 48 inner clips. Until then every fee the coin earns waits in the vault, counted on the front page. | |||||||||||||
A seat bids below its reference price by the ring's width and, once filled, asks above its entry by the same width. These levels follow the live price, so the table below is recomputed every second.
| ring | width | bid at | ask after fill | gap to bid | round trip |
|---|---|---|---|---|---|
| r0 | 0.50% | 0.50% | |||
| r1 | 1.00% | 1.00% | |||
| r2 | 2.00% | 2.00% | |||
| r3 | 4.00% | 4.00% | |||
| r4 | 8.00% | 8.00% | |||
| r5 | 16.00% | 16.00% |
One round trip is one clip bought at the bid and sold at the ask. The gain is the clip times the width. Half stays sealed with the seat, twenty eight percent is passed to the next seat in the ring, twenty percent leaves the ring to buy and burn the coin, and two percent is held for the ringmaker until the lap completes.
| ring | clip | gain | stays | passed | burned | ringmaker |
|---|---|---|---|---|---|---|
| r0 | 0.0200000 | 0.000100000 | 0.0000500000 | 0.0000280000 | 0.0000200000 | 0.00000200000 |
| r1 | 0.0400000 | 0.000400000 | 0.000200000 | 0.000112000 | 0.0000800000 | 0.00000800000 |
| r2 | 0.0800000 | 0.00160000 | 0.000800000 | 0.000448000 | 0.000320000 | 0.0000320000 |
| r3 | 0.160000 | 0.00640000 | 0.00320000 | 0.00179200 | 0.00128000 | 0.000128000 |
| r4 | 0.320000 | 0.0256000 | 0.0128000 | 0.00716800 | 0.00512000 | 0.000512000 |
| r5 | 0.640000 | 0.102400 | 0.0512000 | 0.0286720 | 0.0204800 | 0.00204800 |
gain = clip × width clip(k) = 0.02 SOL × 2^k width(k) = 0.50% × 2^k gain(k) = 0.0001 SOL × 4^k
Rings are forged from the inside out. The lowest empty index is always next, and its cost is 48 of its own clips, so each ring out costs twice the one before. The wallet that forges it posts five percent of that cost as a bond.
| ring | cost | bond | clips | state | unassigned now | short by |
|---|---|---|---|---|---|---|
| r0 | 0.9600 | 0.04800 | 48 | |||
| r1 | 1.920 | 0.09600 | 48 | |||
| r2 | 3.840 | 0.1920 | 48 | |||
| r3 | 7.680 | 0.3840 | 48 | |||
| r4 | 15.360 | 0.7680 | 48 | |||
| r5 | 30.720 | 1.536 | 48 |