Deep Level
Durable seams only. Lowest quoted return, least schedule dependence.
- Router admits
- 0%of quoted return
- Program ceiling
- 20%of the chamber's capital
- Counterparty
- Refused
- Size floor
- 1,000,000
Advancing
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Contract
1EaGq2PtdsxhZicYsrMXcVMLXMdyqpbUNQJjfZBpump
Advancing
LoadingStope Vaults
A stope is the chamber opened once a seam proves out. Three run in parallel here. They are not tiers of service and they do not differ by a target rate. Each publishes two figures on return paid by a token schedule: the share this router admits, which is a choice made here and revisable here, and the boundary the program enforces, which sits higher and moves only by a program upgrade. Collapsing the two into one number would understate what the protocol is permitted to take on.
Connect a wallet to deposit cbBTC into the balanced stope, request a redemption against your position, and claim a ticket once its on-chain delay has elapsed. Every write is built here and signed and sent by your own wallet. The controls read the program directly, so what they offer follows the chain rather than a cached view of it.
The wallet code is not loaded until this is pressed.
Both percentages are governance limits the token writes and the program keeps. The first caps how much of a venue’s quoted return counts toward a chamber; the second caps how much of that chamber’s capital may sit on seams an emission schedule pays. Holders set the first and revise it freely, the program enforces the second and lifts it only by upgrade, and the bridged BTC behind them stays in one-for-one custody the whole time.
Nothing that depends on a schedule and nothing funded by somebody else's loss. The quoted rate is the whole rate.
Unwind order at this snapshot5 seams
Deepest first. A redemption closes the positions that can absorb it before the ones that cannot, so the cost of an early exit does not land on whoever stays.
The first two figures are two different facts and neither one stands in for the other. What the router admits is this protocol’s own choice, revisable on any day without touching the chain. The program ceiling is where the chain stops accepting: a reallocation past it fails with EmissionsAllocationExceeded, and a ceiling can only be raised by upgrading the program. They are shares of different things as well, so the pair is a range and a stance, not one number stated twice.
At this snapshot every chamber sits inside both of its figures, because the emitted share measured on every seam in the catalogue is zero. Neither the routing stance nor the program ceiling is doing any work today. That is precisely why both are written down now: a limit introduced after a schedule appears is a limit drawn around whatever already got in.
Durable seams only. Lowest quoted return, least schedule dependence.
Mixed seams with a published ceiling on emitted share.
Newer seams admitted earlier. Highest quoted return, highest emitted share.
The first two rows are separate facts. What the router admits is a stance taken here and revisable here, with nothing on chain holding it. The program ceiling is where the chain stops accepting: past it a reallocation fails with EmissionsAllocationExceeded, and a ceiling can only be raised by upgrading the program. Publishing only the first would read as a boundary and understate what the protocol may take on, which is the direction of error nothing surfaces. The two are shares of different things besides, so neither is the other one rounded.
Three jobs, all of them things that would otherwise be decided by whoever happens to be on shift.
Holders decide which working faces the router admits and where each chamber ceiling sits. A venue with a headline rate nobody admits earns nothing here.
Operators who unwind positions post bond against the queue commitments they accept. Missing one costs the operator their bond, which is what turns a published wait into a promise with a price on it.
The fee a ticket pays to move up the line is split by a rule set on chain, not by whoever is on shift.
A higher quoted rate in the forward chamber is a higher tolerance for return that depends on a schedule or on somebody else losing money. It is not a better deal, and it is not described as one.
Slag is what is left outside the adit once the ore has been worked, and it is the one part of a working that can be counted from outside without being let in. Every row below is read back off the chain and carries the transaction that produced it. Nothing is listed that a signature could not be found for.
Reading the burn ledger from the chain.
Fee surplus above the whole depositor obligation is spent to retire the token. A buyback is authority-only, so there is nothing to sign here. What there is to read is the pair every burn publishes -- the cbBTC it spent and the $LODZ it burned -- and the rate you derive from the two.
Reading the buyback ledger from the chain.
The emitted share of a quoted rate is the part that stops. This is the channel that would tell you when it does. It is wired to this project’s own notification service, and the control to make it deliver once is below, because a subscription that reports success has only proved that a request returned two hundred.
Service
Checking the service.
A tally board hung at the lamp cabin with a numbered hook for every man on the shift, and you did not ask the office who was underground -- you counted the checks still hanging. This one is the same. The ordering below is one public call against the mint, ranked by balance, which anybody can make themselves and get the same answer. There is no list here to lose, leak or quietly reorder, because there is no list.
Reading the board off the chain.
A check was a numbered brass tag. Holding it was the whole credential -- nobody signed for it and nobody collected it. What it opens here is an export of a table already on this site at the same precision, which is a shortcut rather than a wall. What stays open to everyone is listed at the counter beside it, read off the same switches the navigation reads.
Published line
None published. Nothing is gated.
Compiled into the JavaScript this page already served you. It cannot be raised without a commit and a rebuild, and you can read the current figure out of the page source rather than taking it from this sentence.
Open to everyone, no wallet
Read off the same switches the navigation reads, so this list cannot describe a site other than the one being served. None of it moves behind the line.
What a check adds
All of it is on the Seam Map already, at the same precision, and stays there. The check buys the file, not the facts. A gate in front of the facts would turn a disclosure argument into a sales pitch for the token making it.
Three things happen at one counter: a balance is read and graded, a burn can be built against that same balance, and a message can be signed to ask for a place in the redemption line. The reading is shared, so the gate and the burn can never be looking at different numbers.
The wallet hands this page a public key. Nothing else is asked for to read a balance.
One mint is queried against that key, by address rather than by ticker, and graded against the line printed below.
Two controls can ask for a signature afterwards, and both say so before they do. Neither is reached by connecting.
The wallet code is not loaded until this is pressed. The board above needs none of it and is already complete.