KEYS

Pricing & demand

One live mint price for every participant and every class, moving with demand inside published bounds.

The mint price follows demand. It rises when minting runs ahead of the target schedule and decays back down when it slows, bounded by a published floor and ceiling. There is one price for everyone at any moment, and it is identical for every class — the class is drawn after payment, so price cannot depend on it.

Above the target rate the premium grows continuously with how far ahead issuance is. Below it, the price decays by at most 5% per hour and never falls under the floor.