The floor only goes up.

Contract Click to copy

Two numbers. One gap.

Every swap on the pool pays USDC into a vault. Redemption is always open and always pays your exact pro-rata share of that vault. Taking your share does not move anyone else's. So the number goes up, or it stays. It never comes down. The floor is what one token redeems for right now: the vault divided by the supply. The market is what one token trades for on the pool. These two numbers are independent. The floor is arithmetic. The market is opinion. The gap between them is the only countdown this protocol has. It is not a date. Nothing is scheduled. It is a quantity of USDC that has not been paid into the vault yet. Three operations. Two raise the floor. One leaves it exactly where it was. There is no fourth operation.

Struck

The mint workshop
The apprentice swings the hammer
The old master steadies the die on the table

The constructor mints the supply once, puts all of it into the pool as a single locked liquidity position, and has no other effect.

genesis, 40,000,000 OBOL, 100% into locked liquidity, 0 to a team, 0 to private buyers

Minted once

Redeemed

The crossing at dawn
The ferryman in his boat offers the coin back
The veiled traveller reaches for the coin

Redemption is not a swap. It is a direct call on the vault, always open, no allowlist, no queue, no delay, no fee. You send n tokens, they are burned, and you receive exactly n multiplied by the floor.

result: R/S does not move. Not by policy, by algebra.

Exactly pro rata