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The house terms.

Every term below has one meaning across this documentation. Where a press term replaces a word other protocols use, the older word follows in brackets.

The instruments​

PAPER​

The traded unit. Targets 1/10,000 of one SPY token. A ratio asset. It is not a stablecoin or a dollar claim.

PLATE​

The press's separate share token. 100,000,000 ever. Clamped PLATE receives printed PAPER. Not staked PAPER, and not given a dollar value here.

oPLATE​

The form the reward pool emits after genesis: a fully collateralized call option on PLATE. Defined under Genesis and after, where exercising it is explained.

SPY token​

The on-chain tokenized SPY that PAPER's target is expressed against. StonkPress does not issue or redeem it.

USDG​

A dollar stablecoin used as a hub asset on the chain. Not PAPER's target.

The ratio​

Target​

1 SPY = 10,000 PAPER, written 1.00×. "Above target" and "below target" are measured against it.

Expansion threshold​

The level PAPER must hold above for a run to print: 1.01×. Between target and threshold the press neither prints nor shreds.

Market price​

What PAPER trades at. It can sit above or below target for any length of time. A target is not a promise.

Price read​

A time-weighted average price (TWAP) of PAPER against SPY, measured in half-hour buckets across a six-hour window. There is no secondary source in Phase Zero: a stale or unsafe read halts the run rather than being replaced.

The machine​

The press​

The protocol.

Run [epoch]​

One six-hour evaluation; four a day, starting two hours after genesis ends. Each run reads the price, checks the breaker when it is switched on, compares PAPER to target, then prints, skips, or leaves the Shredder open.

Issuing new PAPER to clamped PLATE when a run qualifies. A run above the threshold prints the full per-run maximum (0.11% of circulating PAPER as deployed, reviewed in the first week), whatever the size of the move. The maximum steps down as supply grows and through the ratchet.

Expansion ratchet​

Every 10 consecutive printing runs cut the maximum print by 10% of its original value, permanently, starting with the tenth. The cuts add up in equal steps, down to a floor of 0.01% of supply per run. A run at or below the 1.01× threshold resets the streak, but not the cuts.

Bootstrap window​

The first 12 runs. Each prints a fixed share of circulating PAPER regardless of target; the share is set before runs begin. If the price-move breaker is switched on, it stays inactive for those 12 runs and two more.

Skipped run​

A run that takes no action because the breaker tripped. A stale or missing price read does not skip a run: it halts the run until the price is fed again. A safety action, not a protection of value.

Breaker​

The circuit breaker. Skips a run after a price move greater than 20%. Off at launch; the governance multisig can switch it on once there is price history.

Shred [contraction]​

Burning PAPER for RECEIPT while PAPER is below target. Removes PAPER from circulation.

The Shredder​

The mechanism that performs a shred. Open below target, subject to the system's limits.

RECEIPT​

Proof of a shred. Created by burning PAPER below target; may be redeemed for PAPER at a premium once PAPER is above the 1.01× threshold and the redemption reserve can cover it. Not guaranteed.

Clamp [stake]​

Depositing PLATE into the press. Only clamped PLATE receives printed PAPER; PLATE that is not clamped receives nothing from a run.

Withdraw lockup​

The four runs (24 hours) after clamping during which clamped PLATE cannot be withdrawn. Adding more PLATE to an existing clamp, or claiming printed PAPER, restarts it.

Reward window​

The period a clamp position can claim printed PAPER: opens at 2 runs (12 hours) after clamping, then decays on a straight line to zero by 8 runs (48 hours). Adding more PLATE to an existing clamp, or claiming printed PAPER, locks in the currently-decayed share and restarts the window.

Ink Reserve​

The protocol's reserve of SPY and its own liquidity. Its sources include a reserve segregated before launch, bond LP, oPLATE exercises, a share of pool swap fees and the genesis deposit fees; it is used below target for buybacks. It does not fund RECEIPT redemption, which draws on the separate redemption reserve. A reserve, not a guarantee.

Redemption reserve​

A separate, PAPER-denominated reserve the Treasury builds itself from a share of above-target prints and from any print made while no PLATE is clamped, used only to redeem RECEIPT above the 1.01× threshold. Not the Ink Reserve, which holds SPY for buybacks.

Buyback​

Buying PAPER below target: standing buy orders at 0.95–1.0× target, plus discretionary purchases by the reserve multisig. Bought-back PAPER is held. No buyback fund contract is deployed.

Front Page​

The app's public dashboard. At launch it shows market and protocol status; it is designed to add four measures: Printed (PAPER issued through the protocol's published mechanisms), Banked (SPY held in the Ink Reserve), Locked (assets committed through protocol positions and bonds), and Flowing (active emissions and swap-fee flow across supported liquidity). A protocol dashboard, not an investment dashboard.

Genesis and after​

Genesis​

The one-time, seven-day launch distribution of 300,000 PAPER through published pools, from 1 October 2026 at 16:00 UTC to 8 October 2026 at 16:00 UTC.

Genesis farm​

The protocol's own deposit contract during genesis. Takes PAPER/SPY liquidity positions (no fee) and the single assets SPY, WETH and USDG (1% in-kind fee; open from day 2).

The hero​

PAPER/SPY: the pair the protocol exists to deepen. Carries the largest genesis weight.

In-kind fee​

A fee taken in the asset deposited.

Taper​

70,000 PAPER for PAPER/SPY (40%) and PLATE/SPY (60%) liquidity over days 8–28, on a published declining schedule, alongside oPLATE.

Press Room​

The app page where liquidity is loaded and rewarded: the genesis pools during genesis, then the reward pools (oPLATE emissions and the days 8–28 taper). PLATE is clamped on the Clamp PLATE page.

Reward pool​

The protocol's own contract for liquidity positions. After genesis it emits oPLATE, split PAPER/SPY 60% and PLATE/SPY 40%.

oPLATE​

A fully-collateralized call option on PLATE, emitted by the reward pool. One PLATE is held against each oPLATE issued.

Exercise​

Paying SPY to turn oPLATE into PLATE: 20% of the PLATE/SPY time-weighted average price for liquid PLATE, 15% for clamped PLATE. The SPY goes to the Ink Reserve. The price is a governed parameter.

Bonds​

Bond​

Supplying a qualifying LP position and receiving vested PAPER (or, after genesis, PLATE) at a discount to the live market. How the protocol adds its own depth.

Starting discount​

The discount at which a bond opens: 10% on the post-genesis PLATE bond. On the genesis vests the market sets the discount. Either way it is settled against the live market while the bond is open, so it is not a fixed price.

Live market​

What PAPER or PLATE trades at when the bond is valued. Discounts are measured against it, never against target.

Vest​

The period between bonding and delivery: three or five days on the genesis vests, seven on the PLATE bond. Assets are committed while it runs.

Retrace​

The token falling after a bond opens, including below the value implied by the discount. The vest is where retrace risk lives.

Protocol-owned depth [POL]​

Liquidity the protocol holds itself rather than rents. Bonds are how it is added.

Status and safety​

Confirmed / to be confirmed​

Confirmed: a settled parameter. To be confirmed: a value awaiting approval, or a rule whose measurements are not yet final. Every one is listed in the published parameters ledger with its status.

Phase Zero​

The first, bounded phase of operation. AI-led verification and compensating controls; a formal human audit is a later gate.

Authorized participants​

The institutions the SPY token's issuer permits to create and redeem it directly. StonkPress does not issue or redeem SPY tokens.

Governance​

The process through which protocol parameters and operations can change.

Emergency guardian​

A separate address that can pause the press, clamping, the reward pools and oPLATE exercise. A pause of the press, clamping or the reward pools stays on until it is lifted: the governance multisig can lift it at any time, and anyone can once 72 hours have passed. The guardian can pause again, so its control is not limited to a single window. An oPLATE exercise pause ends by itself after 72 hours and cannot start again until the governance multisig clears it. There is no timelock: the governance multisig can set the guardian and change parameters immediately.