The numbers, in one ledger.
The protocol's published parameters, with their status. Confirmed is a settled parameter. To be confirmed marks a value or rule that is not settled: it is either awaiting approval, or its measurements are not final, or it must be published and has not been. When one settles, it appears here first.
The ratio and the run
| Parameter | Status | Value |
|---|---|---|
| Target | Confirmed | 1 SPY = 10,000 PAPER (1.00×) |
| Expansion threshold | Confirmed | 1.01× |
| Price read | Confirmed | Time-weighted average price, half-hour buckets over a six-hour window |
| Secondary oracle | Confirmed | None in Phase Zero; a stale or unsafe read halts the run |
| Run length | Confirmed | Six hours; four runs a day |
| First run | Confirmed | 8 October 2026, 18:00 UTC, two hours after genesis ends |
| Bootstrap window | Confirmed | First 12 runs each print a fixed share of circulating PAPER regardless of target; the share is set before runs begin |
| Price-move breaker | Confirmed | Off at launch; once switched on, skips a run after a move greater than 20% |
| Per-run print maximum | Confirmed | 0.11% of circulating PAPER, reviewed in the first week; lower as supply grows and through the ratchet |
| Shredder limits | Confirmed | RECEIPT debt capped at 35% of PAPER supply |
| RECEIPT premium | Confirmed | +2% at 4 runs held; +5% at 8; +10% at 16, on RECEIPT you shredded yourself |
| Buyback | Confirmed | Automatic buy orders at 0.95–1.0× target, plus discretionary reserve purchases; bought-back PAPER is held; no buyback fund contract |
| Expansion split | Confirmed | DAO 3% · dev 1.5% · team 0.5%; no buyback slot |
| Expansion ratchet | Confirmed | Every 10 consecutive printing runs cut the maximum print by 10% of its original value, permanently, starting with the tenth; equal steps down to a floor of 0.01% of supply per run. A run at or below 1.01× resets the streak, not the cuts |
| Print reserve floor | Confirmed | If RECEIPT is not fully covered, 65% of the print is minted into the redemption reserve; clamped PLATE receives the other 35%, less the DAO, dev and team share |
Supply
| Parameter | Status | Value |
|---|---|---|
| Initial PAPER supply | Confirmed | 1,999,000 |
| Protocol-controlled | Confirmed | 80% total: ratio defense 40%, bond payouts 35%, governed incentives 5% |
| Ratio defense | Confirmed | 40% (800,000 PAPER), protocol-held |
| Genesis | Confirmed | 15% (300,000 PAPER) |
| Market seed | Confirmed | 5% |
| PLATE supply | Confirmed | 100,000,000, ever |
| PLATE LP emissions | Confirmed | 53,000,000 over two years, as oPLATE |
| PLATE bond payouts | Confirmed | 27,000,000 |
| PLATE team allocation | Confirmed | 10,000,000, two-year vest |
| PLATE DAO allocation | Confirmed | 10,000,000 |
Reserves and operations
| Parameter | Status | Value |
|---|---|---|
| Ink Reserve holdings | Confirmed | SPY and protocol-owned liquidity |
| Ink Reserve funding | Confirmed | Includes a reserve segregated before launch, bond LP, oPLATE exercise proceeds, a share of pool swap fees and the genesis deposit fees |
| Deposit fees | Confirmed | To the Ink Reserve |
| Emergency pause | Confirmed | A separate guardian can pause the press, clamping, the reward pools and oPLATE exercise |
| Lifting a pause | Confirmed | A pause of the press, clamping or the reward pools stays on until lifted: the governance multisig can lift it at any time, and anyone can after 72 hours. An oPLATE exercise pause ends by itself after 72 hours and cannot restart until the governance multisig clears it |
Genesis
| Parameter | Status | Value |
|---|---|---|
| Start | Confirmed | Thursday 1 October 2026, 16:00 UTC |
| Length | Confirmed | Seven days, once; ends 8 October 2026, 16:00 UTC |
| Weights | Confirmed | PAPER/SPY 50 · SPY 25 · WETH 12.5 · USDG 12.5 |
| Single-asset pools open | Confirmed | Day 2; all four pools end on day 7 |
| Single-asset deposit fee | Confirmed | 1%, in kind |
| Taper, days 8–14 | Confirmed | 5,000 PAPER per day |
| Taper, days 15–21 | Confirmed | 3,000 PAPER per day |
| Taper, days 22–28 | Confirmed | 2,000 PAPER per day |
| Taper destinations | Confirmed | PAPER/SPY liquidity 40% · PLATE/SPY liquidity 60% |
Bonds
| Parameter | Status | Value |
|---|---|---|
| Genesis vest, short | Confirmed | 3 days |
| Genesis vest, long | Confirmed | 5 days |
| PLATE bond, post-genesis | Confirmed | 7 days, 10% starting discount |
| Pause rule | Confirmed | Bonding pauses below target |
| Bond capacity | Confirmed | 700,000 PAPER and 27,000,000 PLATE, as independent buckets |
| Bond custody | Confirmed | Settles through a third-party bonding platform's own contracts, not solely StonkPress's |
| Pause enforcement | Confirmed | The governance multisig pauses the bonds themselves |
| Discount | Confirmed | Set by the market while a bond is open, against what PAPER trades at, never against target |
Press Room
| Parameter | Status | Value |
|---|---|---|
| Emission split | Confirmed | PAPER/SPY 60% · PLATE/SPY 40%, from day 7 |
| PLATE/SPY market origin | Confirmed | Opens with protocol liquidity at genesis end; not a genesis pool |
| Clamp withdraw lockup | Confirmed | 4 runs (24 hours) after clamping |
| Clamp reward window | Confirmed | Opens at 2 runs (12 hours); decays to zero by 8 runs (48 hours) |
| Clamp timer reset | Confirmed | Adding to a clamp, or claiming printed PAPER, restarts both clocks; the currently-decayed reward share is locked in first |
| Reward-pool emission | Confirmed | oPLATE, a fully collateralized call option on PLATE |
| Exercise payment | Confirmed | SPY, priced off the PLATE/SPY time-weighted average |
| Exercise proceeds | Confirmed | To the Ink Reserve |
| Exercise price | Confirmed | 20% of the time-weighted price for liquid PLATE; 15% for clamped PLATE |
| Discount adjustment rule | To be confirmed | Governed parameter; published before it changes |
Access and verification
| Parameter | Status | Value |
|---|---|---|
| Excluded jurisdictions | Confirmed | United States, United Kingdom, Canada, Switzerland |
| Verification | Confirmed | AI-led, with compensating controls (Phase Zero) |
| Formal human audit | Confirmed | A later gate |
| Interfaces and addresses | Confirmed | Listed below |
| Bond contracts | To be confirmed | Published here before the bonds open |
Contract addresses
On Robinhood Chain (chain ID 4663). Each address links to the chain's block explorer. The two pools are Uniswap V2 pairs; the protocol lens is a read-only helper the app uses.
| Contract | Address |
|---|---|
| PAPER | 0x008DD62dD934f3FFdC0986ba5316c78aE51Cb1c9 |
| PLATE | 0x5b00c30098216a00905Ee3fb5bdA413006418bb6 |
| oPLATE | 0x34d537f53EA0A1333a5D7621e7f023eE6cfCB787 |
| RECEIPT | 0x5f66586CcFC0DA622655D3d99E4aD00dcdB43F7c |
| The press (Treasury) | 0x4a6CEd2b7285153971486Ea151c69cec88ea4372 |
| Clamping (Masonry) | 0x8235508a182913b7EEE538051D65ffd40dFe44bD |
| Genesis farm | 0x935661973D9379b792bcb110D1EEbd05034b838F |
| Reward pool | 0x55D8C2EB48CdCC1835DD38568F22FEb6a0893d35 |
| PAPER/SPY pool | 0x6178406c433C70B006e2f81a79A5D98BF5b0af85 |
| PLATE/SPY pool | 0x73c4Aae208080d94E97a0abe80f140A140846cC8 |
| PAPER/SPY price read | 0x8aE4Ae5D26E9e4af32A8fE1F56F3B1A23F1d1CA0 |
| PLATE/SPY price read | 0x06D651dC16a1D1C174Aa7A654B7c5fb07eB08C0A |
| Protocol lens | 0x06cf3eD890A16892599c37f8624c31A5F11C1927 |
| Account | Address |
|---|---|
| Governance multisig | 0x35A12c5d1B52dB70b8fdd9234fAc7A2E79a8Ada5 |
| Emergency guardian | 0x6091bA53897Eceb6Bf47daf16a0e7AF387c946C5 |
| Dev and team fund | 0xFA14ecC8d5A40889C327357336c053aD7331EFd8 |
| Ladder Safe | 0x0A7f6965E3Cbfc0C7B14De177A866DB6198132b2 |
The governance multisig also holds the DAO fund and the Ink Reserve. The ladder Safe holds the standing buy orders.
House terms are defined in the glossary.