[ $CHIME ] Ordered burn protocol
The market
plays it.
The contract lays out a melody: an ordered list of prices anyone can compute in advance. Only the next one is live. A trade that takes the price through it strikes the note, burns a slice of the reserve and rings its pitch. Finish the phrase and the rest burns, then a longer phrase is laid out. Nobody is paid for a note.
- Chain
- Robinhood 4663
- Venue
- Uniswap v4, one pool
- Supply change
- Burn only
- Team take
- 0
A row of glass tubes hangs from a bar, each reaching down to the height of its price. A thin line across them is the current price. When the line reaches the live tube, the tube lights, burns its share of the reserve, and the next tube becomes live.
Trade
Buys lift the price, sells lower it, and the market does the rest. The live tube is the one with the ring at its foot.
MODEL / runs the rule on its own numbers. The real ones are set at deploy.
Live note1.0102the price it waits at
Struck2 / 7notes, this phrase
Phrase3one note longer each time, to a maximum
Reserve23.70waiting on the next strike
Burned61.40$CHIME, total
01 Mechanism
Four rules, one tune.
The melody is arithmetic. It is laid out from the phrase number and the price the phrase opened at, so anybody can compute the whole of it before the first note rings.
- 01
The phrase
An ordered list of prices, generated from two numbers, the phrase number and the opening price, with no randomness anywhere. Same inputs, same melody, forever.
- 02
The live note
Exactly one note is live at a time: the first not yet struck. The others are inert. The price can wander past them all night and nothing happens until it reaches the live one.
- 03
The strike
A trade that takes the price to or through the live note strikes it inside that transaction: a fixed share of the reserve buys
$CHIMEand goes to the dead address. A trade that runs far enough strikes the next one too, in order, up to a cap. - 04
The completion
When the last note is struck, the whole remaining reserve burns and a new phrase is laid out around the current price, one note longer than the last, up to a maximum. Nobody is paid for a note, or for the phrase.
02 Invariants
What the contracts hold to.
Six things that stay true whatever the market does. If any one of them can be broken, the contracts do not ship.
- INV_01
Exactly one note is live at a time, and notes are struck in order.
- INV_02
A note is struck at most once in its phrase.
- INV_03
The reserve leaves only as burned
$CHIME, and in no other form. - INV_04
The melody is a pure function of the opening price and the phrase number, with no randomness and no input from any address.
- INV_05
No address has any right over the reserve, and no address is paid for striking a note or completing a phrase.
- INV_06
The phrase length rule, the spacing, the strike share and the cap on one trade are fixed at deployment.
Each one is written out in full on the law page, article 07.
03 Parameters
Everything, and when it stops moving.
The design is settled; the figures are not, because the contracts are not deployed. A number that does not exist yet is written here as set at deploy rather than filled in with something plausible.
| Parameter | Value | Changeable after deploy |
|---|---|---|
| CHAIN_ID | 4663 | No |
| VENUE | UNISWAP_V4 | No |
| POOL_COUNT | 1 | No |
| HOOK_SITE | afterSwap | No |
| PHRASE_STORAGE | ONE_WORD + PURE_FN | No |
| RESERVE_EXITS | STRIKE, COMPLETION | No |
| RESERVE_DESTINATION | DEAD_ADDRESS | No |
| WITHDRAW_FN | NONE | No |
| LIQUIDITY | LOCKER, NO_WITHDRAW_FN | No |
| TEAM_ALLOCATION | 0 | No |
| FIRST_PHRASE_NOTES | SET_AT_DEPLOY | No |
| MAX_PHRASE_NOTES | SET_AT_DEPLOY | No |
| NOTE_SPACING | SET_AT_DEPLOY | No |
| STRIKE_SHARE | SET_AT_DEPLOY | No |
| STRIKE_CAP_PER_TRADE | SET_AT_DEPLOY | No |
| TOLL_RATE | SET_AT_DEPLOY | No |
| TOTAL_SUPPLY | SET_AT_DEPLOY | No |
Every row in red is published on the law page before anything opens, and none of them can be changed afterwards. The hook is verified on the chain explorer at launch: what is written here and what is on the explorer are the same thing, or this page is wrong and should be reported.
[ Addresses ]
The contract address is published on this site at launch, nowhere else. Any address you are given anywhere else, by anybody, in any message, is not ours. There is no presale, no allocation, no whitelist and no private round, so nobody has any reason to send you an address before it appears on this page. Chime has no account on any social network, and any account claiming to be ours is not.