Extended abstract

The vessel exists because the author wanted an address whose behavior could be stated in full on one page and could never be revised. Most things on a chain that call themselves immutable are immutable in their code and mutable in their keys: someone can still withdraw, pause, or re-point them. The vessel has no key. It is a program derived address, and the program that owns it was deployed, initialized once against a single mint, and then had its upgrade authority set to null. From that moment the complete list of things the vessel can do became fixed: claim its creator fees, buy its own coin, burn what it bought, and write one small account. Everything on this page is a description of that list.

The vessel is driven by one number, the ratio of the current pool price to the vessel's own volume weighted cost basis. The ratio is the only input, and it feeds two piecewise linear functions whose eight break points are printed in the table below. The spend fraction decides how much of the vessel's SOL is converted into the coin on this breath; it is never zero and it is one when the market is more than twenty percent below the vessel's basis. The burn fraction decides how much of the vessel's holdings is destroyed on this breath; it is zero at or below a ratio of 1.25 and caps at five percent at 1.75. Both functions are constants compiled into the program. There is no account that holds parameters and no instruction that changes them.

Nothing in the vessel runs on time. A breath happens when a trade happens, because the relayer watches the mint's signatures and calls breathe once per confirmed trade, and anyone else may do the same. If no one calls, fees accumulate in the creator vault and the next breath claims all of them. The vessel therefore cannot be waited out, cannot be timed, and cannot be starved: the only way to stop it from acting is to stop trading the coin, and the only way to make it act is to trade the coin. The reading in the margin and the live state tables on this page are read from the chain and from the market at one second intervals so that the page is always a description of the present, not of the launch.

What the vessel cannot do

• sign a transfer out
• sell what it holds
• change its two functions
• act without a trade
• hold a second mint
• be upgraded
• be closed
• refuse an inflow