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the @standard_rsv daily · day 45 what matters today • next settle, oct 29 6:00 pm mst: the multiplier is on track to stay at 0.20x either way news • oct 28: @0xbeans: beans published a paper on Isolated Exposure Tokens (IETs): deposit 1 tokenized share, get 1 OVERNIGHT token (exposed to every close-to-open move) + 1 SESSION token (every open-to-close move). His case: since 1993 almost all of SPY's return came overnight (+1105% overnight vs +27% in market hours; last year +13.5% vs +0.7%), and tokenized stocks trading around the clock while the underlying still prints an official open and close make the split cheap for the first time. He compares it to Pendle splitting principal from yield. No contract, pool or launch date announced. on-chain • charter owners cashed out a charter drop: 6 of the 7 charters closed since the last check (#624, #679, #886, #960, #980, #981) claimed 1,620,663 FPUMP from the drop contract and sold it for 0.7637 eth in total, between blocks 100,226,341 and 100,538,353 • charter owners cashed out a charter drop: 6 of the 7 charters closed since the last check (#624, #679, #886, #960, #980, #981) claimed 1,759,692 SNP from the drop contract and sold it for 0.4335 eth in total, between blocks 100,226,341 and 100,538,353 • 6 new trading pools were opened against SPCX (a reserve stock): 4 on uniswap v4, 1 on uniswap v2, 1 on uniswap v3; paired with WETH, SSI, tibot, SI, REYSCAN, CSHOR • a new trading pool pairs BABA (a reserve stock) with USDG (uniswap v2) • the team wallet: its eth went from 706.69 to 709.69 (+2.99); in: 2.99 from the genesis pool position's fees • the team wallet: its STANDARD went from 882,168.61 to 890,335.29 (+8,166.68); in: 8,166.68 from the genesis pool position's fees $STANDARD $0.221 • up 10% in 26h, down 6.1% on the week, down 13% on the month • mcap $17.8M on minted supply, $9.9M on outstanding • $0.9M traded in 24h: 290 buys, 250 sells earnings • the bank prints 140,000 STANDARD a day (700,000 base x the 0.20 multiplier), split across every branch • 1 branch earns 35 a day, about $8 • recycled fees and slashes add 0 a day per branch until the oct 29 settle (814 a day across all) • 4,039 branches across 857 charters, 40 more than 26h ago • 10.08M STANDARD sitting unclaimed in charters branch auctions (payback at today's earnings) • oct 27 pm: avg 3,701 · 25 sold in 13 min once buying started · ~220 day payback • oct 28 am: avg 3,682 · 25 sold in 7 min once buying started · ~219 day payback • oct 28 pm: avg 3,758 · 25 sold in 9 min once buying started · ~226 day payback • 278,507 STANDARD paid for those 75 branches • live now: 25 of 25 left at 4,917 STANDARD, about 344 days to earn back • this one opened 4:25 am mst around 7,418 STANDARD, 2x the last close, no buys yet tonight's settle (6:00 pm mst) • net eth into the pool: +150 this epoch, -177 last epoch • the two together decide it: -27 • today 0.20x, 0 positive settles in a row so far • the epoch 14 settle routed 26.6 eth of fees (18.9 eth of it charter sales): 18.6 eth to buybacks (70%, contraction), 4.0 eth to the incentives vault (15%), 4.0 eth to the team (15%) • revenue, the 7 days to this read: $103,013 recurring (trading fees $56,666, reserve pool fees $23,268, launchpad protocol share $23,080) + $103,315 of charter sales; the 7 days before: $168,642 recurring + $121,910 of charter sales (pool fees cover 0 of the 7 days). market cap on outstanding is 1.8x a year of this week's recurring revenue. launchpad share = 5/7 of the launchpad fee safe's inflows (the team docs' 50/20 split), at this read's prices charter auction • 1 new charter per 12h auction, lowest price 1 eth • 2 sold in the last 26h: #1064 at 3.059, #1065 at 3.404 eth • 65 sold since sep 26 for 255.748 eth in total • live now at 7.077 eth • 857 charters open. 7 closed in the last 26h, 208 all-time s-bill staking • live since oct 1, 3:19 pm mst: lock STANDARD for 15 days, 1,000 minimum • rate now 4.06% for 15 days (about 99% a year, simple), range 1% to 7%; your rate is fixed when you deposit • 16.29M STANDARD locked (+653,308 in 26h), 54% of the 30M cap, 20.3% of supply • 411,007 STANDARD left to pay premiums • 52 bills (1.4M) have matured and are not redeemed yet • unlocking: oct 29 441,162 (24 bills), oct 30 1.05M (26 bills), oct 31 1.38M (22 bills) • leaving early forfeits the premium and costs 2% to 2.09% right now (the fee can run 2% to 15%) reserves and supply • the vaults hold 403 eth: expansion 99, liquidity 279, contraction 26 • circulating 80.4M minted, outstanding 44.7M after the protocol's own pool (33.1M) and the incentives vault (2.63M) • reserve assets ≈ 2,323 eth: vault eth 414 (incl. the reserve's 70% of the 15.0 eth waiting in the splitter), liquidity positions 1,571 eth, usdg and stocks in the safe 338 eth; 28.9 µeth behind each minted token, 52.0 µeth behind each outstanding token (1.8x backing) • 23.98M burned for branches so far • the reserve's 4 trading pools: $7,535,957 traded in 24h, $8,711 of fees to the reserve; 1% of the volume paid no fee buybacks • burned: the contraction vault spent 428.4 eth and burned 4.73M STANDARD (77 buys, last one oct 29) • not burned: the liquidity manager spent 465.0 eth on 5.22M since sep 21. the incentives vault holds 2.63M now, none burned by the manager • last 24h: the contraction vault burned 146,249 STANDARD for 13.5 eth in 4 buys; the liquidity manager bought 60,918 STANDARD for 6.0 eth in 1 buy exits and dormancy • 7 withdrawals in the last 26h • all-time: 114 withdrawals, 167 branches closed, 937,640 STANDARD out (880,460 after exit fees) • exit fee today is 9.0% • withdrawals and dormancy revocations counted in the 7-day fee window: 360,917 STANDARD of the 1,044,491 scale (the fee reaches 60% at the scale; the scale is 10.00% of the ledger, 10,083,995 unclaimed + the window's 360,917) • a charter idle 30 days can be revoked and 70% slashed • 0 revocable now, 32 due within 7 days who holds the branches (charters by branch count) • 1: 230 · 2: 98 · 3: 117 · 4: 77 · 5: 30 • 6: 33 · 7: 22 · 8: 17 · 9: 14 · 10: 219 not advice