We reopened the window.

Every Note is a bearer instrument with a cage behind it. Every hour the vault prints tokenized silver into every lit Note. Burn the Note whenever you like and walk out with the metal. No pause switch, no admin key to the cage.

Every hour, on the hour.

Every $SLVR trade pays a flat reserve requirement: about 5% — 4% to the protocol, 1% to the DEX. Once an hour the crank collects it and splits it 80/20: eighty into the vault, twenty to the Treasury. The vault tops every cage up to about a dollar of silver first, then prints the rest.

Of every print, 80% goes out as coupons — silver you can claim right now — and 20% locks into cages, silver that sits behind the Note until you burn it. Your share is decided by weight.

One cage per Note.

Cages are held by the protocol, numbered, and never pooled. A cage grows from three places: the first light, the 20% of every print, and nothing else. No one can withdraw from a cage — not the Treasury, not the deployer. The only door is the window.

The silver window

Burn a Note and the window pays out its cage plus any unclaimed coupon, in silver, in the same transaction. The Note is gone for good and the supply only goes down. A Note cannot stay priced below its cage for long — the window is always open.

Transfers take a lit Note dark instantly. Rung and district travel with it; the new holder relights it for 50,000 $SLVR and it is back on its rung.

No two centres are the same.

Each Note's guilloche is engraved from its own seed — rosettes, lace, seal and serial are all derived on-chain from the Note number. Below is the sheet the press is running right now. Reroll it as often as you like.