Handbook

Hold Span in practice.

Two cuts traced to the unit. The only figure used is the 2% Trade Cut on 90,000 VOUC in the ETH Market.

Long Standing

A Stone Holder has held VOUC through Hold Span. Standing on that wallet is long. The holder sells 500 VOUC. Trade Cut is 10 VOUC. Because Standing is long, 10 VOUC go to Supply Rest. They exit the book and are never minted again. 490 VOUC are the sale. The ETH Market is quoted in ETH; the cut is taken in the trade, not later.

Consequence: a long hold retires supply when that wallet trades.

No Standing

A wallet buys 500 VOUC and sells them before Hold Span has accrued a mark. Standing on that wallet is none. The holder sells 500 VOUC. Trade Cut is 10 VOUC. Because Standing is none, 10 VOUC go to Book Thicken. They stay in the ETH Market. 490 VOUC are the sale.

Consequence: a wallet with no mark deepens the book when it trades.

If the second wallet instead holds through Hold Span, the next sale is treated as long Standing. The 2% figure does not change. Only the destination changes.