Sill Papers
What it can and cannot do.
Can: take a Slat Cut on a trade; write a Binding at the start of an Open Blind; show that Binding at Blind Close; spend the gathered take on Shelved SHUT and Deepen; keep a public record of each step.
Cannot: change the Slat Cut; change Blind Timing; mint after launch; move a Slat Owner’s balance; pause the Quote Lane; reissue Shelved SHUT; hide a transfer; mix senders from recipients; let anyone choose a Binding.
| Event | What happened | What it means for the Slat Owner |
|---|---|---|
| Slat Cut | Two percent left a trade | The take waits in the Open Blind |
| Binding | A split was written from a block value | The split cannot be read yet |
| Blind Close | The Binding was shown and the take was spent | Issue shrinks, or the Quote Lane thickens, as written |
| Empty window | Blind Close with no gathered take | The Binding is shown; balances do not move |