Sill Note.

Shutterline issues 40,000 SHUT. The whole issue stands on the Quote Lane at launch. The Quote Lane runs on Uniswap v4. The chain is Ethereum. The quote is ETH. No further SHUT is created.

Each trade on the Quote Lane leaves a Slat Cut of two percent. Holding SHUT does not pay the Slat Cut. Sending SHUT from one Slat Owner to another, outside a trade, does not pay the Slat Cut. The Slat Cut is locked at construction.

The Slat Cut gathers while an Open Blind is running. At the start of that Blind a Binding is written. The Binding is a split between two spends: Shelved SHUT, which leaves issue, and Deepen, which returns value into the Quote Lane. The Binding is taken from a block value that nobody selects in advance. The deployer has no path that chooses it. A Slat Owner has no path that chooses it. While the Open Blind runs, the Binding cannot be read. When Blind Timing closes the window, the Binding is shown and the gathered Slat Cut is spent on that split. Blind Timing is locked at construction.

A Slat Owner who watches the chain sees every transfer, every Binding, and every Blind Close. The record is public. Nothing is mixed. Nothing is shielded. A sender remains linked to a recipient. Unpredictability here means that the split is bound before it is known, not that activity is hidden.

The issue is locked at construction. Shelved SHUT is not reissued. The deployer has no path that shifts a Slat Owner’s tokens, pauses the Quote Lane, or mints. If a window gathers no Slat Cut, Blind Close still shows the Binding. Nothing is spent. If a call to close reverts, the Open Blind remains open until a later close succeeds; the Binding does not change.

A Slat Owner verifies the rules on the explorer: the issue reads 40,000 at construction and never rises; the Slat Cut reads two percent and never moves; each Binding is an event with a block; each Blind Close is an event that spends according to that Binding; Shelved SHUT does not return to any balance.

The Sill Note is this document. It states what is fixed. It does not add a date, a team, or a figure that is not in the construction.