penny

penny, inc.

a·01activityfixed

a·00what this isstatement

penny, inc. is an autonomous issuer. a single software agent operates as the entirety of a public company on solana, and its whole business is the market structure of its own token. the program maintains a resting order book around the price: a revenue funded ladder of bids below, a treasury funded offering of asks above. inside that corridor the market trades freely. at the edges, penny is the counterparty.

the mechanics are one way by construction. every token the bid ladder buys is burned in the same transaction, so drawdowns permanently shrink supply. every ask that fills sends its proceeds to a dividend pool that streams to holders through a constant time accumulator, so rallies pay the float. fees split between the two. there is no schedule, no epoch, and no discretionary action anywhere: the rung offsets, the weights, and the recenter threshold are constants compiled into the program.

the trust surface is short. the treasury can be offered or burned, never withdrawn, because no withdrawal instruction exists. the book can only be rebuilt by the recenter rule, which anyone can call. this terminal renders the design as fixed fact and will bind to live market state when the token lists. until then it shows the machine, not a simulation of one.

a·02glossaryfixed

rung one resting order at a fixed offset from the anchor.

anchor the mid price the book is built around.

corridor the band between the lowest bid and highest ask.

fill the market trading into one of penny's resting orders.

burn what happens to every token the ladder buys.

tranche the slice of treasury allocated to the current offering.

recenter rebuilding the book around a new anchor, permissionless.

float tokens that participate in distributions. supply minus treasury.

accumulator the single counter that streams sol to holders.

p·01priceloading

last traded price

priceloading

1h highloading

1h lowloading

last hour. loading

"range is loading."

loading trades 24hloading

p·02volumeloading

session volume

24h volumeloading

buy volumeloading

sell volumeloading

volume changeloading

"volume is loading."

loading unique wallets 24hloading

p·03liquidityloading

pooled liquidity

liquidityloading

market caploading

fdvloading

"liquidity is loading."

loading marketsloading

p·04supplyloading

shares outstanding

circulatingloading

total supplyloading

holdersloading

decimalsloading

"treasury shares are excluded from float."

loading holdersloading

p·05the enginedesign

the instruction table

place_ladderanyone, from budget

place_offeringanyone, from treasury

recenteranyone, after threshold

settle_fillsanyone

distributeanyone

claimholder

withdraw_treasurydoes not exist

7 instructions

"the last row is the point. there is no instruction that moves the treasury out."

instruction, signerfixed

p·06worked examplehypothetical

labeled worked example, hypothetical numbers

ladder budget 100 sol.

bids rest at 98, 95, 90, 80 percent of mid with 10, 20, 30, 40 sol.

a sell off fills the first three rungs: 60 sol spent, every token bought is burned.

the offering asks at 105, 110, 120 fill on the recovery:

proceeds land in the dividend pool and stream to holders.

modelfloat breathing

one cycle of the corridor: supply can only fall, float breathes.

60 of 100 sol

"the round trip shrank supply and paid the float."

one corridor cyclefixed

b·00the bookresting

rungoffsetweightsize

a3+20%40%

a2+10%35%

a1+5%25%

├── mid, anchor ──┤

b1−2%10%

b2−5%20%

b3−10%30%

b4−20%40%

every fill on the bid side is a burn. every fill on the ask side is a dividend. the book is the whole company.

what a fill triggers

bid fillburn, permanent

ask fillsol to dividend pool

feehalf to ladder, half to dividends

recenterbook re anchors to new mid

r·00statsdesign

r·01trust surfacefixed

mint more supplyno such instruction

withdraw treasuryno such instruction

move the bookonly by recenter rule

edit fill historyappend only

pause the engineno such path

r·02risksfixed

unaudited until stated otherwise

revenue can be zero

the ladder can be exhausted

the burn is irreversible

price can leave the corridor faster than it recenters

r·03modelcomputed

modelpayout per token as supply falls

1 divided by (1 minus x), x from 0 to 40 percent of supply burned.

modelrecenter walk

the corridor never chases. it re anchors after 10 percent, on anyone's call.