The product planned
Laminae
A lamina is a single depositional layer — the thinnest thing in a core
that is still a unit. Deposit into a Core and you hold Laminae: a transferable ERC-20,
ticker fn-<asset>, that is your slice of it.
What it is
One asset, one claim, no queue
Accumulation moves harvested fee income into the Core's assets while the number of Laminae stays the same, so each one is worth more.
How it earns
Ablate them and the Core pays out at the price it quotes, in the same call, to the wei — which is property 5 on /core and is executed rather than asserted.
- ERC-4626 accounting
- Transferable ERC-20
- No lockup at the Core
- Redemption is a mark, not a promise
What you are holding
- erc-4626 accounting
- shares in, assets out, at the price the Core reports
- no lockup, no queue
- redemption is a call, not a request
- fungible
- the position underneath never stops working
- not deployed
- there is no Core, no token and no market today
The two words
Liquid, and no lockup, mean different things
No lockup is a claim about the Core: no queue, no epoch, no notice period, and Stagnation cannot stop you leaving. That claim is executed by property 12.
Liquid is a claim about a market, and there is no market. A transferable ERC-20 is transferable whether or not anybody wants it; a receipt token with no pool has a redemption price and no price. The two get used interchangeably across this whole category and they are not interchangeable.
A redemption “in any block” is settled to the degree that a block is settled, which is what the Core computes at the moment you call it, from its own state and nothing else.
You keep the position's exposure. A Core holds a real position and you hold a claim on it, including its impermanent loss. Accumulation raises the Lamina price; the mark on the underlying moves it both ways. Stratigraphy reports them separately because adding them makes a number that can be positive while you are losing money.