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The position · Mechanism · decision records · R05 · proposed, not decided

Units per lot, decimals, lot size and the cap

the method for choosing q, a receipt of 0 decimals, a cap that counts reserved liability.

Status: Proposed, 12 September 2026. Not decided. Awaits the contract engineer and a reviewer (blueprint R05). Nothing here is production configuration. The simulation's 10 and 20 units per lot and cap of 1,000 lots are illustrative and labelled so. The method is proposed; its inputs are not yet known.

Context

A lot is a fixed number of base units of A and of B. It sets how rights are computed without an oracle (§7), the smallest position, one lot's share of a small wrapper, and total liability.

Decision (proposed method)
  • 1.Integer base units, fixed at construction: qA, qB are positive integers of each component's base units, immutable (ADR-001). Both candidates read with 18 decimals; B's published address 0x14c3abF95Cb9C93a8b82C1CdCB76D72Cb87b2d4c is in contracts/evidence/apple-s1.fork.json. Re-read identities and decimals at the chosen configuration block.
  • 2.The receipt has 0 decimals: one receipt is one whole lot, so nothing rounds; every claim is exactly lots × q.
  • 3.One lot is economically small and unit-round: comparable company exposure through each component when the series is made, rounded to whole units where a unit is a share-equivalent, else to round base units. A's wrapper share and B's total-return unit both drift from one share, so a lot is not one share and not one dollar, and the qA:qB ratio stays fixed as values diverge ("no rebalancing").
  • 4.The cap counts liability, reserved included: per component, (outstanding lots × q) + reserved units stays at or below capLots × q; allocating an exit does not release reserved capacity. Set a pilot cap from demonstrated eligible acquisition/issuance capacity and operational/economic limits. At Ethereum block 25,967,875 the current A wrapper held about 10.16 raw tokens, with about 10.13 shares outstanding: ten wrapper shares would use almost all of it. A dated observation, not a fixed issuance ceiling. Current-wrapper deposit/mint access and limits still need evidence. No cap is approved here.
  • 5.Component decimals are read, not assumed: decimals() daily; a change is a DARK drift and a reason to stop mints.
Consequences
  • —Rights are computable from lots, qA, qB alone, as the previews and ledger model do.
  • —The lot size may exclude small holders: a product decision for interviews (R04), not softenable without fractional lots.
  • —If enough eligible supply cannot be acquired or newly wrapped at acceptable cost, hold the pilot or change the candidate; wrapper size alone does not establish that.
What exists today

The constructor takes qA, qB, capLots, refuses zero and overflow, and counts reserved liability against the cap (T05); the receipt has 0 decimals; the ledger model and simulation use illustrative values; the fork evidence records the wrapper's size.

Open
  • —The pilot's actual qA, qB and cap. Missing: eligible acquisition/current-wrapper issuance access and capacity, both components' unit economics on a chosen date, the interview results. B's address and the 18 decimals are read; freshness and suitability need review.
  • —Should the operator be able to lower the cap during a pilot? (Today: immutable; lowering needs a new series or a mint pause.)