Bench Note

Whetstone is a honing market. Its issue is 150,000 WHET, and that entire issue sits on the Trade Floor at launch. The Trade Floor is Uniswap v4. ETH is the quote asset. Ethereum is the chain. Three rules describe the system. None of them can be changed.

The first rule is the Draw Fee. Each fill leaves two percent. Holding is not charged. Sending is not charged. Two percent is the whole take.

The second rule is the Edge Schedule. At construction the token writes a published map from Pass Count to Edge Share. The map is without a setter, cannot be reset, and can be read from block one. The Edge Share is the portion of each Draw Fee that leaves issue. It rises with the Pass Count and it never falls. A young floor hones a smaller share of each trade; an older floor hones a larger share of each trade.

The third rule is how a transfer uses that map. Every transfer reads the Pass Count, looks up the current Edge Share, and applies it. Units taken by that share become Honed WHET. They leave issue in that same action and cannot return to circulation. After the transfer, the Pass Count steps forward by one. The next transfer therefore reads a count that is equal or higher — never lower.

The rules are the whole constitution. The Draw Fee is without a setter. The Edge Schedule is without a setter. The issue is without a setter. The deployer is without power to shift a Carrier's balance, cannot pause the Trade Floor, and cannot reissue Honed WHET. No admin key has authority over anything a Carrier owns.

Some stretches are quiet. If no trade occurs, the Pass Count does not move, the Edge Share stays where it is, and nothing is honed. The next fill pays the Draw Fee again and reads the same Pass Count it would have read before the quiet stretch.

A worked pass: a fill of 500 WHET leaves a Draw Fee of ten WHET of value (two percent). The contract reads the Pass Count and looks up the Edge Share. That share of the ten is honed. The Pass Count then steps forward. A later fill of the same size, on an older floor, hones a larger share of its Draw Fee because the Edge Share did not fall.

Everything above can be checked without trusting this page. The contract address appears as a marked slot across this property at go-live, and each rule maps to state a Carrier can read: the Draw Fee in the Trade Floor's fee accounting, the Edge Schedule in storage set at construction, the Pass Count in a counter that only increases, and Honed WHET in an issue that only ever falls. Whetstone is exactly these rules, and it cannot be anything else.