Whetstone
Rules
Abstract
Whetstone is a honing market. Its issue is 150,000 WHET, all of it on the Trade Floor at launch. Each trade leaves a Draw Fee of two percent. A published Edge Schedule maps Pass Count to Edge Share — the portion of that fee that leaves issue. The share rises with use and never falls. Honed WHET cannot return to circulation. The Draw Fee, the Edge Schedule, and the issue are without setters. The deployer is without power to shift a Carrier's balance, pause the Trade Floor, or reissue supply.
The problem, stated once
A flat take treats the first fill and the thousandth fill as the same event. A take that someone can edit treats the rule as a preference. Both leave a Carrier reading a number that does not record how long the floor has been in use.
Whetstone answers that by making strictness a function of completed settlements. The Edge Share is looked up, not chosen. It can rise. It cannot fall. Quiet stretches change nothing.
Design
The token contract holds the issue, the Edge Schedule, and the Pass Count. The Trade Floor holds the venue for fills. The token cannot pause the floor. The floor cannot edit the schedule. Neither can move a Carrier's balance.
The picture is a stroke on a stone: each completed pass draws the same groove, and the groove only ever cuts more truly.
Parameters
| Name | Value | Unit | Where it lives | Setter |
|---|---|---|---|---|
| Issue | 150,000 | WHET | token contract | without a setter |
| Draw Fee | 2 | % | Trade Floor fee path | without a setter |
| Edge Schedule | published at construction | map | token storage | without a setter |
| Pass Count | cumulative settlements | count | token counter | steps on transfer; cannot fall |
| Quote | ETH | asset | Trade Floor | without a setter |
| Venue | Uniswap v4 | venue | Trade Floor | without a setter |
| Chain | Ethereum | chain | Trade Floor | without a setter |
Mechanism
A transfer is the trigger. The contract reads the Pass Count. It looks up the Edge Share on the Edge Schedule. It applies that share to the Draw Fee taken on the fill. Units matching that share leave issue as Honed WHET. The Pass Count then increases by one. No other function hones. No other function steps the count.
Worked examples
| Stretch | Fills | Draw Fee per fill | Pass Count | Edge Share |
|---|---|---|---|---|
| Busy | three fills of 500 WHET | 10 WHET of value | N, then N+1, then N+2 | equal or higher after each step; never lower |
| Quiet | none | zero | unchanged | unchanged; nothing honed |
Failure and edge cases
A stretch with no trades: nothing happens. The Pass Count does not move. The Edge Share stays. Issue stays.
A call that reverts: the transfer did not complete, so it does not hone and it does not step the Pass Count.
An empty balance: a Carrier with no WHET cannot fill. The floor does not hone on their behalf.
What cannot change
The Draw Fee, the Edge Schedule, and the issue are without setters because a honing market that can be retuned is not honing — it is being aimed. The deployer has no balance, pause, or reissue authority for the same reason.
Verification
On the explorer, read the Draw Fee from floor fee accounting, the Edge Schedule from construction storage, the Pass Count from the counter, and Honed WHET from an issue that only falls. The address control on this property becomes the explorer link at go-live.
Notation and definitions
- Whetstone — the protocol and the token's name.
- WHET — the token symbol; a fact, not brand furniture.
- Draw Fee — two percent, taken on a fill.
- Edge Schedule — the published map from Pass Count to Edge Share.
- Pass Count — the cumulative count of settlements.
- Edge Share — the portion of each Draw Fee that retires supply.
- Honed WHET — units removed from supply; cannot return to circulation.
- Trade Floor — Uniswap v4, Ethereum, ETH as the quote.
- Carrier — anyone who holds WHET.
- Bench Note — the complete rules in prose.