Protocol Note.

Vouchstone issues 90,000 VOUC. The whole issue sits inside the ETH Market at launch. The ETH Market is Uniswap version 4, Ethereum, quoted in ETH. Vouchstone keeps a single book and a single quote.

A trade takes a Trade Cut of 2%. That is the only charge. The Trade Cut does not go to a person and it does not pause for a later instruction. Its destination is read from the sender's Standing at the instant of the trade.

Standing is a mark on a wallet. A wallet accrues Standing by holding VOUC through Hold Span. Standing cannot be bought. Standing cannot be sent. Standing cannot be transferred. When a wallet's VOUC balance reaches zero, Standing on that wallet is gone. Nobody can award Standing. Nobody can revoke it except the rule itself: sell the whole balance, and the mark ends.

If the sender's Standing is long, the Trade Cut goes to Supply Rest. Those VOUC exit the book and are never minted again. If the sender's Standing is none, the Trade Cut goes to Book Thicken. Those VOUC stay on the ETH Market and the book gets deeper.

Every transfer reads and updates Standing on the live path. The Scale does this as part of the transfer, not as a later pass. A reader who wants to know why a given Trade Cut went to Supply Rest or to Book Thicken looks at the sender's Standing at that instant.

Trade Cut, Hold Span, and the 90,000 VOUC issue cannot be rewritten. Nobody can shift a Stone Holder's balance, stop the ETH Market, or mint VOUC again. The deployer has no path to move VOUC out of a wallet, no path to pause trading, and no path to reissue units that have gone to Supply Rest.

A Stone Holder can expect three things. First, the issue is 90,000 VOUC and it is already in the ETH Market at launch. Second, every trade they send takes a 2% Trade Cut whose destination follows their Standing. Third, Standing will not follow VOUC that leaves the wallet; it lives on the wallet, and it ends when the balance is zero.

Worked cut. A Stone Holder sells 500 VOUC. The Trade Cut is 10 VOUC. If that wallet's Standing is long, 10 VOUC go to Supply Rest. If that wallet's Standing is none, 10 VOUC stay in the ETH Market as Book Thicken. The remaining 490 VOUC are the sale.

This Protocol Note states the full rules as they stand. Figures absent from this note are not parameters of Vouchstone.