Handbook

There are only two instruments to understand.

Standing is a wallet mark. Trade Cut is a two-percent take on a trade. They are not interchangeable. Confusing them is how the loop is misread.

Standing

Standing lives on a Stone Holder's wallet. It accrues by holding VOUC through Hold Span. It cannot be bought. It cannot be sent. It cannot be transferred. When the wallet's VOUC balance reaches zero, Standing on that wallet is gone. Consequence: history does not travel with tokens, and nobody can gift a mark.

Standing cannot mint VOUC, halt the ETH Market, or rewrite Trade Cut. It only chooses the destination of the cut at the instant of a trade.

Trade Cut

Two percent on every trade. That is the only charge. Standing chooses only where the cut goes. If Standing is long, the cut goes to Supply Rest and those units exit the book. If Standing is none, the cut goes to Book Thicken and those units stay in the ETH Market. Consequence: a long hold retires VOUC; a wallet with no mark deepens the book.

Trade Cut cannot award Standing. Paying the cut does not create a mark. Only Hold Span does that.

Four acts

Hold Span, Standing, Live Read, Cut Route. A visitor can recite the cycle: stay in the book, the mark sits on the wallet, the transfer looks up Standing, the cut is sent. The Scale is the live reader. The ETH Market is the book. Supply Rest and Book Thicken are the two destinations, not extra instruments.