The Second Phase · Window V
The Reserve Desk
Four instruments of the second phase, kept here under overprint. What they are is engraved. When they are, and on what terms, is a matter for the Committee.
Operational in Phase 2
Pending Issuance
No control on this page can be operated, and none is meant to be. The instrument of the second phase has not been issued and is not named on this site until it is.
Schedule of instruments
What the second phase builds
The order below is the order it is built in, and each instrument is useless without the one before it.
Division of Issuance · Instrument I
The Issuance
The terms of the Issuance are sealed by order of the Committee.
Operational in Phase 2
Pending Issuance
What is under the cloth is drawn, cast and countersigned. It is not described. The Committee sits on the terms, the terms stay sealed until the Committee is done sitting on them, and the Reserve has nothing further to add on the subject at this time.
One thing about it is not a secret, because it is not ours to keep: it will run on the CashCat rails, where the whole supply of a launch is placed into a Uniswap v4 pool at birth and liquidity can never be withdrawn again. That property belongs to the rails. It is enforced by their hook contract, which is named below and which anyone may read without asking us anything.
The rails, on the record
Chartered on the CashCat rails
Liquidity locked at birth by the hook
Division of Commissions · Instrument II
Commissioning
A seat is art the day it is issued. Commissioning is the separate act that turns a seat into a Primary Dealer seat, the standing that carries a weight in the schedules below.
A commission is taken once and clears when the seat changes hands: a seat sold on arrives at its new desk un-commissioned, and is commissioned again by whoever now holds it. An un-commissioned seat keeps its art, its serial, its name and its account. The seat is what activates, not the cat.
Fee schedule to be posted. The Committee has not set the commissioning fees, and the Reserve does not print a figure it has not decided.
Where a commission goes
Retired from supply
50%
A numbered public operation
To the Vault
25%
Held by the institution
To the Coffer
25%
Paid out in public
Each retirement is posted as a numbered operation, so the record can be audited line by line rather than in aggregate.
Chartered on the CashCat rails
Division of Market Operations · Instrument III
The Reserve Window
A window that quotes both ways. The institution holds seats in a vault and will deal in them at a single posted rate: buying at the rate, selling at the rate, and standing behind the quote in both directions.
Operational in Phase 2
Pending Issuance
The rate is not a market price and is not discovered by trading. It is set by the Committee at scheduled meetings, within bounded ranges, and announced, which is the entire point of running a central bank as a cat joke: the phrase “the Committee has raised the rate” becomes a literal description of a governance vote.
The Window Rate
Rate: to be set by the Committee
Announced at scheduled meetings · Bounded by charter
Specimen · drawn for reference, not for use
Window ticket
The window opens in Phase 2
Chartered on the CashCat rails
Division of Market Operations · Instrument IV
Open Market Operations
The fee streams on Plate I accrue into the Coffer, which anyone can watch filling. When it is full, anyone at all may sound the Bell: one pass converts the Coffer into the assets each seat has elected and credits them to the account that seat itself owns.
Specimen · drawn for reference, not for use
The Sounding of the Bell
The Coffer is not yet open · 0 of 0
The bell rope hangs here in Phase 2
Credits are paid to the account the seat itself holds, not to the address of whoever happens to hold the seat. Sell the seat and the account goes with it.
Election cards · each seat elects up to three
Notice: stock tokens are not available to persons in certain jurisdictions on the secondary market. The election screen will ask for papers before it offers them, and every other election remains open to everyone.
Chartered on the CashCat rails
Division of Foreign Relations · Readings from the rails
The Rails Board
CASHCAT retired at the dead address
The rails did not answer
Retired from every platform fee
The rails did not answer
Reported by the splitter contract
Launch configurations on file
The rails did not answer
Configurations, not launches
Fee to launch
The rails did not answer
Recent launches · the rails did not answer at this posting
Struck at the factory 0x5bd1…4661, indexed from its own logs.
The tax ladder a launch may choose · the platform’s cut is the difference
A quarter of that flat 0.3% is spent buying CASHCAT and sending it where it cannot come back. The rails document the split themselves, and the splitter contract reports it on demand.
Read from the chain · re-read every 60 seconds
The Committee sits. The wing waits.
Admission first. Whatever follows is announced when the Board announces it, and not one hour earlier.
Nothing on this page is an offer, a solicitation, or a statement about what anything will be worth. It is a description of mechanisms, published early because mechanisms published late are mechanisms nobody checked.