ERC-20 receipt

Ephemeris

A plain ERC-20 representing a proportional claim on one Orbit’s pooled position and the yield accruing inside it. Its price is computed per block from pool state rather than quoted by anyone, harvest raises the price instead of minting units, and redemption comes from a buffer first and the position second.

The price identity What it actually earns

The identity

Price is computed, never quoted

NAV = position marked at pool + harvested yield not yet reinvestedEphemeris in circulation

Marked at the pool

Both reserves are priced at the pool's current price. There is no external oracle and no published NAV — which is what stops anyone posting a different one, and is also the manipulation surface described on the Almanac.

Harvest moves price, not supply

Fees collected are reinvested; the unit count does not change. So a chart of NAV is a chart of the position rather than of the token's popularity, and there is no rebase to break an integration.

Minted at your block's price

Shares = value in ÷ NAV. A deposit cannot dilute an existing holder, and cannot be diluted by the next one.

Lifecycle

Four transitions and no decisions

01 Depositassets_in → Orbit
One or both sides of the pair go into the Orbit — a Uniswap v4 pool whose hook holds the range. Single-sided deposits are routed through the same pool to reach the ratio, and the price impact of that routing is charged to the depositor, not socialised.
02 Mintshares = value_in ÷ NAV
Shares are minted at the price that holds at the moment of deposit. A deposit therefore cannot dilute an existing holder, and cannot be diluted by the next one.
03 HarvestNAV ← NAV + fees ÷ supply
Trading fees are collected and reinvested. Supply does not change; the price does. That is what makes the receipt compound without the holder ever touching it — and what makes a chart of NAV a chart of the position, not of the token’s popularity.
04 Redeemvalue_out = shares × NAV
Settled from the idle buffer where the buffer covers it, and by unwinding a proportional slice of the position where it does not. The second path carries market impact, and the holder taking it pays it.

Parallax · yield decomposition

Three of the five lines are negative

The reference design for this product states its yield as trading fees plus incentives, and does not contain the word “impermanent” anywhere. A rebalanced concentrated range's largest cost is divergence against simply holding the pair. A headline that omits it is gross of its biggest term.

Usually quoted

20.60%

What you keep

8.23%

Quoted 20.60%Costs −12.37%Kept 8.23%

14.20 + 6.40 = 20.60 quoted. 20.60 − 3.10 − 7.85 − 1.42 = 8.23 net. Illustrative figures for one pair over one period; the arithmetic is checked at build time, the market data is not real.

Trading fees +14.20%

Earned by the position. Real, and the only durable line here.

Emissions +6.40%

Paid in ORR. Yield to you, dilution to every holder. Falls on a published schedule.

Rebalancing loss −3.10%

Every range shift sells the asset that fell and buys the one that rose. Realised, not paper.

Divergence vs holding −7.85%

What the pair would have been worth unpooled. The term the reference design never names.

Performance fee −1.42%

10% of harvested trading fees. Charged before the NAV credit, so it moves price, not supply.

Two classes

Locking removes redemption, not transfer

	Standard	Locked
Claim on the position	pro rata	identical, pro rata
Redeemable	any block	not until the term ends
Transferable	yes	yes — the lock travels with it
Share of emissions	base	base × boost, linear in term
Funded by	—	the same emission budget, redistributed

And the consequence nobody designed

Because a locked Ephemeris stays transferable while the boost is keyed to the original term, a boosted position can be sold at any point in its life with its boost intact and no recalculation for the buyer. That is a secondary market in remaining lock time. It follows directly from two rules we have written down, we have not designed it, and it is on the open problems list rather than absent from the page.

Orbits

Every pool, with its parameters before you deposit

One Orbit is one pair with one hook-managed range. There are none, because nothing is deployed — this is the shape the table will take, and every figure in it is illustrative.

Orbit	Range	Buffer	NAV	Fees 30d	State
ETH · USDC	±unset ticks	unset	—	—	not deployed
WBTC · USDC	±unset ticks	unset	—	—	not deployed
ETH · WBTC	±unset ticks	unset	—	—	not deployed

A live version of this table would carry a contract address in the first column. There is no address to carry.