ΣΤΥΞ ΣΤΥΞ

ΑʹOne promise

Every OBOL outside the pot is backed by at least its share of collateral, or has been genuinely retired. There is no signer set to petition and no admin path to abuse: the covenants price every operation themselves, from a vault's first draw to the last pro-rata settlement. The OBOL supply is fixed at 100,000,000 forever - both genesis issuances were made without a reissuance token, so no minting-based bailout is possible by construction.

ΒʹThe crossing

1. Αʹ

   Open a vault

   Lock L-BTC and draw OBOL against it. The covenant prices collateral at the minimum quote of a fresh 3-of-5 oracle tick and refuses any draw below 150% cover.

2. Βʹ

   Carry the debt

   Nothing accrues while you hold. There is no interest, no funding rate, and no governance that can change the terms under you; the vault is a UTXO that only its own covenant can move.

3. Γʹ

   Cross back

   Repay the debt and the covenant releases the collateral. If cover falls below 130%, anyone may liquidate within the covenant's caps; OBOL holders can always redeem at the peg floor.