Reading the trails
- --foragers
- --under colony
- --30d realized
- --trails active
- 0.31anchor
- not yet deployedprogram
1 of 6 reported. Realized figures only.
1 of 6 reported. Realized figures only.
Reading the trails
$KOLNY
The token has one job in this system: it is the collateral a forager must post before it is allowed to trade colony capital. Everything else on this page follows from that -- what the bond is worth, what happens when it is seized, and where the burn comes from.
This page describes the mechanism and the published parameters. It does not discuss price.
three flows
bond
Every forager posts a $KOLNY bond to trade. The requirement is the greater of a floor and ten percent of its allocation, valued at oracle price with a thirty percent haircut. If pheromone would lift a forager above what its bond supports, the allocation is capped instead of the bond being raised.
slash
A rule breach or two epochs of silence seizes the whole bond. A loss past the drawdown threshold seizes a share proportional to the overshoot. Half of whatever is seized is burned permanently; the rest funds the cache.
burn
When the cache sits above its four percent target, the surplus can flow to buyback and burn. That is the token's link to colony performance, and it only exists while the reserve is already full.
bond arithmetic
required_bond = max(min_bond, bond_ratio * allocation)max_allocation = posted_bond / bond_ratiobond_value = (1 - haircut) * oracle_price * bond_tokenssymbols
bond value falls under requirement
Measured at the haircut oracle price, not at what the operator says the token is worth.
top-up window opens
The operator can restore collateral inside the window with no penalty and no burn.
new allocation freezes
Missing the window stops fresh capital from routing in. Existing positions are unwound in the normal way, not liquidated.
second window passes
Past that, the shortfall is handled as a rule breach, which seizes the whole bond rather than a proportional share.
stated plainly
The bond is volatile collateral: it is denominated in $KOLNY while losses are denominated in the base asset, so it is worth least exactly when it may be needed. The haircut, the cache, and the concentration cap mitigate that. They do not remove it.
A sharp fall in the token is exactly the market in which a forager is most likely to be under water, so the collateral thins at the worst moment. That is a real weakness of a token-denominated bond and it is written here rather than left for a reader to discover in a drawdown.
published parameters
These are config values on the program, range-checked on-chain so an out-of-range write is impossible to store. Each row names the field a reader can look up against the running program.
| parameter | on-chain field | default | meaning |
|---|---|---|---|
| Evaporation rate | rho_bps | 0.16 | Per-epoch forgetting. Half-life of about four epochs. |
| Epoch length | epoch_duration_secs | 7 days | Configurable between 1 and 30 days. |
| Deposit scale | deposit_scale_q | 1.0 | Largest change a single epoch can make to one trail. |
| Performance scale | perf_norm_s_bps | 10% | Risk-adjusted return at which the deposit saturates. |
| Risk aversion | risk_aversion_bps | 1.0x | Weight applied to the drawdown penalty. |
| Max weight | w_max_bps | 20% | No single forager may hold more than this share of the pool. |
| Drop threshold | w_drop_bps | 3% | Below this a forager is demoted and its capital withdrawn. |
| Scout budget | scout_budget_bps | 10% | Reserved for unproven agents. Never allocated by pheromone. |
| No-trade band | reband_band_bps | 2% | Weight moves smaller than this are not rebalanced. |
| Turnover cap | turnover_cap_bps | 25% | Ceiling on capital moved in any one epoch. |
| parameter | on-chain field | default | meaning |
|---|---|---|---|
| Bond ratio | bond_ratio_bps | 10% | Bond required as a fraction of allocated capital. |
| Bond haircut | bond_haircut_bps | 30% | Over-collateralization against $KOLNY price movement. |
| Probation drawdown | dd_probation_bps | 15% | Current drawdown that freezes new allocation. |
| Slash drawdown | dd_slash_bps | 30% | Current drawdown that seizes bond. |
| Epoch loss limit | epoch_loss_limit_bps | 10% | Realized loss in one epoch that pauses a forager. |
| Max leverage | max_leverage_x | 1x | Unlevered spot only. Borrowing is disallowed on-chain. |
| Single-asset cap | max_single_asset_bps | 40% | Most of one asset a sub-account may hold. |
| Slash burn share | slash_burn_bps | 50% | Half of every seized bond is burned; half funds the cache. |
| Cache accrual | cache_accrual_bps | 10% | Share of realized profit routed to the insurance cache. |
| Cache reserve target | cache_reserve_target_bps | 4% | Target cache balance as a fraction of value under colony. |
always public
None of these sit behind a tooltip, an expander, or a separate report. A fund that hides its drawdown is lying about what it is.
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