the coat is spreading

vellus is a token whose yield depends on how evenly it is held. every transfer pays a small fee into a locked vault called the follicle, and the follicle only releases what it holds when the supply is spread thin across many hands. concentration is not punished by anyone. it simply turns the money off. nobody holds a privileged position in this system, including the people who wrote it. everything below is the full design, drawn instead of promised. if a claim on this page cannot be plotted or verified on chain, it does not appear.

every token says it wants wide distribution. none of them mean it, because in every design ever shipped, concentration still pays. vellus is the first asset where it mechanically does not. the yield is a function of the distribution itself, computed on chain, and it collapses as holdings concentrate.

vellus does not inflate and does not burn. total supply is fixed at 33,554,432 vellus forever. the only thing that moves is fees, and fees only move when the coat is even.

the program maintains a live concentration index G, a gini coefficient over all holder balances. the transfer hook updates a 64 bucket logarithmic balance histogram on every single transfer, so the index is always current and always exact to the bucket. G runs from 0, everyone holds the same amount, toward 1, one wallet holds everything.

concentration index, from the on-chain histogram:
  G ∈ [0, 1)

release rate per breath:
  y(G) = (1 − G)²

released from the follicle at each breath boundary:
  R = P · (1 − G)²          P = everything the follicle holds

per holder: pro rata on balance. groom() caller: 1% of R.

one breath equals one solana epoch, about 2.2 days. every clock in this system ticks in breaths.

you cannot dodge the histogram. vellus is a token 2022 mint with the transfer hook extension, so every transfer passes through the program before it settles, and every transfer moves its sender and receiver between buckets. splitting a whale wallet into a thousand small ones does not fool a gini coefficient. the index measures the shape of the ledger, not the number of addresses, and sybil dust concentrates the histogram exactly the way one large wallet does.

every transfer of vellus pays 30 bps into the follicle, collected through the token 2022 transfer fee extension and swept in with harvestWithheldTokensToMint at every breath boundary. the follicle is the only place fees ever go, and the release curve is the only way fees ever leave. there is no other outflow. the follicle has no withdraw instruction, no authority, and no owner to petition.

when the coat is even, the follicle is nearly transparent, fees pass through it to holders almost as fast as they arrive. when the coat concentrates, the follicle thickens into a vault. nothing is seized and nothing is lost. the money is not gone. it is waiting for the ledger to look different.

the release does not happen by itself. at each breath boundary, someone has to call groom(), and anyone on earth may. the call snapshots the histogram, computes G, releases R = P · (1 − G)² pro rata to every holder, and pays the caller 1% of R for noticing the boundary first.

grooming turns maintenance into a market. the network does not employ anyone, it posts a bounty every breath and lets strangers race for it. when the release is large, the race to groom is violent. when concentration has choked the release toward zero, nobody bothers, the follicle quietly compounds, and the first breath after the whales disperse is worth grooming very much indeed.

vellus has two endpoints and it is honest about both. if the supply spreads until the index sits near zero, the follicle becomes a pipe, fees flow through it to everyone almost as they arrive, and vellus is simply a token that pays its holders to stay numerous. if whales absorb the float, the release dies, the follicle swells into the largest locked position in the market, and every incentive in the system points one direction: disperse, and the vault opens.

between those endpoints is the entire life of the token. vellus is a machine that converts evenness into cash flow, at the square of the coat's thinness, forever.

our wallets look like yours. no allocation, no special instructions, no recovery path. the program was sealed at deploy, and it will keep rebucketing transfers and closing breaths whether we exist or not. vellus makes exactly one guarantee: that it cannot be interfered with. everything else is math doing what math does.