The ring

One ring per day. Its thickness is who stayed.

Every UTC day, each coin on tree.ring draws one ring. The ring measures one thing: of the holders who were there yesterday, how much of their holding is still there today.

ring_i(d) = share held by yesterday’s holders who still hold todayshare held by yesterday’s holders between 0 and 100 %. A holder who stayed counts for the smaller of yesterday’s and today’s holding, so buying more never pushes a ring past 100 %.

Who counts as a holder

At least 0.05 % of the supply on all 7 readings of an hour, counted for their lowest reading of that hour.
For a day, a holder must be eligible on every hour of that day, and counts for their lowest hour.
If one reading is missing, nobody is eligible for that hour, and the day is marked as a gap: no ring, and the vault waits for the next day.
Program accounts (the bonding curve, the pool) are not holders. Bundles and the wallets of blocks 0 to 2 are excluded.

A worked example

holder	yesterday	today	counts as kept
A	2.0 %	2.0 %	2.0 % · stayed
B	1.0 %	0.3 %	0.3 % · sold most
C	0.6 %	0 %	0 % · left
D	0.4 %	0.9 %	0.4 % · bought more, counts for yesterday
total	4.0 %		2.7 %

Ring = 2.7 ÷ 4.0 = 67.5 %. A thinner ring than yesterday’s 100 %, but no drought.

Reading the wood

Thick ring

Holders stayed. On the standing tree: a long, leafy branch.

Thin ring

Holders left. A short branch with a small crown.

Drought

A day under 30 %. The ring is dark, the branch is bare.

Scar

A day the creator’s wallet went down. A black line with amber resin, a broken branch.

Sapwood: today’s ring, still growing from the hourly readings. First ring: on launch day there is no yesterday, so the ring is set to a neutral 50 %.

Ten days of one tree

$, first 10 days · cross-section and standing tree demo

day	ring		reading

The drawing is deterministic: the seed is the coin’s mint, the rings are the data. Anyone can redraw the same tree from the same readings, and an independent checker does exactly that.