fomoid · solana · program-owned vault · permissionless

FMD

a program owned vault holds sol and the token is a claim against it. the ratio between them is fmd.

97%
returned on exit
↑
fmd on every exit
3
instructions total
the ratio
fmd = vault_sol / token_supply
Δfmd = (vault − 0.97×share) / (supply − claim)
Δfmd / fmd > 1 for every exit
vault size cancels. price absent.
conduct absent.
— contract address coming soon — click to copy · upgrade authority burned at deployment
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§ 01 — the vault

a program owned vault holds sol.

the token is a claim against it. the ratio between them is fmd. any holder may redeem at any time — no window, no approval.

burning returns ninety seven percent of the proportional share and the rest stays in the vault. the exit takes a share of the value and all of the claim.

on exit: sol returned = 0.97 × (holder_claim / supply) × vault sol retained = 0.03 × (holder_claim / supply) × vault // holder burns all claim. vault is diminished by 97% of share.

the exit takes a share of the value and all of the claim. nothing else changes. no other path exists.

§ 02 — the ratio

fmd rises on every exit.

nobody defends it. the vault falls by ninety seven percent of the share while the supply falls by all of it.

proof: fmd_new = (vault − 0.97×share) / (supply − claim) fmd_old = vault / supply fmd_new / fmd_old = f(exit_fraction) // vault size cancels. quotient exceeds one for every exit.

divide the new ratio by the old and the vault size cancels, leaving a quotient that exceeds one for every exit. price does not appear in it. neither does anyone's conduct.

§ 03 — properties
mechanical
the ratio cannot fall.
nothing exists that would lower it. three instructions exist and there is no fourth. every path that removes sol removes proportionally more claim against it.
permissionless
any holder. any time.
no redemption window. no approval required. no governance. the instruction accepts the transaction or it does not. there is no intermediate state.
independence
price absent. conduct absent.
none of this depends on the desk behaving. the quotient fmd_new / fmd_old exceeds one regardless of market price, holder behavior, or external conditions.
finality
upgrade authority burned.
at deployment. no withdraw, no pause, no fee setter, no mint. those are absent from the instruction set. the program cannot be modified by anyone.
§ 04 — instruction set
01 deposit sol enters the vault. tokens are minted proportional to the current fmd. the ratio is unchanged by a deposit.
02 redeem tokens are burned. ninety seven percent of the proportional sol share is returned. three percent remains in the vault. fmd rises.
03 observe read-only. returns current vault balance, supply, and computed fmd. permissionless. no state change.
absent from the instruction set:
withdraw pause fee setter mint authority upgrade authority admin governance timelock
// fomoid · fmd(t) = V(t) / S(t) · solana

FMD

the ratio cannot fall
because nothing exists
that would lower it.

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