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Spec A specification. Not built, and subject to revision.

Mayflower

The market

Section titled “The market”

A deterministic pricing curve maps supply to price and acts as the counterparty to every trade, so the reserve equals the area under the curve at all times. Each market carries a guaranteed minimum redemption price. That floor can rise and cannot fall, and the portion of the reserve standing behind it is unconditional.

Two consequences follow, and they are what the rest of this section documents. The floor can be lifted without new capital, by rearranging area under the curve rather than raising the price a buyer pays. And because the floor cannot fall, credit drawn against it has no close-out path: the collateral is worth at least the advance at every moment, by construction rather than by monitoring.

The Assured Value Machine

Section titled “The Assured Value Machine”
The Assured Value Machine The three-segment price curve, the reserve identity, and contraction.
Floor raising Lifting the guaranteed price by rearranging area, at constant reserve.
Cash advance Drawing liquidity against the guaranteed region with no close-out path.
Call options Perpetual calls struck at the floor and their effect on the curve.
AVM API Reference Chain-agnostic behavioral contract with before/after state examples for every economic operation.
Section titled “Related”