54 series priced (PulseX v1/v2 pools only); 11,422 mints, 824 retires; 166,255 swaps on disk #33 Evergreen refinance — every roll the record allows, through both pools' reserves (buy back, retire, mint, sell) -------------------------------------------------------------------------------------------------------------------- the debt shrinks only if the new series sells above 1 / (0.99 × 0.9971²) = 1.01599 × the buy-back price (zero size) fees alone, a 30-day roll bought back and sold at par: 21.3% a year (the 1% mint fee plus two 0.29% swaps) HTT rolled rolls debt shrank best | 30–60-day monthly rolls median cost a year shrank 1,000 1,526 28 HTT-2460→2580 2026-07-30 ×0.9311 | 108 25.2% 6 shrank: HTT-2460 → HTT-2580 on 2026-07-30, debt ×0.9311 over 120 days (69 HTT) shrank: HTT-2460 → HTT-2580 on 2026-07-31, debt ×0.9346 over 120 days (65 HTT) shrank: HTT-2460 → HTT-2700 on 2026-08-01, debt ×0.9547 over 240 days (45 HTT) shrank: HTT-2460 → HTT-2580 on 2026-08-01, debt ×0.9665 over 120 days (34 HTT) shrank: HTT-2460 → HTT-2520 on 2026-07-30, debt ×0.9686 over 60 days (31 HTT) 10,000 1,526 5 HTT-2460→2520 2026-07-30 ×0.9907 | 108 47.3% 3 shrank: HTT-2460 → HTT-2520 on 2026-07-30, debt ×0.9907 over 60 days (93 HTT) shrank: HTT-2460 → HTT-2520 on 2026-07-31, debt ×0.9939 over 60 days (61 HTT) shrank: HTT-2460 → HTT-2490 on 2026-07-30, debt ×0.9967 over 30 days (33 HTT) shrank: HTT-2460 → HTT-2700 on 2026-08-01, debt ×0.9976 over 240 days (24 HTT) shrank: HTT-2460 → HTT-2760 on 2026-08-14, debt ×0.9995 over 300 days (5 HTT) 100,000 1,524 0 HTT-2490→2520 2026-09-10 ×1.1692 | 108 635.7% 0 expiring series ever rollable: HTT-1788, HTT-2460, HTT-2490 #1 (absorbs #35) Redemption ladder — matured series bought and held to par, and today's ladder, against a stake of the same length ----------------------------------------------------------------------------------------------------------------------------------- matured series, bought on their first day with 100,000 HEX in the pool and on every such day; "stake" = a stake of the same length opened the same day (ex-post) HTT days first buy close to par @10,000 a year stake | every tradable day: median 0-size @10,000 >0 > stake HTT-1788 8 2024-10-16 0.9500 8 1.90% 136.2% 7.3% | 0.58% -2.57% 12% 12% HTT-2460 40 2026-07-18 1.0218 40 -6.80% -47.4% 1.3% | 1.28% 0.05% 52% 48% today (2026-09-19), the monthly rungs through HTT-3000 with 100,000 HEX: yield to par vs a stake of the same length opened today HTT-2490 7 days 1.0026 -12.6% a year vs stake 1.3% HTT-2520 37 days 0.9951 4.9% a year vs stake 1.3% HTT-2550 67 days 0.9926 4.1% a year vs stake 1.3% HTT-2580 97 days 0.9934 2.5% a year vs stake 1.3% HTT-2610 127 days 0.9975 0.7% a year vs stake 1.4% HTT-2640 157 days 0.9852 3.5% a year vs stake 1.4% HTT-2670 187 days 1.0038 -0.7% a year vs stake 1.4% HTT-2700 217 days 0.9951 0.8% a year vs stake 1.4% HTT-2730 247 days 0.9349 10.5% a year vs stake 1.4% HTT-2760 277 days 0.9375 8.9% a year vs stake 1.5% HTT-2790 307 days 0.9185 10.6% a year vs stake 1.5% HTT-2820 337 days 0.9058 11.3% a year vs stake 1.5% HTT-2850 367 days 0.8986 11.2% a year vs stake 1.5% HTT-2880 397 days 0.8889 11.4% a year vs stake 1.5% HTT-2910 427 days 0.8586 13.9% a year vs stake 1.6% HTT-2940 457 days 0.8687 11.9% a year vs stake 1.6% HTT-2970 487 days 0.8249 15.5% a year vs stake 1.6% HTT-3000 517 days 0.7450 23.1% a year vs stake 1.6% 18 rungs; average discount 6.96%; beat the same-length stake at the close: 14 of 18 1,000 HEX spread over the rungs: 6.0% a year (HEX-weighted, after the swap fee and slippage); all of it in HTT-3000: 22.8% a year 10,000 HEX spread over the rungs: 5.7% a year (HEX-weighted, after the swap fee and slippage); all of it in HTT-3000: 22.8% a year 100,000 HEX spread over the rungs: 3.1% a year (HEX-weighted, after the swap fee and slippage); all of it in HTT-3000: 22.3% a year 1,000,000 HEX spread over the rungs: -15.7% a year (HEX-weighted, after the swap fee and slippage); all of it in HTT-3000: 17.2% a year #40 Loan-deadline squeeze — HTT retired in each series' last 30 days against the price move into maturity ---------------------------------------------------------------------------------------------------------- HTT retired last 30d of minted price -30d price -1d move HTT-2460 171,646 8% 0.9719 1.0009 3.0% #6 (absorbs #31) / #36 Vault economics — mint fees per ACTR vaulted, HEX terms, by maturity and quarter, time-weighted over every day -------------------------------------------------------------------------------------------------------------------------------------- HTT 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 life +100k (fee HEX ÷ Σ ACTR in the vault × ACTR in HEX, each day × 365; +100k = 100,000 ACTR added on the vault's first day, sharing every fee since) HTT-3000 143% 35% 3% 9% 3% 5% 5% 12% 9.0% 80.3% HTT-4000 84% 10% 6% 3% 5% 5.4% 5.7% HTT-5000 107% 34% 7% 7% 3% 1% 5% 2% 5.3% 67.9% HTT-6000 49% 15% 3% 6% 4% 6.1% 7.5% HTT-7000 89% 34% 2% 6% 1% 3% 6% 1% 4.5% 54.6% HTT-8000 41% 3% 4.8% 22.5% HTT-5555 32% 1% 6% 6% 5.6% 7.5% HTT-6666 37% 0% 17% 6% 11.7% 13.6% HTT-7777 475% 3% 2% 1% 2.6% 12.4% HTT-7900 61% 4% 12.5% 36.4% fees that landed before the series had any PulseX close, valued at its first close: HTT-8000 22,827 HTT (first close 2026-06-30) today (farm-apr.json 2026-09-23): vault APR HTT-3000 2.25%, HTT-4000 2.95%, HTT-5000 0.35%, HTT-6000 0.67%, HTT-7000 0.78% #6 (absorbs #31) The flywheel — vault fees paired with HEX into the anchor's pool and farmed, the ACTR re-vaulted — against the plain vault, ACTR's price removed ------------------------------------------------------------------------------------------------------------------------------------------------------------------ 10,000 HEX buys ACTR through a pool 1,666,461 HEX deep a side (ACTR's deepest PulseX pool, lp-depth.json 2026-09-23, used for every day) and vaults it at the anchor. Flywheel: each day's fee HTT (the vault's fees × my share) is paired with as much HEX — new money, counted — into the anchor's farmed pool and staked; the farm pays the documented ACTR a year (350M, 250M, 150M) × the pool's allocation that day, read from chain; farmed ACTR is re-vaulted every 30 days, never inside the last 90 (a top-up restarts the lock). Plain vault: the same deposit, fees kept as HTT. Both sold at the exit day's closes after 365 days; returns on all HEX put in. "ACTR removed" = (flywheel − plain vault) ÷ (1 + holding the same ACTR): the flywheel's own effect with ACTR's price move taken out. Medians over every start day with a full year of data. vault starts hold ACTR plain vault adds flywheel adds flywheel − vault, ACTR removed flywheel ahead HTT-3000 346 161.3% 9.8% -1.2% -3.0% 35% HTT-5000 346 161.3% 11.0% 3.3% -1.5% 36% HTT-7000 346 161.3% 9.2% 1.6% -1.4% 36% under 30 start days with a full year of data: HTT-4000 (0), HTT-6000 (0) #39 Dust-vault fee monopoly — each maturity's first vaulter while alone, on the vault's own value; and today's small vaults ---------------------------------------------------------------------------------------------------------------------------- HTT 1st vault ACTR in = HEX alone to days fees HTT = HEX return HTT-2340 2025-12-29 100 13 2026-09-20 265 0.1 0 0.7% HTT-2430 2025-12-29 400 51 2026-09-20 265 20.0 20 39.3% HTT-2910 2026-01-21 1,000 105 2026-07-11 171 250.0 326 310.7% HTT-3000 2024-10-09 4,315 933 2024-10-13 4 390.0 306 32.8% HTT-3030 2026-08-13 91,787 18,411 2026-08-17 4 421.8 370 2.0% HTT-3060 2026-09-01 100,000 28,767 2026-09-06 5 787.6 783 2.7% HTT-3120 2026-09-11 12,500 2,612 2026-09-20 9 275.0 377 14.4% HTT-3180 2026-09-12 13,401 2,759 2026-09-20 8 225.0 653 23.7% HTT-3210 2026-09-14 10,000 2,152 2026-09-16 2 75.0 80 3.7% HTT-3270 2026-09-14 10,000 2,152 2026-09-18 4 50.0 55 2.6% HTT-3300 2026-09-14 10,000 2,152 2026-09-20 6 50.0 54 2.5% HTT-3330 2026-09-14 9,000 1,937 2026-09-20 6 50.0 54 2.8% HTT-3360 2026-09-14 9,000 1,937 2026-09-18 4 50.0 55 2.8% HTT-3390 2026-09-14 9,000 1,937 2026-09-18 4 50.0 59 3.1% HTT-3420 2026-09-14 9,000 1,937 2026-09-18 4 50.0 55 2.8% HTT-3450 2026-09-14 9,000 1,937 2026-09-20 6 50.0 53 2.8% HTT-3480 2026-09-14 9,000 1,937 2026-09-20 6 200.0 214 11.1% HTT-3510 2026-09-14 9,000 1,937 2026-09-20 6 50.0 53 2.7% HTT-3540 2026-09-14 9,000 1,937 2026-09-20 6 50.0 54 2.8% HTT-3570 2026-09-14 9,000 1,937 2026-09-20 6 200.0 223 11.5% HTT-3600 2026-09-14 9,000 1,937 2026-09-20 6 50.0 53 2.8% HTT-3630 2026-09-14 9,000 1,937 2026-09-20 6 50.0 55 2.9% HTT-3660 2026-09-14 9,000 1,937 2026-09-19 5 50.0 56 2.9% HTT-3690 2026-05-16 668,959 168,569 2026-05-18 2 11,307.9 10,379 6.2% HTT-5000 2024-10-09 14,872 3,217 2024-10-12 3 4,000.0 1,934 60.1% HTT-5555 2025-12-07 719,424 91,780 2025-12-08 1 2,299.0 2,418 2.6% HTT-6000 2025-09-22 1,158,600 43,501 2025-09-23 1 1,500.0 1,508 3.5% HTT-6666 2025-12-07 719,425 91,781 2025-12-08 1 2,299.0 2,418 2.6% HTT-7000 2024-10-09 1,218 263 2024-10-11 2 7,500.0 2,467 936.4% HTT-7900 2026-05-11 358,819 73,271 2026-05-14 3 4,254.2 3,913 5.3% fee HEX taken by first vaulters while alone, every maturity: 29,047 HEX today (farm-apr 2026-09-23, 30-day fees × 365/30 at the 2026-09-19 close, ACTR 0.2058 HEX): 43 non-anchor vaults earn 516,026 HEX a year on 7,060,998 HEX of ACTR; 21 yield over 50% (HTT-3180 1034%, HTT-3120 317%, HTT-3210 237%, HTT-3420 228%, HTT-3570 152%, …) #26 (absorbs #38) Fee-free mints — every mint made while its maturity's vault held no ACTR (the 1% fee is waived) ------------------------------------------------------------------------------------------------------------------ Vault Deposit events are on disk only as daily sums (earn-history.json), so no block-level order of deposits against mints exists here. FALLBACK: the mints in block and log-index order, and the fee stream says which were free — the fee that never landed through the day after the first vault deposit equals the 1% of the free mints, and the free mints are the first ones. HTT-7000: 3 mints, 2,793,026 HTT minted fee-free (1% saved = 27,930 HTT ≈ 7,371 HEX); first vault deposit 2024-10-09 HTT-5000: 3 mints, 1,941,701 HTT minted fee-free (1% saved = 19,417 HTT ≈ 7,814 HEX); first vault deposit 2024-10-09 HTT-3000: 4 mints, 1,873,908 HTT minted fee-free (1% saved = 18,739 HTT ≈ 14,090 HEX); first vault deposit 2024-10-09 HTT-3690: 1 mints, 430,000 HTT minted fee-free (1% saved = 4,300 HTT ≈ 3,992 HEX); first vault deposit 2026-05-16 HTT-7900: 2 mints, 413,000 HTT minted fee-free (1% saved = 4,130 HTT ≈ 3,799 HEX); first vault deposit 2026-05-11 HTT-1788: 2 mints, 392,386 HTT minted fee-free (1% saved = 3,924 HTT ≈ 3,728 HEX); first vault deposit 2024-10-16 HTT-3030: 1 mints, 315,000 HTT minted fee-free (1% saved = 3,150 HTT ≈ 2,904 HEX); first vault deposit 2026-08-13 HTT-6000: 1 mints, 240,000 HTT minted fee-free (1% saved = 2,400 HTT ≈ 1,578 HEX); first vault deposit 2025-09-22 HTT-3060: 1 mints, 183,000 HTT minted fee-free (1% saved = 1,830 HTT ≈ 1,828 HEX); first vault deposit 2026-09-01 HTT-4000: 1 mints, 120,000 HTT minted fee-free (1% saved = 1,200 HTT ≈ 1,071 HEX); first vault deposit 2025-09-22 total: 81 of 11,422 mints (9,671,362 HTT) paid no fee, saving 96,714 HTT ≈ 56,276 HEX at that day's close; none dated after the day of its maturity's first vault deposit 7 of them (9,112 HTT saved) came on a day a later mint paid — a day-level test cannot see them: HTT-5000 2024-10-09, HTT-5555 2025-12-07, HTT-6666 2025-12-07, HTT-7900 2026-05-11, HTT-7900 2026-05-11, HTT-3030 2026-08-12, HTT-3060 2026-09-01 59,432 HTT of the saving (on 25 series, 50,103 of it the anchors' mints of 2024-10-07) was minted before the series had any PulseX close: valued at its first close lapse: HTT-2340 vault emptied 2026-04-12, refilled never; mints from then: 1 (6.43 HTT), fee landed in the window 0.0643 HTT — every one paid (it came before the withdrawal) #42 October migration — the anchors' prices 30 days either side of the 2025-10-09 farm-year boundary ----------------------------------------------------------------------------------------------------- HTT-3000: 0.8778 -> 0.8124 -7.5% HTT-4000: None -> 0.7433 HTT-5000: 0.6218 -> 0.6183 -0.6% HTT-6000: None -> 0.6653 HTT-7000: 0.5430 -> 0.5863 8.0% #22 (absorbs #37) Catalyst arbitrage — the community end-stakes: the gap under par on the day, and the bounty -------------------------------------------------------------------------------------------------------------- 2024-10-24 HTT-1788: close 0.9978, ender bought 0 HTT in the prior 14 days 2024-10-24 HTT-1788: close 0.9978, ender bought 0 HTT in the prior 14 days 2026-07-28 HTT-2430: close 2.0885, ender bought 0 HTT in the prior 14 days 2026-08-28 HTT-2460: close 1.0032, ender bought 1,864 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days 2026-08-31 HTT-2460: close 1.0095, ender bought 0 HTT in the prior 14 days #34 (absorbs #41) Grace-window LP — each matured series' PulseX pool, 14 days before redemption opens and 21 after, split at maturity -------------------------------------------------------------------------------------------------------------------------------------- HTT part swaps HEX vol LP fees pool HEX×2 fees÷pool LP stayed sub-par sells avg sell px at start (fees÷pool: over the whole pool at the part's start; LP stayed: each fee over the pool at the prior close) HTT-1788 before 14 16,545 36 665,000 0.005% 0.005% 2 0.9908 HTT-1788 after 2 18 0 681,566 0.000% 0.240% 0 — HTT-2430 before 36 7,045 18 1,980 0.898% 0.387% 13 0.7829 HTT-2430 after 99 30,681 53 5,855 0.911% 0.274% 0 — HTT-2460 before 475 592,725 1,315 2,487,864 0.053% 0.053% 182 0.9629 HTT-2460 after 104 45,876 100 2,503,342 0.004% 0.078% 8 0.9819 HTT-1788 (100,000+ HEX pool): sub-par sells (under 0.995) 2 of 2 before redemption opened, 0 after; LP fees over the whole pool 0.005% across the window (0.005% before), 0.245% to an LP who stayed HTT-2460 (100,000+ HEX pool): sub-par sells (under 0.995) 182 of 190 before redemption opened, 8 after at 0.982 on average; LP fees over the whole pool 0.057% across the window (0.053% before), 0.131% to an LP who stayed #32 Mint-and-LP — the fee leg per quarter on the anchor pools (LP fees ÷ the whole pool, 2 × the HEX reserve, annualized by the days measured) ----------------------------------------------------------------------------------------------------------------------------------------------- HTT 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 2026Q3 HTT-3000 1.8% 0.9% 0.5% 0.3% 0.5% 0.6% 1.2% 2.7% HTT-4000 1.1% 2.0% 0.7% 0.7% 1.2% HTT-5000 1.1% 0.5% 0.4% 0.2% 0.4% 0.4% 0.7% 0.7% HTT-6000 1.4% 1.6% 0.5% 0.9% 0.7% HTT-7000 1.3% 0.6% 0.4% 0.3% 0.4% 0.3% 1.5% 2.7% HTT-8000 2.7% plus the farm leg today: HTT-3000 20.7%, HTT-4000 25.3%, HTT-5000 24.5%, HTT-6000 26.3%, HTT-7000 22.5% (paid in ACTR); the debt cancels at par when the stake ends on time