Adaptive target

Target bounds#

The target starts at 500M SHOOK, can only decrease, and cannot go below 300M. It is a graduation threshold, not a token supply change. No owner selects the target or alters the activity thresholds.

Review schedule#

The first review becomes eligible 24 hours after opensAt. Subsequent reviews use 12-hour timestamp epochs. Target review is evaluated lazily by currentTarget and persisted by a trade or syncFormation. A keeper is useful for timely execution but has no discretion over the result.

What counts as activity#

highWaterMark records the highest formation circulation ever reached. A review measures highWaterMark minus activityCheckpoint. Buying back up to a previously reached level does not create new high-water progress. After a persisted review, activityCheckpoint is set to the high-water mark.

Missed reviews#

The first elapsed review uses the measured progress. Every additional missed review reduces the target by another 5M SHOOK regardless of that same progress. The total reduction is capped by the distance to 300M.

For example, if three reviews elapsed and progress is 2M, the reduction is 2.5M + 5M + 5M = 12.5M SHOOK. A 450M target becomes 437.5M. nextTargetReviewAt advances by all three epochs.

When the target reaches circulation#

syncFormation persists the target and graduates if circulation meets or exceeds it. The handoff uses actual circulation, reserve, and marginal price at execution. A target reduction does not confiscate distributed tokens, refund holders, or mint replacement supply.