How it works
Two contracts, one path
Every step is an ordinary call you can read on the explorer. There is no router, no relayer and no off-chain component anywhere in it.
The path
Deposit, hold, redeem
Accumulate
Deposit the Core's asset. Laminae are minted at the current price.
Bury
Your deposit sits under everything deposited after it. Nothing is locked.
Compact
Fees are harvested into the Core. The Lamina price rises; the supply does not.
Ablate
Redeem Laminae for the underlying at the price the Core computes.
The share price
Total assets over total supply, and nothing else
A Lamina is worth the Core's assets divided by the Laminae outstanding. That is read from the Core's own storage — not quoted by an oracle, not signed by anyone, not fetched from a server.
Two decisions make that number mean something. Assets are counted, not weighed: the Core tracks what was deposited and harvested in a counter, so a stray transfer to the Core changes its balance and changes nobody's claim. And conversions carry a virtual offset, so the first depositor cannot be front-run into rounding down to nothing.
Both are executed rather than promised — properties 3, 4 and 6 on the security page — and the price the Core quotes is the price a redemption pays in the same call, to the wei, which is property 5.
The price can go down. A Core holds a real position and you hold a claim on it. Accumulation raises the price; the mark on the underlying moves it both ways. A share price that only ever rises is a counter, not a measurement.
Ownership
You deploy it, so you own it
There is no factory we control and no Core with our name on it. You send the deployment transaction, which makes you the owner, and the protocol cut is a constant in the code rather than a setting anyone can raise past the cap.