Velvet · the index is continuous, the market is not

The index is continuous.
The market is not.

A tokenised stock trades every second of the year. The exchange behind it does not: it opens at 09:30 in New York, closes at 16:00, and is shut every weekend, every holiday and every afternoon of the three half days. In those hours nobody can price the thing the token represents, and the liquidity standing there is quoting into a blank.

So that is what this pool charges for. While New York is open the toll is zero and a swap pays the pool's own fee, nothing more. The moment the bell rings it starts to climb, in proportion to how long the blackout has run · highest just before Monday's open.

The calendar lives in the bytecode. Not an oracle, not a keeper, not a signer: SessionClock computes the session, daylight saving, the nine market holidays - Good Friday included, from Easter - and the observance shifts from block.timestamp alone.

So anybody can read the same schedule the pool uses, at any timestamp, past or future, and get the same answer. That is the part that makes the toll a rule rather than a fee.

No owner, no setter, no pause. The ceiling is a compile-time constant and the schedule is arithmetic · the only thing that moves the toll is the calendar.

The index is continuous.
The market is not.

The whole idea, in one line

The index is continuous.The market is not.

The index is continuous.
The market is not.