The parts.

There are only four things to understand. Each part is stated with what it is, what it cannot do, and the consequence for a holder.

The Draw

The Draw is what each trade leaves behind: 2% of the trade, taken by the hook that sits on the market itself. It is not sent to a wallet and it is not anyone’s revenue. It cannot be raised, lowered, or redirected — the 2% has no setter. The consequence: every trade, in either direction, feeds the same pool of retiring power.

The Shallows

The Shallows is where the Draw waits: the balance the hook holds between settlements. It can only grow from trades and only shrink into buybacks; nothing else can touch it. The consequence: the fee never leaves the market’s own machinery.

An Ebb

An Ebb is one settlement. When a window closes on net outflow — sell volume above buy volume across the single market — the gathered Draw buys EBBL back from the market. An Ebb cannot be called early, delayed, or aimed; the window rule is fixed. The consequence: selling pressure is answered with buying the market paid for itself.

The Silt

The Silt is where the bought units settle: out of the supply, permanently. Settlement removes them at address zero and records the amount on-chain; no function can bring a unit back, and no key can reissue one. The consequence: retirement is permanent, and the falling supply is countable by anyone.

And the supply

Around the four parts sits one fact: 150,000 EBBL, created once, every unit in the market at launch. There is no issuance path at all, so the supply holds or falls and never rises.