Documentation
The rules of a
re-pricing work
TENSILE issues works that are graded by a real market. This page documents
how a work is anchored, how it is re-graded, what its standing means, and how
income reaches the people who hold it. Everything described here is executed
on chain and can be read independently of this site.
01. Overview
A work is issued
already bound
Every work is bound to one listed equity at the moment it is issued. That
moment fixes the anchor: the price the market stood at. From then on the work
is graded again and again, and each grading compares the market against the
anchor. The comparison produces a multiple, the multiple produces a standing,
and the standing decides which artwork the work wears.
Nothing is retouched by hand. There is no studio decision between the market
moving and the work changing.
02. Mechanism
The loop
01Market data
Listed equity prices are read from an external market data feed.
02Keeper
An automated keeper pushes those prices on chain every twenty minutes.
03Equity oracle
An oracle contract holds the latest price for each reference, publicly readable by anyone.
04Multiple
The work divides the current price by its own anchor and reports the result as a multiple.
05Standing
The multiple falls into one of six standings, from REKT to APEX.
06Artwork
The standing selects the artwork the work wears, and the metadata update is announced to marketplaces.
03. Standings
Six standings
The multiple is graded against the anchor in fixed bands. Each standing also
carries a weight, which is what decides how income is shared among holders.
StandingMultipleWeightReading
APEX
3.00x and above
13
The reference tripled from the anchor.
SURGE
1.50x and above
8
A decisive advance.
RISE
above 1.05x
5
Ahead, but not decisively.
HOLD
within 5 percent
3
Level with the anchor.
DIP
0.50x and above
2
Down, still together.
REKT
below 0.50x
1
Half the anchor or worse.
04. Holder income
Where the money goes
A royalty is attached to every work. It is not paid to a private address:
it is paid into the work contract itself, and the contract splits what it
receives the moment it arrives.
To holders50%
Accrued to the people holding works, weighted by each work's standing.
To the studio50%
Retained by the studio to keep the loop (data, keeper, contracts) running.
Because income is shared by weight, a work standing higher in the table above
receives a larger part of the same payment. Weight follows the market: when a
reference advances, the works bound to it climb the standings and their share
grows with them.
Holder share: how it divides
Not per person. Per work, by weight.
The holder half is never cut into equal slices. It is divided by the total
weight of every work in circulation, and each work then draws its own weight
back out of that pool. Three works or three thousand: identical arithmetic,
and it runs inside the contract: no list to maintain, no payout to approve.
A royalty of 0.1 ETH arriving on a secondary sale, across a book of works whose
weights happen to total 74, leaves 0.05 ETH for holders. It divides like this:
StandingWeightPer workExamples
APEX
13
0.008784 ETH
3 APEX → 0.026351 ETH
HOLD
3
0.002027 ETH
10 HOLD → 0.020270 ETH
REKT
1
0.000676 ETH
5 REKT → 0.003378 ETH
Two consequences follow, and both matter. A reward belongs to the work rather
than to the wallet: claim before letting a work go, or the accrued part travels
with it to the next holder. And nothing is pushed to anyone. A holder pulls
their own share, batched over as many works as they hold, whenever they choose.
05. Claiming
Nothing is pushed to you
Income is never sent out automatically. It accumulates against each work and
the holder draws it when they choose. Two calls describe the whole mechanism:
one to read what a work is owed, one to draw it. Both are read directly from
the contract, and neither needs this website to be online.
| Call | Purpose |
| claimableOf | Reads what a single work has accrued and not yet drawn. |
| claim | Draws the accrued balance for one or more works, to the address that holds them. |
Stated plainly: this income depends on works changing hands after issue. If
nothing trades, nothing accrues. The mechanism is permanent, the volume is not
guaranteed, and nothing here is a promise of return.
06. Ledger
The contracts
Two contracts carry the whole system. Both are public, both can be read by
anyone, and neither depends on this site to function.
The work contract
0xd166027429eFc09E2E08b673Fe5661B0b7A31673
Issues the works, holds each anchor, computes the multiple and the standing, renders the artwork, and receives and splits the royalty. Implements ERC-721, ERC-2981 and ERC-4906.
View on the explorer
The equity oracle
0xFaA1066e6D169F3261825Af1eaA51Ba83E1eABdb
Holds the latest price and timestamp for every reference, and accepts updates only from an authorised keeper. Open to read by any contract on Ink.
View on the explorer
NetworkInk Sepolia (testnet)
SettlementTest ETH on Ink
07. Issuance
Fixed, and never sold
No cost2,000
every work, the whole run, never sold
Per address1
the most a single address can take at no cost
The first thousand were issued through the agent and that window is closed. The second
thousand are admitted by registration, one work to an address, and the plain public mint
stays shut while a batch runs. A third batch is coming, and it will be announced in its
own time. Nothing in this collection is ever sold: every batch, from the first work to the
last of the 2,000, is issued at no cost. The run is held in the contract and cannot
be raised.
08. Obtaining a work
Three batches. Every work without cost.
This site keeps a record rather than a shop: nothing is sold here and nothing is held
back for anyone. The collection came out in batches, each with its own way in.
Batch one went through the agent. Batch two was admitted by registration and every one of
its 1,000 places was taken. Batch three is coming, and it is announced in its own time.
While no batch is open the mint is shut, so there is nothing to buy and nothing to miss.
RouteFitsWhat it takes
Batch one, through the agent
closed
A thousand works were issued by pointing an agent at
/tensile-agent.md. The contract address, the network and the exact call are written there for it to read. That window has closed.
Batch two, by registration
closed, 1,000 taken
A thousand places were admitted one at a time: one address once, an X account older than six months, and a reply under our post carrying a code. Permits went out to those addresses, and the window opens at 15:00 UTC.
Batch three, coming
announced later
The remaining places are issued the same way, at no cost, one work to an address. Watch this page and
@tensileink.
The terms live in the contract and not on this page: every work in the run of 2,000 is
issued at no cost, one work to an address, and the run stops at 2,000. A batch is
opened and closed on its own list, so being passed over in one batch does not close the
next. Admission is one address once, an X account older than six months, proven by a
public post that names the account and carries a code. Nothing is ever sold at any point,
and nothing written here can move those numbers.
09. Reading it yourself
Trust nothing here
Every claim on this page can be checked without asking us. The work contract
answers these directly, and the live figures on the collection page are read
from exactly these calls.
| Call | Answers |
| multiplierOf | The multiple a work currently stands at. |
| tierOf | The standing that multiple falls into. |
| totalMinted | How many works exist, against the cap. |
| tokenWeight | The weight a work carries into the income split. |
10. Questions
Asked plainly
Does the artwork actually change?
Yes. The standing selects the artwork the work wears, and the change is announced to marketplaces so they refresh what they display.
Who decides the standing?
The contract does, from the oracle price. There is no review, no committee and no manual step.
Can the anchor move?
No. It is fixed when the work is issued and never rewritten, which is what makes two works on the same reference different objects.
Is the split permanent?
The holder share is a contract setting and can be adjusted by the studio. Its current value is public and can be read at any time.
Is this an investment?
No. A work is a collectible whose appearance is decided by a market. The royalty is the only income it produces, and that income depends on secondary volume that may be small or absent.
