AETHER
The market token. It targets one SPY Stock Token through epoch-based expansion and contraction. It is not SPY and can trade away from target.
SPY only in V1
AETHER
Stake ASHARE. Earn AETHER. Grow the SPY reserve.
SPY
one active market
50k
USDG genesis cap
100k
ASHARE max supply
One Market First
Aether starts with SPY on Robinhood Chain. Later pools can exist as modules, but V1 must prove one clean market before it spreads liquidity across more assets.
ASHARE
The capped share token. Staked ASHARE earns variable AETHER emissions when the protocol trades above target and oracle data is valid.
ABOND
The contraction token. Users can burn AETHER below target for ABOND, then redeem later above target if the treasury has coverage.
How Epochs Work
Every six hours Aether checks the market. It can expand, wait, or open bonds. Bad price data means no new AETHER is minted.
Above Target
AETHER can be minted and sent to ASHARE stakers and reserves.
Near Target
The protocol waits. No mint and no new ABOND issue.
Below Target
Users can burn AETHER for ABOND, subject to protocol caps.
Bad Data
If an oracle is stale or invalid, expansion is off for that epoch.
V1 Scope
Aether starts with one SPY market. The first version stays focused.
SPY Market
One active target keeps the first market simple and liquid.
Reserve Sink
Expansion can route value to SPY and USDG reserves.
ASHARE Staking
Stakers earn variable AETHER emissions only in valid expansion epochs.
ABOND
Bonds give users a way to act when AETHER trades below target.
High-Risk DeFi
AETHER can trade below target. ASHARE emissions can stop. ABOND redemption can be delayed. Stock Token access depends on issuer rules and local law.