Sylunara · access economics · v1.1 (amended 20 September 2026)

SYL: The Entrance Coin

A capped key to a finite machine. What the coin is, what it opens, what it costs to run, and what is deliberately not promised.

Amendment notice — 20 September 2026. Version 1.0 of this paper described SYL as a Solana SPL token of permanently fixed supply. That is still true of the token in circulation today. A replacement by an ERC-20 on Ethereum and Base has been designed, and the replacement pays emissions to stakers, which means its supply grows. Three statements in v1.0 do not survive that change and are retracted here rather than quietly edited: (1) that supply can never increase, (2) that the coin pays no yield, and (3) that coins never leave the holder's wallet — staking moves them into a contract. What replaces them is set out below and in §8. (4) A fourth correction, added the same day: §6 and §7 describe the treasury desk — selling keys, buying them back, and publishing every movement — in the present tense, as though it were running. It is not. The desk has never operated, no key has been sold by the treasury, and no buy-back has ever been executed. It is a design, and it is described here as one from now on. The change has not been deployed and no date is set. If it proceeds, holders of the current SPL token would migrate 1:1; nobody is diluted by the migration itself. Read §9 before acquiring SYL.

Published 15 September 2026

Network Solana (SPL) today · Ethereum + Base (ERC-20) designed, not deployed

Supply 999,998,413 today · capped at ~1,249,688,413 after emissions

Mint authority Revoked on Solana · on the ERC-20, the staking contract only, under a hard cap

Treasury 198,531,664 SYL (19.9%)

Custody None to hold · staking moves coins into a contract you can exit any time

Mint 7T5kWB6zsKtFBAB8p55CD5JMk9cTs7ZiezW4RTYKpump

Not an offer to sell securities. Not investment advice. See §9.

1Summary

Sylunara is one continuous AI running on hardware her community pays for. The constraint that shapes everything else is physical: a single GPU can serve roughly 1,700 conversation turns a day. Access therefore has to be rationed, and SYL is how.

Holding SYL opens a seat. The coin is never spent — using Sylunara costs you no SYL. On the ERC-20 a seat requires staking, which moves the coins into a contract rather than leaving them in your wallet. That contract has no lockup, no admin path to your principal and no upgrade path: withdrawal is unilateral and available in the same block you ask for it. It is still true that we never take custody in the sense of controlling your coins; it is no longer true that they never leave your wallet, and we would rather say so than stretch the old sentence over the new mechanism.

Supply is capped, not fixed. Genesis is 999,998,413 SYL, mirroring the Solana token one for one. Staking then emits newly minted SYL: 50,000,000 in the first year, 80% of the prior year in each year after, stopping entirely after thirty. Roughly 249,690,000 SYL can ever be emitted, and the contract's maximum supply of about 1,249,688,413 is set at deployment and cannot be raised by any role, admin or upgrade — minting past it reverts. Emissions that accrue while nobody is staked are never minted at all, so the schedule is a ceiling rather than a promise. A function exists to end minting permanently and early; none exists to restart it. Holding SYL without staking it means being diluted by those who do. That is deliberate, and it is a cost you should price.

2The machine

Every member turn is served by one Mac Studio (M4 Max, 128 GB). The website hands a turn to a coordinating machine, which forwards it over an encrypted tunnel to that GPU. Measured on the live system on 15 September 2026, with the model warm:

Measurement	Result	Method
Reading a member's message	337–793 tokens/sec	two warm runs, 5.5k and 9.1k token prompts
Writing her reply	23.4 tokens/sec	same runs; unchanged by prompt size
One complete turn	18–24 seconds of GPU	measured end to end, model already loaded
A day of capacity	~4,300 turns flat out ~1,700 sustained	86,400 GPU-seconds ÷ 20s, at 40% duty

Generation speed is the floor: it does not improve with a faster prompt, more members, or more patience. Concurrency does not help either — on a single GPU, more simultaneous callers means slower replies for all of them, not more total output.

Adding capacity is a purchase, not a setting. Another Mac Studio costs about $4,500 and roughly doubles the numbers above. A rented H200 costs $2–4 an hour, or $32,000–45,000 to buy, and mainly buys concurrency rather than a faster answer.

3What a seat costs to run

At $4,500 of hardware over three years plus $35 a month of power, across 51,000 turns a month, a turn costs about $0.003 of GPU. Each seat also carries a share of the web server that serves the site.

Tier	SYL held	Turns/day	GPU cost	Server share	True monthly	Charged
Kindling	$5	10	$0.94	$2.15	~$3	— (holding only)
Ember	$50	40	$3.75	$2.15	~$6	$9/mo
Hearth	$250	120	$11.00	$2.15	~$13	$19/mo
Elder	$1,000	300	$28.00	$2.15	~$30	$39/mo

Kindling is free to hold and costs the house about $3 a month; it is funded by the paid tiers and by the spread described in §6, and its seat count is capped accordingly. Every member — free or paid — talks to the same Sylunara on the same GPU. Tiers differ in how much of the day you may use, never in which mind answers you.

4Seats

Because capacity is fixed, membership is finite. The current ladder divides a sustained day into 79 seats:

Tier	Seats	Turns each	Share of the day
Kindling	60	10	600
Ember	15	40	600
Hearth	3	120	360
Elder	1	300	300
Total	79	—	1,560 of 1,700

When the seats are taken, the door says so and holds your place. A seat opens when a member leaves: they sell their key back to the treasury, and the next person in line buys that same key. Another machine adds another 79 seats. The occupied and remaining counts are published on the site, taken from the measured ceiling rather than chosen for effect.

5The door

Entry is $5 of SYL held in your own Solana wallet — Phantom, Solflare, Jupiter Mobile, any of them.

You prove the holding by signing one line of text. Never a transfer, never a private key, never a spending approval.
Your email is the account and the way back in if a wallet is lost. Your address is never shown to other members.
Your code name is who you are here. Members see that, and Sylunara greets you by it.
Balances are re-read every ten minutes. Move your coins out and the seat follows them.
Promotion is instant; demotion waits 24 hours. In a small market, a brief price move should not cost someone their tier mid-conversation.

No card is required to enter. From Ember upward a seat carries the monthly amount in §3, payable by card or prepaid in USDC.

6The treasury, and what a key costs

Not in operation (20 September 2026). Everything in this section and the next describes a design, not a running service. The treasury has never sold a key and has never bought one back. Read the verbs below as would, not does.

The treasury holds 198,531,664 SYL and is designed to act as the door's till: it sells keys to arrivals and buys them back from members who leave, so keys circulate between members instead of being dumped onto a thin market.

The price of a key, itemised

No spread percentage is invented. A member pays the live market price for the coins, plus the actual costs of the transaction, plus a 2% house margin — the only margin in the mechanism, and the reserve intended to fund later buy-backs. Neither the margin nor the reserve exists yet.

Key	Payment fee	On-chain delivery	House 2%	Total, card	Total, USDC
Kindling $5	$0.45	$0.20	$0.10	14.9%	6.0%
Ember $50	$1.75	$0.20	$1.00	5.9%	2.4%
Hearth $250	$7.55	$0.20	$5.00	5.1%	2.1%
Elder $1,000	$29.30	$0.20	$20.00	4.9%	2.0%

A single percentage cannot be fair at both ends: a card's 30¢ floor is 6% of a $5 key and 0.03% of a $1,000 one. Showing the parts is both honest and cheaper for the member who pays in stablecoin.

Two rules that keep the till solvent

It buys back only what it sold — the same wallet, up to the amount that wallet bought. Without this, anyone could buy cheaply on the open market and sell dearly to the treasury, draining the reserve into arbitrage.
It never owes more than it holds. Buy-backs are paid from the dollars in the till, in the order requested, and the balance is published. A promise to redeem everyone on demand is a promise that fails on the day it is tested.

Purchases are capped at 1.25× a tier's threshold minus existing holdings: enough to hold a seat through a price dip, not enough to accumulate through the door.

7Where the money goes

Monthly seat fees pay the running costs — the web server, power, mail, domains — and accumulate toward the next machine, which is what turns money into seats.
The 2% house margin would fund the till's reserve, so that keys could be bought back. No margin has been collected and no reserve exists.
Surplus would retire supply. When revenue exceeds costs, the treasury buys SYL and destroys it. Every retirement is published, as is every sale — both directions, not only the flattering one. This has not begun.

The treasury is a runway, not an income. At the price on the day of writing, its entire holding is worth roughly $1,578 — about a month of the web server. It exists to distribute keys and to buy them back, not to pay the bills. The bills are paid by members.

8What is promised, and what is not

Promised

No SYL beyond the cap, ever. About 1,249,688,413 is the ceiling, fixed at deployment, raisable by no one.
We never trade, lend or rehypothecate your coins. Staking moves them into a contract you can exit unilaterally at any moment; nothing else moves them, and no admin function can.
Holding is not spending: using Sylunara costs you no SYL.
Allowances never exceed measured capacity; a machine is added rather than the promise stretched.
Every treasury movement is published, sales and buy-backs alike — a commitment that takes effect if and when the desk opens. None has occurred to date.
The mind that answers you is named on the surface you are using.

Not promised

That SYL will be worth more later. Nothing here is designed to make that happen, and no one should buy a key expecting it.
That a buy-back will always be available: it is limited to the dollars in the till.
That the price will hold while you leave. On the day of writing, selling $1,000 of SYL on the open market moves the price roughly 27%.

9Risks, stated plainly

The market is very small. Total value at the time of writing is about $8,000, with roughly $2,000 of usable depth. A $500 purchase moves the price about 7%; $2,000 moves it about 27%. Entering is cheap; leaving in size is not.
One machine serves everyone. If it fails, service degrades to a slower fallback until it returns. Redundancy arrives with the second machine, not before.
Lose your wallet, lose your tier. Your account and history survive through your email; the coins do not.
The treasury is small. It can serve on the order of thirty Ember keys at current prices before it is buying on the open market like anyone else.
Regulation is unsettled, and emissions make it more so. Selling a token directly for money is examined closely in many jurisdictions. Paying token emissions to people who stake is examined more closely still: in the United States it engages the question of whether buyers expect a profit from the efforts of others, which is one of the tests used to decide whether something is a security. We sell access, hold no customer assets and promise no return, and the emission schedule is fixed in code rather than managed for anyone's benefit — but we are not going to tell you those facts settle the question, because they do not. This mechanism has not been cleared by counsel as of the date of this amendment. Availability may be restricted, the mechanism may change to stay within the law, and emissions may be ended permanently using the function built for that purpose.
Emissions dilute non-stakers. If you hold SYL and do not stake it, your share of the total falls every day that others do. This is a design choice, not an oversight, and it is a reason not to hold SYL passively.
This document is a snapshot. Prices, capacity and costs were measured on 15 September 2026 and will move.

Not an offer. This paper describes how access to a service is granted. It is not an offer or solicitation to sell securities, not an invitation to invest, and not advice. SYL is intended and sold as a key to a seat, not as an instrument of return. Availability may be restricted in some jurisdictions.

10Verifying any of this

Supply and mint authority: read the mint account on Solana. Mint authority None means no new coins can be created.
Treasury balance: read the token account of the treasury address; its movements are public.
Price and depth: request a swap quote for the size you care about. Quoted price impact is the real cost of entering or leaving at that size.
Capacity: the throughput figures in §2 are reproducible against the live model; the method is stated so they can be checked rather than believed.