How it works

An exile moves through five contracts, always in the same order. Each one does a single job and hands off to the next. No step can be skipped. No step can be repeated.

The five contracts

1. Shard

A holder with at least 0.5 % of supply proposes an exile. They name one to ten addresses, each holding at least 1 % of supply. They post a bond in $OSTRA and publish a Merkle root of every holder's balance at that block. For 24 hours, anyone can challenge the root. A false balance cancels the Shard and hands the bond to the challenger.

Read more in Shard.

2. Ekklesia

The assembly votes for 48 hours. Each holder votes once, with the balance they held at the snapshot. The named addresses cannot vote. The exile passes with a quorum of 20 % of non-exiled supply and more than 66 % yes.

Read more in Ekklesia.

3. Exile

If the vote passes, a new token is forged in the same transaction. Same name. Same symbol. Every eligible holder can swap old tokens for new, one for one, with no deadline. The exiled cannot.

Read more in Exile.

4. Walls

The old tokens handed in by claims go to Walls. Walls sells them into the old pool in small hourly slices over 72 hours. It then pairs the proceeds with 5 % of the new supply in a new pool and burns the LP tokens.

Read more in Walls.

5. Stele

Every passed exile is recorded in a public registry. Any contract on Elysium can ask, in one call, whether an address has ever been exiled.

Read more in Stele.

Timeline

Stage	Duration	Who moves it forward
Shard	Instant	The proposer
Challenge	24 h	Anyone may challenge. Anyone calls open after.
Ekklesia	48 h	Holders vote. Anyone calls finalize after.
Exile	No deadline	Each holder claims for themselves.
Walls	72 h from the first sweep	Anyone sweeps, at most hourly. Anyone raises after.

Every step after the proposal can be triggered by anyone. No step waits on a team.

A full cycle

Here is one exile from start to finish. The token has a supply of 1,000,000. Its deployer holds 150,000 and a sniper bundle holds 50,000.

Day 0 — the Shard

A holder with 6,000 tokens decides enough is enough. That is 0.6 %, above the 0.5 % threshold. They name the deployer and the bundle. Both hold more than 1 % of supply.

They approve the bond in $OSTRA, then call propose with the token, the two addresses, and the balance root. The block that includes the proposal becomes the snapshot. The named balances and the total supply are recorded on the spot.

Day 0 to day 1 — the challenge

For 24 hours, the root is open to inspection. Anyone can rebuild it from the token's public Transfer events. The Ostrakon site does this on its own and warns if the result does not match.

If any leaf states a balance that differs from the token's own record at the snapshot block, anyone can prove it. The Shard dies and the challenger takes the whole bond.

No one challenges.

Day 1 — the vote opens

Anyone calls open. The Shard moves to the Ekklesia and the 48-hour vote begins.

Non-exiled supply is 1,000,000 minus 200,000, so 800,000. Quorum is 20 % of that: 160,000.

Day 1 to day 3 — the Ekklesia

Holders vote with their snapshot balances. Tokens bought after the snapshot carry no weight. Tokens sold after the snapshot keep theirs. The deployer and the bundle cannot vote.

The vote closes at 140,000 yes and 40,000 no. That is 180,000 cast, above quorum, and 77.8 % yes.

Day 3 — finalize and forge

Anyone calls finalize. Quorum was reached, so the bond goes back to the proposer. The vote passed, so Exile forges the new token in the same transaction.

The new token mints 50,000 to Walls and 10,000 to the Treasury. The rest exists only through claims. The Stele records the outcome.

Day 3 onward — claims

Each eligible holder approves their old tokens and claims. Old tokens go to Walls. New tokens are minted one for one. There is no deadline. A holder can claim on day 3, on day 300, or in parts.

Day 3 to day 6 — the sweeps

As soon as old tokens reach Walls, anyone can call sweep. The first sweep starts a 72-hour schedule. Each sweep, at most one per hour, sells a slice of the pending old tokens into the old pool. The HYPE accumulates.

Day 6 at the earliest — the walls rise

Seventy-two hours after the first sweep, anyone calls raise. Walls pairs all the HYPE it collected with the 50,000 new tokens in a fresh pool. The LP tokens are sent to the dead address. That liquidity can never be pulled.

Once the new pool exists, the Treasury begins selling its 10,000 new tokens over 72 hours. The HYPE it raises buys $OSTRA and burns it.

After — the walls keep growing

Late claimers keep handing in old tokens. Each later sweep sells them and adds the proceeds to the new pool, with the LP burned again.

The deployer and the bundle still hold their 200,000 old tokens. They can trade them in the old pool. The holders have moved on.