SKY.

SPECTRE’s proposed monetary Layer 1 explains SKY’s protocol mechanics within SPECTRE, including the basic SKY/ZAI swap AMM and its liquidity pools. Organisational issuance and investor rights stay in We; LIQUID owns advanced exchange and application-level settlement workflows, including markets for eligible organisation instruments. No live currency, payment or DEX service is established here.

SKY The intended currency for exchange in the agentic economy. Its role is distinct from coordination capital; it is not a promise of a fixed value or a currently available payment service.

The intended currency for paying for useful work and services. The research treats SKY balances and credit liabilities separately. It assumes a floating exchange value, not a fiat or energy peg; purchasing power depends on demand and usable supply, not the name of the currency.

Inspect the SKY contractExplore SKY research

Explore credit and long exposure · Explore AMM liquidity · Explore the separate short-borrowing proposal

Use the same unit for debt and collateral value. With debt D in SKY, pledged collateral q in ZAI and a mark p in SKY per ZAI, x = D / (q × p).

The positive curve is x / (1 − x) for 0 ≤ x < 1. x / (x − 1) is its negative mirror, not a second positive rate. The selected reference model applies a separate annual scale β = 0.10, giving r = β × x / (1 − x).

This example keeps the loan and ZAI pledge fixed while its mark moves gradually between 90 and 110 SKY per ZAI over 48 seconds. The collateral value, ratio and reference quote update together. These are illustrative values, not a live exchange-rate feed or offered credit terms. No interest accrues in this visual example.

A market mark, a quote for a trade size and settled exchange proceeds are different. A live version needs a named price source and timestamp; a missing or stale mark must not be replaced with an invented price. At x ≥ 1 the displayed rate function is outside its domain.

September 2026 reference accounting. The following lifecycle belongs to the preserved research model. The October 20 continuous-wallet direction is a separate, unimplemented successor.

In the selected reference model, an eligible collateral-backed draw creates a spendable SKY balance and a principal liability. Interest accrual increases the borrower’s debt and credits the corresponding SKY amount once to the entitled liquidity providers, or to an explicitly tracked escrow if no LP shares exist.

Repayment spends existing SKY against accrued interest first, then principal. The reference closure burns the repaid amount. Unpaid debt remains a liability; a default or collateral price does not magically fund repayment.

These are accounting assumptions to verify, not credit terms or an available borrowing facility. Funded recovery, market demand and distributed execution remain open.

Compare interest with redistribution and dividends

The October 20 direction proposes paying interest continuously from the wallet under a bounded standing agreement: no fresh signature for each covered charge and no extra balance sent to a separate contract merely to fund it. This successor is not implemented.

A successful charge must debit actual available funds and record its disposition once. It must not also capitalise the same paid interest or issue a duplicate reward. Charge asset, recipient, transfer or burn, supply treatment, insufficient-funds handling and competing-debit priority remain owner decisions. The September supply/debt identity cannot simply be carried over.

Terms must identify accounts, assets, rate, limits, expiry, revocation and exit. Catch-up after a partition must prevent double charging. Stopping an instruction does not erase an existing debt or collateral right. Optional target-ratio re-leveraging needs separate scope for every additional draw, trade and pledge.

Read the successor direction and acceptance gates · Credit decisions still open · Infrastructure dependencies

The aim is to incentivise useful services and dependable network capacity. Contribution, provider qualification, review and payment must remain distinguishable. No contribution automatically earns SKY, grants ZAI or establishes an entitlement.

Explore the They contribution previewUnderstand the Mesh Substrate

These pages explain a research design, not an available financial service. Model balances, rates and conservation rules are assumptions to test—not offers, entitlements, forecasts or proof of redeemability. The selected documentation baseline is dated 21 September 2026; the October 20 continuous-wallet direction is a separate unimplemented successor. Runtime and economic acceptance remain open.

SKY page status: a research specification — no live money, no sale, no redemption and no yield claim.

ZAI redistribution, SKY lending interest and DAV dividends have different sources, recipients and rules. A simulated work weight is not verified physical contribution. An exchange price is not a funded exit. A payment receipt is not independent evidence of an outcome.

No stake, token balance, fast route or AI recommendation grants authority to act for someone else. The research must still establish accounting closure, recovery, incentives, demand, distributed validity and rights before any production decision.

Compare the three flows · Inspect the open research gates

A proposed delivery outline derived from the selected monetary documentation baseline. This website plan is not an adopted project charter, financial offer or production rate decision.

VVision

Currency for useful exchange has explicit liabilities, observable accounting and accountable loss treatment—not an invented peg or guaranteed purchasing power.

MMission

Test SKY creation, transfers, accrual, repayment and recovery against the September reference accounting; separately qualify the unimplemented October continuous-wallet successor before any monetary runtime.

OObjectives

Independently reproduce the accounting, rate-domain and missing-price boundaries; name funded recovery and loss bearers; specify distributed mint, pledge and release validity.

SStrategies

Reconcile actual wallet debits and selected disposition without also capitalising paid interest. Charge asset, recipients, insufficient balances, replay and exit need a successor contract. Distinguish balances from debt, marks from trade-size quotes and quotes from settlement. Preserve residual default; separate economic and fee qualification from algebraic conservation.

KMeasures & triggers

Measure issuance and repayment identities, rate-domain failures, stale or missing marks, residual default, reserved recovery capacity, legitimate exit and distributed replay/double-mint failures. No production rate is set here.

AAgents & skills

Accounting, liquidity/recovery design, price-source evaluation, distributed validity, rights and independent testing skills are needed. Operators and adoption remain open; AI proposals do not sign or spend.

The capital role used to be a section of this page. It now has its own page, because the two roles are distinct and each deserves somewhere of its own to be. A bookmark to /money#zai forwards there automatically.

Go to ZAI · The capital

SKY, ZAI and SPECTRE are explained within SPECTRE’s shared protocol stack. Capital concerns participation and collateral, not authority. The roles’ use in the proposed organisational financial model is compared on the SoResFi page.

• The proposed operating systemSPECTREThe proposed open operating system for the Marketsphere; shared protocols and node infrastructure support participation.
• The capitalZAIParticipation, redistribution and collateral in the research model.
• The currencySKYThe intended currency for exchanging useful work.