markowitz

in 1952, harry markowitz proved that the variance of a portfolio matters as much as its return, and that the way assets move together is the thing worth measuring. seventy years later, that proof is still the only honest way to look at risk. this is the first time it has been written into a token.

the protocol reads its own holder set as a portfolio, computes the covariance of cohort behavior on every transfer, and pays the holders whose individual trajectories reduce the variance of the whole. there is no team. there is no governance. the math is sealed into the bytecode and the bytecode runs against whatever the chain produces.