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The Ramp: what it is, and what it is not

The Ramp is a delivery schedule on buys. It never stops you selling what is in your wallet.

What the Ramp is(link to this section)

For a fixed number of blocks after the Opening Round, the coin's Ramp, tokens you buy are delivered to your wallet gradually instead of all at once. The schedule is linear and it is identical for everyone:

delivered = your purchase × (blocks since the Opening Round closed ÷ the Ramp's length in blocks)

The clock belongs to the coin, not to you. It starts when the Opening Round closes and it runs once; everybody holding that coin unlocks at the same instant, whatever minute they bought in. So a buy made a third of the way through the Ramp is already a third delivered in its own transaction, and the other two thirds arrive over the rest of the schedule. Buying later does not restart anything, and a buy after the Ramp has ended vests nothing at all. It is delivered in full, immediately.

The share delivered is the share of the Ramp that has elapsed, exactly. A tenth of the way in you hold a tenth of what you bought; halfway through the Ramp, half is sellable; at the end, all of it. The rest is held in escrow against your position and arrives on that schedule; you can also pull whatever has vested at any time, and anybody can run that crank for you.

What the Ramp is not(link to this section)

It is not a restriction on selling. 100% of whatever your wallet holds is sellable at every instant, including minute 0. Nothing about the Ramp pauses, caps, delays or taxes selling.

What the Ramp gives you: while it runs, nobody who bought earlier than you holds a larger fraction of their purchase than you do. Everybody's tokens arrive on the same clock. Nobody can sell faster than you: halfway through the Ramp an early buyer can sell half, and so can you.

Selling during the Ramp(link to this section)

Sell whenever you like. What has been delivered sells now, and the rest sells as it lands. A buy sold straight back early in the Ramp returns its delivered share, and the remainder arrives over the rest of the schedule: deferred, not lost.

The other Ramp rule: one wallet, 2.5% of the curve(link to this section)

During the Ramp, a single wallet can buy at most 2.5% of the coin's curve inventory, counted cumulatively across the whole Ramp, not per trade and not per transaction. A buy that would take you past it buys only what is left of your allowance, and if nothing is left it buys nothing and charges nothing.

It also means a coin can fill its whole curve inside the Ramp, but it takes about forty separate wallets to do it.