fable-0

fable-0 is an spl token on solana whose entire monetary policy is one equation. the marginal mint price rises as a power law in supply, the same family of curves that governs how the loss of a language model falls with compute. the curve has three constants and no parameters. the first price, the last price, and the exponent between them were fixed before the first transaction, and nothing that happens afterward can move them.

the law

between 2020 and 2022, the labs training the largest language models measured how loss falls as compute grows and found the same shape every time: a power law decaying toward an irreducible floor. loss equals the floor plus a coefficient over compute raised to an exponent, and the exponent barely moves across model families. the result is now called a scaling law, and it carries a second, quieter implication. for any fixed budget there is a point past which the next unit of compute buys less loss than it costs, a compute-optimal frontier where the rational move is to stop.

fable-0 takes that exact functional form and points it the other way. in training, loss falls as a power law in compute toward a floor that cannot be passed. in fable-0, price rises as a power law in supply toward a halt that cannot be passed. the law is the same. only the direction changes.

issuance

the mint program is the only issuer. there is no team allocation, no premine, no insider round, and no second path to supply. every token in existence was minted through the curve at the price the curve quoted at that moment.

the marginal price at supply n is

p(n) = ε + a · n^α

where ε is the floor, α is the exponent, and a is a derived coefficient, computed at compile time from the other constants. the cumulative sol required to mint the first n tokens is the integral under the curve:

c(n) = ε·n + a · n^(1+α) / (1+α)

minting deposits sol into a reserve held by a program derived address. the reserve grows with every mint and belongs to no one. it exists for one purpose, described below.

the reserve

burning is the inverse of minting. burning b tokens from a supply of q returns exactly the sol that was deposited to mint those marginal tokens, c(q) minus c(q minus b), less a protocol fee, a constant compiled alongside the others, that stays in the reserve permanently. the reserve is always sufficient by construction, because every withdrawal is the exact integral of what was deposited for the tokens being destroyed. there is no token without a corresponding deposit, and no withdrawal without a corresponding burn. the fee is not a treasury. it cannot be governed, voted on, redirected, or withdrawn. it is a counterweight that makes the curve expensive to churn and impossible to extract from, including by whoever deployed it.

the floor and the halt

ε is the irreducible term. it is the price the curve assigns before scale exists, the marginal cost of the very first token, and the level the burn price can approach but never undercut. in the training analogy it is irreducible loss: the part of the objective no amount of compute removes.

h is the halt. when the marginal price reaches h, the program stops minting, permanently and on its own. the supply at that crossing is

n* = ((h minus ε) / a)^(1/α)

the supply at that crossing is fixed the moment the constants are. nothing triggers the halt except the curve reaching it. there is no admin who decides issuance is over, in the same way there is no engineer who decides a training run has hit irreducible loss. the budget runs out where the math says it runs out.

the consequence is worth stating plainly. the token's first price and its last price were both chosen before its first transaction. everything between them is interpolation along a published exponent. a holder at any moment can compute the cost of every token that will ever exist.

the mirror

the comparison charts above are not decoration. they are the same function plotted twice. on the left, loss falls as a power law in compute toward a floor, and training stops where marginal compute can no longer buy loss. on the right, price rises as a power law in supply from a floor, and minting stops where the marginal token can no longer be priced below the halt. fable-0 does not borrow imagery from machine learning. it compiles the discipline's central empirical law into a monetary policy and lets it run unattended.

the readout

the readout above the whitepaper is the live half of the page. market price, circulating supply, holders, volume, and liquidity render from live market data through a server side proxy, real or a dash, never estimated. when the program is live, the readout gains the curve rows: the share of terminal supply minted, the implied cumulative deposit at the current supply, the distance to the halt, and the premium, market price over the curve's marginal price. above one, the market values fable-0 beyond what the curve charges and minting is rational. below one, the curve is the better seller. the curve does not care which regime it is in. it quotes the formula either way.

the seal

the program ships sealed. the mint authority is the program itself, the constants are compiled into the binary, and the upgrade authority is revoked in the same session the program is deployed, which fixes the bytecode at its address permanently. there is no admin key, no pause function, no parameter that can be tuned, no governance that can be summoned later. the deployment fields in the readout render a dash until the program is live, and from the moment they fill in, every claim in this document is checkable against the chain by anyone with an rpc connection. the page does not ask to be believed. it asks to be recomputed.