@layer reset, tokens, base, layout, components, utilities;
@layer reset{*,*::before,*::after{box-sizing:border-box}*{margin:0}img,svg{display:block;max-inline-size:100%}button,input,select{font:inherit}a{color:inherit;text-decoration:none}button{cursor:pointer}button:disabled{cursor:not-allowed}ul{list-style:none}}
@layer tokens{:root{color-scheme:light;--paper:oklch(97% .004 155);--paper-light:oklch(99% .002 155);--ink:oklch(25% .012 255);--wine:oklch(29% .014 255);--wine-light:oklch(41% .018 255);--muted:oklch(47% .012 255);--line:oklch(86% .008 155);--sand:oklch(86% .017 153);--font:DM Sans,Arial,sans-serif;--display:Space Grotesk,Arial,sans-serif;--max:1280px;--gutter:clamp(22px,5.5vw,80px)}}
@layer base{html{scroll-padding-top:35px}body{background:var(--paper);color:var(--ink);font-family:var(--font);font-size:15px;line-height:1.6;-webkit-font-smoothing:antialiased}h1,h2,h3{font-family:var(--display);font-weight:400;letter-spacing:-.03em;text-wrap:balance;line-height:1.12}h1{font-size:clamp(43px,4.6vw,66px)}h2{font-size:clamp(32px,3.4vw,48px)}h2 span{color:var(--muted)}h3{font-size:25px}p{text-wrap:pretty}button{border:0}input,select{min-inline-size:0;accent-color:var(--wine)}:focus-visible{outline:2px solid var(--wine);outline-offset:5px}::selection{background:var(--wine);color:var(--paper)}input[type=range]{cursor:pointer;block-size:28px}button,a,input,select{touch-action:manipulation}a,button{ -webkit-tap-highlight-color:transparent}}
@layer layout{.wrap{max-inline-size:calc(var(--max) + var(--gutter)*2);margin-inline:auto;padding-inline:var(--gutter)}.section{padding-block:108px}.section-label{display:flex;gap:28px;align-items:center;margin-block-end:46px}.section-label>span{font-family:var(--display);font-size:14px;color:var(--muted)}.section-label p,.eyebrow{font-size:14px;letter-spacing:.13em;font-weight:600;line-height:1.4}.section-heading{display:flex;justify-content:space-between;gap:48px;align-items:flex-end;margin-block-end:46px}.section-heading>p{max-inline-size:310px;color:var(--muted);font-size:15px}.site-header{display:flex;align-items:center;justify-content:space-between;gap:28px;block-size:96px;position:relative;z-index:5}.desktop-nav{display:flex;gap:30px;font-size:14px}.desktop-nav a{position:relative;padding-block:12px}.desktop-nav a::after{content:'';position:absolute;inset-inline:0;inset-block-end:7px;block-size:1px;background:currentColor;transform:scaleX(0);transform-origin:left;transition:transform .25s}.desktop-nav a:hover::after{transform:scaleX(1)}.hero{position:relative;min-block-size:740px;overflow:clip}.hero-heading{text-align:center;position:relative;z-index:2;padding-block-start:42px;pointer-events:none}.hero-heading .eyebrow{margin-block-end:20px;color:var(--wine)}.hero-heading h1 span{color:var(--wine)}.hero-heading>p:last-child{font-size:15px;color:var(--muted);margin-block-start:17px}.hero-art{block-size:458px;max-inline-size:1200px;margin-inline:auto;margin-block-start:-8px;position:relative;isolation:isolate}.hero-art::after{content:'';position:absolute;inset:0;box-shadow:inset 0 15px 24px 8px var(--paper),inset 24px 0 24px -5px var(--paper),inset -24px 0 24px -5px var(--paper),inset 0 -16px 24px 0 var(--paper);pointer-events:none}.hero-art img{inline-size:100%;block-size:100%;object-fit:cover;object-position:50% 54%;mix-blend-mode:multiply}.hero-bottom{display:grid;grid-template-columns:1fr auto 1fr;align-items:center;gap:24px;margin-block-start:-12px;position:relative;z-index:2}.hero-bottom>p{font-size:14px;line-height:1.7;color:var(--muted)}.hero-network{text-align:end}.hero-network span{color:var(--ink)}.hero-footnote{display:flex;justify-content:space-between;padding-block:40px 20px;font-size:14px;letter-spacing:.09em;color:var(--muted)}.thesis{display:grid;grid-template-columns:240px 1fr;border-block-start:1px solid var(--line);margin-block-start:20px}.thesis-content h2{max-inline-size:720px}.thesis-content>.lead{margin-block:30px;max-inline-size:610px;font-size:23px;line-height:1.5;letter-spacing:-.025em}.thesis-copy{display:grid;grid-template-columns:1fr 1fr;gap:40px;margin-block:0 30px}.thesis-copy p{font-size:14px;color:var(--muted);max-inline-size:340px}.principle-line{grid-column:2;display:flex;justify-content:space-between;border-block-start:1px solid var(--line);padding-block-start:28px;margin-block-start:58px;font-size:14px}.reserve-section{background:var(--paper-light)}.reserve-model{border-block:1px solid var(--line)}.model-toolbar{display:flex;justify-content:space-between;gap:20px;padding-block:28px}.allocation-bar{display:flex;block-size:140px;gap:3px;overflow:clip}.allocation-bar>div{display:flex;flex-direction:column;justify-content:space-between;padding:22px 25px;min-inline-size:0;transition:flex-basis .45s ease}.allocation-bar span{font-size:14px;white-space:nowrap}.allocation-bar strong{font-family:var(--display);font-size:30px;font-weight:400}.bar-base{background:var(--sand)}.bar-liquidity{background:var(--wine);color:var(--paper)}.model-control{max-inline-size:510px;padding-block:32px 38px}.model-control label{display:flex;justify-content:space-between;font-size:14px}.model-control output{font-variant-numeric:tabular-nums;font-weight:600}.model-control input{inline-size:100%;margin-block:12px 0}.range-ends{display:flex;justify-content:space-between;font-size:14px;color:var(--muted)}.reserve-row{display:grid;grid-template-columns:1fr 1.45fr .45fr;gap:30px;border-block-start:1px solid var(--line);padding-block:24px;align-items:center}.reserve-row>span:first-child{display:flex;gap:14px;align-items:center;font-size:16px;font-weight:500}.reserve-row>p{font-size:14px;color:var(--muted)}.reserve-row>strong{font-size:18px;font-variant-numeric:tabular-nums;font-weight:400;justify-self:end}.reserve-row .tag{justify-self:end}.reserve-row.table-head{padding-block:15px;color:var(--muted);font-size:14px}.reserve-row.table-head>span{font-size:14px;font-weight:400}.reserve-row.table-head>span:last-child{justify-self:end}.future{opacity:.8}.layer-swatch{display:block;inline-size:9px;block-size:20px;flex:none}.base-swatch{background:var(--sand)}.lp-swatch{background:var(--wine)}.future-swatch{border:1px solid var(--muted);background:transparent}.model-bottom{display:flex;justify-content:space-between;align-items:center;border-block-start:1px solid var(--line);padding-block:23px;gap:25px}.model-bottom p{font-size:14px;color:var(--muted)}.cycle-rows{border-block-start:1px solid var(--line);margin-block-end:30px}.cycle-row{display:grid;grid-template-columns:70px 1.1fr 1fr 120px;align-items:center;gap:28px;padding-block:36px;border-block-end:1px solid var(--line)}.cycle-number{font-size:14px;color:var(--muted)}.cycle-row h3{font-size:23px;letter-spacing:-.04em}.cycle-row p{font-size:14px;color:var(--muted)}.cycle-key{font-size:14px;text-align:end;color:var(--wine)}.conviction{background:var(--wine);color:var(--paper);overflow:clip}.conviction-inner{padding-block:86px 30px}.conviction h2{font-size:clamp(33px,3.7vw,54px);margin-block:35px 45px}.conviction-details{display:flex;justify-content:space-between;align-items:flex-end;gap:30px}.conviction-details p{font-size:15px;line-height:1.9;opacity:.82}.conviction-bottom{display:flex;justify-content:space-between;border-block-start:1px solid color-mix(in oklch,var(--paper) 25%,transparent);margin-block-start:70px;padding-block-start:24px;font-size:14px;letter-spacing:.07em;opacity:.8}.token-layout{display:grid;grid-template-columns:1fr 1fr;gap:100px}.token-layout .lead{margin-block:24px 12px;max-inline-size:370px;font-size:20px;line-height:1.5}.token-layout .button{margin-block-start:28px}.token-facts>div{display:flex;justify-content:space-between;gap:24px;padding-block:16px;border-block-end:1px solid var(--line);font-size:14px}.token-facts>div:first-child{border-block-start:1px solid var(--line)}.token-facts dt{color:var(--muted)}.token-facts dd{font-weight:500;text-align:end}.token-note{font-size:14px;color:var(--muted);margin-block-start:55px}.site-footer{border-block-start:1px solid var(--line);padding-block:45px 26px}.footer-top{display:flex;justify-content:space-between;gap:30px;align-items:start}.footer-top>p{font-family:var(--display);font-size:23px;letter-spacing:-.04em}.footer-top nav{display:grid;gap:10px;font-size:14px}.footer-bottom{display:flex;justify-content:space-between;gap:30px;align-items:flex-end;padding-block-start:65px;font-size:14px;color:var(--muted)}.footer-bottom a{text-decoration:underline;text-underline-offset:4px}}
@layer components{.brand{display:inline-flex;align-items:center;gap:10px;font-family:var(--display);font-size:21px;font-weight:500;letter-spacing:-.03em;line-height:1}.brand svg{inline-size:25px;block-size:25px;fill:var(--wine)}.button{display:inline-flex;align-items:center;justify-content:center;background:var(--wine);color:var(--paper-light);font-size:14px;font-weight:500;min-block-size:48px;padding:14px 27px;border:1px solid var(--wine);border-radius:3px;transition:background .25s,transform .25s,color .25s;white-space:nowrap}.button:hover{background:var(--wine-light);transform:translateY(-2px)}.button.small{min-block-size:40px;padding:10px 21px;font-size:14px}.button.outline{background:transparent;color:var(--wine)}.button.outline:hover{background:var(--wine);color:var(--paper)}.button.light{background:var(--paper);color:var(--wine);border-color:var(--paper)}.button.light:hover{background:white}.button:disabled{opacity:.45;transform:none}.text-link{display:inline-block;border:0;background:transparent;border-block-end:1px solid currentColor;padding-block:3px;font-size:14px;color:var(--wine);transition:color .2s}.text-link:hover{color:var(--wine-light)}.caption{font-size:14px;color:var(--muted)}.tag{display:inline-block;border:1px solid var(--line);padding:3px 9px;border-radius:2px;font-size:14px;white-space:nowrap;inline-size:max-content}.feedback{font-size:14px;color:var(--wine)}.feedback:empty{display:none}.feedback:not(:empty){padding-block:0 18px}.menu-button{display:none;background:none;inline-size:44px;block-size:44px;padding:12px}.menu-button span{display:block;block-size:1px;background:var(--ink);margin-block:6px}.mobile-nav{padding-block:20px;z-index:5;position:absolute;inset-inline:0;background:var(--paper);border-block-end:1px solid var(--line)}.mobile-nav:not([hidden]){display:grid;gap:16px}.mobile-nav a{padding-block:8px}.skip-link{position:fixed;inset-block-start:8px;inset-inline-start:8px;z-index:100;padding:10px;background:var(--wine);color:white;transform:translateY(-160%)}.skip-link:focus{transform:translateY(0)}.muted{font-size:14px;color:var(--muted)}.lead{font-size:20px}.field{display:grid;gap:8px;font-size:14px}.field input,.field select{padding:12px;border:1px solid var(--line);border-radius:2px;background:var(--paper-light);color:var(--ink);inline-size:100%;min-block-size:46px}.field small{font-size:14px;color:var(--muted)}.form-error{color:var(--wine);font-size:14px;min-block-size:20px}details{border-block-end:1px solid var(--line);padding-block:24px}summary{cursor:pointer;font-family:var(--display);font-size:22px;list-style:none;display:flex;justify-content:space-between;gap:20px}summary::-webkit-details-marker{display:none}summary::after{content:'+';font-size:24px;font-weight:300}details[open] summary::after{content:'−'}details p{margin-block-start:20px;font-size:14px;color:var(--muted);max-inline-size:700px}dialog{max-inline-size:min(600px,calc(100% - 32px));inline-size:100%;margin:auto;padding:36px;border:1px solid var(--line);border-radius:4px;background:var(--paper);color:var(--ink);max-block-size:85dvh;overflow:auto}dialog::backdrop{background:oklch(15% .02 20 / .5)}.dialog-head{display:flex;justify-content:space-between;align-items:center;gap:20px;margin-block-end:24px}.dialog-head h2{font-size:29px}.close-button{inline-size:40px;block-size:40px;font-size:25px;color:var(--ink);background:transparent}dialog p{font-size:14px;color:var(--muted)}dialog .button{margin-block-start:25px}}
@layer utilities{.hero-art img{object-fit:contain;inline-size:auto;margin-inline:auto;mask-image:linear-gradient(to right,transparent,black 8%,black 92%,transparent),linear-gradient(to bottom,transparent,black 7%,black 90%,transparent);mask-composite:intersect}.sr-only{position:absolute;inline-size:1px;block-size:1px;padding:0;margin:-1px;overflow:hidden;clip:rect(0,0,0,0);white-space:nowrap;border:0}[hidden]{display:none!important}}
@media(max-width:1050px){.desktop-nav{gap:18px}.section{padding-block:80px}.thesis{grid-template-columns:150px 1fr}.token-layout{gap:55px}.cycle-row{grid-template-columns:45px 1fr 1fr}.cycle-key{display:none}}
@media(max-width:760px){.site-header{block-size:78px;gap:12px}.brand{font-size:19px}.brand svg{inline-size:22px}.desktop-nav{display:none}.site-header>.button{margin-inline-start:auto;padding-inline:15px;min-block-size:38px;font-size:14px}.menu-button{display:block}.hero{min-block-size:auto}.hero-heading{padding-block-start:35px}.hero-heading .eyebrow{font-size:14px;margin-block-end:20px}.hero-heading h1{font-size:43px}.hero-heading>p:last-child{font-size:14px;margin-inline:20px;margin-block-start:16px}.hero-art{block-size:330px;inline-size:calc(100% + 40px);margin-inline-start:-20px;margin-block-start:5px}.hero-art img{object-fit:cover;object-position:center 54%}.hero-bottom{grid-template-columns:1fr 1fr;gap:25px;margin-block-start:0}.hero-bottom .button{grid-column:1/-1;grid-row:1;justify-self:center;min-inline-size:190px}.hero-bottom>p{font-size:14px}.hero-footnote{padding-block:30px 20px;gap:15px;font-size:14px;letter-spacing:.03em}.section{padding-block:60px}.section-label{gap:20px;margin-block-end:30px}.section-label p{font-size:14px}.thesis{display:block;margin-block-start:5px}.thesis-content>.lead{font-size:20px;margin-block:25px}.thesis-copy{grid-template-columns:1fr;gap:18px}.thesis-copy p{max-inline-size:none;font-size:14px}.principle-line{gap:18px;flex-wrap:wrap;margin-block-start:35px;font-size:14px;justify-content:flex-start;padding-block-start:22px}.section-heading{display:block;margin-block-end:30px}.section-heading>p{margin-block-start:22px;max-inline-size:330px;font-size:14px}.model-toolbar{padding-block:22px;display:block}.model-toolbar .caption{display:block;margin-block-start:6px}.allocation-bar{block-size:124px}.allocation-bar>div{padding:15px 12px}.allocation-bar span{font-size:14px;white-space:normal}.allocation-bar strong{font-size:26px}.model-control{padding-block:26px 30px}.model-control label{font-size:14px}.reserve-row{grid-template-columns:1fr 80px;gap:10px;padding-block:20px}.reserve-row>p{grid-row:2;grid-column:1/-1;font-size:14px;padding-inline-start:22px}.reserve-row>span:first-child{font-size:14px;gap:12px}.reserve-row>strong,.reserve-row>.tag{grid-row:1;grid-column:2;font-size:14px}.reserve-row>.tag{font-size:14px}.reserve-row.table-head{grid-template-columns:1fr 80px}.reserve-row.table-head>span:nth-child(2){display:none}.reserve-row.table-head>span:last-child{grid-column:2}.model-bottom{display:block}.model-bottom .text-link{margin-block-start:16px}.cycle-row{grid-template-columns:32px 1fr;gap:10px 12px;padding-block:25px}.cycle-row h3{font-size:21px}.cycle-row p{grid-column:2;font-size:14px}.conviction-inner{padding-block:56px 24px}.conviction h2{font-size:34px;margin-block:30px}.conviction-details{display:block}.conviction-details p{font-size:14px}.conviction-details .button{margin-block-start:26px}.conviction-bottom{margin-block-start:45px;gap:20px;font-size:14px}.token-layout{display:block}.token-layout .lead{font-size:19px}.token-facts{margin-block-start:40px}.token-facts>div{font-size:14px}.token-note{font-size:14px;margin-block-start:30px}.footer-top{flex-wrap:wrap;row-gap:30px}.footer-top>.brand{inline-size:100%}.footer-top>p{font-size:20px}.footer-top nav{font-size:14px}.footer-bottom{padding-block-start:40px;flex-wrap:wrap;gap:20px;font-size:14px}.footer-bottom>span{inline-size:100%}dialog{padding:24px}}
@media(prefers-reduced-motion:reduce){*,*::before,*::after{animation:none!important;transition:none!important;scroll-behavior:auto!important}}
@media(forced-colors:active){.button,.tag,input{border:1px solid ButtonText}.allocation-bar>div{border:1px solid CanvasText}.layer-swatch{border:1px solid CanvasText}}