The opening bell

Order of the open

1. Before the bellPreview

   The board is in preview. Prices update, thresholds display, and every crown is vacant until the bell.

   A pre-claim puts a handle on a ticker with no wallet and no capital. One claim per handle, one claimant per ticker.

2. First 60 secondsClaim window

   A ticker with a pre-claim belongs to its claimant for this minute. A takeover on that ticker is refused unless the request carries the claimant's handle.

   A ticker with no pre-claim is open from the bell.

3. Minutes 1 to 5Auction

   Takeover requests are recorded as bids. Nothing is granted while the auction runs.

   One bid per wallet per ticker, and a new bid replaces that wallet's previous one. At the close the highest score takes the seat, ties broken by the earlier bid. A top bid that does not clear the ticker's threshold takes nothing and the seat stays vacant.

4. After minute 5Open

   First past the post. A takeover is granted the moment it clears the sitting CEO's threshold.

   The house rules apply from here: a 48 hour cooldown per wallet between takeovers, and a cap of 3 crowns per wallet.

Why the first 5 minutes are an auction

Every threshold is at its floor at the open, because every seat is vacant and there is no incumbent score to beat. First past the post at that moment is a race on latency, and a script wins a race on latency. Bids accumulate for 5 minutes so the seat goes to the largest position rather than the fastest request.

What the open hands you

A crown taken at the bell starts its tenure at the bell. The season is won by the longest single reign, not the largest position, so the earliest crowning is the longest one available. A sitting CEO collects liquid dividends for as long as the seat is held, and a 12% drawdown from the crowning price vacates the crown.