:root {
    --paper: #f3ece0;
    --paper-deep: #e9dfcd;
    --ink: #1c1712;
    --ink-soft: #5a4e42;
    --rule: #cbbba3;
    --gold: #b8892f;
    --gold-bright: #e2b75a;
    --night: #070d1f;
    --night-2: #0d1834;
    --night-ink: #e8e3d8;
    --night-soft: #9aa6c2;
    --electric: #6fa8ff;
    --serif: "Cormorant Garamond", Georgia, serif;
    --sans: "Inter", system-ui, sans-serif;
    --mono: "JetBrains Mono", ui-monospace, monospace;
  }
  * { box-sizing: border-box; margin: 0; padding: 0; }
  html { scroll-padding-top: 72px; }
  body {
    background: var(--paper);
    color: var(--ink);
    font-family: var(--sans);
    font-size: 16px;
    line-height: 1.6;
    -webkit-font-smoothing: antialiased;
    overflow-x: hidden;
  }
  a { color: inherit; }
  .wrap { max-width: 1120px; margin: 0 auto; padding: 0 24px; }

  /* Nav */
  nav {
    position: fixed; inset: 0 0 auto 0; z-index: 10;
    transition: background .3s, border-color .3s;
    border-bottom: 1px solid transparent;
  }
  nav.scrolled { background: rgba(243, 236, 224, .97); backdrop-filter: blur(16px) saturate(1.2); border-color: var(--rule); }
  nav .wrap { display: flex; align-items: center; justify-content: space-between; height: 72px; }
  .brand { display: flex; align-items: center; gap: 12px; text-decoration: none; }
  .brand img { width: 40px; height: 40px; border-radius: 50%; border: 1px solid var(--ink); background: #fff; object-fit: cover; }
  .brand span { font-family: var(--serif); font-size: 26px; font-weight: 600; letter-spacing: .02em; }
  nav ul { display: flex; gap: 32px; list-style: none; align-items: center; }
  nav ul a { text-decoration: none; font-size: 13px; letter-spacing: .14em; text-transform: uppercase; color: var(--ink-soft); }
  nav ul a:hover { color: var(--ink); }
  .btn {
    display: inline-flex; align-items: center; gap: 10px;
    padding: 14px 26px; font-size: 13px; font-weight: 600; letter-spacing: .14em; text-transform: uppercase;
    text-decoration: none; border: 1px solid var(--ink); background: var(--ink); color: var(--paper);
    transition: background .2s, color .2s;
  }
  .btn:hover { background: transparent; color: var(--ink); }
  .btn.ghost { background: transparent; color: var(--ink); }
  .btn.ghost:hover { background: var(--ink); color: var(--paper); }
  nav .btn { padding: 10px 18px; }

  /* Hero */
  .hero { padding: 150px 0 80px; text-align: center; position: relative; }
  .eyebrow {
    font-size: 12px; letter-spacing: .32em; text-transform: uppercase; color: var(--gold);
    display: inline-flex; align-items: center; gap: 14px;
  }
  .eyebrow::before, .eyebrow::after { content: ""; width: 36px; height: 1px; background: var(--gold); }
  .portrait {
    width: 168px; height: 168px; margin: 36px auto 28px; border-radius: 50%;
    padding: 6px; border: 1px solid var(--ink); position: relative;
  }
  .portrait::after {
    content: ""; position: absolute; inset: -14px; border-radius: 50%; border: 1px dashed var(--rule);
    animation: spin 60s linear infinite;
  }
  .portrait img { width: 100%; height: 100%; border-radius: 50%; object-fit: cover; mix-blend-mode: multiply; display: block; }
  @keyframes spin { to { transform: rotate(360deg); } }
  h1 {
    font-family: var(--serif); font-weight: 500; line-height: 1.02;
    font-size: clamp(44px, 8vw, 104px); letter-spacing: -.01em; max-width: 14ch; margin: 0 auto;
  }
  h1 em { font-style: italic; color: var(--gold); }
  .lede { max-width: 560px; margin: 28px auto 0; font-size: 18px; color: var(--ink-soft); }
  .cta { display: flex; gap: 14px; justify-content: center; flex-wrap: wrap; margin-top: 40px; }

  .ca {
    margin: 48px auto 0; max-width: 640px; display: flex; align-items: stretch;
    border: 1px solid var(--ink); background: #fbf7ef;
  }
  .ca label { padding: 14px 16px; font-size: 11px; letter-spacing: .2em; text-transform: uppercase; border-right: 1px solid var(--ink); display: flex; align-items: center; white-space: nowrap; }
  .ca code { flex: 1; padding: 14px 16px; font-family: var(--mono); font-size: 13px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap; text-align: left; align-self: center; }
  .ca button {
    border: 0; border-left: 1px solid var(--ink); background: transparent; padding: 0 18px; cursor: pointer;
    font-family: var(--sans); font-size: 11px; letter-spacing: .2em; text-transform: uppercase; font-weight: 600; color: var(--ink);
    min-width: 92px;
  }
  .ca button:hover { background: var(--ink); color: var(--paper); }

  /* Banner */
  .banner { margin-top: 90px; position: relative; }
  .banner img { width: 100%; display: block; aspect-ratio: 3 / 1; object-fit: cover; }
  .banner figcaption {
    display: flex; justify-content: space-between; padding: 14px 24px; font-size: 12px; letter-spacing: .2em;
    text-transform: uppercase; color: var(--ink-soft); border-bottom: 1px solid var(--rule);
  }

  /* Thesis */
  section { padding: 120px 0; }
  .section-head { display: grid; grid-template-columns: 200px 1fr; gap: 40px; margin-bottom: 64px; }
  .section-num { font-family: var(--serif); font-style: italic; font-size: 20px; color: var(--gold); border-top: 1px solid var(--ink); padding-top: 12px; }
  h2 { font-family: var(--serif); font-weight: 500; font-size: clamp(36px, 5vw, 60px); line-height: 1.05; border-top: 1px solid var(--ink); padding-top: 12px; }
  h2 em { font-style: italic; }

  .essay { display: grid; grid-template-columns: 200px 1fr; gap: 40px; }
  .essay aside { font-size: 12px; letter-spacing: .14em; text-transform: uppercase; color: var(--ink-soft); line-height: 2; }
  .essay aside strong { display: block; color: var(--ink); font-weight: 600; }
  .prose { max-width: 680px; font-family: var(--serif); font-size: 23px; line-height: 1.55; }
  .prose p + p { margin-top: 1em; }
  .prose p:first-child::first-letter {
    float: left; font-size: 92px; line-height: .8; padding: 8px 12px 0 0; color: var(--gold); font-weight: 500;
  }
  .prose strong { font-weight: 600; }
  .pull {
    margin: 56px 0; padding: 36px 0; border-top: 1px solid var(--ink); border-bottom: 1px solid var(--ink);
    font-family: var(--serif); font-style: italic; font-size: clamp(30px, 4vw, 44px); line-height: 1.2; text-align: center;
  }
  .pull small { display: block; margin-bottom: 14px; font-family: var(--sans); font-style: normal; font-size: 11px; letter-spacing: .24em; text-transform: uppercase; color: var(--ink-soft); }
  .pull.then { border-top: 0; margin-top: -56px; }
  .pull .gold { color: var(--gold); }

  .costs { list-style: none; margin: 48px 0; border-top: 1px solid var(--rule); }
  .costs li {
    display: flex; justify-content: space-between; align-items: baseline; padding: 14px 0; border-bottom: 1px solid var(--rule);
    font-family: var(--serif); font-size: 24px;
  }
  .costs li span { font-family: var(--mono); font-size: 13px; color: var(--ink-soft); }

  /* Denominator — night section */
  .night { background: radial-gradient(ellipse at 70% 0%, var(--night-2), var(--night) 70%); color: var(--night-ink); position: relative; overflow: hidden; }
  .night .section-num { color: var(--gold-bright); border-color: rgba(232, 227, 216, .4); }
  .night h2 { border-color: rgba(232, 227, 216, .4); }
  .night canvas { position: absolute; inset: 0; width: 100%; height: 100%; opacity: .55; pointer-events: none; }
  .night .wrap { position: relative; }

  .fraction { text-align: center; margin: 20px auto 80px; font-family: var(--serif); }
  .fraction .num { font-size: clamp(36px, 6vw, 72px); font-style: italic; padding: 0 24px 12px; }
  .fraction .bar { height: 2px; width: min(560px, 90%); margin: 0 auto; background: linear-gradient(90deg, transparent, var(--gold-bright), transparent); }
  .fraction .den { font-size: clamp(36px, 6vw, 72px); padding-top: 12px; color: var(--gold-bright); }
  .fraction .den small { font-size: .45em; color: var(--night-soft); font-style: italic; }

  .metrics { display: grid; grid-template-columns: repeat(4, 1fr); border-top: 1px solid rgba(232, 227, 216, .25); }
  .metric { padding: 32px 24px; border-right: 1px solid rgba(232, 227, 216, .25); }
  .metric:last-child { border-right: 0; }
  .metric .unit { font-family: var(--mono); font-size: 13px; color: var(--electric); }
  .metric h3 { font-family: var(--serif); font-weight: 500; font-size: 30px; margin-top: 28px; line-height: 1.1; }
  .metric p { font-size: 14px; color: var(--night-soft); margin-top: 10px; }

  .closing { margin-top: 96px; text-align: center; font-family: var(--serif); font-size: clamp(32px, 4.5vw, 56px); line-height: 1.15; max-width: 18ch; margin-left: auto; margin-right: auto; }
  .closing em { color: var(--gold-bright); }

  /* Pair */
  .pair { display: grid; grid-template-columns: 1fr auto 1fr; border: 1px solid var(--ink); }
  .pair .side { padding: 56px 48px; }
  .pair .side:first-child { background: linear-gradient(160deg, #f7f0e2, var(--paper-deep)); }
  .pair .side + .x + .side { background: radial-gradient(ellipse at 80% 0%, var(--night-2), var(--night)); color: var(--night-ink); }
  .pair .side + .x + .side .role { color: var(--electric); }
  .pair .ticker { font-family: var(--serif); font-size: 88px; line-height: 1; font-weight: 500; }
  .pair .role { font-size: 12px; letter-spacing: .24em; text-transform: uppercase; color: var(--gold); margin-top: 16px; }
  .pair .side p { font-family: var(--serif); font-size: 22px; margin-top: 28px; line-height: 1.4; }
  .pair .x {
    display: flex; align-items: center; justify-content: center; width: 96px;
    border-left: 1px solid var(--ink); border-right: 1px solid var(--ink);
    font-family: var(--serif); font-size: 48px; font-style: italic; color: var(--gold); background: var(--paper-deep);
  }
  .pair-caption { display: flex; justify-content: space-between; margin-top: 18px; font-size: 12px; letter-spacing: .2em; text-transform: uppercase; color: var(--ink-soft); }

  /* Acquire */
  .acquire { background: var(--paper-deep); border-top: 1px solid var(--rule); }
  .steps { display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; border-top: 1px solid var(--ink); }
  .step { padding: 32px 32px 32px 0; }
  .step + .step { padding-left: 32px; border-left: 1px solid var(--rule); }
  .step .n { font-family: var(--serif); font-style: italic; font-size: 44px; color: var(--gold); line-height: 1; }
  .step h3 { font-family: var(--serif); font-weight: 500; font-size: 28px; margin-top: 20px; }
  .step p { color: var(--ink-soft); margin-top: 8px; }
  .links { display: flex; gap: 14px; flex-wrap: wrap; margin-top: 56px; }

  footer { background: var(--ink); color: var(--paper); padding: 72px 0 48px; }
  footer .top { display: flex; justify-content: space-between; align-items: center; gap: 32px; flex-wrap: wrap; }
  footer .brand img { border-color: var(--paper); }
  footer .sig { font-family: var(--serif); font-style: italic; font-size: 22px; color: var(--gold-bright); }
  footer .fine { margin-top: 48px; padding-top: 24px; border-top: 1px solid rgba(243, 236, 224, .2); font-size: 12px; color: rgba(243, 236, 224, .55); max-width: 760px; line-height: 1.7; }

  /* Marquee */
  .marquee { overflow: hidden; border-bottom: 1px solid var(--rule); background: var(--paper); }
  .marquee .track { display: flex; width: max-content; animation: slide 48s linear infinite; }
  .marquee span { padding: 18px 28px; font-family: var(--serif); font-style: italic; font-size: 22px; white-space: nowrap; color: var(--ink-soft); }
  .marquee span::after { content: "✦"; font-style: normal; font-size: 12px; color: var(--gold); margin-left: 56px; vertical-align: middle; }
  @keyframes slide { to { transform: translateX(-50%); } }

  /* The unit */
  .unit-grid { display: grid; grid-template-columns: 1fr 1fr; gap: 0; border-top: 1px solid var(--ink); }
  .unit-grid > div { padding: 40px 40px 40px 0; }
  .unit-grid > div + div { padding: 40px 0 40px 40px; border-left: 1px solid var(--rule); }
  .definition { font-family: var(--serif); font-size: clamp(40px, 6vw, 76px); line-height: 1; }
  .definition sup { font-size: .45em; }
  .definition-gloss { font-family: var(--serif); font-size: 24px; line-height: 1.45; margin-top: 28px; max-width: 30ch; }
  .definition-gloss em { color: var(--gold); }
  .bio { font-size: 15px; color: var(--ink-soft); }
  .bio h3 { font-family: var(--serif); font-weight: 500; font-size: 30px; color: var(--ink); margin-bottom: 16px; }
  .bio p + p { margin-top: 14px; }
  .timeline { list-style: none; margin-top: 32px; border-top: 1px solid var(--rule); }
  .timeline li { display: grid; grid-template-columns: 72px 1fr; padding: 12px 0; border-bottom: 1px solid var(--rule); font-size: 14px; }
  .timeline b { font-family: var(--mono); font-weight: 500; color: var(--gold); }

  /* Live meter */
  .meter { margin: 0 auto 88px; max-width: 760px; text-align: center; border: 1px solid rgba(232, 227, 216, .25); padding: 40px 24px 28px; background: rgba(7, 13, 31, .5); backdrop-filter: blur(4px); }
  .meter small { font-size: 11px; letter-spacing: .24em; text-transform: uppercase; color: var(--night-soft); }
  .meter .value { font-family: var(--mono); font-size: clamp(30px, 6.4vw, 60px); color: var(--gold-bright); margin: 14px 0 6px; font-variant-numeric: tabular-nums; letter-spacing: -.02em; }
  .meter .value i { font-style: normal; color: var(--night-ink); font-size: .5em; margin-left: 8px; }
  .meter p { font-size: 13px; color: var(--night-soft); max-width: 520px; margin: 0 auto; }
  .meter cite { display: block; margin-top: 18px; font-style: normal; font-size: 11px; color: rgba(154, 166, 194, .7); }
  .meter cite a { color: inherit; }

  /* Market */
  .market { display: none; grid-template-columns: repeat(4, 1fr); border: 1px solid var(--ink); margin-top: 56px; background: #fbf7ef; }
  .market.live { display: grid; }
  .market div { padding: 22px 24px; }
  .market div + div { border-left: 1px solid var(--rule); }
  .market small { font-size: 11px; letter-spacing: .2em; text-transform: uppercase; color: var(--ink-soft); }
  .market b { display: block; font-family: var(--mono); font-weight: 500; font-size: 22px; margin-top: 6px; }
  .market .up { color: #2e7d4f; } .market .down { color: #a23b2a; }

  .toast {
    position: fixed; left: 50%; bottom: 32px; transform: translate(-50%, 20px); opacity: 0; z-index: 20;
    background: var(--ink); color: var(--paper); padding: 12px 22px; font-size: 12px; letter-spacing: .2em; text-transform: uppercase;
    transition: opacity .3s, transform .3s; pointer-events: none;
  }
  .toast.show { opacity: 1; transform: translate(-50%, 0); }

  @media (max-width: 860px) {
    nav ul li:not(:last-child) { display: none; }
    .section-head, .essay { grid-template-columns: 1fr; gap: 0; }
    .section-num { border-top: 0; padding-top: 0; margin-bottom: 8px; }
    .essay aside { display: none; }
    .prose { font-size: 20px; }
    .metrics { grid-template-columns: 1fr 1fr; }
    .metric:nth-child(2) { border-right: 0; }
    .metric:nth-child(-n+2) { border-bottom: 1px solid rgba(232, 227, 216, .25); }
    .pair { grid-template-columns: 1fr; }
    .pair .x { width: auto; height: 72px; border: 0; border-top: 1px solid var(--ink); border-bottom: 1px solid var(--ink); }
    .pair .side { padding: 40px 28px; }
    .pair .ticker { font-size: 64px; }
    .steps { grid-template-columns: 1fr; }
    .unit-grid { grid-template-columns: 1fr; }
    .unit-grid > div, .unit-grid > div + div { padding: 32px 0; border-left: 0; }
    .unit-grid > div + div { border-top: 1px solid var(--rule); }
    .market { grid-template-columns: 1fr 1fr; }
    .market div:nth-child(3) { border-left: 0; }
    .market div:nth-child(n+3) { border-top: 1px solid var(--rule); }
    .marquee span { font-size: 18px; padding: 14px 20px; }
    .step, .step + .step { padding: 28px 0; border-left: 0; border-bottom: 1px solid var(--rule); }
    section { padding: 88px 0; }
    .banner figcaption { font-size: 10px; padding: 12px 16px; }
  }
  @media (max-width: 520px) {
    .wrap { padding: 0 16px; }
    .ca { flex-wrap: wrap; }
    .ca label { width: 100%; border-right: 0; border-bottom: 1px solid var(--ink); padding: 10px 14px; }
    .ca code { font-size: 11px; padding: 14px; }
    .metrics { grid-template-columns: 1fr; }
    .metric { border-right: 0 !important; border-bottom: 1px solid rgba(232, 227, 216, .25); }
    .costs li { font-size: 20px; }
    .banner img { aspect-ratio: 16 / 9; object-position: 50% 50%; }
  }
  @media (prefers-reduced-motion: reduce) {
    .portrait::after, .marquee .track { animation: none; }
  }

  .static *, .static *::before, .static *::after { animation-play-state: paused !important; transition: none !important; }
  .static .reveal, .static [data-split] { opacity: 1 !important; translate: none !important; scale: none !important; clip-path: none !important; animation: none !important; }
  .static .wi { transform: none !important; animation: none !important; }