Slow evolution of nearly-degenerate extremal surfaces

It was conjectured recently that the string worldsheet theory for the fast moving string in AdS times a sphere becomes effectively first order in the time derivative and describes the continuous limit of an integrable spin chain. In this paper we will try to make this statement more precise. We interpret the first order theory as describing the long term evolution of the tensionless string perturbed by a small tension. The long term evolution is a Hamiltonian flow on the moduli space of periodic trajectories. It should correspond to the renormgroup flow on the field theory side.