Order lifecycle

Every trade moves through four states: lock, fill, settle, or reclaim. The chain enforces the rules so neither side can cheat.

1. Lock

You submit an order and it escrows your funds on-chain. A buy locks USDC; a sell locks your broAsset. You set two protections:

• Min received:the least you will accept out of the fill. Derived from the max slippage you pick.
• Expiry:after this time an unfilled order can be reclaimed in full.

2. Fill

The broker sources or liquidates the real underlying and submits the fill. The chain checks the output against your min received, so a fill can never pay you less than you agreed. On a buy the broker mints the broAsset to your wallet; on a sell the broker pays USDC and the broAsset is burned.

3. Settle or 4. Reclaim

• Settle: the fill clears, you receive at least your min received, and the order closes.
• Reclaim: if the broker cannot beat your min received before expiry, you withdraw your escrowed funds. Nothing is lost.

Grace period

For a short window after you place an order it cannot be cancelled. This grace period protects the broker from place-and-cancel griefing, where a taker pulls the order the instant the broker commits capital to fill it. After the grace window passes, you can cancel any time before a fill lands.

Pricing

In V1 the broker self-quotes; there is no on-chain oracle. That is exactly why min received exists: you never rely on the quote being fair, only on the on-chain guarantee that you receive at least the amount you signed for.