Concepts
Transactions
Quotes, bounds, deadlines, receipts and the four steps every operation takes.
Every operation in the app (launching, buying, redeeming, opening a follow-on, adding yield, rebalancing) takes the same path.
The four steps
- Prepare: the server builds the transaction from current chain state and records it.
- Approve: your wallet shows the transaction and you sign it.
- Send: the app reserves the broadcast with the server, then sends the signed transaction to the network.
- Confirm: the server waits for the transaction to finalize and checks its receipt.
Bounds and deadlines
| Quote valid for | 2 minutes |
| Transaction deadline | at most 5 minutes after it is prepared |
| Purchases carry | a maximum cost |
| Redemptions carry | a minimum payout |
On a rising curve, the app allows the cost to rise 1% above the quote, in case another purchase lands first. A fixed price needs no allowance.
Receipts
Each purchase, redemption, follow-on, yield and rebalance writes a permanent receipt account on chain, keyed by the launch, your address and a request ID. A request can only ever run once, so a retried transaction cannot buy or redeem twice.
Outcomes
- Confirmed on chain: it ran, and the receipt matches what you approved.
- It ran and failed on chain: the program refused it. Nothing changed.
- It expired without running: it never reached the chain before its deadline. Nothing changed, and you can try again.
If you decline in your wallet, or the network turns the transaction away, the app keeps that request open until the network shows it can no longer land, usually about a minute. Then it releases it, and you can try again.
See Check a transaction.