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Concepts

Pairs: mint and merge

A pair is one UP and one DOWN of the same band. Minting makes pairs from USDC; merging turns them back.

$5USDCMintMerge1 UP · $55–601 DOWN · $55–60
A pair in the $55–60 band: $5 of USDC becomes one UP and one DOWN, and one of each becomes $5 again.

Mint

Minting locks the band's width in USDC for each pair in the band's vault, plus the market's mint fee, and gives you one UP and one DOWN per pair.

Minting is open while the market is trading: before the end date and before the first trade is recorded.

Merge

Merging burns one UP and one DOWN for each pair and returns the band's width in USDC, with no fee. You can merge at any time, before or after the market settles; after settlement, matched pairs merge rather than redeem, since merging carries no settlement fee.

Why mint

  • To hold one side: mint pairs, sell the side you do not want in its book, keep the other.
  • To quote both books: rest an UP ask and a DOWN ask from the same pairs.
  • To exit without a buyer: merge an UP and a DOWN you hold back into USDC.