Getting started
The weekly auction
Every auction keeps the same clock: two days of commits, one of reveals, a clearing, one day to claim, then a four-week term.
Schedule#
Auction n opens at the series start plus n weeks. Every deadline is Solana chain time, read from the Clock sysvar, so the desk counts down against the chain rather than your device.
| Window | Length | What happens |
|---|---|---|
| Commit | 2 days | Orders are sealed. USDC or collateral and the bond are locked. Side and maximum size are public. |
| Reveal | 1 day | Owners publish rate and size. Each reveal is checked against its commitment and added to the histogram. |
| Clearing | When reveal ends | One instruction computes the clearing rate and the matched volume. |
| Claim | 1 day | Borrowers take their loans. Lenders can claim notes now or later. |
| Term | 28 days | Starts when the claim window closes. The rate and the debt don't change. |
| Settlement | After maturity | Open loans are repaid or liquidated, the auction is finalized and notes redeem. |
Maturity falls 28 days after the claim window closes, 32 days after the auction opened. Every loan in an auction matures at the same moment.
Who sends each step#
Only the steps that commit someone's money need their signature. Everything else is permissionless, and the program sends assets only to the accounts recorded in the order.
| Step | Sent by | Assets go to |
|---|---|---|
| Open the auction | Anyone (the keeper) | — |
| Commit | Order owner | The order's vaults |
| Reveal | Order owner | — |
| Clear | Anyone (the keeper) | — |
| Claim notes, take a loan | Anyone, usually the owner | Order owner |
| Refund an unrevealed order | Anyone (the keeper) | Owner, minus the bond |
| Expire a loan not taken | Anyone (the keeper) | Collateral to the owner; a filled order's bond to the auction's notes |
| Repay | Anyone | Collateral to the borrower |
| Liquidate | Anyone who pays the debt | Collateral to the payer, surplus to the borrower |
| Finalize | Anyone (the keeper) | — |
| Sweep forfeited bonds | Anyone (the keeper) | TENOR stakers |
| Redeem notes | Note holder | Note holder |
What the desk shows#
The desk follows the current auction through each window: the ticket while commits are open, Reveal all during reveals, the clearing result and claims afterwards. Between the claim window and the next commit window it points at the next auction. Any earlier auction is at /app/auction/<n> with its book, result and your orders.