#What Thaw is

Thaw is a sealed batch auction for PreStocks SPACEX, the token that converts 1:1 into tokenized SpaceX stock (SPCXx) as the post-IPO lockup unlocks. You trade it by naming a discount to the Pyth price of SPCXx, not a price, and every batch that clears publishes its discount on chain as the thaw rate.

#Why a discount

SPACEX must be swapped into SPCXx or another token before 2027-03-12 23:59 UTC, or it expires worthless. Until then it trades below the public stock. Economically it is a forward on SPCXx delivered by the deadline, so the natural quote is how far below SPCXx it trades.

• An order at "20% under SPCXx" stays valid while SPCXx moves, so nobody has to requote it.
• Holders who must sell before the deadline and carry traders who hedge with an SPCX perp can both state what they want in the unit they think in.

#Why sealed

Near the deadline the remaining holders become forced sellers, and visible forced flow gets front-run. Thaw keeps every order sealed until its owner reveals it, which can only happen after the commit phase has closed:

1. You commit a 32-byte hash of your order and a small SOL bond. No tokens move.
2. After the commit phase you reveal the order. The program checks it against the hash and locks what it can cost.
3. A permissionless crank clears the batch at the one discount, d*, that matches the most volume, against a verified Pyth price.
4. Every revealed order is settled against the batch's result. Unrevealed commits forfeit their bond.

#What you can read here

• Quick start: from a connected wallet to a filled order.
• How a batch works and Clearing and d*: the mechanism.
• The thaw rate and curve: what the published discount means.
• Privacy and Risks: what is hidden, what is not, and what can go wrong.