#Quoting a discount

Every order on Thaw names a discount d to the Pyth price of SPCXx, the tokenized SpaceX share that SPACEX converts into. When the batch clears, every trade in it happens at one price:

price per share = P_SPCXx × (1 − d*)

where P_SPCXx is the verified Pyth price read at the clear and d* is the batch's clearing discount.

#What your discount means

You are	Your discount is	You fill when
a buyer	the minimum discount you accept	the batch clears at d* ≥ your discount
a seller	the maximum discount you accept	the batch clears at d* ≤ your discount

A buyer at 20% says "I buy at SPCXx × 0.80 or cheaper". A seller at 22% says "I sell at SPCXx × 0.78 or better". Those two orders cross anywhere between 20% and 22%.

#The grid

Discounts sit on the market's grid: a minimum, a maximum and a step. The order ticket's slider only stops on grid values, and the program rejects a reveal that is off the grid.

#Why this unit

A price quote on SPACEX would go stale every time SPCXx moves. A discount is a statement about the lockup rather than about SpaceX's share price, so within a batch an order stays valid however far SPCXx moves before the clear.

Held to the deadline, a discount also implies an annualized return, which the ticket shows as you move the slider. See The thaw rate and curve.