#Glossary

Batch. One sealed auction with a commit phase, a reveal phase and a clear window.

Bond. SOL posted with every commit. Returned at settlement; forfeited if the order is never revealed.

Clear. The instruction that finds d* for a batch against a verified Pyth price.

Commitment. The sha256 hash of an order's side, discount, size, salt, owner and batch.

Conversion deadline. 2027-03-12 23:59 UTC. SPACEX must be swapped before it or it expires worthless.

d*. The clearing discount: the one discount every fill in a batch trades at.

D(k), S(k). The buy size that accepts discount k and the sell size that accepts it.

Discount. How far below the Pyth SPCXx price an order trades, in percent.

Free balance. Deposited funds not locked by a revealed order.

Grid. The discounts orders may use: a minimum, a maximum and a step.

Lock. Funds reserved at reveal: shares for a sell, worst-case USDC for a buy.

Marginal tick. The last tick on each side that fills; orders there share it pro rata.

Par. Zero discount: SPACEX worth exactly one SPCXx.

Price cap. A limit set a buffer above the opening Pyth price when a batch opens. Buyers lock against it.

Reveal. Opening a committed order by sending its contents and salt.

Salt. 32 random bytes made in your browser that make a commitment impossible to guess.

Scaled UI Amount. The Token-2022 extension that turns SPACEX raw units into shares with a multiplier.

Share. One SPACEX UI token; it converts into one SPCXx.

SPCXx. The tokenized SpaceX share SPACEX converts into, and the price every order is quoted against.

Thaw curve. Every clear's discount plotted against the days left to the deadline.

Thaw rate. The discount of the latest clear, published on chain.