Trenches docs

Page 6 of 13

Fair Open: one price for everybody

There is no first block to win here. Everyone who buys in the Opening Round pays one price, set when the round closes. Being first in the block, paying for priority or being the chef buys nothing.

What it is(link to this section)

The first tap on a coin opens a fixed window of blocks. Everybody who buys in that window pays one price, computed once when the window closes. There is no first block to win and nothing to be early to.

How the clearing works(link to this section)

  1. During the window you commit SOL. The minimum is 0.01 SOL and there is a per-account cap. A commitment cannot be cancelled.
  2. When the window closes, the round sells at most 20% of the coin's curve inventory. The SOL that clears is the smaller of what was committed and that tranche's worth.
  3. If more was committed than clears, every participant is filled pro rata and the excess is refunded automatically. The refund is paid by a crank anybody can run, and it goes to the committing wallet.
  4. Your tokens from the round are then delivered on the Ramp schedule, like everybody else's.

The per-account cap(link to this section)

The most one account can put into a round is one sixteenth of the round: about 0.119 SOL on the $2,500 rung up to about 0.652 SOL on $100,000. Filling a round takes at least sixteen accounts.

The cap is the same number for everybody on that rung, the chef included. Their buy-in is checked against it by the same code as yours.

"Account" means a logged-in Trenches account. Entering a round needs our co-signature, and one account enters a round with one wallet. Where logins are not checked, the cap applies per wallet.

What Fair Open does(link to this section)

There is no advantage to being in the same block as the cook, to paying for priority, or to being the person who cooks the coin. A bot that spends more on fees than you gets the same price you do.

After the round closes, the coin trades on an ordinary curve.

A round can clear with nobody in it. If the person who cooks the coin buys nothing and nobody else turns up, the round clears at zero and the curve simply opens at its starting price.