System map
Traders, LPs and keepers use a market, its operator tunes it and the protocol takes a share. Inside, pricing, credit, ownership and losses share one balance sheet.
Updated Nov 9, 2026
- Single-sided depositordeposits one asset
- Liquidity providerdeposits
- Liquidity providerconverts srLP
- pays out
- first loss
Liquidity and ownership
- issues hLPSingle-sided depositor
- steers rate
- borrows
- META
- USDC
- Senior srLP
- Junior jrLP
- Oracle feed
- Loss
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Two tokens enter an empty market at the creator's opening price. The first deposit mints the first srLP, and a thousandth of it becomes the junior seed: jrLP that nobody owns or can redeem, at the foot of the capital stack.