Protocol
Unlinkable ledger
The source of truth for per-user positions, margin and liquidation.
Each user's size, entry, leverage, liquidation level, PnL and balance live in the unlinkable ledger. They are fully visible to that user in their own account and are designed not to be published as a wallet-searchable position book.
- Viewing keys. You read your own state with your viewing key. You can also share a viewing key with a third party (for example for tax or accounting) to disclose your history voluntarily.
- Margin. Per-user initial and maintenance checks run against the ledger. See Margin & leverage.
- Liquidation. Insolvent commitments are closed on the ledger. See Liquidations.
- Funding. Per-user funding settles inside commitments. See Funding.