Glossary

​

Allocation

A set of bids grouped together to compete for winning an auction. The highest-scoring valid allocation wins.

​

Auctioneer

An actor that composes bids into allocations and pair benchmarks during the allocation selection phase. Anyone can act as an auctioneer.

​

Batch auction

An auction that collects multiple trades into a batch and settles them together, enabling peer-to-peer matching and fair pricing.

​

Benchmark protection

The rule that every settled trade must receive at least as much as the best pair-scoped bid submitted for that token pair. Prevents unfair execution.

​

Bid

An executable settlement plan submitted by a solver. Covers one or more trades and commits to specific payouts, a score, and a bond.

​

Bond

Collateral posted by a solver when registering or submitting a bid. Slashed if the solver wins but fails to settle. The minimum bond scales with the committed score.

​

Certificate

A signed authorization from the coordinator that allows a winning solver to execute settlement on-chain. Expires after a set time.

​

Coordinator

The off-chain service that collects trade requests, runs solver auctions, validates solutions, and signs winning certificates.

​

Directed pair

A token pair with a direction — selling token A for token B. Written as (A, B). The fairness scope for uniform surplus ratio enforcement.

​

Epoch

A time-bounded auction cycle. Each epoch goes through intent collection, bidding, allocation selection, settlement, and close phases.

​

Floor

The minimum acceptable payout for a trade. Calculated as the higher of the user’s minimum and the benchmark payout for that pair.

​

Gasless intent

See Sponsored intent.

​

Intent

A trade instruction that locks the sell asset in the protocol. Specifies what to sell, what to buy, minimum payout, deadline, and whether partial fills are allowed.

​

Keeper

An actor that advances epoch phases and triggers fallback procedures. Liveness-only role.

​

Net payout

The amount a trader actually receives after fees are deducted.

​

Normalized score

Surplus converted into a common unit so surpluses in different tokens can be compared and scored fairly.

​

Pair benchmark

A set of pair-scoped bids for one directed pair, submitted during the allocation selection phase. Defines the benchmark payout for that pair.

​

Pair-scoped bid

A bid where every covered trade shares the same directed pair. Only pair-scoped bids can appear in a pair benchmark.

​

Partial fill

When a solver fills only part of a trade in one epoch. The remaining balance carries over to the next epoch automatically.

​

Programmable Transaction Block (PTB)

A Sui transaction type that executes multiple steps atomically. Used for settlement — all steps succeed or none do.

​

SBBO (Sui Best Bid and Offer)

An admission check that ensures a trade’s minimum payout is reasonable compared to an on-chain market price. Protects traders from setting bad minimums.

​

Settlement

The on-chain execution of a winning bid. The solver delivers payouts to traders, fees are split, and the batch is closed in a single transaction.

​

Slippage tolerance

How much the market price can move before a trade becomes invalid. Set by the trader when submitting an intent.

​

Solver

An execution provider that competes to fill trades. Registers with a bond, submits bids during auctions, and settles winning allocations on-chain.

​

Sponsored intent

A gasless trade submission where a solver pays the transaction fee upfront. Reimbursed from protocol funds on successful settlement. The trader pays nothing if the trade doesn’t fill.

​

Uniform surplus ratio

The rule that all trades in the same directed pair receive equal proportional improvement above their floor. Ensures fair pricing within each pair.

​

Winner

The highest-scoring valid allocation selected by the protocol. May contain bids from multiple solvers. The winner(s) execute settlement.