Fixed terms
Every number in the v1 contract. None of them can be changed for a running series.
Contract terms
| Term | Value |
|---|---|
| Term length | 604,800 s (7 days) |
| Observation interval | 300 s (5 minutes) |
| Intervals per series | 2,016 |
| Notional per lot | 1 SOL |
| Collateral per lot, also the maximum payout | 30,000,000 lamports (0.03 SOL) |
| Discount deductible | 25 bps (0.25%) |
| Maximum excess discount per interval | 300 bps (3%) |
| Normalization duration | 172,800 s (48 hours at the cap pays the full vault) |
| Rounding | Floor once per lot at settlement, then multiply by claimed lots |
| Collateral asset | Wrapped SOL (classic SPL token) |
| Note decimals | 0 (one token is one lot) |
The formula
For each interval i, after the reporters have produced a market price and a reference price in SOL per token:
discount_i = floor(10000 · max(0, reference_i − market_i) / reference_i) excess_i = min(max(discount_i − 25, 0), 300) area = Σ excess_i · 300 break_lot = min(30,000,000, floor(1,000,000,000 · area / (10,000 · 172,800))) hold_lot = 30,000,000 − break_lot
The discount is a whole number of basis points and never negative: a premium above net asset value counts as zero. Accrual keeps integer basis-point seconds, so fractions are not lost between intervals; the single division happens at finalization.
Per-series terms
These are chosen when a series is created and frozen with it.
| Term | Rule |
|---|---|
| Market | One of JitoSOL, mSOL, hSOL, identified by mint and issuer state, not by symbol |
| Start time | In the future and on a 300-second boundary; the end is exactly seven days later |
| Maximum lots | A hard cap on pairs minted |
| Reporters | Three distinct keys; every report needs two of them in one transaction |
| Grace period | Between 300 and 86,400 seconds after an interval ends; after it, the interval can be skipped |
| Oracle policy hash | SHA-256 of the exact price policy: pools, sampling, thresholds. Reports must match it. |
What is not in the contract
No protocol fee, no borrowing, no interest or yield on the collateral, no liquidation, no admin withdrawal, no cross-series pooling, no automatic rollover, no batch auction and no automated market maker. Solana transaction fees, account rent and SOL wrapping are paid by the wallet that signs, on top of premium and collateral.
The measurement convention behind market_i is part of the instrument. It is described in Price and reporters.