Parameters
Summary — Which settings control stake, settlement, price checks, and reward release.
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Each Sapio instance has its own settings. Governance sets eligibility, limits, timing, oracle policy, and upgrade controls. Proposer stakes select the target composition within those limits.
Each competition fixes its parameters at announcement. Governance changes apply to later competitions.
- ·Which eligible tokens to add
- ·How much stake supports each token
- ·The target reserve mix within the limits
- ·Eligible tokens and price sources
- ·Volume and expansion limits
- ·System stake and delivery penalties
- ·Payment rules and deadlines
- ·Performance sensitivity and contract upgrades
Competition and settlement parameters
| Parameter | What it controls |
|---|---|
| Approved token set | Tokens eligible for proposer positions |
| Volume limit | The decision budget and target movement for one competition |
| Expansion headroom | The extra physical delivery that reserve growth can require from a proposer |
| System stake multiplier | The size of the system's SAPIO benchmark stake |
| Settlement markup | The upper delivery-price ceiling relative to the fixed reference price |
| Auction curvature | The time-based rise in the public quote |
| Performance sensitivity | How strongly price performance changes reward scores |
| Hard-slash fraction | The share of ineligible stake that becomes system stake |
| Oracle policy | Valid price sources, freshness, averaging, and price checks |
| Oracle window | The configured length of an average when the price policy uses averaging |
Volume limit
The volume limit controls how far one competition can move the target. A larger value allows more change. Adding proposer stake cannot remove this limit.
Stake explains how competing stakes set the target.
Expansion headroom
When users mint more SRT, the reserve grows. Expansion headroom limits how much that growth can increase a proposer's physical delivery.
This limit does not increase the competition's decision budget. Public sellers volunteer at sale time, so this proposer limit does not cap them.
Settle explains how reserve growth and contraction affect delivery.
System stake multiplier
A larger multiplier gives the system more SAPIO benchmark stake. This pulls the target closer to the current reserve and adds more SAPIO to the reward pool.
Stake explains the benchmark position.
Settlement markup
The markup sets the upper delivery-price ceiling relative to the fixed reference price. Public sellers and proposers follow their own pricing rules below that ceiling.
Delivery prices do not set personal entry prices for the competition. They do not change the fixed reference price used for scoring.
The Settlement Reference gives the ceiling and delivery-price rules.
Auction curvature
The public quote is the delivery price offered to public sellers. Auction curvature controls how early its time-based rise occurs.
Live prices can move the quote up or down. The price ceiling still applies.
Performance sensitivity
Beta must be greater than zero. At beta one, the performance factor follows the price ratio directly. Values above one emphasize stronger relative performance. Values below one reduce performance differences.
Redistribute explains how the price ratio affects rewards.
Hard-slash fraction
The hard-slash fraction ranges from zero to one. Non-delivery removes reward eligibility from the undelivered share.
At zero, all corresponding ineligible stake remains reclaimable. Above zero, the configured fraction becomes system stake. The remaining part stays reclaimable.
Eligibility and oracle policy
Governance defines which tokens can receive proposer stake. The oracle policy defines valid price sources and price checks.
Eligibility does not certify token quality. An eligible token must still meet the configured transfer, precision, pricing, and execution requirements.
The announcement policy sets each token's fixed reference price. Later checkpoints use the configured evaluation policy. An averaging policy also specifies the oracle window. Redistribute explains checkpoint evaluation.
For an average, Sapio first averages valid raw prices in one common value unit. It then converts the complete price vector into SRT terms.
Live settlement uses separate fresh asset prices and current SRT net asset value. Net asset value means the reserve backing attributed to one SRT.
Timing parameters
| Parameter | What it controls |
|---|---|
| Submission period | How long proposers can submit stake |
| Public window | How long public sellers can fill purchase instructions |
| Proposer window | How long proposers can deliver their assigned residuals |
| Competition interval | The planned competition cadence and the interval used for idle release fallbacks |
| Oracle recovery timeout | How long a checkpoint waits for valid prices before using neutral prices |
| Release threshold | When the remaining claim is small enough for the final payout |
| Release floor | The minimum progress made by one release event |
Submission has a fixed deadline. The auction starts when the protocol advances past submission close. The proposer window starts when the protocol advances past public close.
A keeper delay can shift those start times. Once a window starts, its deadline applies.
Later finalizations create reward release events. Idle periods can create fallback events after the configured interval. A round still in progress can delay a fallback.
The release floor applies per event. It does not promise payment by a calendar date. The final event releases the remaining claim.
Missing checkpoint prices can delay payment. After the recovery timeout, the round uses fixed reference prices for neutral checkpoints.
Redistribute explains releases and fallbacks.
Values derived by the protocol
Sapio derives the target, purchase instructions, and delivery responsibility from the announced settings and competing stakes. Governance does not set these results independently.
Settlement determines actual fills and reward eligibility. Checkpoint prices determine performance scores and payout shares.
Possible SRT holder fees
An SRT holder fee for the competition is a possible future feature. Its collection, use, and refund rules remain unresolved.
Parameters are set per instance
Each SRT instance publishes its own settings. The active values are those fixed for that competition.
Stake, Settle, and Redistribute explain the process. The Settlement Reference gives the detailed settlement rules.