Participants

On this page (9)

You can hold SRT without forecasting prices. You can also propose changes, supply assets, or help set the rules.

One participant can perform several roles. The first cohort runs on testnet. This guide describes the specified mechanism.

//Holders

Holding SRT does not require participation in a competition.

Deposit the required basket quantities to mint SRT. Redeem SRT to receive the recorded basket claim. The final redemption returns all remaining reserve assets.

Minting and redemption need working contracts and transferable assets. Redemption does not guarantee a cash value. Selected-asset exits also need executable market routes.

Holders bear changes in reserve value, possible dilution, and contract risks. See Tokens and Security.

//Proposers

A proposer locks SAPIO behind an eligible asset. The stake helps set a bounded reserve target. It does not pay for the asset purchase.

Before entry

Read the competition rules for eligible assets, deadlines, prices, delivery limits, penalties, and payouts.

Plan how to source any assigned assets. Allow for sourcing costs and delayed SAPIO payouts.

During a competition

1. Stake. Choose an eligible asset. Lock SAPIO during the entry window.
2. Watch public settlement. Public sellers can reduce the amount that proposers must deliver.
3. Deliver. Read your assigned remainder after the public window. Deliver it before the proposer deadline. Accepted deliveries receive newly issued SRT.
4. Receive payouts. Later checkpoints compare prices with the competition's fixed reference prices. The protocol distributes the SAPIO pool by relative performance.

If your assigned remainder is zero, you need no delivery. Stake that matches the current basket carries no delivery responsibility for that matched share.

The rules cap your responsibility when entry closes. Basket deposits and redemptions can change delivery quantities within the agreed limit. Another proposer's default cannot increase your assigned share.

Gains and losses

Delivery payments and SAPIO payouts are separate. Settlement payments do not change the fixed reference prices used for scoring.

An undelivered share loses reward eligibility. Governance can confiscate part of the related stake. The remaining ineligible stake becomes reclaimable at finalization.

Full delivery does not guarantee a stake profit. Beating the benchmark may still produce a loss if other positions perform better.

Compare SAPIO payouts and reclaimed stake with your original stake. Include delivery proceeds, sourcing costs, transaction fees, and token prices when you assess your total result.

See Settle for delivery rules and Redistribute for payouts.

//Public sellers

A public seller, also called a filler, supplies an instructed asset.

You do not need a proposer position to supply an instructed asset.

Read the current quote and remaining amount before you supply assets. Quotes operate within announced price limits. Invalid price data can pause a quote.

An accepted fill receives newly issued SRT. It reduces only that asset's remaining instruction. The optional basket payment instead provides reserve assets under an equivalent backing rule.

A quote does not guarantee profit or the lowest market price. Capacity can change before your transaction executes.

//Governors

SAPIO governance sets eligible assets, price rules, timing, movement limits, default penalties, and upgrade controls.

Governance does not vote on each competition's target. Staked proposals set that target within the announced rules.

//The system benchmark

The system benchmark represents the existing reserve. It needs no delivery because the reserve already holds those assets.

Later checkpoints score the benchmark and proposer positions with the same fixed reference prices. Every eligible position affects the SAPIO payout shares.

//Start with the testnet

Join the waitlist for the first cohort. Read Competitions before taking part.

Testnet participation does not guarantee future tokens, value, or returns.