Protocol

Deposits and redemptions

Depositing

Anyone can deposit USDT at any time, with no cap. You receive TACO at the current net asset value, so a deposit does not change the value of existing TACO. While winners are queued, deposited USDT repays the queue first, like new losses.

While net assets are zero or negative, deposits are priced at the last positive net asset value and first fill the deficit. TACO bought then is worth less than the deposit until the pool recovers.

Redeeming

Step 1RequestAt any time. The TACO you request is locked, cannot be transferred and cannot be withdrawn from the request. It still moves with the pool's gains and losses.

Step 2Wait 7 daysYour locked TACO stays exposed to the pool's profit and loss.

Step 3ClaimYou receive USDT at the net asset value at the time you claim, credited to your trading balance.

Redemptions are paid from available cash only. While the settlement queue is not empty, available cash is zero and claims wait until it clears; claimable redemptions are then paid in the order they were requested.

Deposits, redemption requests and claims are signed by your wallet. A session key cannot move funds.

House LP flows and payment orderWinners are always paid before LPs: while the settlement queue is not empty, every redemption stops at the release check.

Loss closes and liquidationsCredited L; the loser gets TACO worth r × L

USDT depositsAnyone, no cap; TACO minted at NAV

Protocol fees50% to the pool; 50% to the platform, incl. 10% to referrers

House LP vault ERC-4626 / 7540A = own USDT − queued claims − UU = traders' unrealized PnL at oracle pricesNAV = max(A, 0) ÷ TACO supplyOne share class; TACO is transferable. No supply cap, premine or team allocation.

Losing trader gets TACOWorth r × L, r from 3% to 30%

Platform and referrer50% and 10% of protocol fees, in USDT

Winner payouts

Winning closeMargin returned at once

Enough House cash?Yes: profit paid at once

No: settlement queueFirst in, first out

Refilled by losses and depositsThe keeper calls harvest in order

Queue not empty → hold

LP redemptions

RequestShares locked; no cancel or transfer

Wait 7 daysStill exposed to pool PnL

Release checkQueue empty and cash available

Claim USDTAt NAV when claimed

What moves TACO's net asset value?

Traders' open positions losing
Winners closing for less than their unrealized profit, because of price buffers and asymmetric deductions
The pool's 50% of protocol fees

Down

Traders' open positions gaining
The rebate r × L paid to a losing trader at the close
The platform's and referrer's shares of protocol fees, which leave the pool

Deposits and redemptions happen at net asset value and do not change it by themselves.

Protocol · 08 / 12