Concepts
Balances
Your per-market balance, the difference between free and locked, and when amounts move between them.
Lull does not take tokens from your wallet when you seal an order. You hold a balance in each market instead, and an order draws on it when you reveal it.
The balance account#
Your balance in a market lives in an account tied to your wallet and that market. It holds the market's two assets, USDC and AAPLx for AAPLx/USDC. Each asset has two parts:
- Free: available to withdraw, or to lock when you reveal.
- Locked: held by a revealed order or LP quote until its ticket is claimed.
The tokens themselves sit in the market's vault. Your balance is the program's record of your share of it. Your first deposit creates the account, and your wallet pays its rent deposit.
The "Balance" panel on the market page shows Free and Locked for each asset. AAPLx appears in shares, converted from the stored raw units with the mint's current Scaled UI multiplier. See Units.
Deposit and withdraw#
- A deposit moves tokens from your wallet into the vault and adds them to Free. The program credits what the vault actually received.
- A withdrawal moves Free tokens back to your wallet. Locked tokens cannot be withdrawn.
Both work at any time, in every phase of every lull. See Deposit and withdraw.
When amounts lock and unlock#
| Event | Effect on your balance |
|---|---|
| Seal an order | none; no tokens move |
| Reveal a buy | its USDC amount moves from Free to Locked |
| Reveal a sell | its AAPLx amount moves from Free to Locked |
| Reveal an LP quote | its max base (AAPLx) and max quote (USDC) both move from Free to Locked |
| Claim | the lock is released: what the ticket paid leaves, and what it received plus any unfilled remainder goes to Free |
Because sealing locks nothing, you can seal an order before you have the funds for it. Your free balance must cover the amount at the moment you reveal. If you reveal several orders in one lull, each one locks its own amount.
In a cancelled lull, claim returns every revealed lock to Free in full.
Deposits are public#
Deposits and withdrawals are ordinary transactions that anyone can see. A USDC deposit made during a lull hints that you might buy at the open. A balance you keep in the market across lulls gives no such hint, since sealing an order moves no tokens.