Bonds and forfeits

The bond#

Every sealed ticket, whether an order or an LP quote, posts a bond in SOL when it is committed. The market sets the bond: 0.01 SOL by default. The order ticket shows the market's current value. The amount is recorded in the ticket, so a later change to the market's bond does not affect tickets already sealed.

A ticket is also a Solana account, so sealing pays its rent deposit as well. The bond and the rent are both held in the ticket account.

Orders and LP quotes post the same bond, so a commit does not show which kind of ticket it is.

When the bond comes back#

When a revealed ticket is claimed, its account closes, and the bond and rent return to the owner's wallet. This happens the same way in a settled lull and in a cancelled one.

When the bond is forfeited#

A ticket that is not revealed by the end of the reveal window cannot trade. After the window, anyone can forfeit it:

• the bond goes to the market's treasury;
• the rent returns to the owner's wallet;
• the ticket closes.

Lull's crank forfeits unrevealed tickets in every lull. Forfeiting does not touch your balance, because an unrevealed order never locked anything.

An unrevealed ticket in a cancelled lull is forfeited too.

Why there is a bond#

From the first reveal until the end of the window, the book's imbalance is public. Someone who sealed an order could watch it and then decide not to reveal. The bond is the price of that choice. Without it, every sealed order would be a free option. It also puts a cost on filling a lull with tickets that are never meant to trade.

How a ticket ends up forfeited#

• The salt was lost. The browser storage was cleared and there is no export. See Back up sealed orders.
• The reveal did not land in time. It has to be on chain before the window ends.
• The reveal was rejected and not fixed in time. A free balance that is too low can be fixed: deposit and reveal again inside the window. Other rejections cannot be fixed, because the sealed fields cannot change. They include an order below a minimum the market raised after you sealed, an LP spread above the market's maximum, and an LP quote revealed after all 8 quote slots were taken.
• The lull was cancelled before the ticket was revealed. Reveals are no longer accepted once a lull is cancelled.
• You chose not to reveal.

See Errors for each rejection and what to do.