Core Concepts
Last updated
Last updated
The core market logic is facilitated by Silica Pools. A pool is the set of all buy and sell positions within the same period (e.g. July 16 - July 31). Users can enter, trade, or close their positions anytime during the pool’s period. The Silica Pools are implemented as a system of smart contracts. To interact with Alkimiya, first you need to connect your wallet.
Bullish: If you are bullish on the network activities during the pool’s period (expect the average network transaction fees to increase), you can enter into a buy position.
Bearish: If you expect the network activities to cool down (expect the average network transaction fees to decrease), you can enter into a sell position.
You can see available orders, their price, and the total payment required to fill them
After selecting the orders, you can see a summary of the total size (denominated in vB), and the price level of your trade. You are speculating that the final average tx fees will be above this level.
To confirm the trade, you have to submit an upfront payment:
You will receive NFTs that represent their buy positions in the pool. You can then freely trade these. All buy positions in the same pool are fungible regardless of their price.
The BTC Tx Fees Index is the underlying benchmark. The index tracks the median Sat/vB per block. The pool tracks the rolling average of the index since the start (e.g. April 1).
Upon settlement (e.g. April 30), you can claim your rewards! The final payout is based on the average of the median Sat/vB per block across all blocks during the pool’s period.
You can see available orders, their price, and the total payment required to fill them
After selecting the orders, you can see a summary of the total size (denominated in vB), and the price level of your trade. You are speculating that the final average tx fees will be below this level.
To confirm the trade, you have to submit an upfront payment:
You will receive NFTs that represent their sell positions in the pool. You can then freely trade these NFTs. All sell positions in the same pool are fungible regardless of their price.
The BTC Tx Fees Index is the underlying benchmark. The index tracks the median Sat/vB per block. The pool tracks the rolling average of the index since the start (e.g. April 1).
Upon settlement (e.g. April 30), you can claim your rewards! The final payout is based on the average of the median Sat/vB per block across all blocks during the pool’s period.
