The pool
Every trade's counterparty. Back it from the senior Floor or the junior Edge.
Edge
—
Junior · takes the residual each hour
Reserve
—
Protects Floor before principal
Floor
—
Senior · fixed rate
Price per EDGE
Subordination
Backs every cap
Next settlement
Edge
Earns the pool's result after Floor. Takes losses first.
Yours
—
Executes at the next hourly settlement, at that hour's price.
Floor
A fixed rate for a fixed term. Paid before Edge, impaired last.
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Hourly settlements
| Epoch | Pool result | Floor accrual | Edge | Reserve + treasury | Skin |
|---|