FAILSTOP
NEXT SESSION CLOSES
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SESSION SCHEDULE
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BONDED DELIVERY AUCTION · LOCKED STOCK TOKENS

DEALERS POST BOND. DELIVERY FALLS DUE. NO DELIVERY, BOND GETS CUT.

Failstop runs batch auctions for tokenised stock held inside a closed venue. Only registered dealers holding a locked stablecoin bond may offer a lot. You place a limit order and your stablecoin enters escrow. The session closes on schedule and clears at one price per symbol. The dealer then has a fixed delivery window to move the stock tokens into your self-custody wallet. Window expires with the lot short: the bond is cut and split among buyers who did not receive delivery, and the purchase escrow is returned at the same time. There is no state in which you lose both the money and the stock.

VIEW SESSION SCHEDULE
REGISTER AS DEALER
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MEASURED {{ s.date }}
The asset base exists. The way out does not.

WHAT THE PROTOCOL ENFORCES

FIVE MECHANISMS · NO DISCRETION
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WHY OPEN A SESSION NOW

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That is the reason for a batch auction. Order flow is too thin to hold a permanent market maker, but batched into one scheduled window it is dense enough to clear. The demand here is the functional demand of holders who already own the asset — withdraw to a wallet, post it as collateral elsewhere — not trading demand riding a wave.

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SEGMENT READING · {{ readingStamp }}
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FAQ

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SESSION SCHEDULE

SESSION {{ sessionId }} · COMMIT GATE CLOSES
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ORDERS ARE SEALED UNTIL THE GATE CLOSES
SESSION RULES
One clearing price per symbol, maximising matched volume. Orders below the clearing price are refunded inside the same transaction. Minimum matched volume not reached: the session is cancelled, escrow returned in full, bonds released.
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NO BID
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NO LOT IN THIS STATE

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← BACK TO SESSION SCHEDULE
LOT {{ cur.id }} · SESSION {{ sessionId }}

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LOT SHEET
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DEALER RECORD · {{ cur.dealer }}
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DELIVERY VENUES · LIVE DEX POOLS{{ cur.venueCount }}
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NO INDEXED DEX POOL FOR THIS SYMBOL IN THE LIVE VENUE SET
BRANCH A · DELIVERED
Escrow releases to the dealer less the clearing fee. Bond unlocks. On-time score rises, next lot cap is raised.
BRANCH B · BOND CUT
Bond is cut automatically and split among undelivered buyers pro rata to matched value, plus the penalty premium. Purchase escrow returns at the same time.
SEALED LIMIT ORDER · COMMIT PHASE
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COMMIT ORDER · LOCK ESCROW
KYC ATTESTATION REQUIRED BEFORE COMMIT · RECEIVING WALLET SCREENED AT INTERFACE AND CONTRACT

A PROMISE TO DELIVER, BACKED BY LOCKED CAPITAL

The protocol issues no stock token, holds no underlying, keeps no custody relationship. It coordinates a delivery commitment and forces that commitment to be collateralised before it can be made. The regulated layer sits on the dealer side. The bond replaces the licence: delivery risk is priced and backed with capital instead of legal standing.

MECHANISM · CLOSED VENUE TO SELF-CUSTODY
Closed venue, auction table, bond, delivery window, onchain settlement

FOUR COMPONENTS

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PATH OF ONE LOT

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LOT LIFECYCLE
Lot lifecycle
BOND CUT · PRO RATA PAYOUT
Bond cut

PARAMETERS AND GOVERNANCE

Sensitive parameters change only through a timelock with a minimum floor hard-coded in the contract; governance cannot lower it. During the wait, dealers and buyers see the proposal and can withdraw from the next session. Values not yet set are published as undefined and are not filled in by inference.

PARAMETERCURRENT VALUE
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SUPPLY-SIDE GATE · LICENCE AND BOND

File your entity documents, attest to an underlying position in the closed venue, and sign with the wallet you will deliver from. Approved files receive a soulbound licence NFT carrying a starting lot cap. No NFT, no offer. Before every lot, lock the bond. Bond not locked, lot not in session.

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WITHDRAW FILE
BOND CALCULATION
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The bond factor and penalty premium are undefined in the current file. The interface shows the exact figure before you sign; it does not estimate one.
BOND POSTED
LICENCE NFT · SOULBOUND
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Bond locked. Committed lot enters the next scheduled session.
CUT-OFF CLOCK · DELIVERY WINDOW
Cut-off flipboard

DEALER LEDGER

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ISSUER · SUPPLY SIDETOKENS LIVENO BID24H VOLUMESEGMENT CAPVOLUME SHARE
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LIVE DELIVERY VENUES

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VENUE · POOLPAIRCHAINMARK24H VOLUMEDEPTH
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State vocabulary is closed: BOND POSTED, LOT OPEN, CUT-OFF, DELIVERED, SETTLED, HAIRCUT, FAILED, NO BID. Every ledger line carries exactly one of them.

SECURITY MODEL AND AUDIT SCOPE

NO CONTRACT OPENS A SESSION WITH REAL FUNDS BEFORE AN INDEPENDENT AUDIT IS COMPLETE.

TRUST ASSUMPTIONS

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ATTACK SURFACE

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AUDIT BEFORE REAL FUNDS

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INFRASTRUCTURE CONCENTRATION
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One outage on the source chain can stop every dealer from withdrawing at once and trigger mass bond cuts through no fault of theirs. The design answer: a verifiable infrastructure-halt state pauses the delivery clock instead of cutting the bond, escrow stays locked, and the session can be cancelled with both sides refunded. Trigger conditions and the attesting party are published in advance and change only through timelock.
BOND POSTED·LOT OPEN·DELIVERED·BOND CUT
No contract opens a session with real funds before an independent audit is complete.
DISCLOSURE: PENDING LEGAL REVIEW · UNDEFINED
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Failstop stamp
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LOT OPEN

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CANCEL