The team puts in0 base and 5,000 quote of inventory in a vault the maker can only quote from, and 720 quote to pay for compliant periods. Every fee the maker could earn must be in the vault before a maker can accept. Inventory needs both sides: base for asks and quote for bids. Leftover launch supply only covers the first.
The maker commitsYour operator (designated) posts a 250 quote bond and keeps at least 500 quote of bids in the price bins within 2% below the reference price and the same of asks in the bins within 2% above it, with a spread no wider than 100 bps. Quotes must stay within ±5%, and each deposit is locked for 30 s.
What earns payScoring starts one minute after the maker accepts (time to place quotes). Each 60 min period that is checked at least once, with every check passing, pays 1 quote, up to 720 quote over 30 days.
What counts as a missA check finds committed bids or asks below the minimum, or the spread too wide. Trades against the book don't change that measure; the maker's own withdrawals and moves of the reference price do. A period with any failed check pays nothing. The reference follows the market at up to 1% a minute, so a maker who doesn't re-centre after a move starts failing as it catches up; that speed is a limit, not a guaranteed grace period.
The penalty3 failed periods with no passing period between them send 50% of the bond to the team and end the agreement. Periods nobody checks don't reset that count, and don't add to it. There is no exception for outages or extreme volatility: price that risk into the fee.
Who checksAnyone can check, at any time, for a network fee of about 0.000005 SOL. Someone has to: a period nobody checks is neither paid nor failed. The team, the launchpad or a watchtower should run one, and agree who funds it.
How it endsAfter 720 periods, or at a breach. Neither side can leave early once a maker accepts; until then the team can cancel. At settlement the inventory and unused fees go back to the team and the maker gets its earned fees and remaining bond.
For the makerCapital locked: 250 quote bond for 30 days, plus the operating cost of quoting. Most it can earn: 720 quote, 288.0% on the bond (over 1,000% a year) if every period passes. The inventory's trading gains or losses stay in the vault and go back to the team.