FAQ
General
What is OpenProp? A SOL/USDC venue on Solana where bonded quoters price a shared liquidity vault on their own books. Liquidity providers own the vault; quoters bring pricing and a USDC bond; takers swap against the books. The program checks every fill against its limits.
Which network does it run on? Solana mainnet. Your wallet must be set to the same network.
Is there a token? Yes: $OPENPROP, 1,000,000,000 fixed supply, all of it sold in one public launch on equal terms — no presale, team, investor or airdrop allocation and no vesting. The protocol's 10% share of each settlement buys it on the market and burns it. See $OPENPROP.
What are OPLP and the bond? Vault shares (OPLP) are a plain SPL token that represents your part of the vault. Bonds are USDC.
Who can change the rules? Parameters change through an admin multisig. Tightening a limit applies at once; loosening one waits 3 epochs and never less than the longest withdrawal wait, so every liquidity provider can leave under the rules they joined under. No key can move vault or book assets outside the deposit, swap, settlement, withdrawal and bond paths.
Wallets and transactions
Which wallets work? Any browser wallet that supports the Wallet Standard and version-0 transactions, such as Phantom, Solflare and Backpack. Hardware wallets connected over USB are not supported in the app.
Why does a transaction fail before my wallet opens? The API simulates every transaction first. If the program would reject it — a stale quote, a halted pair, a deposit at the very end of an epoch — the app shows the reason instead of asking you to sign something that cannot succeed.
My transaction timed out. Did it go through? A timeout is not a failure. The app keeps following the signature; you can also look it up on any Solana explorer. If the blockhash expired before it landed, nothing happened and you can submit again. Requests with an ID — deposits, registrations, bond changes — never apply twice.
What does it cost? Solana network fees, and the rent deposit for any token account opened for the first time. OpenProp charges no deposit, withdrawal or swap fee.
Liquidity
How long does a withdrawal take? Request it in epoch E; it becomes claimable in epoch E+1 — at most two epochs. Epochs are about 24 hours.
How does my position's value change? Your shares hold SOL and USDC, so their value follows the SOL price like any holding of the two, plus 50% of the excess the books earn over a passive hold. A book's losing epoch is charged to its quoter's bond before it reaches the vault.
Why did my deposit take less USDC (or SOL) than I entered? The vault takes a basket at its current ratio. It uses all of one asset and as much of the other as matches; the rest stays in your wallet.
Swapping
Why was my swap rejected? The app names the check that failed: a stale quote, a mid outside the band, a book at its skew or loss limit, or a halted pair. Another book may fill it, or the same book a moment later.
Why did I receive less than I asked for? A swap never delivers less than your minimum output. If the book could not fill your whole input, it filled part and took only the input it used.
Quoting
How do I become a quoter? Register on the quoter desk with a USDC bond while a seat is free; v0 has five, and the Books page lists the registered ones.
How much can I quote? Your allocation is at most your bond times your tier's leverage — 1×, 5× or 15× — and at most 35% of the vault, moving by at most 25% per epoch.
What happens if my quoting process stops? Your quote goes stale after 2 slots and your book stops filling. Nothing else happens until you quote again. Pause the book from the desk if you expect a longer stop.
Can my hot key lose my bond? No. A hot key can only write your quote. The bond, the book's tokens and the hot-key list are under your cold wallet and the program.