Core Concepts
Last updated
Last updated
Getting Started
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.
If you are bullish on the network activities during the pool’s period to spike (expect the average network transaction fees to increase), you can enter into a buy position.
If you expect the network activities during the pool's period to cool down (expect the average network transaction fees to decrease), you can enter into a sell position.
You can see open orders, their price, and the total payment required to fill them
After selecting the orders, you can see a summary of the total size, and the price level of your trade. You are speculating that the final settlement value will be above this level.
Each market settles based on a different value, depending on the underlying index
BTC Tx Fee
Median Sat/vB per block
Average of the median feerate across all blocks in the pool's duration
Base L2 Gas
Gas spent per block
Total gas spent in the pool's duration
To confirm the trade, you have to submit an upfront payment for your buy position, which is calculated differently for each market:
BTC Tx Fee
Base L2 Gas
Scroll down to the Positions tab to view your positions. You will receive an ERC-1155 that represent your buy positions in the pool. You can freely trade these. All buy positions in the same pool are fungible regardless of their price.
Upon settlement on the pool's final date, you can claim your rewards! The final payout is calculated as such for different markets. For the BTC Tx Fee market, your final payout is calculated like this: For the Base L2 market, your final payout is calculated like this:
You can see open orders, their price, and the total payment required to fill them
After selecting the orders, you can see a summary of the total size, and the price level of your trade. You are speculating that the final settlement value will be below this level.
To confirm the trade, you have to submit an upfront payment for your sell position:
BTC Tx Fee
Base L2 Gas
Scroll down to the Positions tab to view your positions. You will receive an ERC-1155 that represent your sell positions. You can freely trade these. All sell positions in the same pool are fungible regardless of their price.
