Core Concepts
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.
Connect wallet
Bullish
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.
Bullish: Long position profitable scenario
Bearish
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.
Bearish: Short position profitable scenario
How to Long transaction fees?
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You can see open orders, their price, and the total payment required to fill them
Open orders, buy positions
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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.
Buy positions, total size and price
Each market settles based on a different value, depending on the underlying index
| Market | Underlying Index | Final settlement Value |
|---|---|---|
| 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 |
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To confirm the trade, you have to submit an upfront payment for your buy position which is calculated as such: (Price−Floor)∗Size
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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.
Positions
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Upon settlement on the pool's final date, you can claim your rewards!
Final Long/Buy Payout Calculation
Payout = (min(Cap,max(avg(index in Pool’s Period),Floor)) − Floor) × Size
How to Short transaction fees?
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You can see open orders, their price, and the total payment required to fill them
Open orders, sell positions
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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.
Sell positions, total size and price
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To confirm the trade, you have to submit an upfront payment for your sell position which is calculated as such: (Cap−Price)∗Size
- Scroll down to the
Positionstab 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.
Positions
- Upon settlement on the pool's final date, you can claim your rewards!
Final Short/Sell Payout Calculation
Payout = (Cap−min(Cap,max(avg(index in Pool’s Period),Floor)) − Floor) × Size
Updated about 16 hours ago