Oracle & Fixing
Price Feeds and Settlement for BaseVol options
Price feed from Pyth
BaseVol uses Pyth, a pull-based oracle for crypto market data, for the fair calculation of its options.
Pyth Price Feeds are used for the Start Price and End Price of each rounds, thus providing both a decentralised and accountable standard to determine user's trade results.
Display-wise, BaseVol uses chart data from TradingView charts (ex. BTCUSD)
However, actual fixing and settlement is made in Pyth price feeds. We advise that users only view charts as a reference.
Round Fixing & Settlement
Due to various complexities in round fixing (including blockchain latency, market fluctuations, smart contract risk), orders with less than 1 minute left before expiry have a high risk of failure. It is recommended that users place orders with enough time remaining.
The price of each coin/token at 08:00 AM UTC @ every day will be used for the fixings of BaseVol 1 Day options.
More precisely, BaseVol listens to the Pyth price of 08:00:00 UTC every day.
By structure, the End Price of Round 'N' will be used for the Start Price of Round 'N+1'. Failure in Pyth price retrieval leads to an error in both ending one round and starting a new one.
Due to various reasons (i.e. delay/shutdown of Pyth, Ethereum or L2 network), BaseVol may fail to retrieve fixing prices.
For example, if BaseVol fails to fetch the End Price for Round 'N':
BaseVol will retry every 2 minutes (ex. 08:02:00 / 08:04:10/ ...)
Until Round 'N' is fixed, the opening of Round 'N+1' will be delayed (No Start Price).
If the issue persists, Round 'N+1' will be cancelled.
Afterwards, BaseVol will search the Start Price for Round 'N+2'
Trading will be functional from Round 'N+2'
Regardless of the operation of other rounds, BaseVol will attempt fixing of Round 'N' for a maximum of 24 hours (=Max. 720 attempts)
If fixing fails even after 24 hours, BaseVol will use Binance spot price of asset for End Price of Round 'N'
Due to various complexities in round fixing (including blockchain latency, market fluctuations, smart contract risk), orders with less than 1 minute left before expiry have a high risk of failure. It is recommended that users place orders with enough time remaining.
The price of each coin/token at 00 minutes @ every hour will be used for the fixings of BaseVol 1 Hour options.
More precisely, BaseVol listens to the Pyth price of HH:00:00 at HH:00:10 every hour.
By structure, the End Price of Round 'N' will be used for the Start Price of Round 'N+1'. Failure in Pyth price retrieval leads to an error in both ending one round and starting a new one.
Due to various reasons (i.e. delay/shutdown of Pyth, Ethereum or L2 network), BaseVol may fail to retrieve fixing prices.
For example, if BaseVol fails to fetch the End Price for Round 'N':
BaseVol will retry every 2 minutes (ex. HH:02:10 / HH:04:10/ ...)
Until Round 'N' is fixed, the opening of Round 'N+1' will be delayed (No Start Price).
If the issue persists for 60 minutes, Round 'N+1' will be cancelled.
Afterwards, BaseVol will search the Start Price for Round 'N+2'
Trading will be functional from Round 'N+2'
Regardless of the operation of other rounds, BaseVol will attempt fixing of Round 'N' for a maximum of 24 hours (=Max. 720 attempts)
If fixing fails even after 24 hours, BaseVol will use Binance spot price of asset for End Price of Round 'N'
The price of each coin/token at 00 seconds @ every minute will be used for the fixings of BaseVol 1 Minute options.
More precisely, BaseVol listens to the Pyth price of HH:MM:00 every minute.
Due to various reasons (i.e. delay/shutdown of Pyth, Ethereum or L2 network), BaseVol may fail to retrieve fixing prices.
Regardless of the operation of other rounds, BaseVol will attempt fixing of Round 'N' for a maximum of 24 hours (=Max. 720 attempts)
If fixing fails even after 24 hours, BaseVol will use Binance spot price of asset for End Price of Round 'N'
Last updated