Protocol

Series lifecycle

Every state a series passes through, from creation to the last redemption.

Status machine

Created → Subscription → Live → (Autocalled | Matured) → Settled ↘ Cancelled (one side empty)

1. Creation

SeriesPolicy writes a new series from a standing template each US trading day: underlying, levels as percentages, coupon band, notional cap and the 13 timestamps from TradingCalendar.

2. Subscription

CARRY deposits USDG and GUARD deposits Stock Tokens plus prefund. Deposits cannot be withdrawn while the window is open. In the last 24 hours a Backstop fill may be triggered if GUARD outweighs CARRY.

3. Strike

At close #1 anyone calls strike(seriesId). The protocol reads S0, fixes the autocall level and barrier in price terms, discovers the coupon, matches both sides pro rata and mints legs.

4. Live

Each weekly close is observed by a crank. Coupons accrue to CARRY whenever the close holds the barrier.

5. Autocalled or Matured

An autocall at #2 to #12, or the final reading at #13, moves the series to settlement and fixes every payout.

6. Claims, redemptions, refunds

Unmatched deposits: refundable right after strike.
Coupons: claimable any time after they accrue.
Principal, stock and unused prefund: redeemable after settlement, no deadline.

Pausing

A guardian can pause new deposits. It cannot pause redemptions, move escrow or change a struck series.