Spot deployment actions (MIP-1)

These actions register a spot token, list a pair and mint the genesis supply.

They are actions on POST /exchange. That page describes the request envelope, the EIP-712 signing rules, the number planes and the response shape. These apply to every action here.

This is the permissionless spot deployer lane. It is active on testnet. See the catalog entry for the fee model, and MIP-1 for the concepts.

All six actions are sender-authorized. The recovered signer is the deployer, no action has an owner, and an agent signature acts for the account of the agent. The body goes under action.params.

Governance off-switch. mip1_enabled closes the whole lane. When governance sets it to false, every action here fails with MIP-1 spot deployment disabled by governance.

Deploy rate limits

Two parameters that governance sets limit this lane. Validators vote on both through validator governance:

Param	Unit	Binds
`mip3_max_deploys_per_epoch`	count	New registrations in each deploy epoch. A deploy epoch is a fixed window of 100,000 committed rounds, about 3 hours at the current cadence. It is not the staking epoch. The count includes `spot_register_token`, `spot_register_pair` and perp registration. `0` means no cap. It never means blocked
`mip3_fee_ceiling_bps`	bps	The highest market fee that a deployer can set

warning

0 means no cap. It does not mean blocked. Both parameters are 0 on the running network today, and 0 leaves the lane fully open. These parameters control the rate. The off-switches are mip1_enabled and mip3_enabled. Never read a 0 cap as "deployment is closed".

Unit trap. mip3_fee_ceiling_bps is in basis points. taker_fee_dbps and maker_fee_dbps on the wire are in deci-bps (tenths of a basis point). The two units differ by a factor of 10. The chain rejects a fee that is above the per-market cap of 500 deci-bps (50 bps). When the bps ceiling is not zero, it also rejects a fee above that ceiling.

Both parameters apply at admission.

Register a spot token

This action registers a new spot token and allocates its asset id. It creates the token record only. The token has no trading pair and no supply yet. The action charges the TokenRegister Dutch-clock ask at commit.

{
  "type": "spot_register_token",
  "params": {
    "symbol": "ACME",
    "sz_decimals": 2,
    "wei_decimals": 8,
    "max_deploy_fee": "500"
  }
}

Field	Type	Range / values	Description
`symbol`	string	non-empty, ≤ 32 chars, not already in use	Token symbol. The chain checks it against every existing spot symbol and perp symbol
`sz_decimals`	uint8	`0`–`6`	Display and size precision. The chain rejects a value above `6`
`wei_decimals`	uint8	`1`–`18`	Native token decimals. See the two notices below
`max_deploy_fee`	decimal string	`≥ 0`	The highest deploy fee that you accept, in whole USDC. Send it as a JSON string

info

wei_decimals = 0 is now rejected. Active. A token registered with 0 loses value when governance binds an EVM contract to it. The Core-to-EVM path then divides by 10^8 and destroys any balance below one whole token. Admission refuses 0. It does not clamp the value, because you signed the declared precision. This rejection cannot repair a token that was registered with 0 before the rejection landed.

warning

Admission refuses wei_decimals above 18 with wei_decimals exceeds 18. wei_decimals sets the scale of every credit on the Core-to-EVM lane, and no real ERC-20 is above 18. This rejection does not repair a token that was registered above 18 before the rejection landed.

Gating. The chain rejects the action in these cases:

symbol is empty, longer than 32 characters, or already used by a spot token, spot pair or perp market.
sz_decimals is above 6.
wei_decimals is 0.
max_deploy_fee is negative.
The current ask is above max_deploy_fee.
Your free collateral is less than the ask.
Governance has closed the lane.

The fee comes out of free collateral. An account whose value is committed to open positions is refused, even when its total value covers the ask.

A deployer cannot declare its own token canonical. The wire has no is_canonical, no evm_contract and no evm_extra_wei_decimals field. A deployer never binds its own EVM contract. That binding is a governance action.

Response. The 202 Accepted admission envelope. The allocated asset id appears on /info spot_meta. Ids for this lane start at 1000.

List a spot trading pair

This action lists a (base, quote) pair over two registered tokens and allocates its pair id. The pair starts inactive and has no configuration. The action charges the SpotPairDeploy Dutch-clock ask at commit.

{
  "type": "spot_register_pair",
  "params": {
    "base": 1000,
    "quote": 100,
    "name": "ACME/USDC",
    "max_deploy_fee": "500"
  }
}

Field	Type	Range / values	Description
`base`	uint32	a registered token, `≠ quote`	Base token id
`quote`	uint32	must be USDC	Quote token id
`name`	string	not already in use by another pair	Pair display name
`max_deploy_fee`	decimal string	`≥ 0`	The highest deploy fee that you accept, in whole USDC

info

The quote must be USDC. The chain collects spot fees in the quote asset. The fees drain into shared pools that the buyback settles as USDC. With a non-USDC quote, a destroyed non-USDC fee would mint USDC one-for-one. The chain refuses a non-USDC quote at listing and again at activation.

Gating. The chain rejects the action in these cases:

base or quote is not registered.
base == quote.
quote is not USDC.
name is the same as the name of an existing pair.
max_deploy_fee is negative.
The ask is above max_deploy_fee.
Your free collateral is less than the ask.
Governance has closed the lane.

Response. The 202 Accepted admission envelope. The chain creates an empty order book with the pair. Trading paths see the pair as soon as it is configured and activated.

Set pair fees and minimum notional

This action sets the maker and taker fees of the pair and its minimum order notional in one signed intent. A pair needs both before it can be activated. Only the deployer can send it. It charges no fee.

{
  "type": "spot_set_pair_params",
  "params": {
    "pair": 1001,
    "taker_fee_dbps": 30,
    "maker_fee_dbps": 10,
    "min_notional_cents": 1000
  }
}

Field	Type	Range / values	Description
`pair`	uint32	a pair you deployed	Spot pair id
`taker_fee_dbps`	uint32	`< 1000`, and `≤ 500`	Taker fee in deci-bps (tenths of a bp)
`maker_fee_dbps`	uint32	`< 1000`, and `≤ 500`	Maker fee in deci-bps
`min_notional_cents`	uint64	`1`–`100000000`	Minimum order notional, in USDC cents

Fees are in deci-bps. taker_fee_dbps: 30 is 3 basis points, not 30. Admission refuses a value of 1000 or more. The committed cap is 500 (50 bps) on each leg.

Gating. The chain rejects the action in these cases:

You are not the deployer of the pair.
The target is a token registration and not a trading pair.
A fee is at or above 1000 deci-bps, or above the 500 cap.
min_notional_cents is 0, or above 100000000 cents.

The chain refuses a 0 floor, because the pair could then activate with no dust floor. The upper cap stops one mis-signed intent from making an active pair impossible to trade. A non-zero mip3_fee_ceiling_bps also applies here. See Deploy rate limits.

Open or close a pair

This action switches the pair between accepting and refusing new orders. Only the deployer can send it. It charges no fee.

{
  "type": "spot_set_pair_active",
  "params": { "pair": 1001, "active": true }
}

Field	Type	Range / values	Description
`pair`	uint32	a pair you deployed	Spot pair id
`active`	bool	—	`true` opens the pair, `false` closes it

Opening requires a fully configured pair. A fee tier and a minimum notional must already be set by spot_set_pair_params, and the quote must be USDC. Where a trading grid is required, the pair also needs a non-zero tick size and lot size.

Closing refunds every resting order. Deactivation drains the book of the pair. It returns the locked escrow of each resting order to its owner. No amount stays in a reserved balance. Existing balances do not change. Only resting orders are cleared.

Gating. The chain rejects the action in these cases:

You are not the deployer of the pair.
The action opens a pair that is not fully configured.
The quote is not USDC.
A required trading grid is missing.

Stage genesis holder rows

This action stages a genesis distribution for a token that you deployed. It writes no balances and no supply. It only records the intended rows. You can send it more than once, so a large distribution can use several signed calls.

{
  "type": "spot_seed_holders",
  "params": {
    "asset": 1000,
    "holders": ["0x1111...", "0x2222..."],
    "amounts": ["1000000", "250000.5"]
  }
}

Field	Type	Range / values	Description
`asset`	uint32	a token you deployed, `≥ 1000`	The spot token to stage
`holders`	array of address strings	1–128 per call, ≤ 4096 per token	Recipient addresses, parallel with `amounts`
`amounts`	array of decimal strings	each `> 0`	Whole-unit amounts, parallel with `holders`. Send them verbatim as JSON strings

You can stage a holder once only. The chain rejects a repeat address, in one call or across calls. If repeats added up silently, a distribution that you did not intend could satisfy the checksum.

Gating. The chain rejects the action in these cases:

holders and amounts have different lengths.
holders is empty or has more than 128 rows.
The token already has final supply.
You are not the deployer of the token.
An amount is zero or negative.
An amount is finer than the wei_decimals of the token.
A holder repeats.
More than 64 tokens hold a staged genesis at the same time.
The token would have more than 4096 staged rows.
The running total would pass the supply ceiling of 1000000000000 whole units.

The chain refuses USDC and every reserved core asset id. This lane can only mint tokens that were registered through it.

Response. The 202 Accepted admission envelope. The committed outcome reports the total number of holders staged for the token.

Mint the genesis supply

This action seals the token. It sums every staged row and compares the total with your max_supply checksum. It then credits all holders and sets the total supply in one step. This is the only action in the lane that creates supply. It succeeds once for each token.

{
  "type": "spot_finalize_supply",
  "params": { "asset": 1000, "max_supply": "1250000.5" }
}

Field	Type	Range / values	Description
`asset`	uint32	a token you deployed with staged rows	The spot token to seal
`max_supply`	decimal string	must equal the staged total exactly	Checksum over every staged row, in whole units. Send it verbatim as a JSON string

warning

max_supply is a checksum, never a target. The staged rows define the distribution, not max_supply. The checksum proves that your spot_seed_holders sequence arrived complete. Every staged amount is positive. A dropped or truncated staging call lowers the total, the comparison fails, and the mint refuses. Never derive your seeds from max_supply. Derive max_supply from the sum of your seeds.

Gating. The chain rejects the action in these cases:

The token has no staged genesis.
You are not the deployer of record.
The supply is already final.
max_supply does not equal the staged total.
The total is not positive, or is above 1000000000000 whole units.

Response. The 202 Accepted admission envelope. The committed outcome reports the minted total. The chain records the total supply from the derived sum, not from the string that you sent. Two numerically equal strings commit identical bytes. After this action succeeds, the chain clears the staged rows of the token and no further mint is possible.

Deploy rate limits​

Register a spot token​

List a spot trading pair​

Set pair fees and minimum notional​

Open or close a pair​

Stage genesis holder rows​

Mint the genesis supply​

Deploy rate limits

Register a spot token

List a spot trading pair

Set pair fees and minimum notional

Open or close a pair

Stage genesis holder rows

Mint the genesis supply