Routes, reference prices and execution
A recipe defines redemption amounts. A reference value estimates their worth. An execution quote describes one trade and its signed limits.
Three kinds of information
| Information | What it tells you |
|---|---|
| Fixed recipe | Component quantities returned by healthy redemption |
| Reference value | Sum of quantities × validated token prices |
| Executable quote | Expected output and protection for a specific amount, route and expiry |
A reference feed supplies no liquidity. A quote only settles if execution succeeds.
Component prices and Lot value
Registered v4 price venues value components. NavGuardV15 cross-checks their spot prices against configured Chainlink feeds for guarded operations, including launch pricing and LotFlow trades. Coverage, age and deviation must pass; there is no automatic TWAP fallback or assumed fill for a missing market.
Corporate actions can change share-to-token price relationships. Use token units and decimals, without applying multipliers twice. Robinhood Stock Token APIs.
Fixed raw quantities stay unchanged. Healthy in-kind minting and redemption use balances and quantities, without dollar feeds.
Feed freshness and trading hours
There is no separate stock-exchange-hours gate. Guarded actions still require usable pool state and passing price/depth checks. Missing valuation alone proves neither lost backing nor a transfer freeze.
Liquidity is checked in both directions
BasketFactoryV15 checks approved v3-style and v4 depth at composition and launch. Failure blocks the new action without rewriting existing recipes or necessarily stopping swaps. The check limits impact within a measured band; it does not eliminate manipulation risk. See eligibility and depth.
Transferable components can be illiquid: in-kind redemption may work while ETH liquidation fails. NAV, TVL and locked liquidity value do not establish execution capacity. Native ETH routes use component markets, without requiring a direct Lot/ETH pool or market-maker programme.
Which router settles a trade
RouterV16 serves launch tokens. It uses registered v4 component pools and approved v3-style venues when v4 cannot fill the trade alone.
Rotation requires the same launch factory and exact quote.
LotFlow provides a separate Lot/USDG market for compatible external routes and native readiness/funding swaps. Check provider differences and the actual quote.
Complete settlement
A Lot-paired ETH buy acquires components, mints the Lot and swaps for the launch token. ETH sales reverse those stages; direct-stock routes skip the vault.
Signed transactions bind chain, assets, amount bounds, expiry, recipients and launch/recipe identity. Approved adapters and authenticated callbacks settle all required legs together or revert.
Slippage protects the complete route after quoted fees and impact. Changed outputs or partial settlement require a new explicit choice. ETH outputs settle as native ETH; a rejecting recipient creates a credit under Portfolio → Refunds to claim.