Concepts

Proposals

A committed route, a reservation and a window sized to the move.

What a proposal carries

A proposal is one swap between USDC and the fund's asset, committed in full when it is posted:

• the exact Jupiter route instruction: every account, in order, with its privileges, and every byte of data;
• the input amount and the minimum output, read from the route's own quoted output and slippage;
• the direction, buy or sell;
• a SHA-256 hash of the instruction, checked again before it runs.

Nothing about it can change after posting. If the route can't run as posted, nothing runs; a different route is a new proposal.

The reservation

Posting reserves the input in the fund: the USDC for a buy, the asset for a sell. Reserved assets can't be redeemed, swapped inside the budget or used by another proposal. The reservation is released when the proposal settles either way.

A fund has at most one open proposal.

The window

The window is how long the markets trade. It grows with the proposal's notional, its size in USDC:

window = shortest window + ⌊notional ÷ window step size⌋ × window step, up to the longest window

The shortest and longest windows and the step are part of the protocol's configuration: see parameters. The app shows the window a proposal will get before the agent posts it.

States