Reference rates

BlockFinaX uses two kinds of rate:

Rate	Where it is used	Where it comes from
Today's rate (reference rate)	Quoting: it sets the strike percentage, the open limit and the reserve, and it is recorded in your contract as the rate at purchase.	The protocol's market data feed, refreshed every few minutes.
Settlement rate	Deciding the payout at expiry.	Agreed by the protocol's oracle operators from the same market data.

Both are mid-market reference rates. They are not prices at which you can buy or sell currency. Your bank or exchange will usually quote a different rate, and in some markets the official and parallel rates differ widely.

Protection pays on the reference rate, so it offsets your currency risk closely but not exactly. See Reference and executable rates.