Design decisions

Each page explains one mechanism: the problem it addresses, how it works, why it was chosen, and the trade-offs that remain.

Decision	In one line
Per-contract underwriting	Each contract is backed and paid only by the underwriters with free money when it is sold.
Full collateral	The maximum payout is reserved in full at sale.
Buyer-chosen terms	Pools sell ranges; buyers pick strike, limit and tenor within them.
Signed quotes	Prices are computed off chain and verified on chain by signature.
European settlement and oracle agreement	Only the rate at expiry counts, and only once several operators agree.
One liquidity hub	All capital and contracts on Stellar; other chains fund it through routing.
Passkey wallet and sponsored fees	Users sign with passkeys and never hold a network token.
Business accounts on OpenZeppelin smart accounts	A business is a shared smart account whose rules give each member's passkey only their role's power.
Deposit addresses and relayers	Funds sent from any exchange reach Stellar with nothing to sign; two paymasters pay gas.