Market (MarketRouter)

MarketRouter is the canonical veCLAIM lock management router and only supported transfer gateway.

Strict mode invariant: The Furnace is the only counterparty for listing settlement. No user-to-user lock transfers. Market is for listing/delisting/managing locks as limit sells to Furnace and for bonus target escrow entry orders.

Transfer restriction: VeClaimNFT only allows transfers via mineMarket (MarketRouter), except Furnace custody transfers for sellback.

Design: 0% fee | Duration-based settlement penalty (25% at 365d, ~0.5% at 7d → Furnace reserve) | CLAIM-denominated payouts and budgets

UI mapping

Everything under Furnace: /furnace/market — manage your listings, manage bonus target escrow orders, and run Sell now (no global listings table).

Trading pause

tradingPaused (guardian-controlled):

• When true: listing + settlement + escrow execution revert
• Exits still work: delistLock, cancelExpiredListing, cancelBonusTargetEscrow, emergencyDelist (after 7d)

Limit sell (Market listing)

A Market listing is a limit sell intent to the Furnace.

User posts:

• minClaimOut = Minimum payout (net CLAIM the seller is willing to receive)
• expiresAtTime = Expiry for the listing (unix seconds; after expiry, it must not be fillable). UI default: 30d.

State: listings[tokenId] = {seller, minClaimOut, expiresAtTime, listedAtTime, active}

Settlement flow (net payout guard):

1. Clear listing state (CEI)
2. Read the live Furnace sell quote (gross): claimOutGross
3. Calculate penalty:
   • penaltyBps = SELL_ROUND_TRIP_LOSS_MAX_BPS × remainingSec / MAX_LOCK_DURATION
4. Compute net payout:
   • claimOutNet = claimOutGross - floor(claimOutGross * penaltyBps / 10_000)
5. Require:
   • block.timestamp <= expiresAtTime
   • claimOutNet >= minClaimOut
6. Transfer penalty to Furnace reserve
7. Transfer claimOutNet to seller
8. ShareholderRoyalties.checkpointTransfer(seller, furnace)
9. Transfer lock to Furnace and burn

Limit buy (Buy intent) via bonus target escrow

A bonus target escrow is the protocol’s limit buy (Buy intent) mechanism.

It is a CLAIM budget escrowed in MarketRouter that executes into the Furnace when a target quote condition is met.

Not buying from users — this queues an entry into the Furnace at a desired bonus level and lock configuration.

User posts (canonical intent fields):

• budgetClaim (UI label: Input amount; aka amountIn) = CLAIM budget escrowed in MarketRouter
• expiresAt (UI label: Expiry) = the latest time this intent may execute
  • implemented via escrowTtlSeconds at creation; extendable up to 90d
• execution trigger (choose one):
  • minVeOut (UI label: Minimum output) = intent executes only if the live quote yields veOut >= minVeOut
  • targetBonusBps (UI helper) + slippageBps (derives minVeOut at execution from the live quote)
• lock config: durationSeconds, destinationLockId, createAutoMax

Creation:

• createBonusTargetEscrowWithTarget(...)
  • stores a target bonus and output slippage tolerance used by executeAutoFurnace

Notes:

• targetBonusBps (if used) is compared to the live Furnace quote (effective bonus bps).
• slippageBps is applied as a down-only guard on the quoted veOut to derive minVeOut:
  • minVeOut = floor(veOut * (10_000 - slippageBps) / 10_000)
• Execution must satisfy (before expiry):
  • block.timestamp <= expiresAt
  • veOut >= minVeOut (explicitly, or implicitly via target bonus + slippage)

Related:

• Market buy (Buy now / Enter now) is a direct Furnace entry (see Furnace docs). It is immediate and uses slippage-derived output guards (and a short deadline for swap paths).

Sellback paths

All lock exits route to the Furnace:

1. Limit sell (Market listing): settlement of an active listing when claimOutNet >= minClaimOut and before expiresAtTime.
2. Market sell (Sell now): immediate sellback
   • sellLockToFurnace(tokenId, minClaimOut, deadline)
   • Frontend derives minClaimOut from slippage and uses a short deadline (TTL) to prevent stale execution.
   • Auto-delists if the lock is listed, then burns the lock.

Events

Defined in src/lib/Events.sol: