Peer2Peer Trading

Tappable

The functional set "token-trade" consists of 3 functions to allow text-inscription based trading. By inscribing a trade inscription as seller, a trade is being added to the Ordinals collection and can be picked up by any buyer for the duration of a valid period in blocks.

Upon filling a trade by the buyer, an optional fee receiver address may be added to receive fixed 0.3% fees in tokens per filled trade. Fees are applied on top of the purchased token and is being paid by the buyer. Fees give inscription services and marketplaces a way to benefit from internal trading, while buyers benefit from the convenience and guidance of their services.

To inscribe a trade, a seller has to inscribe a text inscription in the following format:

Creating a Trade

{
  "p" : "tap",
  "op" : "token-trade",
  "side" : "0",
  "tick" : "tap",
  "amt" : "1",
  "accept" : [
    {
      "tick" : "buidl",
      "amt" : "0.1"
    },
    {
      "tick" : "based",
      "amt" : "0.2"
    }
  ],
  "valid" : "900000"
}

As soon as the inscription above is inscribed, the trade is open and ready to be filled under the following conditions:

• All attributes are mandatory as of the example above.

• Side = 0 specifies that this is a trade function by a seller.

• The seller must own the offered token amount in the moment of filling the trade by a buyer.

• The offered token amount must be deducted from the available balances, not overall balances (available = balance - transferable).

• The tokens defined in the "accept" attribute represent accepted tokens for the trade.

• If any of the accepted tokens are being used by the buyer, the trade concludes.

• The tokens defined in the "accept" attribute must be deployed in the moment of filling the trade by a buyer.

• The block specified in the "valid" attribute must be a future block (inclusive).

• The trade is invalid and not being indexed if the current block is larger than "valid".

• Up to block 824543 and if the offered token is cursed, then the inscription has to be inscribed as cursed.

• Ticks within the "accept" attribute must be unique. Only the first will count if there is more than one of the same.

• After inscribing the function, sellers have to send the inscription to themselves to approve (tapping).

Cancel a Trade

In order to cancel an existing, non-expired trade. The following function has to be inscribed and tapped:

{
  "p" : "tap",
  "op" : "token-trade",
  "side" : "0",
  "trade" : "<inscription id>"
}

• All attributes are mandatory as of the example above.

• Side = 0 specifies that this is a trade function by a seller.

• The "trade" attribute has to be populated with the inscription id (not number) of the referenced trade inscription above.

• The trade will only cancel if the referenced trade inscription is owned by wallet address that intends to cancel.

• After a trade has been cancelled, no trades for it can occur.

• After inscribing the function, sellers have to send the inscription to themselves to approve (tapping).

Fill a Trade

Valid trades are fillable by inscribing a token-trade inscription that specifies which offered token to purchase, with a reference to the original trade inscription. Additionally, an optional fee receiver may be specified. The fee receiver will earn fixed 0.3% of the token that the buyer is purchasing. The fee is applied on top of the purchase amount.

{
  "p" : "tap",
  "op" : "token-trade",
  "side" : "1",
  "trade" : "<inscription id>",
  "tick" : "based",
  "amt" : "0.2",
  "fee_rcv" : "<fee receiver address>"
}

• Except "fee_rcv", all attributes are mandatory as of the example above.

• Side = 1 specifies that this is a trade function by a buyer.

• The "trade" attribute must match the original trade inscription id (not number).

• The "tick" and "amt" attributes must exactly match one of the accepted tokens from the referenced trade inscription.

• The buyer must not fill all accepted tokens as of the referenced trade but exactly one.

• The ticker must be deployed in order to get the above indexed.

• The buyer must own the specified token and it's amount + 0.3% trading fees if the "fee_rcv" attribute is set.

• If the "fee_rcv" attribute is set, it must be a valid Bitcoin address.

• After inscribing the function, buyers have to send the inscription to themselves to approve (tapping).

• If the current block upon tapping is larger than the block in the "valid" attribute as of the referenced trade, filling will fail.

• If all conditions are met, the token and its exact amount is being sent to the seller and the offered token is being sent to the buyer. If fees apply, the fee will be sent to the fee receiver.

• Fees are only applicable on amounts and decimals that allow 0.3% to be applied. This means there may be zero fees if not applicable.