Docs · Core concepts
The mark & persistence
The settlement reference the pool prints, and why only persistence counts.
The markis the protocol’s settlement reference: a price the pool itself has printed and sustained. It is recorded on-chain by the hook from the market’s own trading — no external feed, no keeper, no committee.
The defining rule: a single trade can never settle anything. Trades move spot; only spot that persistsbecomes a mark. A flash crash, an oracle-style wick, or one whale’s dump prints a price for a moment — and a moment is not enough. The pending window (Sec. 08) is the persistence check applied to any move that would transfer value.
Note — wicks don’t settleIf price dips below a tick and returns within the window, nothing happens: no liquidation, no transfer, no state change. Only moves that hold are real to the protocol.