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3. Fulfillment, discharge, and exchange activity

A Pool swap changes which addresses hold assets. Voucher fulfillment occurs when the issuer performs the published commitment. Discharge records the fulfilled units so they cannot be presented again. These events must not be collapsed into one use of “settlement.”

The proposed measurement framework uses separate records for:

  • completed Pool swap volume;
  • valid redemption presentments;
  • confirmed issuer fulfillment;
  • discharge;
  • outstanding eligible commitments; and
  • measured Pool inventory.

A proposed commitment-discharge velocity can compare fulfilled value during a period with average outstanding eligible commitment value, but only where both use the same disclosed valuation method. Token supply is not a sufficient denominator: it can include issuer inventory, expired or inaccessible units, tests, and balances that do not represent an outstanding third-party commitment.

A separate Pool swap-activity ratio can compare completed Pool swap value with measured Pool inventory. It describes exchange activity, not issuer fulfillment.

Liquidity may improve inventory availability and make exchanges easier. It does not guarantee that issuers will perform, that contributors will recover assets, or that a Pool quote represents redemption or cash value. Any liquidity-provider rights require separate published terms.

See Appendix A for definitions and Appendix C for the proposed measurement specification.