Reader guide
dClutch is a Solana protocol for markets on prices and other measurable outcomes. Each market defines the possible results and issues claims that pay when a result wins. Collateral is deposited before claims are issued.
A price market
Suppose a market asks what SOL/USD will be at 12:00 UTC on Friday. It names the price source and divides the answer into three outcomes:
| Outcome | Reported price | Payout per claim |
|---|---|---|
| Low | Below $90 | 1 collateral unit |
| Middle | $90 to less than $110 | 1 collateral unit |
| High | $110 or more | 1 collateral unit |
A report of exactly $90 belongs to Middle; exactly $110 belongs to High. The ranges cover every price without overlap, so one outcome wins.
If you buy 100 Low claims for 0.20 units each, you spend 20 units before fees. A price below $90 pays you 100 units. Any other price pays you zero. You can use claims to take a view on a price or offset some losses elsewhere. Selling before resolution requires a buyer at a price you accept.
How claims are backed
One claim on every outcome is a complete set. In the example, one Low, one Middle and one High claim together pay one collateral unit at resolution. Depositing one unit can therefore create one complete set. While the market is open, returning a complete set releases its collateral.
The market holds claim collateral in its Hoard. That principal pays claims; fees, source work and recovery have separate funding. Trading changes who owns the claims without removing their backing. Claim holders face no margin calls or liquidations.
How a market settles
Before opening, a market fixes its outcomes, payout rules, source and observation window. The first valid source observation in that window determines the winning outcome. Later observations cannot replace it.
A market can also fund recovery steps before opening. If the source remains unavailable and those steps are exhausted, anyone can complete the published failure procedure. It applies the market's preselected failure outcome and may pay a funded bounty to the person completing the work.
Before participating, check the price source, observation time, range boundaries, fees and failure outcome. The source determines which claims pay, so its terms matter as much as the trade price.
Try dClutch
The public app uses Solana devnet and test tokens. Open a market to see its terms, current state and available actions.
| What you want to do | Where to go |
|---|---|
| Browse markets and compare terms | Markets |
| Join a market and trade a signed Direct offer | Open a market's detail page; joining and trading require an eligible wallet and an available offer. |
| View holdings and redeem payouts | Portfolio; redemption becomes available when the market has resolved and the wallet holds a paying claim. |
| Follow market activity or inspect an account | Activity or Explorer |
| Choose outcomes, a source and a trading mechanism | Design a market (/create); founding the market uses the operator tools. |
| Inspect trade calculations and operate a market | Console and the operator guide |
Markets can use different exchange mechanisms: Direct matches a maker's signed offer with a taker, General collects orders into batches, and Dealer uses funded liquidity to quote prices. Check the selected market's page for the actions it currently supports.
Next steps
- Trader guide: choosing claims, trading and redeeming.
- Operator guide: choosing market terms and funding a market.
- Client developers guide: building a bot, dashboard or integration.
- Reference: instructions, account layouts and error codes.