Trenchers

You've been rugged before. Dev pulled the LP, oracle "paused", the exchange socialized your win, the perp venue ADL'd you at the top. Every one of those is the same failure: your money was somewhere a stranger could touch it.

dClutch is a claims protocol built so there is no such place. This page tells you what you'd actually be holding, why the payout can't be walked back, and how there's a standing bounty you can collect just for paying attention.

First, the disclaimer you actually care about: none of this is deployed. There is no token. There is nothing to buy today. It runs on local test validators while it gets finished. You're early — this page is so you know what it is before it ships.

What a claim is

A market here is a bet on a stated question with the answer split into outcomes — say SOL/USD at the deadline: under $120, $120–$180, over $180, and one more outcome for "resolution failed" (more on that one below, it's the good part).

When the market is founded, the full payout for every outcome is already in the vault. That's the whole trick. You are not holding a token someone can print more of. You are not counting on a counterparty to be solvent later. The collateral that pays the winning side is deposited before the first trade exists, and the payout per winning claim is fixed arithmetic written into the market — not a number an admin types in afterward.

So the worst case is known when you enter, not discovered when you exit. There's no team allocation. There's no LP to pull. There is nothing behind the curtain because there is no curtain — every account the market is made of sits on chain where your own tools can read it.

Range protection beats getting rugged

Longing spot means unlimited ways to be wrong: wicks, funding, exit liquidity games. Buying a range means one way to be wrong, priced up front.

You think SOL holds $120–$180 through Friday? Buy that range. Land inside it, you redeem at the fixed rate. Land outside it, you lose what you paid and nothing else — no liquidation cascade, no margin call at 4am, no counterparty deciding your win was too big.

And your fill can't be sandwiched into something you didn't sign. A trade here is two signed intents — yours and the other side's — with your limit price and expiry inside the signature. The chain checks the execution against both signatures and refuses anything that doesn't match. Price outside your limit? The transaction doesn't execute badly; it doesn't execute.

dclutch markets ls
dclutch markets show <market>
dclutch intent buy --route route.json --outcome 1 --fill 5 \
    --price 400000 --collateral <acct> --keypair me.json --out my-bid.json
dclutch buy --route route.json --take their-ask.json --fill 5 --price 400000 \
    --collateral <acct> --keypair me.json
dclutch portfolio

When the chain says no, you get told who said no and why — the actual program and the actual reason, not a hex number and a shrug:

$ dclutch refusal 0x5000
  claims refused: ClaimsSbfError::Instruction (0x5000) — Instruction bytes
  were hostile or selected no supported family.

The failure walk: get paid for watching

Here's the outcome nobody else's protocol has: the oracle ghosting is a priced outcome with a bounty on it.

Every market has a resolution deadline. If the deadline passes and no resolution landed — relayer died, oracle stopped, team got bored — the market doesn't limp along as stuck TVL. Anyone, meaning you, can send one transaction that flips the market to its explicit failure outcome. Everyone redeems their collateral back out. And you get paid the bounty for sending it — escrowed by the market at founding, so it's already there, not a promise.

dclutch walk --book walk-book.json --generation 1 --terminal-sequence 1 \
    --keypair anyone.json

Any wallet can be the walker. You pay one transaction fee; the market pays you the quoted bounty (the current demo market escrows 250,000 lamports). Too early? The program refuses and tells you so, and you're out one fee. It's a race worth scripting: watch deadlines, be first, collect. Free money for insomniacs, and it's not a bug — it's the mechanism that makes "the oracle ghosted" cost the market instead of costing you.

The honest part

• Not deployed. No token. Local validators only, today.
• You can't redeem a winning position from your own wallet yet — the last payout step is still being wired up (the CLI does the part that works and tells you exactly where it stops).
• Where something isn't finished, the tools say so to your face instead of spinning. That's the house style: the chain refuses loudly, and no partial state survives a refused transaction.

When it ships, the pitch will be the same one this page just made: the money is where you can see it, the math is fixed before you enter, and even the disaster case pays somebody — might as well be you.

The numbers behind everything here — payouts, fees, every refusal code — are in the reference, and the trader guide walks the same ground with the slang off.