The receipt market
A receipt is a claim with a timeline. The market exists so the timeline never traps you: sell your claim before unlock, or buy someone else's at a rate you can verify line by line.
Listings — escrowed, fillable, honest
Listing a receipt escrows the NFT in the marketplace contract. That single design choice buys two guarantees:
- Every listing is fillable. The receipt can't be transferred away or redeemed out from under a buyer — the escrow holds it until sale or cancellation.
- The ask is what you'll pay. Prices are absolute lUSD amounts, written at listing time. They do not track the growing claim — so a standing listing quietly cheapens relative to its receipt's value as yield accrues, until someone takes it.
Sellers can update or cancel at any time. A protocol fee switch exists (capped at 5% in code) and is currently off.
Bids — standing offers with escrowed funds
Anyone can place a standing bid on any live receipt, escrowing the lUSD up front — so an accepted bid settles instantly, no counterparty risk. Bids carry an expiry (the app defaults to 7 days), have a 1 lUSD minimum, and can be cancelled for a full refund at any time. A seller accepting a bid is an instant exit: NFT to the bidder, lUSD to the seller, one transaction.
Reading a listing
Every listing shows the whole cashflow, because a receipt's price alone is meaningless:
| Line | Meaning |
|---|---|
| Claim | what the receipt redeems today (principal + yield, net of the yield fee) — growing |
| Ask | the lUSD you pay now — fixed |
| Return to redeem | the lUSD debt you'll burn at unlock — fixed |
| lUSD / USDC all-in | (ask + debt) ÷ claim — the one number to compare listings by |
The all-in rate is peg-independent: it tells you how many lUSD the whole position costs per USDC it redeems, whatever lUSD trades at today.
Safety properties worth knowing
- Redeemed receipts cannot trade. Every entry point — list, buy, bid, accept — rejects a receipt that has already been redeemed, including the sharp case where a bid was placed while the receipt was safely escrowed and the seller later cancelled and redeemed. A spent claim is a dead claim, everywhere.
- Points follow the seller. Listing a receipt doesn't forfeit its deposit points to the escrow contract — the points engine credits the seller for the escrowed principal.
- Settlement is lUSD, on-chain, atomic. No off-chain order book, no operator in the path.
For the click-by-click version, see the buy & sell guide.