GRINDER🥷🏼

One bad candle? Here's what Percolator's liquidation code actually does next. Equity is your collateral plus PnL, marked at the engine's price, which follows the oracle in capped steps. Profit only counts as far as the engine can prove it's backed. The maintenance requirement is a margin rate on the position's notional. If the oracle has already moved further against you than the engine price has, that gap is added on top. Once equity is strictly below the requirement, the account can be liquidated. Anyone can do it. Liquidation runs inside a permissionless crank: no keeper whitelist, and the caller doesn't need an account or collateral on Percolator. The caller doesn't choose the size either. The engine settles losses against collateral, then binary searches for the smallest close it projects will put the account back above maintenance, after the liquidation fee. If no partial close gets there, or the account is already underwater, that position closes in full. The video shows the partial case. Every liquidation has to leave the account measurably less risky. If it doesn't, the whole instruction reverts. There's no ADL queue. The closed size isn't dumped into a book. Open interest on the other side shrinks to match, and every position on that side is cut by the same ratio. Nobody gets singled out. If losses run past the account's collateral, that market's insurance budget covers what it can. Anything left is shared pro rata across the other side of the same market, by position size. play.percolator.trade

🧵🪡 1/9: v2.2 update; 150 commits across 6 repos in the 9 days since the last video Leverage now reads the token you're trading. Bonds earn a coupon. Creators keep their fees after burning admin. And the last 3 days went entirely into attacking it. Devnet v2.2 expected to release within the next couple days, a main net beta will follow within a few weeks after.