Concepts

Long Term Order

A Long Term Order is a swap order placed to run over more than one order block interval. The size of the order can be any, but it generally makes sense to place a long term order for larger orders. Such orders are generally deposited to the TWAMM contract and the contract takes care of running the order for the specified number of blocks.

Order Block Interval

Order block interval is the minimum number of blocks for which a long term order can be placed with the TWAMM contract. The order block interval details for various pool can be found here.

Arbitrageurs

Arbitrageurs are an essential actors of the system. Along with other AMM users, by performing continuous swaps whenever a profitable opportunities arise, they ensure that the virtual orders are executed over the lifetime of a long term order. See this section for more details.

Virtual Orders

Virtual orders are the sub orders created from placed long term orders. When a long term order of size x is placed for n blocks, the order is divided into virtual orders of size x/n. These virtual orders are then executed over the next n blocks. Dividing an order uniformly across the blocks helps in getting a time weighted average price of the order.

Order Pool

Order Pool represents the pool of tokens which at any specific instant selling the tokens at specific sales rate. The sales rate keeps changing as new orders are added or older ones expire.