4.4 Pricing & Ticks

• Price unit: bps = CASH per 1 GOAL × 10,000.

  • 1:1 → 10,000 bps; 1.05:1 → 10,500 bps.

• Minimum price: 1:1 (10,000 bps). No negatives or 1:0.

• Tick size: tickSizeBps (e.g., 50 bps = 0.50%). Prices are quantized to the grid.

• Order selection: best price ascending by bps, then FIFO at each tick.

Tip: treasury or the Bank may seed a deep 1:1 tick to ensure smooth onboarding liquidity for buyers.