[{"data":1,"prerenderedAt":201},["ShallowReactive",2],{"docs:en:\u002Fdocs\u002Fduel\u002Fconcepts\u002Frounds":3},{"id":4,"title":5,"body":6,"cover":192,"description":193,"extension":194,"meta":195,"navigation":196,"path":197,"seo":198,"stem":199,"__hash__":200},"docs\u002Fdocs\u002Fduel\u002Fconcepts\u002Frounds.md","Rounds",{"type":7,"value":8,"toc":182},"minimark",[9,13,17,22,30,34,41,44,47,57,60,64,129,132,136,156,160,167,179],[10,11,5],"h1",{"id":12},"rounds",[14,15,16],"p",{},"Every duel has six scheduled round closes a day. After the first round, rounds last four hours. A round may have a winner or none; a winning side can be bought back and burned within the buyback price ceiling.",[18,19,21],"h2",{"id":20},"when-rounds-end","When rounds end",[14,23,24,25,29],{},"Rounds end on the same boundaries for every duel, every four hours: ",[26,27,28],"strong",{},"midnight, 4 AM, 8 AM, noon, 4 PM and 8 PM\nUTC",". A new duel's first round runs to the first boundary that leaves at least four hours of trading,\nso it lasts between four and eight hours; every round after it lasts exactly four hours.",[18,31,33],{"id":32},"who-wins","Who wins",[14,35,36,37,40],{},"The hook integrates the ",[26,38,39],{},"logarithm of A’s price in ETH divided by B’s price in ETH",", using the difference of the two ETH pools’ ticks, second by second. Its time-weighted average decides the winner. Both the size of a lead and its duration matter; the displayed average converts that average tick back into a share. It is not an arithmetic average of percentages. A late lead counts only for the remaining time, but can still change a close result. The A\u002FB pool’s price does not count.",[42,43],"round-average",{},[14,45,46],{},"There is no winner when:",[48,49,50,54],"ul",{},[51,52,53],"li",{},"nobody traded in ETH during the round, and no switch through the A\u002FB pool moved an ETH price;",[51,55,56],{},"the absolute time-weighted average of the ETH price-ratio tick is less than one tick and rounds toward zero. One tick is a roughly 0.01% change in the price ratio, not 0.01 percentage points of the split.",[14,58,59],{},"In either case, the pot carries over.",[18,61,63],{"id":62},"what-resets-and-what-carries-over","What resets and what carries over",[65,66,67,79],"table",{},[68,69,70],"thead",{},[71,72,73,77],"tr",{},[74,75,76],"th",{},"At the close",[74,78],{},[80,81,82,93,103,119],"tbody",{},[71,83,84,90],{},[85,86,87],"td",{},[26,88,89],{},"The split",[85,91,92],{},"Carries over. It is a market price: nobody's position changes at the close.",[71,94,95,100],{},[85,96,97],{},[26,98,99],{},"The round's average",[85,101,102],{},"Resets. The next round averages its own four hours only.",[71,104,105,110],{},[85,106,107],{},[26,108,109],{},"The pot",[85,111,112,113,118],{},"Carries over whatever the buyback could not spend (see ",[114,115,117],"a",{"href":116},"\u002Fdocs\u002Fduel\u002Fconcepts\u002Fpot","The pot and the burn",").",[71,120,121,126],{},[85,122,123],{},[26,124,125],{},"Burned tokens",[85,127,128],{},"Gone for good: the winner's supply shrinks.",[14,130,131],{},"The side ahead at the close keeps that live price lead into the next round. A buyback can move the winning side’s price, which need not be the side ahead at the close. The next round starts a fresh average; winning it depends on both the size and duration of the price lead.",[18,133,135],{"id":134},"why-every-four-hours","Why every four hours",[48,137,138,144,150],{},[51,139,140,143],{},[26,141,142],{},"Regular closes."," Six scheduled closes a day give every time zone several opportunities to follow a result.",[51,145,146,149],{},[26,147,148],{},"More buyback opportunities."," A buyback cannot pay more than about 10% above its reference price (its 30-minute exponential average, or its price when that is lower). Six rounds allow up to six opportunities a day; they do not guarantee a winner or that a large pot will be spent.",[51,151,152,155],{},[26,153,154],{},"Streaks of wins."," Three consecutive wins mean three winning settled rounds, not twelve hours continuously ahead. Quiet rounds do not break a streak, and the first round may last four to eight hours.",[18,157,159],{"id":158},"settling-a-round","Settling a round",[14,161,162,163,166],{},"A round is settled by the ",[26,164,165],{},"first swap after its close",", before that swap runs. The result uses the ticks held until the close; if there is a winner, the pot can buy it back within its price ceiling, then the user’s swap proceeds. That swap cannot change the result it settles.",[14,168,169,170,173,174,178],{},"Until it is settled, the duel's page shows the round's result: its average stops at the close, so nothing that happens\nafter it can change it, however late the settlement comes. If the round has a winner and nobody trades after the\nclose, anyone can settle it with ",[26,171,172],{},"Settle the round now"," on the duel's page (the hook's ",[175,176,177],"code",{},"settle"," function).",[14,180,181],{},"Rounds that pass without a swap are skipped: a duel that sleeps for three days wakes up in the current round. A round awaiting settlement keeps its result; unspent pot ETH carries over and remains subject to the price ceiling at later winning settlements. Quiet rounds do not break a side’s streak: it ends only when the other side wins.",{"title":183,"searchDepth":184,"depth":185,"links":186},"",2,3,[187,188,189,190,191],{"id":20,"depth":184,"text":21},{"id":32,"depth":184,"text":33},{"id":62,"depth":184,"text":63},{"id":134,"depth":184,"text":135},{"id":158,"depth":184,"text":159},null,"Rounds close every four hours, UTC. The time-weighted ETH price lead decides the winner; quiet rounds and near ties have none. How a round is settled.","md",{},true,"\u002Fdocs\u002Fduel\u002Fconcepts\u002Frounds",{"title":5,"description":193},"docs\u002Fduel\u002Fconcepts\u002Frounds","1tmeJc3lM03UblP6pp2kzyYsa9EdErX4Sn5HG7bsDFM",1791226974097]