Accepting a Quote

A quote arrives already signed by CRX; accepting signs the same terms, and the two signatures open the position on-chain. The bind locks each side's initial margin, and the position starts marking against the oracle.

What happens when a quote is accepted?

Accepting a quote is a signature. The terms are the record of the trade, and the two signatures on it are the binding: the taker signs, CRX signs, the position opens. Nothing unsigned stands between the quote and the trade.

The terms state the exact trade: the pair, the locked rate, the notional, the direction, the delivery date, and a signing deadline. The format is EIP-712: each party signs human-readable fields, not an opaque hash.

What does signing do?

A quote arrives already signed: CRX signs the terms when it prices the request, and accepting countersigns the same document. The two signatures then do three things:

• Authentication. The contract verifies both signatures against the signed fields and opens the position directly. No operator approval is required.
• Price. The locked rate is a signed field: the position opens only at the number both signatures cover. A changed field invalidates both signatures.
• Margin. The bind locks each side's initial margin into escrow neither side can touch, and the position begins marking against the oracle.

What if a quote is never signed?

Nothing binds. The terms carry a signing deadline, and the contract opens a position only on two signatures inside it: if either signature is missing or the deadline passes, no position exists and nothing is owed. Decline the quote, or let it lapse, and request a new price at any time.

Next: Collateral (~3 min). The money behind the position: what can be posted, where it is held, and what protects it.