1
Queue
Assets are taken and held inactive. No shares are minted yet.
2
Mature
After the maturity window, the deposit becomes activatable. Fresh capital cannot back a quote
before this point, which is what closes just-in-time liquidity.
3
Activate
Shares mint at the current reserve ratio, so pending capital cannot capture gains that
accrued before it entered. Any excess becomes refundable. Activation starts a second maturity
window on the new shares.
4
Unlock or cancel
Newly activated shares cannot transfer or withdraw until the second window ends. A request
that has not activated can still be cancelled at any time.
5
Claim
Only the provider can activate, cancel or claim. Cancelled assets and activation excess are
refundable to that provider alone.
Cancelling an inactive request has no maturity requirement, deliberately. The exit lock applies
only after shares activate and begin affecting the shared quote. It does not trap a deposit that
never entered the active reserve book.