Call Outcomes

A facility has four stakers holding $3.5M of active promises between them. 3Jane opens a 20% call and each staker owes a pro-rata share of the $700k. Three fund their share; the fourth misses, and the miss goes to the auction.

• The call is apportioned by promise, so the two $1M promises owe $200k each, the $500k promise owes $100k, and each funder in this example receives USD3 in cooldown for the amount delivered plus a proportional margin release (a roller would retain margin and promise instead).

• Staker D misses, and the clearinghouse layer takes over: D's entire $75k margin is slashed into the auction pool, the award on offer ramps step by step, and a backstop bidder fills the $200k in D's place.

• The bidder takes the $200k of USD3 in cooldown plus the margin award; because the fill covered the whole shortfall, the rest of the pool, minus the auction fee, returns to D with the remaining promise restored.

• The facility ends the epoch having delivered the full $700k into USD3 and on to the fintech lender facilities, with three positions paid down by their funded amounts and D's position reduced by the auction's clearing cost.

A call resolves into a funded share and a defaulted share, and each defaulted obligation ends in one of three ways:

Outcome	Who funds the call	What the staker keeps
Funded	The staker	USD3 in cooldown, released margin, promise paid down
Missed, backstopped	A bidder, out of the auction	The pool minus the award and fee, promise restored
Missed, unfilled	Nobody; 3Jane carries the shortfall forward	Only the filled share of the pool; the rest is forfeited

In this cohort the defaulted slice is $200k of a $700k call, deliberately large to show the machinery. Real cohorts are underwritten per address precisely to keep the defaulted share a small fraction of any call, which keeps the auction thin relative to the capital it guarantees.