Documentation
Concepts
The six objects that make up PORTION: the portion itself, the bond that backs it, and the attestation, dispute, slash and expiry rules that enforce it.
Portion
A portion is a claim on a fixed amount of future capacity from one endpoint. Each issuance is a series: one ERC-1155 token id, minted by the PortionFactory. One token unit equals one unit of capacity, and balances are fungible within a series.
| Field | Type | Meaning |
|---|---|---|
provider | address | Wallet that issued the series, posted the bond and receives sale proceeds. |
endpoint | string | The x402 URL where the capacity is served. |
model | string | The model or service promised, e.g. llama-3.3-70b-instruct. Part of what watchers check. |
unit | bytes8 | Billing unit: tok (tokens, quoted per million), h (hours), img (images). |
quantity | uint256 | Units minted in the series. |
expiry | uint64 | Unix time after which units can no longer be redeemed or traded. |
price | uint256 | USDC per unit (6 decimals). Fixed price, or the floor of a Dutch auction. |
A series is described by its label, for example LLAMA-70B · 10M tok · exp 31 DEC.
Bond
The bond is $PRTN locked by the provider in the PortionFactory for each series. It is the only thing that makes a portion more than a promise.
bond = value of portions outstanding × bond ratio- Value of portions outstanding is the number of units minted and not yet burned, valued at the highest price the series can sell at: the fixed price, or the start price of a Dutch auction.
- Bond ratio is a governance parameter. The launch default under discussion is 20 %.
As buyers consume units, the requirement falls and the provider can withdraw the excess. The bond stays locked until 24 hours after expiry, so a failure observed late in the life of a series can still be disputed.
Attestation
An attestation is a signed statement by a staked watcher that an endpoint failed a check it was sold under. Three checks exist at launch:
- Uptime: the endpoint did not answer within the promised availability.
- Latency: responses exceeded the promised latency over a measurement window.
- Model: the endpoint served something other than the announced model.
Attestations use a format compatible with ERC-8004 validation records, or come from third-party endpoint scores approved by governance as default oracles. See For watchers for the exact fields.
Dispute window
When attestations reach the quorum for a series, the Slasher opens a 24-hour dispute window. During the window:
- the Uniswap v4 hook blocks trading of the series;
- no new units can be sold on the primary market;
- the provider can contest by submitting counter-evidence, such as signed responses that cover the attested window.
If the provider does not contest, or the contest fails, the series is slashed when the window closes.
Slash
A slash seizes the whole bond of the series.
- A share of the seized $PRTN, 10 % by default, is paid to the watchers who attested, pro rata to their stake.
- The
Slashersells the $PRTN needed to fund refunds for USDC. - Every holder of the series is refunded units held × average primary price of the series, in USDC. If the bond does not cover every claim, refunds are paid pro rata.
- Any $PRTN left after refunds and rewards is burned.
Refunded units are burned and unsold units are cancelled. The series is closed.
Expiry
At expiry, remaining units stop being redeemable and tradable. They are not refunded: an expired portion is capacity that was available and not used. The provider can withdraw its bond 24 hours after expiry if no dispute is open.