CounterParty Relations Facet

CounterParty Relations Facet

The CounterParty Relations Facet manages the relationship lifecycle between PartyA traders and their PartyB market-maker counterparties.

All functions here are restricted to PartyA accounts. PartyBs cannot call any of them.

Key Concepts:

• Binding: A PartyA must explicitly bind to a specific PartyB before they can trade together. This is a deliberate opt-in relationship, not an open marketplace.

• Unbinding Cooldown: Unbinding isn't instant. PartyA initiates the process, waits through a cooldown period, then completes it. This prevents sudden exits that could leave PartyB exposed on open positions.

• Instant Action Mode: An optional mode a PartyA can activate that enables faster settlement paths. While active, certain balance operations (like transfers and deallocations) are blocked. Deactivating it is also time-delayed via a proposal step.

• Deactivation Cooldown: Just as unbinding has a cooldown, deactivating instant action mode requires a proposal first, followed by a waiting period before the deactivation can be completed.

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Overview

The facet covers two separate flows — the binding flow and the instant action flow:

Binding flow:

1. PartyA calls bindToPartyB() to establish a relationship with a specific PartyB

2. When ready to exit, PartyA calls initiateUnbindingFromPartyB() to start the cooldown

3. After the cooldown passes, completeUnbindingFromPartyB() finalizes the exit

4. If PartyA changes their mind during the cooldown, cancelUnbindingFromPartyB() reverts the initiation

Instant action mode flow:

1. PartyA calls activateInstantActionMode() to enable instant settlement

2. When they want to turn it off, proposeToDeactivateInstantActionMode() starts the time-delay

3. After the deactivation cooldown, deactivateInstantActionMode() completes the process

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activateInstantActionMode()

Enables instant action mode for the calling PartyA. Once active, the account can use instant settlement paths, but certain balance operations — like internalTransfer(), externalTransfer(), and deallocate() — are blocked until the mode is deactivated.

Function Signature:

function activateInstantActionMode()
    external
    onlyNotPartyB(msg.sender)
    whenInstantModeIsNotActive(msg.sender)
    whenPartyNotPaused(msg.sender);

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proposeToDeactivateInstantActionMode()

Starts the time-delayed process of turning off instant action mode. The proposal records the current timestamp so that deactivateInstantActionMode() can enforce the cooldown. Instant mode remains active until the deactivation is completed.

Function Signature:

function proposeToDeactivateInstantActionMode()
    external
    onlyNotPartyB(msg.sender)
    whenInstantModeIsActive(msg.sender)
    whenPartyNotPaused(msg.sender);

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deactivateInstantActionMode()

Finalizes the deactivation of instant action mode, completing the two-step process that began with proposeToDeactivateInstantActionMode(). Can only succeed once the required cooldown period (set by deactiveInstantActionModeCooldown in the Control Facet) has elapsed since the proposal.

Function Signature:

function deactivateInstantActionMode()
    external
    onlyNotPartyB(msg.sender)
    whenPartyNotPaused(msg.sender);

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bindToPartyB()

Establishes a binding relationship between the calling PartyA and a specified PartyB. Once bound, the two parties can trade together. A PartyA can only be bound to one PartyB at a time — binding to a new one requires first completing an unbind from the current counterparty.

Function Signature:

function bindToPartyB(address partyB)
    external
    onlyNotPartyB(msg.sender)
    whenPartyNotPaused(msg.sender);

Parameters:

• partyB: The address of the PartyB to bind to. The library validates that this is a registered and active PartyB.

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initiateUnbindingFromPartyB()

Starts the unbinding process from the currently bound PartyB. This records the initiation timestamp and begins the cooldown. The relationship is still active during this period — the PartyA is not unbound until completeUnbindingFromPartyB() is called.

Function Signature:

function initiateUnbindingFromPartyB()
    external
    onlyNotPartyB(msg.sender)
    whenPartyNotPaused(msg.sender);

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completeUnbindingFromPartyB()

Finalizes the unbinding from the current PartyB after the cooldown period has elapsed. Once completed, the PartyA is free to bind to a different PartyB or operate unbound.

Function Signature:

function completeUnbindingFromPartyB()
    external
    onlyNotPartyB(msg.sender)
    whenPartyNotPaused(msg.sender);

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cancelUnbindingFromPartyB()

Revokes a pending unbinding request, keeping the current PartyA/PartyB relationship intact. Can only be called after initiateUnbindingFromPartyB() and before completeUnbindingFromPartyB().

Function Signature:

function cancelUnbindingFromPartyB()
    external
    onlyNotPartyB(msg.sender)
    whenPartyNotPaused(msg.sender);

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