🛑Purchase Caps
Last updated
Last updated
Purchase caps are enforced on TensorSwap whenever you place an escrowed order.
An escrowed order is one that is connected to your shared escrow. It lets you be more capital efficient by using the same funds to bid on / market-make for multiple collections. 💸
Purchase caps are important because they protect your escrow funds from being accidentally used up by a forgotten bid order.
Example:
Imagine you placed a bid order to buy some Awesome Collection X NFTs at 1 SOL a pop. You uploaded just enough funds into your escrow to buy 10, and happy days, someone filled your order.
You went to touch grass and forgot you ever created this bid. A few days later you decide to create a 2nd bid for a different collection and upload some more funds into your escrow.
❌ If the first bid was uncapped, then it would not have access to those funds and continue buying. This means if Awesome Collection X went down to 0.5 SOL your order would now buy a ton of NFTs at 2x the floor price!
✅ With bid caps, however, even though your escrow has more funds in it, the 1st bid order does not have access to them. It's been told to buy 10 and no more, and it's not allowed to touch your funds beyond that.
NFT purchase caps are turned on by default. There is nothing you have to do.
When creating a BID order the purchase cap is automatically set equal to the number of NFTs you're bidding on:
When creating a MARKET-MAKING order you have the choice of what to set the purchase cap to manually:
You can always change the cap on your escrowed order by clicking on it and finding the purchase cap section:
Note that you can also change whether the order is escrowed or not by flipping this switch (if an order is no longer escrowed, the cap becomes irrelevant):
You can change the purchase cap on your order as much and as often as you want!
Purchase caps only apply to escrowed orders. For normal orders, its purchase ability is capped by however much SOL you upload into it.
If you set the purchase cap to 0, the order is now uncapped. We recommend you never do that, as you're basically giving the order unlimited access to your escrow balance.
