How to use the command line interface

Update Quote

Note: This page describes how to use the 'mtcli' command line executable. This binary is currently available for Linux only

To use mtcli from the command line, you must have a synced Microtick node and you need to set the MTROOT environment variable to the same directory your synced node is using, for example:

$ export MTROOT=$HOME/testnet

Usage

$ mtcli tx microtick update-quote <quote_id> [newspot] [newpremium]

Description

Updates a give quote id. Only the quote provider can update a quote. Note that a quote cannot be canceled until it's "Can Modify" time has been reached. More information on that on the Query Quote page.

Quote ID

Unique ID of the quote to be modified. Only the quote provider can modify a quote.

New Spot

New spot price for the quote. Example: 176spot. 0spot may be specified and will leave the existing spot as-is.

New Premium

New requested premium for the quote. Example: 1premium. 0premium may be specified and will leave the existing premium as-is.

Quote Invariants

There are restrictions involved when choosing backing, spot and premium for a quote. These are called the "2x Invariants" and are as follows:

  • Spot 2x limitation.  A quote cannot be placed that will become a free call or put on the resulting order book. This protects the party placing the quote as well as limits the spot to be within 2x of the quoted premium of the resultant consensus.
  • Premium 2x limitation.  A quote cannot be placed with a premium of more than 2x the current market consensus premium for that time duration.  The market consensus premium is defined as backing / (leverage * weight) for the order book the quote is placed on. This means a quote must be competitive given the current consensus premium.
  • Time 2x limitation.  A quote must be updated within 2x the time duration or anyone may cancel it and collect the backing for the quote.  This ensures stagnant quotes will always be removed from the marketplace.