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Ledger Accounting

Multiswap is accounting-first market structure.

The Router and modules operate on ledger groups. Trades, deposits, claims, rewards, reserves, and scale changes are recorded as structured value movements.

Core accounting objects​

Multiswap tracks:

  • reserve balances,
  • scale,
  • target scale,
  • value flow,
  • value change,
  • surplus,
  • rewards,
  • treasury movement,
  • user deposits,
  • claimable balances.

Quote outputs expose reserve movement and accounting effects directly.

Scale​

Scale is the accounting value used by the quote engine. The scale-to-reserve ratio gives the asset price in scale terms:

P = scale / reserve

A trade can change both reserve and scale. The quote engine computes the value flow and the portion absorbed as scale change.

Value flow and value change​

Value flow measures the scale-value of the trade leg. Value change measures the scale update applied to the token.

Dynamic branch:

valueFlow = scale * sigma
valueChange = (1 - kappa) * valueFlow

Linear branch:

valueFlow = amount * scale / reserve
valueChange = valueFlow

Accounting discipline​

The protocol’s design goal is transparent movement of value through the ledger. A quote exposes the accounting consequence before settlement.

Why this matters​

Execution quality depends on market structure. Market structure depends on accounting. Multiswap makes that accounting explicit.