# Table of Contents - [Pink Sheets: the desk for trades that don’t fit in a pool](#pink-sheets-the-desk-for-trades-that-don-t-fit-in-a-pool) - [How it works on Pink Sheets](#how-it-works-on-pink-sheets) - [Quote as a maker on Pink Sheets](#quote-as-a-maker-on-pink-sheets) --- # Pink Sheets: the desk for trades that don’t fit in a pool OTC BLOCK DESK · ROBINHOOD CHAIN THE DESK FOR TRADES THAT DON’T FIT IN A POOL. ============================================= Post the intent. Makers bid sealed. The best bid settles atomically, bypassing the pool entirely. Post the intent: ticker, size, direction, time window. Market makers and large holders submit sealed bids. The best one settles atomically in a single transaction, bypassing the pool entirely. [POST AN INTENT](https://app.pinksheets.fi/new) [QUOTE AS A MAKER](https://pinksheets.fi/makers) PINK SHEETS · BLOCK QUOTATIONNo. 0001 POSTED SEALED REVEALED SETTLED TICKER$HOOD-x SIZE480,000 USDG SIDESELL WINDOW00:04:12 COST OF SIZE¼×½×1×2×4×AT ½× THE BLOCK, THE POOL CHARGES THE GAP ABOVESIZE →POOLAUCTION AWAITING QUOTES↺ \-•••••• \-•••••• \-•••••• SETTLES ATOMICALLY · SINGLE TRANSACTION · POOL BYPASSED FILLED PINK SHEETS · BLOCK QUOTATIONNo. 0001 POSTED SEALED REVEALED SETTLED TICKER$HOOD-x SIZE480,000 USDG SIDESELL WINDOW00:04:12 COST OF SIZE¼×½×1×2×4×AT ½× THE BLOCK, THE POOL CHARGES THE GAP ABOVESIZE →POOLAUCTION SEALED BIDS · 0 QUOTING↺ \-•••••• \-•••••• \-•••••• SETTLES ATOMICALLY · SINGLE TRANSACTION · POOL BYPASSED FILLED $217M MEMECOIN VOL / DAY◆$127M STOCK TOKEN VOL◆432 STOCK-PAIRED POOLS $217M MEMECOIN VOL / DAY◆$127M STOCK TOKEN VOL / DAY◆432 STOCK-PAIRED POOLS◆190+ LISTED STOCK TOKENS◆~20 POOLS CLEAR $5K UNDER 1%◆ $217M MEMECOIN VOL / DAY◆$127M STOCK TOKEN VOL / DAY◆432 STOCK-PAIRED POOLS◆190+ LISTED STOCK TOKENS◆~20 POOLS CLEAR $5K UNDER 1%◆ ![](https://pinksheets.fi/assets/banner-desk.webp) ![](https://pinksheets.fi/assets/pfp-paper.webp) 01 / THE PROBLEM LIQUIDITY IS SHALLOW. SIZE HAS NOWHERE TO GO. --------------------------------------------- A $5,000 trade clears under 1% slippage in roughly twenty pools out of hundreds. Anything larger eats a punishing spread or does not execute at all. 190+STOCK TOKENSSTOCK TOKENS Listed on the chain. Only the top handful hold real depth. Listed on the chain. Only the top handful hold real depth. 1,000sMEMECOINSMEMECOINS Most sit under $300k of liquidity. Most sit under $300k of liquidity. Exiting size destroys the pool you sell into. 432STOCK-PAIREDSTOCK-PAIRED TOKENS Two thin markets at once. Slippage compounds. Live pools where a tokenized equity is the quote asset. Routing hits two thin markets and slippage compounds. $217MMEMECOIN PAIR VOLUME / DAY $127MDIRECT STOCK TOKEN VOLUME / DAY The small flow is well served. The large flow is not served at all. The small flow is well served. The large flow is not served at all. 02 / WHAT THIS IS NOT AN ORDER BOOK. NOT ANOTHER AMM. NOT AN ORDER BOOK. NOT ANOTHER AMM. AN AUCTION FOR EXECUTION. You want to move a block. You post the intent: ticker, size, direction, time window. Market makers and large holders see it and submit sealed bids. The best one settles atomically in a single transaction, bypassing the pool entirely. [SEE THE FIVE STEPS→](https://pinksheets.fi/how-it-works) ![Post the intent, sealed bids, best bid wins, atomic settlement](https://pinksheets.fi/assets/collage-mobile.webp) ![An intent, sealed bids from several desks, one atomic settlement](https://pinksheets.fi/assets/collage-the-mechanism.webp) ![](https://pinksheets.fi/assets/pfp-chart.webp) 03 / WHY IT BEATS A POOL SIZE WORKS IN YOUR FAVOUR INSTEAD OF AGAINST YOU. ------------------------------------------------- AMM POOL \- Price comes from a formula. \- Every extra dollar makes your fill worse. \- Negative feedback on volume. PINK SHEETS + Price comes from competition. + A larger block attracts more bidders. + Positive feedback on volume. AMM POOL \- Price comes from a formula. \- Every additional dollar of size makes your fill worse. \- Depth is fixed by whoever happened to LP. \- Negative feedback on volume. PINK SHEETS AUCTION + Price comes from competition between quoters. + A larger block attracts more bidders, not fewer. + Depth is whoever shows up to quote it. + Positive feedback on volume. The only execution mechanic on the chain with positive feedback on volume. The bigger it gets, the better it fills. [READ THE FULL RULES→](https://pinksheets.fi/how-it-works#rules) ![](https://pinksheets.fi/assets/pfp-crt.webp) 04 / WHO NEEDS IT BUILT FOR THE FLOW THAT BREAKS POOLS. ------------------------------------- 01 A holder exiting a memecoin without destroying the pool they sell into. A holder exiting a memecoin position without destroying the pool they are selling into. 02 Anyone entering a thin stock token in meaningful size. Anyone entering a thin stock token in meaningful size. 03 A deployer selling down a creator allocation. A deployer selling down a creator allocation without collapsing their own market. 04 Anyone routing through a stock-paired token. Anyone routing through a stock-paired token, where slippage stacks twice. [IF YOU QUOTE SIZE, THIS IS YOUR SIDE→](https://pinksheets.fi/makers) ![](https://pinksheets.fi/assets/pfp-paper.webp) 05 / SCOPE BY SIZE, NOT BY ASSET CLASS. ---------------------------- Any ERC-20 on the chain. A maker does not care whether they are quoting an equity or a memecoin. They care about size and risk. Any ERC-20 on the chain. A market maker does not care whether they are quoting an equity, a memecoin, or a pair of the two. They care about size and risk. Restricting by asset class would be an artificial narrowing. Stock tokens are simply the most visible entry point. [WHAT COUNTS AS A BLOCK→](https://pinksheets.fi/how-it-works#rules) 1913 NATIONAL QUOTATION BUREAUPRINTED ON PINK PAPER 06 / WHY THE NAME Pink Sheets was the over-the-counter quotation system run by the National Quotation Bureau from 1913, printed on pink paper. It listed what the major exchanges would not carry, and trades happened by negotiation rather than through a central book. That is exactly this desk, a century later. ![](https://pinksheets.fi/assets/pfp-badge.webp) 07 / THE HARD PARTS WHAT THE DESIGN GETS RIGHT. --------------------------- 01 ### WHO QUOTES LIQUIDITY Quotes come from the desks already pricing this risk elsewhere, brought in one conversation at a time. Quotes come from the market makers already standing behind Rialto and the RFQ venues on this chain: the same desks pricing the same risk, on a venue that pays them for size instead of punishing it. They are brought in by hand, one conversation at a time. [BE ONE OF THEM→](https://pinksheets.fi/makers) 02 ### BID COLLATERALISATION ENGINEERING A bid must be backed, or the winner is whoever never intended to pay. A bid must be backed, or the winner is whoever never intended to pay. Bids post collateral on submission. 03 ### FRONT-RUNNING THE INTENT ENGINEERING Intents are public by design. Bids stay sealed until the window closes, so arriving first buys nothing. Intents are published in advance by design. The private mempool means nothing can be inserted ahead of you, and bids stay sealed until the window closes, so arriving first buys nothing. Reading the intent early buys nothing either. Every one of these is answered in the contract and in how the window is run, before a single block is posted. 08 / SETTLEMENT BOTH LEGS OR NEITHER -------------------- The winning bid settles in one transaction. Both legs move together, or the state never changes and nobody has moved. The winning bid settles in a single transaction. Both legs move together or the state never changes. There is no moment where one side has paid and the other has not, and the contract never holds either asset. ATOMIC OR NOTHING NO CUSTODY POOL UNTOUCHED IF EITHER LEG CANNOT MOVE, THE TRANSACTION REVERTS AND NOBODY HAS TRADED [HOW THE DESK WORKS→](https://pinksheets.fi/how-it-works) [QUOTE ON IT→](https://pinksheets.fi/makers) IF YOU QUOTE SIZE, THE DESK WANTS YOUR PRICE. --------------------------------------------- [TALK TO US](mailto:hello@pinksheets.fi) [READ THE RULES](https://pinksheets.fi/how-it-works) 7 LIVE INTENTS$1.94M ON THE BOARD [POST AN INTENT](https://app.pinksheets.fi/new) --- # How it works on Pink Sheets HOW IT WORKS FIVE STEPS FROM INTENT TO SETTLEMENT. ===================================== No order book to read, no curve to fight. You state what you want to move; the people who want it compete for it in the dark; one transaction closes the whole thing. ![Post the intent, makers see it, sealed bids, reveal, atomic settle](https://pinksheets.fi/assets/hiw-mobile.webp) ![Post the intent, makers bid sealed, the window closes, the best bid wins, one atomic settlement](https://pinksheets.fi/assets/flow-strip.webp) THE RULES PARAMETERS, IN THE OPEN. ------------------------ PARAMETERVALUEWHY MINIMUM SIZE $25,000 notional Below this a pool is genuinely cheaper. Below this a pool is genuinely cheaper. The desk should not compete with itself. AUCTION WINDOW 2 – 15 minutes Long enough to price, short enough to carry little risk. Long enough for a human maker to price it, short enough to carry little market risk. BID COVERAGE Checked on-chain at bid time A signed order, checked against the chain before it counts. A bid is a signed order. We verify the maker’s balance and allowance before it enters the auction, and again before settlement. BID COLLATERAL 10% of bid notional, escrowed The bond pays the poster when a settlement fails. The bond lets a failed settlement pay the poster, instead of merely costing the maker their place in the queue. SEALING Commit, then reveal Bids arrive as hashes, opened only at close. Nobody reads them early. Bids arrive as hashes and are opened only once the window closes. No maker reads another maker’s price early, and neither does the desk. SETTLEMENT One atomic transaction Both legs move together, or nothing changes. Both legs move together or the state never changes. The contract never holds either asset. FEE None The desk charges nothing. The seller already pays in spread. The desk charges nothing. The seller already pays in spread; charging them twice kills the flow we want. PRIVACY Intent public, bids sealed Competition needs the intent public. The bids must not be. The intent has to be public for competition to exist. The bids must not be. FAILURE MODES WHAT CAN GO WRONG. ------------------ ### NOBODY BIDS The window closes empty. The intent expires and you pay nothing, but everyone now knows you wanted to move size. → Intents can be posted to a maker subset instead of the whole room. ### THE WINNER DOES NOT PAY A bid is only worth what backs it. Without backing, the winner is whoever never intended to settle. → Coverage is re-checked before settlement; if it fails, the fill passes to the second-best bid and the maker takes a strike. ### THE MARKET MOVES MID-WINDOW Fifteen minutes is long enough for the reference price to run away from your intent. → You set a reserve. Below it nothing settles and the intent simply expires. BOUNDARIES ### NOT AN ORDER BOOK No resting liquidity, no queue, nothing to place, cancel or camp on. An intent exists for minutes and then it is gone. ### NOT AN AMM No curve, no LPs, no impermanent loss. The desk holds no inventory and takes no side of the trade. ### NOT AN RFQ CHAT Quotes are signed orders, checked against the chain and settled by contract. Nobody is trusting a screenshot in a group chat. STILL SOUNDS LIKE A PHONE CALL? IT IS. WE JUST WROTE IT DOWN. ------------------------------------------------------------- [POST AN INTENT](https://app.pinksheets.fi/new) [QUOTE AS A MAKER](https://pinksheets.fi/makers) --- # Quote as a maker on Pink Sheets FOR MARKET MAKERS SIZE COMES TO YOU. SEALED. ========================== You already quote this chain over Telegram and RFQ. This is the same trade, with coverage verified on both sides, an audit trail, and settlement that either completes or never happened. [APPLY AS A QUOTER](https://pinksheets.fi/makers#apply) [READ THE SPEC](https://pinksheets.fi/how-it-works) NO INCENTIVE PROGRAMME Quoters are brought in by hand, one conversation at a time. A venue for size runs on the desks that already price it, and pays them in flow rather than emissions. If you price size on this chain, the desk routes it to you. ![](https://pinksheets.fi/assets/band-hands.webp) WHAT YOU GET FLOW YOU CANNOT SEE TODAY ------------------------- Block intents that never touch a pool, priced against your own book. Block intents that never touch a pool. You see each one the moment it is posted, and price it against your own book. NO LATENCY RACE --------------- Bids are sealed and revealed together. Pricing correctly wins, not being fast. Bids are sealed and revealed together. Being fast wins nothing. Pricing correctly wins everything. COVERAGE CHECKED, NOT PROMISED ------------------------------ Every bid is a signed order, checked against the chain before it can win. Every bid is a signed order. We verify balance and allowance when it lands and again before settlement, so a bid that cannot pay never wins. YOUR CURVE, YOUR HEDGE ---------------------- The desk holds no inventory and never competes with you. You price off your own book and hedge wherever you like. The desk holds no inventory and never competes with you. HOW A QUOTE WORKS FOUR MINUTES, START TO FINISH. ------------------------------ 01 ### Intent lands The intent arrives with ticker, size, side and window. Nothing else. The intent arrives with ticker, size, side and the window. Nothing else: no other quoter, no other price. 02 ### You sign a bid A signed order at your price. Replace it until the close, at no cost. Submit a signed order at your price. Replace it as often as you like until the window closes; nothing is charged either way. 03 ### Reveal All bids open together. Best price wins, the rest simply lapse. All bids open together when the window closes. Best price for the poster wins, and the losing bids simply lapse. 04 ### Settle Tokens and funds move in one transaction. Hedge on your own venue. Tokens and funds move in one transaction. Hedge on your own venue whenever you like. Bids arrive as hashes and are opened only when the window closes, so no price leaks early, not to another maker and not to the desk. The parameters are in [the rules](https://pinksheets.fi/how-it-works#rules) . APPLY SIX FIELDS. NO DECK REQUIRED. ----------------------------- We are not raising and we are not selling you anything. We need to know what you quote, how big, and how fast you answer, so that an intent posted on this desk gets a price instead of silence. → A person reads every answer. Expect a reply the same day. QUOTER APPLICATIONDESK / ENTITYCONTACTTICKERS YOU QUOTETYPICAL CLIPRESPONSE TIMESETTLEMENT WALLETSEND IT → A person reads every answer. Expect a reply the same day. ---