Orders & Settlement

Litany turns marketplace intent into executable exchange state.

The exchange supports listings, token offers, collection offers, and criteria offers. Users sign intent, Litany validates and indexes it, and the marketplace keeps the live book focused on orders that can actually execute.

Order Types

Type	Side	Meaning
Listing	Sell	A maker offers an NFT and asks for payment.
Token offer	Buy	A maker bids on one specific token.
Collection offer	Buy	A maker bids on any eligible item in a collection.
Criteria offer	Buy	A maker bids against a filtered subset, such as a trait group.

Exchange Flow

User intent
  └─ listing or offer
Litany exchange
  ├─ builds the order
  ├─ collects user signature
  ├─ verifies maker authority
  ├─ checks ownership / balance / approval
  ├─ indexes the order book
  └─ tracks fills, cancels, and invalidation

Validation

Orders are only valuable if they can be filled. Litany tracks the states that matter to buyers and sellers: ownership, balances, approvals, expiration, cancellation, and fill progress.

Status	Meaning
active	Indexed and currently expected to be executable.
filled	Completed successfully.
partially_filled	Some quantity completed, but the order is not exhausted.
cancelled	Cancelled by maker or known cancellation event.
expired	Past its signed expiration.
invalid_owner	The maker no longer owns the listed item.
invalid_approval	Required approval is missing.
invalid_balance	The maker no longer has enough payment balance.

Fees and Royalties

Litany attaches marketplace fees and collection royalties directly to the exchange flow, so fee accounting moves with the order rather than living in a separate off-product process.

Native and Aggregated Liquidity

Litany can show native exchange orders alongside supported external market data. Source labels are visible in the UI so users know where an order comes from without needing to understand the plumbing.

Where to Go Next

Bid Liquidity for laddered bids and parked ETH.
Fees & Rewards for incentive mechanics.
Activity for the live exchange feed.