Oracle System

Panoptic V2 uses internal AMM-derived observations for risk and solvency. Describing option pricing as oracle-free does not mean that collateral checks operate without price observations.

Engine-specific periods

The engine exposes EMA_PERIODS, packing four 24-bit periods in seconds: spot, fast, slow, and eons. Read the engine-specific tables for the current values. The stock engines use longer periods than the crypto blue-chip engine.

OraclePack stores smoothed ticks, rolling observations, an epoch, and a guardian lock. Its layout is separate from the packed period configuration. Use the OraclePack reference for encoding and decoding.

Updating observations

PanopticPool.pokeOracle() allows permissionless updates; position operations also interact with the oracle. Observation updates use 64-second epochs and depend on interactions, so an epoch boundary does not guarantee a transaction or fresh observation.

The update logic smooths ticks over the configured periods, limits convergence, and clamps observation movement using MAX_CLAMP_DELTA. These controls do not make spot, EMA, median, and latest-observation ticks interchangeable.

Solvency prices

getSolvencyTicks normally checks the spot-derived oracle tick. When the squared deviations from the median exceed the engine's threshold, or safe mode is active, it returns four checks: spot, median, latest observation, and current AMM tick.

dispatchFrom uses its own four-tick solvency assessment, including the TWAP-derived tick. Do not substitute the normal mint solvency check when estimating liquidation eligibility.

See safe mode, dispatchFrom, and the RiskEngine reference for the call-specific rules. Keep reads at a common block when comparing observations with balances and position state.