Reading the covenant queue
The Covenants page is a live view of the FIFO queue, read directly from chain. It is where you see open exit debt available for buyers to absorb at a discount.
The queue table
Each row is one covenant:
| Column | Meaning |
|---|---|
| Covenant | The covenant id. |
| Seller | The address whose sell created it. |
| Size | The CVN exit debt outstanding. |
| Discount | The frozen absorption discount (5–20%). |
| Absorbed | How much has already been taken on by buyers. |
| Expires in | Time left until the 7-day expiry. |
| Hook status | Active, Absorbing, Expiring, Expirable, or Locked. |
Summary stats above the table show active covenants, total exit debt, average discount, and the next expiry (with an "Expirable now" flag when a covenant has matured).
Settling expired covenants
When a covenant matures, a Settle expired action appears. It is permissionless: anyone can call it to sweep matured covenants into locked LP. You don't have to be the seller or hold any special role — settling simply advances the protocol and clears the head of the queue so absorption can continue.
Empty state
When there are no open covenants, the queue reads "No covenant yet — the first sell through the hook will create one." An empty queue means buys are plain pool swaps until the next sell creates exit debt.