micro_marketA single matchable market unit under the template registry (one per topic × delivery spec).
quality_unit (Q_s)Quality-adjusted trade unit = raw quantity × predicted quality, so heterogeneous sellers clear on comparable terms.
reference_price (i_t^g)PMM reference, blended from verified-trade VWAP, live orderbook midpoint, and external anchors.
risk_budget (Γ)PMM capital the protocol is willing to expose against a micro-market at a point in time.
inventory_target (I_t^g)Desired PMM inventory position per micro-market; curvature around this target shapes quotes.
escrow (E_j)Buyer-side pre-charge at order time, sized to predicted quality; refunded if delivery falls short.
deposit (D_j)Seller-side bond, proportional to predicted quality; clawed back on confirmed fraud or non-delivery.
reputation (r_u)Two-axis seller capability (sourcing + analytical); EMA-decayed, hard reset on confirmed fraud.