What are Executors
Executors are off-chain agents acting as market makers that fulfil cross-chain orders, earning fees and rewards.
How to become an Executor?
We provide two ways to become an Executor.
- Binary Setup
- GUI Setup
Understanding Executors
When a cross chain transactions is triggered on the t3rn protocol, Executors start bidding on it for the winner to execute the transaction. Once the transaction is finalized an inclusion proof is generated, which is then submitted to the t3rn protocol, proving that the transaction was executed correctly. This unlocks the reward to the Executor, on the t3rn blockchain.
As Executors operate on multiple chains, they periodically need to move funds across chains. Whether they do this through a centralized exchange, OTC, or any other means, is entirely up to them.
Since Executors are in competition with one another, operating in a free-market environment, a fair amount of risk analysis must be done to be efficient and competitive. Users set a maximum reward they are looking to pay, which triggers a reverse bidding where Executors can undercut each other (meaning the bidding starts at the maximum reward and moving downwards), bringing the fees down to a value that makes economic sense for them to carry out the order for.
Evaluation formula
Executor fills the orders that undergo t3rn protocol: submit order -> bid -> execute -> submit proof -> get reward
Order evaluation undergoes the following evaluation:
max reward * reward asset price > gas cost on target + target asset price * target asset amount
Troubleshooting
Feel free to reach out to us on Discord if you have any questions or issues. With obvious errors, please open an issue on t3rn's Github