Account States

Every wallet on CRX holds exactly one account state. The state decides whether the wallet can open positions and on what credit terms, and it is what the registry reports as a firm's role. Read it before you read the registries: every firm you list, quote, or bind against is in one of these five states.

What account state can a wallet hold?

One of five. Every wallet on CRX holds exactly one account state, and the state decides whether it can open positions and on what credit terms.

State	What it means	Open positions?
In review	Registered and signed the ISDA; not yet cleared	No
Taker	Cleared firm that requests quotes and hedges	Yes
Maker	Approved firm that quotes prices and runs a desk	Yes
SD	CRX itself, the swap dealer facing every trade	Yes, as principal
Default	Liquidated and not cured	No, close-only

A wallet starts in review when it registers and moves to taker or maker the moment it is cleared. On the live venue this is automatic and gas-free. The other moves are one-way: only a liquidation cascade writes default, and only CRX holds SD. CRX faces every taker and maker trade and holds the spread between the two offsetting legs; no firm can hold that seat.

Where the state shows up in the API

The state is the role field on the firm registry. Two reads expose it:

• GET /firms returns every onboarded firm with its desk name and role — maker, taker, or sd. A wallet still in review is not yet listed.
• GET /firm/:addr returns the firm's collateral summary. A firm in default is close-only: it can settle and pay down, but the relayer will not bind it a new position.

Read the state first, then the balance: a cleared firm with no free margin cannot bind, and a firm in review cannot bind at any balance.