Account States

Every wallet on CRX holds exactly one account state. The state decides whether the wallet can open positions, and it is what the registry reports as a firm's role. Read it before reading the registries: every firm listed, quoted, or bound against is in one of these five states.

What account state can a wallet hold?

A wallet holds one of five states. The table below shows each state, what it means, and whether it can open positions:

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	The operator's system account, reported by the registry	Yes
DEFAULT	Closed out and still short	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 network this is automatic and gas-free. The other moves are one-way: only a close-out writes DEFAULT, and only the operator holds SD; no firm can hold that state.

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.