How Flayer works.

When a collection is opened on Flayer it gets a fungible collection token (e.g. $FLY). One NFT can always be deposited into the vault for 1.00 token, and one token can always redeem one NFT. The floor price is just the on-chain price of that token, in ETH, from the underlying Uniswap v4 pool.

Every active listing has a single number attached to it: its floor multiple. List at 1.00× and you're selling at floor (no listing — just a deposit). List at 1.50× and you're asking 50% above floor. The allowed range is 1.00× → 10.00×. Buyers always see asking price re-quoted in real time as the floor moves.

The cost of holding a listing above floor is a tax that accrues per second, paid up front and escrowed for the listing's duration. The further above floor you ask, the more it costs to keep the listing alive — taxes scale quadratically past 2.00×. Fill at any point and any unused tax is refunded back to you.

When you create a listing, the vault hands you ~1 collection token per NFT (minus the prepaid tax) which you can swap straight into ETH. When the buyer fills, they pay the listing's asking price — and you receive the spread (asking − floor) plus any unused tax. No counter-signatures, no orderbook matchmaking, just a single onchain fill.

Pick a Regular listing and the asking price holds for the whole duration, then decays to floor over a 7-day tail. Pick Dutch and the multiplier slides linearly from your asking price down to 1.00× over the duration. In either case the NFT can be reclaimed into pool inventory at floor — so nothing ever gets stuck.