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 # Valorem Options V1 Core
 
-## Abstract
+This repository contains a binary smart contract system comprised of many libraries,
+which together make the Valorem Options V1 Core. The Core contracts provide an option
+settlement engine upon which more complex systems can be built.
 
-Valorem Options V1 is a DeFi money lego enabling writing covered call and covered put, physically settled, american or
-european options. All written options are fully collateralized against an ERC-20 underlying asset and exercised with an
-ERC-20 exercise asset using a deterministic algorithm for fair settlement. Options contracts
-are issued as fungible ERC-1155 tokens, with each token representing a contract. Option writers are additionally issued
-an ERC-1155 NFT representing a lot of contracts written for claiming collateral and exercise assignment. This design
-eliminates the need for market price oracles, and allows for permission-less writing, and gas efficient transfer, of
-a broad swath of traditional options.
+The Core is designed to be gas efficient, minimal, and provide a secure settlement
+system. The Core consists, primarily, of a settlement engine which allows users
+to write options, exercise options, redeem claims for assets, and settles assignments
+of exercises to claims written.
 
-## Disclaimer
+## Core Interface
 
-This project is Alpha quality at present, and interfaces are subject to change.
\ No newline at end of file
+The core exposes an interface for users of the protocol, which is documented in the
+codebase, additional documentation is provided here.
+
+### IOptionSettlementEngine
+
+`IOptionSettlementEngine` is an
+[ERC-1155 multi-token](https://eips.ethereum.org/EIPS/eip-1155)
+interface extended to provide an interface to the Valorem protocol options
+settlement system.
+
+#### Enums
+
+##### Type
+
+The `Type` enum contains information about the type of a given token in the
+settlement engine.
+
+```solidity
+enum Type {
+        None,
+        Option,
+        Claim
+    }
+```
+
+#### Errors
+
+##### TokenNotFound
+
+The `TokenNotFound()` error occurs when a token is not found in the engine.
+
+```solidity
+error TokenNotFound();
+```
+
+#### Events
+
+##### FeeSwept
+
+The `FeeSwept` event is emitted when accrued protocol fees for a given token are
+swept to the `feeTo` address.
+
+```solidity
+event FeeSwept(
+        address indexed token,
+        address indexed feeTo,
+        uint256 amount
+    );
+```
+
+##### NewChain
+
+The `NewChain` event is emitted when a new unique options chain is created.
+
+```solidity
+event NewChain(
+        uint256 indexed optionId,
+        address indexed exerciseAsset,
+        address indexed underlyingAsset,
+        uint96 exerciseAmount,
+        uint96 underlyingAmount,
+        uint40 exerciseTimestamp,
+        uint40 expiryTimestamp
+    );
+```
+
+##### OptionsExercised
+
+The `OptionsExercised` event is emitted on successful `exercise` of options.
+
+```solidity
+event OptionsExercised(
+        uint256 indexed optionId,
+        address indexed exercisee,
+        uint112 amount
+    );
+```
+
+##### OptionsWritten
+
+The `OptionsWritten` event is emitted when `write` is called to write new options.
+
+```solidity
+event OptionsWritten(
+        uint256 indexed optionId,
+        address indexed writer,
+        uint256 claimId,
+        uint112 amount
+    );
+```
+
+##### FeeAccrued
+
+The `FeeAccrued` event is emitted on `write` or `exercise`.
+
+```solidity
+event FeeAccrued(
+        address indexed asset,
+        address indexed payor,
+        uint256 amount
+    );
+```
+
+##### ClaimRedeemed
+
+The `ClaimRedeem` event is emitted when `redeem` is called on a `Claim`.
+
+```solidity
+event ClaimRedeemed(
+        uint256 indexed claimId,
+        uint256 indexed optionId,
+        address indexed redeemer,
+        address exerciseAsset,
+        address underlyingAsset,
+        uint96 exerciseAmount,
+        uint96 underlyingAmount
+    );
+```
+
+#### Functions
+
+##### feeBalance
+
+The `feeBalance` function returns the balance of protocol fees for a given `token`
+which have not been swept yet.
+
+```solidity
+function feeBalance(address token) external view returns (uint256);
+```
+
+##### feeBps
+
+Returns the protocol fee in basis points charged to writers in the underlying
+asset and exercisers in the exercise asset.
+
+```solidity
+function feeBps() external view returns (uint8);
+```
+
+##### feeTo
+
+The `feeTo` function returns the address to which protocol fees are swept.
+
+```solidity
+function feeTo() external view returns (address);
+```
+
+##### tokenType
+
+Returns the token `Type` enum for a given `tokenId`.
+
+```function tokenType(uint256 tokenId) external view returns (Type);```
+
+
+##### option
+
+Returns `Option` struct details about a given `tokenId` if that token is a vToken.
+
+```solidity
+function option(uint256 tokenId)
+        external
+        view
+        returns (Option memory optionInfo);
+```
+
+##### claim
+
+Returns `Claim` struct details about a given `tokenId` if that token is a claim NFT.
+
+```solidity
+function claim(uint256 tokenId)
+        external
+        view
+        returns (Claim memory claimInfo);
+```
+
+##### setFeeTo
+
+Callable only by the present `feeTo` address, changes the `feeTo` address.
+
+```solidity
+function setFeeTo(address newFeeTo) external;
+```
+
+##### hashToOptionToken
+
+Returns the `optionId` for the hash `keccak256(abi.encode(Option memory))` where `settlementSeed` is set to
+`0` at the time of hashing if it exists.
+
+```solidity
+function hashToOptionToken(bytes32 hash)
+        external
+        view
+        returns (uint256 optionId);
+```
+
+##### sweepFees
+
+Sweeps the fees if the balance for a token is greater than 1 wei, for each token in
+`tokens`.
+
+```solidity
+function sweepFees(address[] memory tokens) external;
+```
+
+##### newChain
+
+Creates a new options chain if one doesn't already exist for the hash `keccak256(abi.encode(Option memory))` where `settlementSeed` is set to
+`0`.
+
+```solidity
+ function newChain(Option memory optionInfo)
+        external
+        returns (uint256 optionId);
+```
+
+##### write
+
+Writes `amount` of `optionId` `Option` and sends the caller vTokens and a claim NFT.
+
+```solidity
+function write(uint256 optionId, uint112 amount)
+        external
+        returns (uint256 claimId);
+```
+
+##### exercise
+
+Exercises `amount` of `optionId`, transferring in the exercise asset, and
+transferring out the underlying asset if all requirements are met.
+
+```solidity
+function exercise(uint256 optionId, uint112 amount) external;
+```
+
+##### redeem
+
+Redeems `claimId` for the underlying asset(s) if `msg.sender` is the caller and
+the options chain for the claim has reached expiry. Burns the claim NFT on success.
+
+```function redeem(uint256 claimId) external;```
+
+##### underlying
+
+Returns the `Underlying` struct about assets for 1 wei of a given `tokenId` if
+that token exists.
+
+```solidity
+function underlying(uint256 tokenId)
+        external
+        view
+        returns (Underlying memory underlyingPositions);
+```
+
+#### Structs
+
+##### Claim
+
+The `Claim` struct contains information about a claim, generated when a writer calls
+`write`. Every claim is linked to an `option` token.
+
+```solidity
+struct Claim {
+        uint256 option;
+        uint112 amountWritten;
+        uint112 amountExercised;
+        bool claimed;
+    }
+```
+
+##### Option
+
+The `Option` struct contains all data about an option chain/token and is keyed on the
+unique hash `keccak256(abi.encode(Option memory))` where `settlementSeed` is set to
+`0` at the time of hashing.
+
+```solidity
+    struct Option {
+        address underlyingAsset;
+        uint40 exerciseTimestamp;
+        uint40 expiryTimestamp;
+        address exerciseAsset;
+        uint96 underlyingAmount;
+        uint160 settlementSeed;
+        uint96 exerciseAmount;
+    }
+```
+
+##### Underlying
+
+The `Underlying` struct contains information about the underlying assets for 1
+wei of a given token ID in the settlement engine.
+
+```solidity
+struct Underlying {
+        address underlyingAsset;
+        int256 underlyingPosition;
+        address exerciseAsset;
+        int256 exercisePosition;
+    }
+```
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