WHAT RUNS WHERE.
Playset has no program of its own. Slabs, wrappers and the escrow run on Metaplex's audited, deployed programs; prices come from a small signing service whose every trade is a public Solana transaction. Your wallet signs only what the page showed you first.
Wrappers Metaplex Core assets, one collection per pool. Each wrapper has its own wallet (Core's asset signer) that holds the slab's token — a Collector Crypt Core asset or pNFT.
Escrow MPL-Hybrid. 100 units take a wrapper out of the pool; an empty wrapper buys nothing back.
Signer —⧉ prices each trade on the line and signs its half. It holds unsold units — never more than a capped amount — and the SOL that pays for sell-backs. Nothing else. Line p(s) = p₀ · (1 + s / k), where s counts every unit sold, net of sell-backs — including the units a slab retires when it leaves, so a slab leaving moves nothing. With k = 100 the price doubles across one slab's units. Selling back pays the line's value at that point.
Depositors the depositor of the j-th slab to leave is paid the line's value from (j − 1)·100 to j·100, by the signer, with a memo playset release <pool> j=<j>. The signer refuses any payout or sell-back that would leave it unable to buy back every unit buyers hold.
Fees 2% on buys and on sell-backs, a separate line in the transaction; 0.01 SOL to take a whole slab, plus about 0.005 SOL to Metaplex; 2.5% royalty if a slab is resold on a marketplace. Taking the card out, consigning a slab and depositor payments: free.
The rule units held by buyers never exceed 100 × the slabs in the pool. The signer checks it on every quote and refuses anything that would break it.
The card out the wrapper's owner moves the card to their own wallet with Core's execute and burns the empty wrapper in the same transaction. No Playset signature is involved, so none can be withheld.