We provide market makers with a number of capabilities that aren’t provided to them currently when operating on-chain:
- Intra-block price pre-confirmations
- Gasless order creation and cancellation
- Traditional limit order dynamics
- Protection from frontrunning, sandwiching, order stealing whilst preserving transaction visibility
- Ability to settle the orders directly on-chain (without needing to bridge) and collect any MEV
- Liquidity can be provided just-in-time
Our on-chain settlement contract currently wraps around Seaport, OpenSea’s settlement smart contract. Most will recognize Seaport for the trading of ERC721s (NFTs) for ERC20s (tokens), but it also contains the functionality to directly trade ERC20 tokens for ERC20 tokens. We built on top of Seaport to reuse its safety properties, testing infrastructure, and decentralisation guarantees.
Our thesis is that sophisticated market makers, HFT firms and MEV searchers are the best players to price on-chain liquidity efficiently. A truly efficient trading environment must empower these crucial market participants with sufficient trading guarantees (zero counterparty risk, non-custodial trustlessness, zero slippage, no order stealing, etc.) and must not impede on their liberties.
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