Liquidity

RFQ market makers + AMM aggregation with pool adapters.

RFQ Quotes

Firm quotes with IOC semantics: { pair, side, price, size, ttl, makerId, signature }. Protections: min size, caps, TTL.

POST /rfq
{
  "pair":"SOL/USDC",
  "side":"sell",
  "size":"100.0",
  "clientId":"c-92ad",
  "session":"s-12ff"
}

200 OK
{
  "price":"172.34",
  "size":"100.0",
  "ttl": 400,  // ms
  "makerId":"mkr-08",
  "signature":"ed25519:..."
}

AMM Adapters

Constant‑product pools (x·y=k) with safety checks and fee accounting.
Multi‑hop routing across pools and mint bridges.

Spot(x, y, Δx) = (y / (x + Δx)) adjusted for fee and slippage cap.

Maker Reputation

Hit‑rate and quote freshness decayed exponentially.
Hysteresis to avoid oscillation on temporary outages.
Rate limits per maker and per IP.