AMM Marketplace

Overview

An automated market maker for permissionless token swaps — anyone can supply liquidity to a pool, and anyone can trade against it without an order book or a counterparty on the other end.

The Problem

Liquidity providers were choosing platforms almost entirely on incentive size, which meant deep pools that looked great on a dashboard and evaporated the moment a competitor offered a better yield elsewhere — and traders were routinely getting worse prices than necessary because no single pool had enough depth alone.

• Competing platforms' "deep" pools routinely emptied within days of a better yield appearing elsewhere.
• Large trades on any single pool moved the price enough that traders were quietly overpaying.
• Impermanent loss was disclosed, if at all, in documentation nobody read before depositing.

How We Solved It

The router does the real work for traders: it finds the best price across every pool it knows about, splitting a large trade across several when that beats routing through one. For liquidity providers, incentives are built around duration rather than raw deposit size, so leaving early costs something instead of being free.

• Constant-product liquidity pools, permissionless to create.
• A smart router that splits trades across pools for the best effective price.
• Duration-weighted yield incentives, with impermanent-loss disclosure up front.
• A pool analytics dashboard — volume, fees earned, and depth.

Key Decisions

• Incentives weighted by how long liquidity stays, not just how much arrives — the router alone can't fix liquidity that leaves overnight.
• Impermanent-loss disclosure shown at the deposit step itself, not buried in documentation.
• No incentive model ships without an audit first — the sequencing is deliberate, not a delay.

The Result

Core pools and the router are live and quoting split trades across multiple pools for better effective pricing today. The incentive model and analytics dashboard are the current build, with a third-party security audit next before it takes real liquidity at scale.

In testnet trials, the router's split-trade pricing beat routing through the single deepest pool on the majority of trades over $10,000 — the gap it was built to close.