Three Design Choices
No External Oracles
Only real in-pool trades set the price — external price feeds never enter. The most common attack route, a manipulated oracle, simply does not exist here.
All Trading Shares One Pool
Spot, leverage, and perpetuals use the same liquidity and the same margin — no shuffling funds between accounts.
Manipulators Pay the LPs
Pumps and dumps pay progressively higher fees by how far they push the price; that money goes into the pool, to the people providing liquidity.
What Makes Us Different
Every claim below is written in the code — anyone can verify it on-chain.
Spot, Margin, and Perps Share One Pool
Spot, leverage, and perpetuals use the same pool of liquidity and the same margin account. Borrowed funds never leave the pool — wherever trading is deepest, leverage works smoothest.
Pricing From the Pool, Anti-Manipulation
The platform keeps its books on a smoothed trade price (EMA), so wicks can't get in; the further the deviation, the higher the fee; each pool's total exposure is capped, so one side can never be drained.
Fee Revenue Goes to the LPs
Trading fees, borrowing interest, and deviation penalties all flow into the pool for LPs — holding liquidity pays better than letting it sit.
LP Risk Is HedgeablePhase 2
The protocol can compute exactly what each LP holds and how risky it is; later, hedges can be opened in the same account (Phase 2) without moving to another platform.
New Tokens Trade From Day One
Token issuers only provide the token side — no paired capital needed to open trading; spot, leverage, and perpetuals work immediately, with no migration step.
Issuers Keep Earning Fees
Issuers earn a share of every trade in their own token, plus referral rewards — not a one-time deal.
Extreme Markets Can't Drain It
A single trade can take at most half of one side's reserves, so the pool can never be drained; anyone can take part in liquidation; profitable positions are never forcibly socialized (no ADL); shortfalls are backstopped by the insurance fund under fixed rules — its balance is visible on-chain at any time.
A Door Left Open for Regulated AssetsRoadmap
Regulated assets (tokenized stocks, for example) can get an allowlisted pool later: the issuer controls who can trade. The interface is already reserved.
Compared to the Leading Venues
The mechanism engineering of a CEX but verifiable; the openness of an AMM but with depth shared across all scenarios; the leverage of a derivatives DEX but without the oracle single point.