BTR Markets: decentralized exchange for oracle-priced token swaps
BTR (BTR Protocol) is a decentralized crypto exchange. Swaps fill at signed oracle prices plus a spread set by volatility and pool inventory, not a bonding curve. Liquidity providers deposit one asset, with no pair or price range, into pools with coverage that bounds impermanent loss. Every deposit and exit settles at the pool rate, so losses are shared pro-rata across LPs.
BTR is an Adaptive Inventory Market Maker (AIMM): a multi-asset automated market maker that quotes against an external signed mark instead of an internal bonding curve. Liquidity is shared across every asset in a core rather than locked into pairs, deposits are single-sided and fungible, and there is no range to set or rebalance.
Because the mark comes from outside the pool, the price does not have to be discovered by arbitrageurs walking a curve. Quotes bend with inventory: the side that restores balance gets price improvement, the side that pushes it further pays a spread that widens with imbalance, volatility and mark staleness. That is what reduces the loss-versus-rebalancing LPs pay.
The pricing curve and the spread logic are both on chain and verifiable, which is the part proprietary oracle AMMs keep closed.
How pricing works
A BTR pool does not discover price by walking a bonding curve. It quotes around an external mark, signed off chain and verified on chain, then adjusts that quote for the pool’s own inventory. The further a leg drifts from its target coverage, the wider the quote gets for anyone pushing it further out, and the tighter it gets for anyone bringing it back.
Depth is shaped by a quartic I-spline stored per pool, so liquidity concentrates where the asset actually trades and moves as the mark moves. Nobody sets a range and nobody rebalances one.
What liquidity providers get
Deposits are single-sided and fungible: one asset in, a share of that leg’s liability out. There is no pair to assemble and no position to manage. Returns come from the spread that flow pays, not from token emissions, so the reported yield is yield that was actually earned and it does not end when a programme does.
The pool keeps coverage that bounds impermanent loss. Every mint and exit settles at the pool rate, so losses are shared pro-rata across LPs.
Why the oracle matters
Pricing against an external mark is what reduces the loss-versus-rebalancing LPs pay. It also introduces staleness risk, so staleness is priced: the spread carries a premium proportional to volatility times the square root of the time since the mark was signed. That is what makes a push-oracle AMM safe to run between pushes.
The signer set, the staleness bounds and the verification path are all on chain and independently checkable from the oracle page.
Frequently asked questions
What is BTR? BTR (BTR Markets, BTR Protocol) is a decentralized exchange built on an Adaptive Inventory Market Maker: a multi-asset AMM that quotes against externally signed price marks instead of a bonding curve. It is not Bitrue Coin (BTR).
How does a swap on BTR work? The interface fetches a quote, ranks routes off chain and sets a minimum output. On chain, the pool prices each leg at the latest signed mark plus a spread, and the swap reverts if the output falls below that minimum. Assets in a pool share inventory, so within a pool a trade pays one spread, not a fee at every hop.
What fees does a swap pay? A spread that widens with the asset’s volatility, the pool’s inventory imbalance and the age of the signed mark, with one output-side fee at half the spread. Trades that move a pool back toward balance get tighter quotes than trades that push it further out.
How does providing liquidity work? Deposit one asset into one pool leg and receive a receipt token; there is no pair to assemble and no price range to manage. Pricing steers the pool back toward balance, with coverage that bounds impermanent loss; it does not eliminate it. Every deposit and exit settles at the pool rate, so losses are shared pro-rata across LPs.
Is BTR audited? The internal audit of 2 to 16 September 2026 is published in the docs, with its published findings on the open-source contracts and their fixes. Third-party audits are pending and will be linked there when they land. A bug bounty and a responsible disclosure channel are documented under Security.
Which chains does BTR run on? BTR runs on a public testnet today. Mainnet launch on BNB Chain is upcoming: its launch configuration is published in the deployment docs, and mainnet contract addresses will appear there once deployed.
Status and where to read more
BTR runs on a public testnet; mainnet launch on BNB Chain is upcoming. The documentation covers the pricing model, the oracle wire format, access control and emergency powers, the risk parameters, and the deployed contract addresses. There is a public read-only API and an OpenAPI specification for programmatic access, and a bug bounty for anything you break.