About BTR
BTR is a decentralized exchange built around an Adaptive Inventory Market Maker, or AIMM. It is a multi-asset automated market maker that quotes against an externally signed price mark rather than discovering price along an internal bonding curve. Liquidity is shared across every asset in a pool rather than locked into pairs, deposits are single-sided and fungible, and there is no price range for a liquidity provider to set or maintain.
The problem it addresses
A conventional constant-function AMM only learns the price when someone arbitrages it. The difference between the pool price and the real one is paid by liquidity providers to whoever is fastest, a cost known as loss-versus-rebalancing. Concentrating liquidity into ranges increases fee income but increases that adverse selection at the same rate, which is why tightly-provided positions on ranged AMMs frequently earn less than simply holding the assets.
BTR removes the discovery step. The mark is signed by an external signer quorum and verified on chain, so the pool already knows the price and does not have to be taught it. What remains is inventory: the pool quotes tighter for flow that restores balance and wider for flow that worsens it, and it prices the staleness of its own mark by widening in proportion to volatility times the square root of the time since the mark was signed.
How it differs from proprietary market makers
Several high-performance oracle-priced market makers already operate on other chains, but they keep their pricing curve and spread logic off chain and closed. BTR implements the equivalent machinery entirely on chain, where the curve, the spread model and the risk parameters can be read and verified by anyone. The trade-off is that BTR must be efficient enough in gas to do that, which is what the quartic I-spline depth representation and the signed-quote oracle path are for.
Who it is for
Traders who want depth concentrated where an asset is actually trading, and liquidity providers who want a single-sided position that does not need managing and that earns the spread paid by flow rather than an emissions budget. Integrators can read live state from a public API and reproduce every quote off chain with the same pricing code that runs in the contract.
Status
BTR is live on Monad, with pools open to allowlisted wallets until public launch. A public testnet is open for trying it with test tokens, which have no value. The documentation covers the pricing model, the price-feed wire format, access control and emergency powers, the risk parameters, and the deployed contract addresses. There is a bug bounty for anything you manage to break.
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 reports are linked there as they land. A bug bounty and a responsible disclosure channel are documented under Security.
Which chains does BTR run on?
BTR is live on Monad. Pools are open to allowlisted wallets until public launch. Contract addresses are in the deployment docs, and a public testnet is open for trying swaps and liquidity with test tokens.
Read the protocol documentation · Theoretical foundations · Blog