About BTR

BTR is a decentralised 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 NX Rates keepers 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 Arc testnet. It has not been deployed to mainnet. Testnet assets have no value. The protocol documentation covers the pricing model, the oracle wire format, access control and emergency powers, the risk parameters and the deployed addresses, and there is a bug bounty for anything you manage to break.

Read the protocol documentation · Theoretical foundations · Blog