BTR Blog

• Welcome to the blog — Engineering notes and protocol updates from the BTR team.
• Securing Wombex's residual deposits — About $500k sat idle in obsolete Wombex and Wombat contracts. 56 positions are out, now in stablecoins. The full on-chain record, amended 23 September 2026.
• Opening the dealing desk everyone hides — Prop AMMs keep their pricing model and spread private and push only the final quote. BTR pushes only the mark and puts the dealing desk in public bytecode.
• The cheapest signed price feed on the EVM — 5,158 gas per price feed, measured. Four contract generations from one storage slot per feed to ten feeds per slot, and what we refused to trade to get there.
• Concentrated liquidity is a negative-sum game — 77.8 million swaps on Base replayed tick by tick: LP fees lose to adverse selection in 14 of 14 market regimes, and concentrating liquidity makes it worse.
• The quote is the product — BTR pools quote a live mark, share inventory across the pool and lean with the book, so traders, LPs and builders all meet the same product: the quote.
• We didn't forget you [Wombex] — After two years of silence on the Wombex channels: why they went quiet, where the residual deposits went, and BTR, the exchange we built in the meantime.
• AIMM at a glance: how BTR pools price swaps — How BTR pools price a swap from an external mark, pool inventory and coverage instead of a fixed bonding curve, and what that changes for LPs and traders.