Overview

BTR is a decentralised exchange: you swap on it, or you provide liquidity to it. Both run on chain against pools whose state and pricing you can read and check yourself. Addresses: deployed instances.

It runs one automated market maker of its own design, the Adaptive Inventory Market Maker (AIMM): asset-liability accounting, inventory-aware mid-pricing and singleton multi-asset pooling. Prior art is catalogued in Foundations.

Three properties set it apart from a constant-function AMM. All three are behaviour of the current contracts.

1. Price comes from outside the pool. A constant-function pool has no price of its own; it moves when arbitrageurs trade against its curve, and every such trade is paid for by the LPs. A BTR pool quotes a signed external mark pushed by a keeper. It does not infer a price from its reserves, so it does not pay for price discovery. Reserves set depth and the direction of the inventory skew; they never set the mark (Internal Oracle, Mark Relayer).
2. Depth is concentrated automatically. Each asset’s depth profile is a clamped quartic I-spline stored as pool data. The curve is fitted off chain from observed price density and installed by a timelocked write, so liquidity sits where the tape has put the price, with no ranges for LPs to pick or move. The spread scales with the pushed volatility σ and the feed’s confidence, not a fixed fee tier (Liquidity Shaping, Spread & Fees).
3. Liquidity is unified. One pool holds any number of assets. One reserve per asset serves every pair that asset appears in, and solvency is pooled across the legs (Inventory Management). There is no pair limit and no per-pair pool to fund (Anchor Path Pricing, Pool Composition).

Inventory ties the three together: coverage ratios move the mid against flow that drains a leg and toward flow that refills it, so the pool quotes best on the side that restores balance (Inventory Management).

Assets are arranged in a tree rooted at the base token. Each anchors to a correlated parent, up to four deep, and a swap prices along the path between its two endpoints: two assets sharing a parent trade through that parent and never touch the base. The base is the unit of account, not a leg every trade routes through. Deployed pools are configured flat, one level of spokes on a single stable base; deepening one is a config change, not a redeploy (Anchor Path Pricing, Pool Composition).

Per side of the pool:

• Liquidity providers: one token in, one fungible position, no range to choose, nothing to rebalance.
• Traders: the best quote is on the side that rebalances the pool’s inventory; at equilibrium both sides are competitive. The spread is symmetric and tracks volatility.

Pool creation is owner-only. The owner can name a third party to administer a pool (Pool Deployment & Curation).

Core features

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