With the advent of cryptocurrency and blockchain-based platforms, the global financial
landscape is experiencing change at an unprecedented rate, with daily breakthrough innovations.
As a result, interest is shifting from traditional centralized financial products to ones that offer
more control and flexibility without relying on intermediaries to dictate the rules imposed by
such centralized exchanges.
DeltaFi is pushing this space forward with our novel design and technologies, ushering in a new
era of decentralized exchanges. We are building the world’s most efficient automated market
maker (AMM) on Solana and innovating the space with intelligent AMM design.
To build a well-designed AMM, we first explore the mainstream decentralized exchange designs
and their shortcomings: AMM and Order Book.
Current AMMs are mainly forks of the Constant Product Curve pioneered by Uniswap V2 and
stableswap by Curve Finance. The Constant Product Curve builds inefficient markets and suffers
from divergent loss, price slippage, and capital efficiency issues. To mitigate these problems,
stableswap supports swaps between stable coins but does not offer such functionalities between
any tokens. Professional market makers cannot participate in either Uniswap V2 or stableswap.
Unsiwap V3 offers a concentrated liquidity design in which professional market makers do not
get the flexibility needed for efficient market making. In particular, market makers can only
adjust the price ranges without differentiating order directions. Important trade information such
as order imbalance signals is missing as well.
Order Book decentralized exchanges like Serum provide optimal user experience to traders and
professional market makers. However, unlike AMMs, Order Book design does not offer liquidity
provision functionality, a critical feature for yield farming.
Our vision is to provide the optimal user experience for traders, liquidity providers, and market
makers. Four essential design and technology innovations make it possible:
• Intelligent market making
• Bounded liquidity risk
• Personalized pools
• Cross-chain functionality
Solana is the ideal chain to build an intelligent AMM. In addition to Solana’s lightning speed,
their community is thriving, with new project developments occurring daily. Furthermore,
DeltaFi notably leverages innovations with institution-grade reliability such as real-time oracle
prices and cross-chain bridges.
We build on Solana with the belief that DeltaFi will become the liquidity hub in the multi-chain
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