The Orderbook

A peer-to-peer (p2p) traded orderbook prevents LPs from suffering from impermanent loss, which is always possible with an AMM style DEX. This will also help the protocol and platform attract more institutional participants, helping bolster liquidity and reducing friction of the trading process by keeping bid-ask spreads relatively small. As we shoot for mass adoption the orderbook will also help the platform bridge the gap for non-crypto native users, allowing them to interact with other users in a manner that is similar to their regular trading experience on centralized platforms.

Spot Markets

Cypher offers margin on Serum's spot markets. This means that liquidity is shared between both Cypher's and Serum's spot markets, enabling better price discovery across both Cypher and Serum.

Derivatives Markets

Cypher utilizes Bonfida's asset agnostic order-book (AOB) to match buyers and sellers on Cypher's derivatives markets. The AOB's underlying infrastructure enables greater protocol efficiency by decreasing the amount of Solana accounts needed in transactions to place trades on the derivatives markets.