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 Openbook V2 and Phoenix spot markets. This means that the existing liquidity on the these spot markets will be shared between Cypher and the entire Solana ecosystem as the spot markets are used heavily with Jupiter and other platforms, which enables better price discovery.

Derivatives Markets

Cypher builds on top of and improves Bonfida's Asset Agnostic Orderbook (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.