Orderbook design
Orderly uses a central limit order book (CLOB) — the same type of system used by major centralized exchanges. The key difference: Orderly settles everything on-chain, combining CEX-level performance with decentralized transparency.- Transparency: All orders are recorded on the blockchain and publicly verifiable.
- Security: On-chain settlement means data is immutable and tamper-proof.
- Speed: A high-performance off-chain matching engine provides low-latency execution.
- Self-custody: Users retain full control of their funds at all times.
Omnichain approach
Unlike most DEXes that run separate order books per chain, Orderly brings all orders from all supported chains into a single shared order book. This unifies liquidity across chains. The system has three layers: Asset Layer (Asset Vaults) — on each supported chain- Where your funds reside. You interact with this layer when registering, depositing, and withdrawing.
- A transaction ledger that stores all transaction and user data on-chain. Users do not interact with it directly.
- Where trade execution happens. Includes the matching engine, risk engine, and other services. You interact with this layer when managing orders.
MEV protection
MEV (maximal extractable value) is when someone profits by front-running or reordering transactions before they are confirmed on-chain. Orderly mitigates this through:- Fast matching: The sequencer matches orders with minimal latency, leaving little window for front-running.
- Deep liquidity: A deep order book makes price manipulation significantly harder.
- Off-chain matching: Orders are matched off-chain in a neutral environment — there is no on-chain transaction to front-run.