Primary Market Orderbook
There is a 2 steps process for creating a sell order on the orderbook by the supplier.
- The supplier signs and expresses the slippage (percentage) and limit order on discount
- The offchain oracle - supported by the risk calculation engine approves / declines the the order
For users of the orderbook, When adding their orders to the orderbook, they can define slippage (percentage) and limit order (acceptable discount / yield) depending on their circumstance.
Platform-D Orderbooks
At the MVP stage we will implement a module that is the CLOB and will use EndBlocker execute all market orders / matching orders in the same block for DTs in a FBA way.
State
Messages
Keeper
Params
Design references: the state-of-the-art
There are several blockchains in the Cosmos Ecosystem that are designed for fast trading with orderbooks, as they are state-of-the-art, we will summarise their innovation and what Platform-D has for its MVP.
The below are all Central Limit Order Book (CLOB).
| Protocol | CometBFT features | FBA | Additional Info |
|---|---|---|---|
| dydx | Upcoming: uses ExtendVote for validators to collaborate to agree on block (instead of just single proposer) | FBA for all the trades in the block (voted in in the previous block) | Orderbook is offchain in memory and managed in the CLOB in the sdk |
| Sei | - Optimistic Block Processing - Intelligent Block Propagation | FBA for all market orders in the same block for the same orderbook | At EndBlocker hook, all market transactions go through the DEX module as the main order matching engine (including FBA) |
| Injective | N/A | At EndBlocker hook, transactions in the Exchange module are matched in FBA fashion |