Standard

Standard is a fully onchain CLOB with intent-based model starting with limit order

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Inspiration

Gas prices of L2s are getting low, and L3 can now process 1M+ txs with 1 USD worth of gas. As blockspace is getting affordable, why not build an onchain Limit Order Book which shows transparent order flow with synchronous matching?

What it does

This is the first onchain CLOB in crypto, and first orderbook exchange which shows transparent order flow in the entire history of finance.

How we built it

It uses a greedy algorithm to place orders to buy assets in lowest ask with most amount and sell assets in highest bid with most amount.

Challenges we ran into

Memory safety with Solidity is not easy to handle. Debugging each cases to manage linked list's pointer without reliable debugger was hard. Also, implementing proper market suspension in 24/7 trading environment was a challenge.

Accomplishments that we're proud of

This is the first orderbook exchange with transparent order flow in the history of finance, solving Payment for Order Flow(PFOF) practices, in which SEC is trying to resolve. With this transparent order flow, everyone in finance industry can compete fairly to execute best orders, and this gives pure optimal trading platform for buying or selling anything between peer to peer.

What we learned

We learned that it is possible to build transparent order flow for everyone to make best order execution on trading anything.

What's next for Standard

Standard is getting VARA(Virtual Assets Regulatory Authority) license in UAE to support fiat on-off ramps to make truly CEX like experience with CLOB on transparent order flow. We are ready to be truly decentralized Coinbase.

Standard is currently helping ambitious projects who wants to setup a new kinds of digital assets or new blockchains to onboard more users to crypto. As the onchain CLOB does not require any liquidity to setup a pair unlike AMM, they support Standard to onboard their project assets.The team is specifically interested in RWA or ETF and sees Alvara as core partner to support.

Standard also accumulates trading data in indexer for AI trading research. it will submit data to Kaggle for quant traders to study crypto traders' trading behavior, and try to setup a strategy with transparent effect. As there is no dark pool or hidden orders in Standard CLOB, this will give truly effective data for AI trading bots to train themselves.

AI trading platform is named as StandardX, and it is planned to have node sale in September. https://standardx.ai

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