On-chain Orderbook Trading: tightest spreads, near zero fees, LP vaults
Etherlink
Joined January 2024
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Hanji deployed on @monad in stealth weeks ago and is now top 2 in weekly volume.
Hanji's orderbook has:
- fully onchain execution & settlement
- zero maker fees & near-zero taker fees
- a vault-based liquidity model for fees and spread capture
You can try it now 👇
Hanji Protocol 🟠 retweeted
After $2.45B+ in volume, Hanji is past the question of whether order books can work onchain.
Join @dmitrytez, Founder of @hanjiprotocol to talk:
🔹 $641M vol in 30D
🔸 Fully on-chain order books
🔹 CEX-style execution on @Base, @Monad, and @etherlink
👇
nitter.cf/i/spaces/1qKDzWjOZBwJV…
Hanji Protocol 🟠 retweeted
Top 5 DEXs on Base by 7D volume
1. @aeroxyz > $2.547B
2. @Uniswap > $2.493B
3. @PancakeSwap > $542.88M
4. @0xtristero > $127.86M
5. @HanjiProtocol > $62.07M
Aerodrome and Uniswap are still the main liquidity venues on Base
Hanji Protocol 🟠 retweeted
most DEXs ask you to trust a curve. Hanji asks you to read the book
fully onchain spot CLOB. real bids, real asks, deterministic fills, self-custody intact. the same orderbook a CEX runs, minus the custody risk and the trust
AMMs priced DeFi for the last cycle. Orderbooks price it for the next one
most DEXs ask you to trust a curve. Hanji asks you to read the book
fully onchain spot CLOB. real bids, real asks, deterministic fills, self-custody intact. the same orderbook a CEX runs, minus the custody risk and the trust
AMMs priced DeFi for the last cycle. Orderbooks price it for the next one
Hanji Protocol 🟠 retweeted
everyone said a full orderbook + matching engine could not live on-chain
hanji put both there: preconfirmations on etherlink, parallel execution on monad, ~15-20ms ux feel
tight spreads. visible depth. feterministic fills.
everyone said a full orderbook + matching engine could not live on-chain
hanji put both there: preconfirmations on etherlink, parallel execution on monad, ~15-20ms ux feel
tight spreads. visible depth. feterministic fills.
Hanji Protocol 🟠 retweeted
most DEXs make you trade against a formula while hanji makes you trade against a real market
full onchain orderbook: live bids, live asks, real price discovery
tight spreads, visible depth, deterministic fills
CEX execution, full self-custody
on-chain markets should behave like real markets
most DEXs make you trade against a formula while hanji makes you trade against a real market
full onchain orderbook: live bids, live asks, real price discovery
tight spreads, visible depth, deterministic fills
CEX execution, full self-custody
on-chain markets should behave like real markets
Hanji Protocol 🟠 retweeted
appchain = sovereign execution, permanent liquidity problem
every isolated chain starts at zero
same LPs, same capital, split across a hundred walled gardens
spreads stay wide. arb bots eat the rest.
general-purpose chains don't have that problem
liquidity compounds
LP positions become collateral
orderbook depth feeds aggregators feeds more flow
appchains optimized for sovereignty
they gave up depth to get there
this is not a UX complaint
it's structural: fragmented settlement = fragmented price discovery = permanently worse execution
hanji deploys on Monad, Base, Etherlink
a CLOB on a chain with aggregated flow is a different product than a CLOB in a silo
orderbooks win long-term
but only if the chain underneath lets depth compound
appchain = sovereign execution, permanent liquidity problem
every isolated chain starts at zero
same LPs, same capital, split across a hundred walled gardens
spreads stay wide. arb bots eat the rest.
general-purpose chains don't have that problem
liquidity compounds
LP positions become collateral
orderbook depth feeds aggregators feeds more flow
appchains optimized for sovereignty
they gave up depth to get there
this is not a UX complaint
it's structural: fragmented settlement = fragmented price discovery = permanently worse execution
hanji deploys on Monad, Base, Etherlink
a CLOB on a chain with aggregated flow is a different product than a CLOB in a silo
orderbooks win long-term
but only if the chain underneath lets depth compound
Hanji Protocol 🟠 retweeted
🧵
most defi protocols borrow a price from chainlink to run their liquidations
the book IS the price
here's why that changes everything
🧵
most defi protocols borrow a price from chainlink to run their liquidations
the book IS the price
here's why that changes everything
🧵
cascade risk is also different
AMM: price follows a curve regardless of real intent liquidation hits, curve moves, next position liquidates, repeat
CLOB: each liquidation order is absorbed by bids thick book = less price impact = cascade slows naturally
depth is visible. risk is readable.