It's the Exchange & Prime Broker Stack - decentralized - composable with the orderflow supply chain - and using all of defi as it's ever-expanding product suite.
Fair question, it's because CEX's are our closest competitors.
CEX's in crypto are a fairly unique financial institution, they're an exchange, brokerage, and clearing house all in one.
Most aren't even primary liquidity venues.
T+ is all of these things as well, just decentralized, noncustodial, permissionless, private, and fully composable with onchain liquidity sources.
Interestingly - we're also not a primary liquidity venue. Of course some of our flow will be cleared internally - but most is going to be settled on Hyperliquid, Binance, or various onchain exchanges.
This is great because we don't have to bring our own liquidity! We let the experts fight over that part of the pie, we just want your flow.
_ Press ESC or click outside to close
We're fixing orderflow execution
(for around the hundredth time)
Orderflow execution in crypto sucks. We all know this - we've all heard the pitch.
But it's true
✘ OOPS: Liquidity is fragmented
⚠ SAD: Confirmation times suck
ℹ 😹: EVERY decentralized venue even "sophisticated" solver networks have bad markouts
Most solutions fail at improving things because they implement N+1 fixes to self-inflicted problems. This has predictable results
BREAKING NEWS!:The new super fast isolated execution environment increased liquidity fragmentation
BREAKING NEWS!:The chain abstraction network increased cost and latency
BREAKING NEWS!:Another auction that sells the right to pick off market makers had minimal impact
MISSION FAILED:Orderflow execution still sucks.
Instead of continuing the trend. t+ took a top down approach, and solved for what user's NEED from their orderflow execution:
Speed!
Every asset & protocol in one place!
Leverage and cross-margining (ie. capital efficiency)!
Good quotes!
Permissionless & Trustless!
To fit all these properties in one product
we needed to build T+ - a decentralized brokerage(or CEX) layer
that can decouple trade
Confirmation from Settlement
and optimize each separately
TRADE CONFIRMATION
Orders are processed in an offchain orderbook ran in a TEE(trusted execution environment)
Under 1ms time to confirmation
The exchange software is immutable and private
Deposit any asset on any chain. We even support some CEXs and Custodians
t+ supports all assets instantly
Trade anything, collateralize many things
Market maker costs are minimized
Posting a quote does not lock up margin, margin is checked on match
Quotes and cancels are prioritized - they're processed in a faster queue
than taker orders
>
TRADE SETTLEMENT
Market makers can fill trades on-margin then net the exposure on a delayed basis into any liquidity source
MMs can settle exposure atomically into any dex
MMs can hedge exposure on cross-margined venues
Exposure can be cleared in the t+ book
The t+ book is made up of internal liquidity PLUS a latent bid from
external on/offchain liquidity because we're composable with it
Settlements can be performed using any user deposits
Market makers have negligible rebalancing or capital costs, as well as no
need to hold inventory of assets they want to quote
"This sounds really cool and complex, isn't there a lot of risk in the system?"
We're absolutely handling a lot of risk! T+ has a lot of inherent leverage and counterparty risk that's managed the same way it's managed in any venue with counterparty risk:
Caps on cross-margining and asset deposits
Interest rates to manage liquidity and exposure skew
Not Every Asset is enabled as collateral! Assets that are supported as collateral have:
Caps on both spot-margin and derivative based leverage based on asset liquidity
Maintenance and Initial margin haircuts based on price and liquidity volatility - IM haircuts move up as exposure skew increases
Cross-margin support is limited to majors
Fills on long-tail assets support optional delayed margin checks to allow market makers to settle onchain before confirming the trade - if settlement fails, the trade reverts (like an RFQ)
t+'s exchange offering, as a decentralized CEX, is the best on market.
✅ Every asset (they'll all be liquid too!)
✅ Leverage
✅ Very Fast Trading
✅ Excellent Quotes and Liquidity
✅ Permissionless and Trustless
✅ Eigenlayer restaking as our insurance fund (billions in insurance)
There isn't an equivalent
It'll be offered initially via website UI, telegram bot, and high-performance api
Product doesn't matter - how do we get users?
USER OWNERSHIP
Some of the highest quality takers in the space are invested in us.
We're building with them from day 1
C:\SYSTEM\REAL-BD > _
PERSONAL ONBOARDING
In crypto people try products because they trust and like the people building them.
We plan on aggressively onboarding 1-on-1 in addition to the typical strategies of sponsoring streamers, running exclusive poker games, the usual.
C:\SYSTEM\REAL-BD > _
PRICE MATCHING
We're confident we will almost always fill at a premium to chain.
We'll refund you if we don't.
C:\SYSTEM\REAL-BD > _
TRADING EXPERIENCES POWERED BY t+
t+ supports arbitrary orderbooks with custom rules.
We're going to be the backend for products like Euphoria
C:\SYSTEM\REAL-BD > _
VAMPIRE ATTACKING CEXS
t+ offers the same UX as a CEX, a broader product, and lower counterparty risk.
Using TEE's we can encumber CEX traders account credentials and trustlessly (and confidentially) verify their volume, fee tier, etc. Then offer them more perks, assets, and incentives than they had on the CEX
C:\SYSTEM\REAL-BD > _
Where's the cash - what's our upside?
RECOGNIZE THIS CHART?
(I'm sure it's in every exchange pitch deck these days)
This is very achievable for t+
Category defining exchange products are extremely profitable. t+ is one. No one else is building a decentralized CEX(or "brokerage") - it's the missing top of the decentralized orderflow execution stack.
We have the same initial draw as Hyperliquid (trade new thing here with liquidity) - but better since we have every new thing instantly.
ALSO
Privacy ▲
Fill Quality ▲
Speed ▲
Composability ▲
and our INITIAL taker base is better. Beyond traders, t+ is a GREAT venue for solvers, HFTs, OTC desks, and more.
C:\SYSTEM\PRINT-MONEY > _
Phase 2: An Orderflow Execution Platform
t+ supports arbitrary orderbooks with custom properties, all cleared and settled by the same core system. This means we can offer things like:
Deck of Execution Venues
Compliant Orderbook
> Only entities that have passed KYC/AML can trade
> Essential for institutions entering crypto
Enables selling t+ to mid-tier CEX's as a "backend" to simplify their liquidity and listings
Deck of Execution Venues
Private Dark Pools
> Manager chooses who can trade and can restrict them to making or taking only
> Manager chooses who can see trade information
> Useful for trading illiquid and sensitive assets
OTC desks maintain private sales funnels while using t+ to lower trust and capital requirements
Deck of Execution Venues
Options Orderbook
> t+ orderbooks support everything needed by an options book:
privacy
prioritized cancels
margin
etc
> Modified margin engine that supports exotic collateral (short LP tokens) - improving hedging capital efficiency
Decentralized options!
Deck of Execution Venues
Token Warrant and SAFE Orderbooks
> Accredited investors only
> Prove ownership with zktls
> Provides a liquid venue so these locked assets can be used as collateral
Put the TG groups out of business!
Deck of Execution Venues
Equities Exchange
> KYC/AML compliant participants
> Market makers can cross margin with a tradfi brokerage account
> Market make equities by:
Selling short on t+
Hedging on a tradfi brokerage
Margin engine considers you flat
Liquid Equities!
"This all sounds great! You guys last raised back in April right? What have you done since?"
A ton. t+ went from being an idea to well on its way to production
We have an internal testnet running - https://testnet-explorer.tplus.dev/market/eth-usd - same password as the one for this pitch
We designed an extremely robust risk system
Team size more than doubled
And of course, we've been building lore and goodwill in the cultural core of crypto
PASSWORD REQUIRED
Please enter the last paragraph of the conclusion of The Inelastic Market Hypothesis:
A Microstructural Interpretation -
Jean-Philippe Bouchaud
