It's the Exchange & Prime Broker Stack - decentralized - composable with the orderflow supply chain - and using all of defi as its ever-expanding product suite.
it's the new thing
We're fixing orderflow execution
(for around the hundredth time)
Orderflow execution sucks. We've all heard the pitch.
✘ 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. This has predictable results.
BREAKING NEWS:The new super fast perp dex increased liquidity fragmentation
BREAKING NEWS:The chain abstraction network increased cost and latency
MISSION FAILED:Orderflow execution still sucks.
BOUNTY INCREASED:Onchain RWA issuance is accelerating! The 72nd perp dex was just funded! Finance is finally going onchain!
Instead of continuing the trend, Tplus took a first principles approach and solved for what users NEED from their orderflow execution:
Speed!
All assets & liquidity in one place!
Leverage and cross-margining (i.e., capital efficiency)!
Good quotes!
Permissionless & Trustless!
To fit all these properties in one product
we needed to build a decentralized Prime Exchange
that offers
A High Performance Trading Venue
that is Composable with External Venues
and Extremely Capital Efficient
TRADING
USER
INTEL TDX VM
Risk_Engine.rs
Orderbook.rs
Minimizes Maker Costs
Quotes do not use margin - margin check on match
Quotes and cancels are prioritized
MLN →
C:\CONFIRMATION\STATUS>
User submits trade
Order sent to offchain orderbook
Risk Engine Validates
Pre-flight checks are run
Orderbook matches trade
Order filled in <1ms
Trade confirmed
User balance is updated
Match sent to MLN
This is a proposed state mutation
Trades execute in an offchain orderbook run in a TEE
Under 1ms time to confirmation, private, trustless
Deposit any asset on any chain
Tplus supports all assets instantly. Trade anything, collateralize many things
>
COMPOSABILITY
Flexible Exposure Settlement
Margined Liquidity Network
INTEL TDX VM
clearing_engine.rs
Validates and authorizes onchain interactions
risk_engine.rs
Market Maker
Settlement Chain (Ethereum/Solana/etc)
deposit_vault.sol
User deposits are pooled and used to interact with onchain liquidity
uniswap.sol
Settle exposure via swap
GPv2Settlement.sol
Settle exposure via batch auction
aave.sol
Settle exposure by filling a liquidation
Binance
Binance Orderbook
Binance State
CLOB in a TEE
orderbook.rs
sig
ETH
ETH
ETH
C:\SETTLEMENT\STATUS>
1. Match processed by clearing engine
Market Maker incurs leveraged exposure
2. Market Maker chooses to clear exposure using onchain composability
MM requests and receives settlement approval from the clearing engine
3. Execute onchain settlement transaction
Arbitrary onchain interaction executed using deposit vault funds - clear exposure via backrun, liquidation, AMM swap, batch auction, etc.
4. Settlement reported to clearing engine
MM balances are updated, settled leverage exposure is cleared
5. Market Maker chooses to hedge exposure using Cross-Margining
Market Maker executes a hedging trade on Binance (or any other cross-margined venue such as Hyperliquid)
6. Binance state synced
Risk Engine verifies hedge position and updates the Market Maker's cross-margined balance
7. Market Maker chooses to clear exposure in the t+ book
MM sends a clearing order to the CLOB in the TEE
8. Clearing Engine ingests the match
Market Maker balance is updated, clearing the leverage exposure
Market makers can fill trades on-margin then net the exposure on a delayed basis into any liquidity source
The t+ book is made up of internal liquidity PLUS a latent bid from
external on/offchain liquidity because we're composable with it
Onchain interactions are funded using global, pooled t+ deposits
Market makers have negligible rebalancing or capital costs, as well as no
need to hold inventory of assets they want to quote
>
CAPITAL EFFICIENCY
Capital Efficiency driven by Matched-Book-Margin Enabled Leverage
Margined Liquidity Network
INTEL TDX VM
risk_engine.rs
Tplus' Matched Book Margin engine offsets counterside leverage positions against each other - allowing them to be auto-delevered
long exposure
short exposure
C:\LEVERAGE\STATUS>
1. New match increases long leverage exposure
This reduces the current skew to short exposure - decreasing risk and underlying deposit draws
2. Matched exposure is auto-delevered
De-levering via ADL is safer and more efficient than clearing positions by liquidation - allowing Tplus to offer higher leverage
3. Non-matched leverage must be cleared via new or external liquidity
This is a standard liquidation - more expensive and less efficient than ADL
Tplus uses a Matched Book Margin engine to offer the same capital efficiency as perps without the downsides.
Scales open interest without volatile funding rates — flow imbalances lead to exposure skews rather than the premiums/discounts seen with perps
Leverage positions remain fungible with spot market liquidity as they are non-synthetic which improves liquidity and enables a unified book!
t+'s exchange offering, as a prime exchange, 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
There isn't an equivalent
It'll be offered initially via website UI, and high-performance api
Phase 2: Making it Even Better
After the initial release, we plan to fast-follow with a few key features:
t+PAMMS
Current Prop AMMs are very capital inefficient so the number of pairs they can support is limited
Tplus' architecture allows us to offer an improved pAMM
Deposit vaults support a new permissionless settlement type that allows anyone to swap assets through it at a price specified by our book state
These swaps are funded by Tplus' pooled user deposits
A designated market maker ingests the settlements into their account as margin positions and clears exposure into the Tplus book
Tplus traders can take advantage of Tplus' composability to hedge exposure incurred from the onchain flow
Thus, Tplus ingests aggregator flow from ALL SUPPORTED CHAINS.
C:\SYSTEM\PAMM > _
t+CUSTODIANS
Tplus' architecture uniquely supports dedicated custodian prime broker solutions like Copper Clearloop and Fireblocks Off Exchange.
TEEs preserve custodian account balance and credential privacy
TEEs easily support arbitrary API interfaces
Our TEE+MPC setup eliminates exchange operator risk. It's impossible for Tplus to misuse cross-margined capital.
Previously cross-margining with centralized custodians required strict credit limits and legal contracts with the counterparty.
Dedicated custodian prime-broker integrations remove those dependencies, enabling the feature for all users.
C:\SYSTEM\CUSTODIANS > _
Phase 3: A Prime Exchange Network
t+ is secretly a platform play as its Margined Liquidity Network supports building multiple arbitrary orderbooks with custom properties on top of it. All cleared and settled by the same core system - thus benefiting from liquidity network effects. This means we can enable 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 CEXs 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
> 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!
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 TEEs 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 full-service exchange - 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 > _
"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
We implemented a net-new risk and margin system
We sold Tplus' vision to most of crypto's major market participants
We're one quarter away from a full beta launch
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
