But First -why are we here?

Liquidity and product fragmentation is awful in crypto. Not only do you have a million exchanges -the exchanges all have different properties and settlement times, some continuous, some discrete.

A user that wants to trade their ETH has a liquidity space that looks something like this:

The user should execute against a set of these exchanges to get the best price, but they’re not sophisticated enough to do so, so they trade on Ethereum with a market maker and the market maker hedges on all the other domains.
This solves the problem, but now you’re limited by where the market maker will hold inventory and what assets they’ll hold inventory of. AND you need to compensate the market maker for warehousing inventory and risk.

On top of that we now run into a harder problem.

Imagine a user has ETH on Ethereum and wants to trade it for SOL - which is only available on Solana. Well now you need to send your ETH to the market maker on Ethereum, at which point they’ll use their inventory on Solana to purchase you the expected amount of SOL and send it to you on Solana.

The problem is we’re in a permissionless, decentralized setting where you don’t know or trust the market maker so the assets needs to remain escrowed until it can be proved the transfers were made. Now your execution looks like this:

So now you’re paying verification costs, have latency overhead, and you’re paying market makers to warehouse inventory and risk. Your execution sucks!

You could try cutting out the market maker by moving user funds between domains

but now your latency overhead is crazy so you don’t get good fills and you still need to pay verification costs to transfer funds. Your execution still sucks!

And imagine how complicated this gets when the optimal trade route is more than 2 hops - ie:

The core problem here is that in a trustless, decentralized setting it’s really difficult to asynchronously execute over multiple liquidity venues. So execution and asset availability suck. t+ solves this with marginal latency or cost of capital overhead.

So what the HECK is a t+?

t+ is a financial intent (trade, loan, etc.) presettlement protocol

That means

User Flow:

t+ puts the entire decentralized finance product suite into one box, creating a sort of decentralized self-clearing broker layer that aggregates all available liquidity and products while keeping cost to quote as low as possible.

Concrete Example Please

Sure!

t+ edge

The problem isn’t crazy so lets talk about what makes this solution better than alternatives. Most of this will come back to our choice of tech stack and use of margin.

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t+ offers lower latency and capital costs than alternatives
Our competitors attempt to solve this problem with big networks of verifier nodes, proof systems, and market makers holding inventory everywhere \ These approaches add cost and latency

t+ just chucks all the settlement domain state in a TEE (secure view of state), puts everyone on margin, and makes all deposits shared \ Our verification and inventory costs are almost non-existent \ And all our infrastructure runs in one box so there's almost no latency overhead (we actually confirm trades faster than decentralized exchanges would) \
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t+'s product suite automatically expands with the decentralized finance ecosystem
Since we can settle anywhere we can offer any asset and any product \ no integrations needed \

this is possible because we directly stream settlement domain state to our trusted execution enviroments, providing t+ secure, current, efficient access to settlement environment state
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t+'s flexible, delayed, settlement enables unique orderflow monetization strategies
All of our settlement orders are proprietary orderflow that can be settled anytime, anywhere \

this is really valuable in crypto due to the industry distributing arbitrage opportunities via auctions (which require proprietary orderflow to win) \ The value of auctions varies depending on the amount of arbitrage profits available at that specific time on that specific venue \ Competitors with t+ flow can choose to settle it only in the highest value auction
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Cryptography gives t+ excellent information flow control
Confidential hardware and encrypted storage allow us to make sensitive information proveably private for everyone \ Including us
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Trusted execution environments (TEEs) enable t+ to offer decentralized prime-broker style cross-margining with centralized services
We can let market makers cross margin their binance account, their fireblocks account, their schwab account, all while staying noncustodial and decentralized \ this reduces market maker cost of capital, and allows us to eventually expand our asset offering into equities