Quick take:
- Manifest leverages the global ordering system to enable simultaneous bids and offers, which maximise liquidity.
- The platform does not charge trading fees and allows order book penetration by letting users easily new token markets.
- The product is currently in devnet ahead of a mainnet launch on Solana.
KS Systems has announced the launch of Manifest, a fee-less order book built on Solana. The product’s key contributors include Maximilian Schneider – the founder of the decentralised exchange platform Mango Markets, Britt Cyr – the CTO of the web3 options platform Dual Finance, and John Kamer – the head of trading at CKS Markets.
Manifest leverages a global ordering system that enables multiple simultaneous placement of bids and offers, thus maximising liquidity. The platform does not charge trading fees and allows order book penetration by letting users easily new token markets.
The platform is also introducing a data structure called HyperTree, which permits “orders of magnitude more efficient key-value data storage on the Solana Virtual Machine (SVM). A layered architecture allows the core matching engine to be formally verified without compromising on features,” a statement on its Whitepaper reads.
Commenting on the announcement, Kramer said in a statement: “Manifest finishes what Uniswap started – a high-performance, capital-efficient crypto exchange is finally fee-less and fully on-chain.”
The contributors have also made Manifest open-source, making it “a free public good,” which gives all participants equal access and opportunity.
The team believe that making Manifest free and permissionless, creates an opportunity for participants to explore new order book use cases.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
