What is Orderly Network (ORDER)?

What is Orderly Network (ORDER)?

Orderly Network (ORDER) is a decentralized orderbook protocol designed to offer a high-performance and low-latency trading infrastructure. Its primary aim is to simplify the process for developers looking to integrate perpetual futures or spot trading into their applications. Orderly Network provides the core trading technology, including the matching engine and liquidity solutions, allowing developers to focus on building their product without worrying about the complex backend systems.

Who Created Orderly Network (ORDER)?

The co-founders of Orderly Network are Ran Yi and Terence Ng, both of whom are experienced in the blockchain field. They have worked in WOOFi, a cross-chain DEX.

What VCs Back Orderly Network (ORDER)?

The information regarding the VCs backing Orderly Network is not known.

How Orderly Network (ORDER) Works

Orderly Network stands out in the crowded DeFi space due to its unique hybrid orderbook model. This model combines the best features of CEXs and DEXs, offering the performance and efficiency of CEXs with the transparency and security of DEXs.

The Orderbook Design

Orderly Network uses a Central Limit Order Book (CLOB) that integrates both centralized and decentralized exchange features. This hybrid model allows Orderly to deliver centralized exchange performance, characterized by low latency and concentrated liquidity, while maintaining the transparency and self-custody of funds that decentralized exchanges offer.

Key Features of the Orderbook Design

● Transparency: All orders are visible on the blockchain, making it difficult for market manipulation to occur.

● Security: Orders are settled and stored on the blockchain, ensuring their immutability and security.

● Efficiency: The high-performance matching engine allows for quick and efficient order execution.

● Self-Custody: Users have full control over their funds, eliminating the need for trust in the protocol and guaranteeing solvency.

The Omnichain Approach

Orderly Network has adopted an omnichain approach to orderbook management by dividing its infrastructure into three main components: the Asset Layer, the Settlement Layer, and the Engine Layer.

● Asset Layer (Asset Vaults): This layer exists on each supported blockchain and handles user interactions related to registration, deposits, and withdrawals. It is where user funds are stored.

● Settlement Layer (Orderly L2): This single-chain layer acts as a transaction ledger, storing transaction and user data. It does not interact directly with users.

● Engine Layer (Orderbook): This layer manages orders and trade execution. It includes the matching engine and risk management services. Orders from different chains converge here, unifying liquidity and making the system chain agnostic.

After orders are matched, they are uploaded and settled on the Orderly L2 chain, which periodically settles to Ethereum using the OP Stack. Communication between these layers is facilitated by LayerZero, ensuring smooth and efficient transactions.

Protecting Users from MEV

Miner Extractable Value (MEV) is a type of arbitrage that can be used to profit from the delay between when a transaction is submitted to the blockchain and when it is confirmed. Orderly Network includes several features to protect users from MEV:

● Fast Matching: The sequencer matches orders quickly, reducing the chances for MEV extractors to front-run trades.

● Batching: Transactions are grouped together before submission to the blockchain, minimizing MEV risks.

● On-Chain Settlement: Ensures all trades are settled on-chain, protecting traders from MEV attacks.

ORDER Goes Live on Bitget

Orderly Network is revolutionizing decentralized trading by combining the best features of centralized and decentralized exchanges. Its hybrid orderbook model, omnichain approach, and robust security measures make it a standout in the DeFi space.

Trade ORDER, the native token of Orderly Network, on Bitget to be the pioneer in decentralized trading!

ORDER on Bitget Pre-Market

ORDER is a part of Bitget Pre-Market, a platform where users can trade tokens over-the-counter before the token is listed for spot trading. Join now to get the best out of it!

To use Bitget Pre-Market, follow these simple steps:

● Step 1: Go to the Bitget Pre-Market page.

● Step 2:

○ For Makers:

■ Choose the desired token and click on ‘Post Order’.

■ Specify Buy or Sell, enter price and quantity, review details, then confirm.

○ For Takers:

■ Choose the desired token, pick ‘Sell’ or ‘Buy’, select the pending order, enter quantity, and confirm.

■ Note: Partial completion is not allowed.

For more specific information on how to get ORDER tokens on Bitget Pre-Market, check out the announcement here.

Get ORDER on Bitget Pre-Market now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.