Overview

One of the fundamental goals for Archer is to help market makers facilitate the most liquid financial markets on crypto rails. Archer offers some of the best in class features for helping makers win:

• 10x lower costs of market making - We introduce micro order books, a dedicated order book primitive for every market maker on Archer. Micro order books are heavily optimized and enables extremely light-weight quote updates for active MMs. Lower costs of MM = tighter spreads. Read more in detail about micro order books here.

• Contention free and dedicated state - Since every market maker has their own dedicated order book, everyone can have their quotes updated in parallel and there is zero write contention amongst them. This also enables makers to spend near zero to extremely minimal priority fees.

• Fully on-chain and verifiable matching engine - Our matching engine is fully on-chain and verifiable. Market makers do NOT have to trust us for fair matching. The code will be open sourced and everyone can simply verify the execution logic independently.

• Built-in prioritization of maker updates over taker orders - The biggest losses for market makers come from adverse selection. Archer provides program level maker prioritization that slows down takers and enables makers to update their quotes before a toxic taker can take advantage of their stale mid-prices. Read more about how this works in detail here.