What is Orderly (ORDER)?

Deep Dive

1. Purpose & Value Proposition

Orderly tackles DeFi’s fragmented liquidity by merging orders from chains like Solana, Ethereum, and Arbitrum into a single orderbook. This allows traders on any chain to access deep liquidity (e.g., Raydium’s Solana users trading against EVM traders) and reduces slippage. Its infrastructure powers decentralized exchanges (DEXs), wallets, and trading bots, offering a CEX-like experience with self-custody.

2. Technology & Architecture

Orderly uses a three-layer system:
- Asset Layer: Manages deposits/withdrawals via omnichain vaults.
- Engine Layer: Processes orders via a central limit order book (CLOB) with price-time priority.
- Settlement Layer: An OP Stack-based chain that finalizes trades on-chain, acting as a decentralized clearinghouse (Orderly Explorer).

Cross-chain communication relies on LayerZero, eliminating the need to bridge assets mid-trade.

3. Tokenomics & Governance

The $ORDER token (1 billion max supply) serves dual roles:
- Staking: Earns 60% of protocol fees (paid in USDC) and boosts trading rewards.
- Governance: Decentralizes control over treasury allocation, fee structures, and upgrades.
A buyback program uses 60% of net fees to repurchase tokens, reducing supply and aligning incentives (CoinMarketCap).

Conclusion

Orderly is redefining DeFi liquidity by merging cross-chain trading into a unified system, backed by a sustainable token model. As more chains and DEXs adopt its infrastructure, can it become the default settlement layer for on-chain derivatives?