RUJI Trade

RUJI Trade provides a decentralized, scalable, and highly efficient orderbook exchange (DEX) operating fully on-chain. The orderbook DEX design offers low fees, a great trading UX, and a superior trade execution vs. standard AMM-DEXs. All trading pairs on the RUJI Trade orderbook DEX can be found on the Spot Trading page.

Key Features

• Decentralized Orderbook Trading: A 100% on-chain orderbook exchange (including order matching logic), offering decentralized and permissionless trading.

• Scalable Performance: Constant-time O(1) matching algorithms, allowing the DEX to handle very large transaction volumes efficiently.

• Multi-source Liquidity: A unique architecture allows the orderbook DEX to pull liquidity from multiple sources, including Rujira's AMM pools (RUJI Pools) on the App Layer and THORChain's liquidity pools on the Base Layer via a dedicated market making arbitrage strategy that virtualizes the liquidity in the Base Layer pools.

• Oracle Orders: A novel type of order allowing users to buy or sell at a fixed discount/premium to the underlying asset's oracle price, opening up the design space for innovative trading and market making strategies.

• Margin Trading: The DEX connects directly into Rujira's Money Market (RUJI Lending) to offer high leverage (up to [10x -TBD]) spot margin trading.

• Low Fees: A cost-effective trading experience with low gas and low maker/taker fees (7.5bps/15bps).

Benefits

RUJI Trade orderbook model has several advantages over traditional AMM DEXs:

• Better Trade Execution: Orderbooks offer better pricing and capital efficiency. As long as there are willing counterparties on the other side of a trade, traders can execute orders of any size without moving the price.

• Modular Architecture Enabling Deeper Liquidity: Traditional AMM DEXs use a monolithic structure that distributes asset prices over a single bonding curve. The larger an order size relative to the size of the liquidity pool, the bigger the price impact suffered by the trader. In contrast, Rujira separates the DEX (orderbook) from the AMM (automated market maker), allowing it to pull liquidity from a variety of sources and market making strategies and combine them into a single orderbook, resulting in much deeper liquidity.

• Intuitive Interface: RUJI Trade interface design is user-friendly and offers a smooth trading experience, comparable to centralized exchanges, with support for market orders, limit orders, and oracle orders which are unique to Rujira.

Fees & Fee Sharing with THORChain Base Layer

• RUJI Trade charges a 0.075% fee on Maker orders (i.e. orders adding liquidity to the orderbook) and a 0.15% fee on Taker orders (i.e. orders removing liquidity from the orderbook).

• In terms of fee sharing with THORChain Base Layer, a distinction must be made between the different fee types. The core logic regarding fee sharing is the following: For each transaction on the App Layer, is value accrued to the Base Layer?

  • If the answer is YES, there is no need to share revenue (the Base Layer already benefits).

  • If the answer is NO, then the 50/50 revenue split applies to pay for security.

• RUJI Trade pulls liquidity from various sources. Depending on the source, the fee sharing rule applies differently:

  • Orders executed against the App Layer liquidity do not accrue value to the Base Layer, therefore the 50% fee sharing with the Base Layer must apply to pay for security.

  • For trades executed against TC Base Layer liquidity (via the Virtualization Strategy), THORChain charges its own fee (defined by mimir SecuredAssetSlipMinBps) and benefits from those additional volumes. Orders executed against Base Layer liquidity are systematically accruing value to THORChain, therefore Rujira do not need to pay for security (i.e. RUJI stakers keep 100% of the RUJI Trade fees).