RE: LeoThread 2025-12-12 01-59

[theycallmejp]

Exciting to see

When the effort to build a DEX began eight years ago there was nothing. The goal was to create something beyond "3 dudes with a Multisig"

Comments

[theycallmejp]

THORChain’s direction proved prescient and has helped spawn four of the five DEX solutions active today

• TC
• Chainflip
• Maya

And now Harbour

Onwards

[theycallmejp]

Today, Harbor launches a Layer 1 network with native asset vaults that can custody diverse assets, including Bitcoin and UTXO variants (Litecoin, Zcash), Ethereum and its L2s, Solana, and more. Harbor's first application is a cross-chain order book providing fast, efficient spot trading for the growing cross-chain swaps market

[theycallmejp]

[theycallmejp]

The network uses a dual-actor marketplace to ensure fair pricing and execution. Solver-based designs suffer from an "all-or-nothing" incentive that pushes quotes higher while allowing execution anywhere within a wallet's price tolerance (around 3%). Harbor addresses this by separating roles between a central limit order book (CLOB) and a smart order router

[theycallmejp]

The CLOB serves market makers: high-performance programmatic APIs enable very tight pricing, often within a single tick of the best bid or ask, at meaningful sizes

[theycallmejp]

The smart order router protects swappers by placing limit orders at the quoted amount, letting market makers compete to fill at that price or moving the order down the book until it fills or refunds due to price tolerance

[theycallmejp]

This design prevents any single maker from dictating execution quality. Swaps are routed through the order book to secure the best pricing, utilize liquidity from multiple makers, and prevent quotes that exceed fillable orders

[theycallmejp]

Harbor's hybrid design — custody via threshold-signature vaults and a decentralized validator set, combined with a high-performance matching engine and support for purpose-built subnets using those vaults — aims to be a leading L1 for neutral, efficient, decentralized native-asset rails