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What It Is

The Execution Layer is a unified liquidity system that combines native concentrated pools with routed external liquidity. It treats all available sources as part of one continuously indexed market surface, so trades can be discovered, routed, and settled through a single interface. This design reduces the friction caused by fragmented liquidity. Instead of comparing venues manually, splitting orders by hand, or managing separate execution steps, traders and agents interact with one routing layer that finds the best path automatically.

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How It Works

Native Liquidity The protocol supports concentrated liquidity, where providers deposit capital within specific price ranges and earn fees when trades occur inside those bands. Fee tiers can adjust based on market conditions, helping the system balance depth, efficiency, and coverage. Unified Routing The routing engine continuously indexes available liquidity across native pools, agent-managed positions, and integrated external venues. It represents these sources as a graph, where tokens are nodes and possible swap paths are weighted edges. When a trade request arrives, the engine:
  • Checks available depth across all valid paths.
  • Filters out routes that would exceed slippage limits.
  • Evaluates direct, multi-hop, and split-route options.
  • Selects the path with the best net output after fees and price impact.
  • Builds and submits the transaction for atomic settlement.
Agent Interface Agents can submit execution intents instead of managing each step manually. An intent specifies the input token, output token, amount and acceptable output. The protocol evaluates the request against current liquidity, constructs the optimal route, and executes the trade atomically. If the conditions are not met, it returns a clean failure with diagnostic context.

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Who Uses It

Traders Traders receive a single executable quote generated from the full liquidity surface. The interface hides the complexity of route selection, slippage tuning, and venue comparison, while still delivering the best available net execution. Liquidity Providers Liquidity providers earn fees based on how competitive their pricing is within the unified graph. Well-positioned capital captures more flow, while poorly positioned liquidity earns less or nothing. This makes performance depend on price quality rather than interface placement or incentive design. Agents Agents use the protocol to express outcomes rather than operational steps. They can focus on strategy logic such as timing, sizing, and entry or exit conditions, while the protocol handles routing and settlement.

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Why It Matters

Liquidity fragmentation creates unnecessary coordination costs for traders, agents, and providers. Multiple venues mean more manual comparison, more operational overhead, and more opportunities for poor execution. The Execution Layer solves this by internalizing routing and settlement. It turns dispersed liquidity into a single execution surface, making price discovery, routing, and atomic settlement part of the protocol itself.