Quay Markets
The neutral streaming venue for on-chain markets
The problem
On-chain marketsare terribly inefficient.
- AMMs bleed to toxic arbitrage.
- CLOBs are too expensive to update at dealer frequency.
- RFQ works for block trades, not continuous flow.
- Prop AMMs are expensive to run market-by-market.
The solution Quay Markets: streaming quotes with shared settlement.
- MMs connect via websocket, stream bid/ask for each pair continuously — off-chain relay aggregates quotes and batches them into on-chain updates
- Quotes land in an on-chain ledger — one tx updates up to 127 markets (~40 CU total) because quotes are packed as compact price deltas, not full orderbook operations
- Quote staleness is bounded: relay submits at a fixed cadence (e.g. every slot), so on-chain state is never more than ~400ms stale
- Takers hit best quote via Jupiter or any aggregator — fill settles instantly from the vault
- MM side doesn't settle immediately — inventory drift is bounded and netted internally
- Vault acts as shared balance sheet: same collateral backs multiple MMs and pairs
- MMs rebalance on their own schedule, not per-fill — dramatically cheaper
- Utilization fee rises when vault capacity is scarce, falls when it's abundant
- Net effect: deeper books at tighter spreads — capital efficiency is 10-100x vs prop AMMs running custom pools per pair
Trust model Verifiable relay — no signatures needed.
Per-MM Merkle tree
- One tree per MM account (123 leaves = markets). Trees update in parallel, no shared state.
- 7 hashes per update (~2µs). Root already computed at send time — zero cost.
- 32-byte root included in tx (costs 4 quote slots: 127 → 123 markets)
- Full quote log published off-chain, anchored by root on-chain
Safety rails + audit
- Per-MM config account (PDA): max deviation from oracle, size limits, kill switch
- On-chain program enforces MM's own bounds on every quote update
- MM audits off-chain: compare sent quotes vs published log vs on-chain root
- If anything's off → MM switches to direct submit and leaves
TEE (Nitro Enclave) → open-source relay + attestation → Merkle root on-chain every batch → full quote log published
No per-quote signatures. Relay runs at native speed in TEE. MMs set bounds on-chain, audit the log, and fall back to direct submission anytime.
The thesis Cheaper updates + netted settlement = deeper books.
Our moat is balance-sheet efficiency. We pack multiple MMs and tokens into one transaction: ~40 CU to update 127 markets versus ~40K CU for one market on a CLOB-style path. That lets MMs refresh constantly, while Quay's vault lets takers settle instantly and MMs carry bounded inventory drift instead of rebalancing every fill. Same collateral supports materially more size, so depth improves first and spread follows.
Why now Start where routing already exists. Expand where infra is missing.
The wedge is not "beat Binance." It is "be the best route on-chain for size." Start with liquid pairs routed by Jupiter, where better depth can win flow immediately. Then use the same venue to make long-tail tokens and tokenized assets quoteable without every MM building a custom prop AMM.
Go to market Win routing first. Then compound liquidity.
01 Start with majors
SOL, BTC, ETH pairs where price discovery already exists and Jupiter can route meaningful size on day one.
02 Be the best route for size
Target medium and large spot trades where deeper books matter more than headline top-of-book spread.
03 Expand to new markets
Use the same venue to bootstrap long-tail tokens and tokenized assets without custom MM infra per pair.
Business model Monetize flow, not just matching.
Routing / taker fees base revenue on every fill
Vault utilization fees higher when balance sheet is scarce
New market launches premium economics on long-tail assets
Model high-throughput market infrastructure
Market The initial wedge is on-chain spot. The long-term market is much larger.
Beachhead
Solana spot pairs already routed through aggregators, where better depth can immediately win flow.
Expansion
Long-tail tokens, tokenized equities, FX, and other assets that need continuous quotes but cannot justify dedicated prop AMMs.
Team Built by a Solana-native infra team.
We've spent years building indexers, real-time data systems, and production DeFi infrastructure on Solana.
We understand the actual bottlenecks: compute, settlement, routing, inventory management, and what market makers need to quote size profitably.
Ask Looking for capital, design partners, and market makers.
Capital Fund product development, liquidity bootstrapping, and the initial settlement vault.
Distribution Work with routers, wallets, and taker-facing venues that care about better execution for size.
Liquidity Partner with market makers who want cheaper quote updates and credit-line-like inventory efficiency.
Quay Markets
The neutral streaming venue for on-chain markets.