BTR Blog

• Welcome to the blog — Engineering notes and protocol updates from the BTR team.
• Securing Wombex's residual deposits — Nearly half a million dollars remains in obsolete Wombex and Wombat contracts, yielding nothing. We are moving it to safer custody, and preserving every depositor's share.
• Opening the dealing desk everyone hides — Every prop AMM keeps its pricing model, inventory policy and spread private, and pushes only the finished quote. We push only the mark and leave the desk in public bytecode, so anyone can rerun the quote and get our number.
• The cheapest signed oracle on the EVM — 5,158 gas per feed, measured. Four generations from one slot per feed to ten feeds in one slot, why every mainstream design still spends a whole word on a single price, and what we refused to give up to get here.
• Providing concentrated liquidity is a negative-sum game — Two years and 77.8 million swaps replayed tick by tick on Base. LP fees lose to adverse selection in 14 of 14 market regimes, concentration makes it worse, and the capacity of the product is zero.
• The quote is the product — BTR is an Adaptive Inventory Market Maker. Pools quote a live mark, share inventory across the pool, and lean with the book, so traders, LPs, and builders all meet the same product: the quote.
• We didn't forget you [Wombex] — Two years of radio silence on the Wombex channels. BTR is the DEX we built during that silence.
• AIMM at a glance — How BTR pools price swaps from external marks, local inventory and coverage instead of a fixed bonding curve.