Liquidity Mining

This one is close to what it is everywhere else, and pretending otherwise would be the wrong kind of writing. Makers post quotes, the book gets deeper, and the venue pays for that because a book worth trading against is the product. There is no clever non-custodial reinvention of that idea and we are not going to manufacture one.

What does change is who holds what while you are quoting. A maker on a custodial venue funds an account and quotes from the exchange's balance sheet; here the inventory behind your quotes stays in your own vault, and every order that reaches the book carries your signature. Market making does not begin with a transfer of ownership - for a desk, that is a different risk conversation entirely.

The other change is measurement. Rewards for making are always computed from what you did: your fills, your time on the book, the spread you held. On a custodial venue those are numbers the exchange works out about itself and asks you to accept. Signed orders settling against a public book make the same quantities checkable by the person being paid. That is worth more than a novel mechanism, and it is what we are designing this around.