🎓Advanced Topics
Market microstructure and the engineering behind the on-chain order book
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Market microstructure and the engineering behind the on-chain order book
These pages go beyond day-to-day usage into how the protocol's markets operate and how the on-chain order book is engineered. Nothing here is required to lend or borrow — but if you're evaluating the protocol's design, integrating against it, or just curious, this is the good part.
Itayose: Fair Price Discovery — the opening auction that prices every new market
Market Listing & Delisting — how assets join and leave the platform
Circuit Breaker — per-block price limits that blunt manipulation and flash-loan attacks
Base Price Adjustment — duration-aware minimum collateral requirements
Emergency Global Settlement — the last-resort shutdown that returns user funds
Orderbook Deep Dive — why a full on-chain order book is hard, and the three techniques that make it economical: Red-Black Trees, Lazy Evaluation, and Genesis Value & Compound Factor
APR vs APY — why the protocol quotes APR, and how to compare rates across venues
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