Table of contents

Overview

t+ is a decentralized brokerage that enables optimal execution of any financial intention (trade, loan, whatever - any asset), by decoupling intent confirmation and settlement.

t+ works by allowing market makers to fill and pre-confirm user intents using an offchain orderbook - then hold the unsettled intent in inventory until they identify optimal settlement conditions and strategy.

At a high level, user interactions flow as follows:

1. Users send intents to an orderbook ran inside a trusted execution environment (TEE).
2. When an intent is filled, it’s pre-settled at the t+ layer. The filled intent is added to the market makers t+ inventory, and the user’s inventory is credited with the funds the market maker committed to procuring for them. The user can continue submitting intents with these pre-settled funds or withdraw.
3. When they believe it’s optimal, the maker settles the intent using whatever venue they wish. They can use any chain, any dex, any builder. Importantly, the market maker does not have to hold funds on the chain they’re settling on, they can perform the settlement using t+ deposits.

Why is this valuable?

The reason this decoupling creates value is twofold.

First, optimal confirmation and settlement require distinct properties that aren’t possible when the two are intertwined.

t+ Confirmations Optimize

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Speed

• Users are finished with their order in under 1 ms

• A faster confirmation environment leads to better prices for users

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  • Explanation </aside>

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Privacy

• Private quotes can lead to better prices for users through improved bidding truthfulness

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  • Explanation </aside>

• Private orders and inventories prevent frontrunning (or being exploited in any other way due to information leaks) </aside>

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Minimal Inventory Requirements

• t+ does not require makers to post margin to quote. This allows them to quote across as many pairs as they want without increasing their capital costs

• Low inventory requirements reduce hedging and capital costs which leads to better prices for users

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  • Explanation </aside>

• Market makers can utilize user deposits to perform settlement. This combined with flexible settlement and and margin based inventories eliminates the need for market makers to rebalance, lowering costs for market makers and improving prices for users

• Cross-margining capabilities with market maker exchange and custody accounts removes the requirement for them to store any assets in t+ </aside>

t+ Settlements Optimize

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Flexibility

• Flexibility in settlement domain allows t+ to support any on-chain financial use case expressible as an intent. All assets and financial interactions are available out of the box since we can settle your intent using any venue. This also means t+’s product offering expands at the same rate as the DeFi ecosystem

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  • Explanation </aside>

• Flexibility in settlement time and domain allows market makers to optimize for liquidity availability leading to better prices for users. The ability to partially settle intents is helpful here too

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• Flexibility in settlement time allows market makers to batch settlements together to minimize gas costs which leads to better prices for users

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  • Explanation </aside>

  We actually have some hard metrics for this one. Below is an estimate of on-chain traders savings if they used t+ instead of a DEX

  Trader Savings
  # Trades Per User	1	2
  Trading Fees	87.86%	93.73%
  Gas Fees	54.78%	74.01%

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Hybrid Spot-Margin/Perp Leverage

• t+’s market dynamics cause it to start as a spot margin exchange and transition into a perp exchange as it begins to run out of inventory for a given asset. This is because market makers can always cash settle positions using any DEX as long as t+ has the inventory to process the settlement. As a result, t+ offers leverage traders an exchange that tightly follows spot prices without having to rely on funding rates bringing assets back to mark, but also has the flexibility to offer perpetual style exposure if utilization exceeds 100%.

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  • Explanation </aside>

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Low Friction

• t+ utilizes shared deposits and can perform settlement on any domain which removes the need to bridge user or market maker funds. This eliminates rebalancing costs for market makers while allowing them to utilize any liquidity venue

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  • Explanation </aside>

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