The best prices for traders.Out the box onchain flow for CEX market makers.
Why propAMMs
Most of Solana's onchain volume is now pAMMs, and they're growing fast on EVM. But today, each propAMM still operates as a separate venue. HyFi fixes that.
PropAMM problems
on CEXes who want onchain flow
PropAMMs spend $100k's/year on constant price updates - bad for big MMs and totally uneconomical for small-mid MMs.
Most MMs want to keep the CEX experience they already have. They don't want the hassle of onchain infra.
Each propAMM needs to manually go to each aggregator to get integrated and receive flow - takes months, some won't integrate.
who want the best prices for traders
PropAMMs are pricing black boxes - aggregators can't optimally split trades across 2 propAMMs (only 80:20, 60:40 splits etc), let alone across 100's of MMs.
Trade split routes calculated offchain by aggregators are usually stale by tx execution.
Many propAMMs quote one price, then change that price at the top of the block before the trade executes.
The solution
Market makers submit quotes to one shared HyFi offchain orderbook. HyFi publishes that book onchain and traders trade against it.
on CEXes who want onchain flow
HyFi handles putting orders onchain for free, MMs never make a tx. HyFi has a volume-based fee, currently 0%.
MMs only interact with HyFi's offchain CEX, no onchain hassle/infra.
HyFi allows you to immediately compete for flow from all aggregators that already integrated HyFi. Benefit from future integrations automatically.
who want the best prices for traders
Each onchain swap walks the onchain book snapshot to get the best price across all MMs, producing the mathematically optimal split within HyFi, like a CEX.
The book is walked at time of swap execution onchain, guaranteeing it's the best price at that time.
HyFi alone handles onchain book updates, guaranteeing MMs can't change it before trades in a block.
How it works
HyFi is a hybrid of a DEX and a CEX to get the best of both. AMMs' dominance over RFQ shows that traders want immediate execution onchain. MMs want to be able to update their orders constantly for free, like a CEX.
Built as a Uniswap v4 hook. HyFi went through the Uniswap Hook Incubator.
MMs place/update orders in HyFi’s offchain orderbook for free via API like a CEX.
HyFi takes a snapshot and puts the book onchain cheaply.
Traders trade against the orderbook as if it were a regular AMM, walking the book for the best price at execution time.
HyFi updates the offchain orderbook and balances of MMs to reflect trades.
Arbitrage protection. HyFi prevents arbitrageurs from taking orders if they become stale.
Case study on Base
HyFi returned the best price on 37–61% of samples, depending on order size and direction, while deploying roughly 50–500× less capital than the pools it was measured against.
Read the case studyof quotes where HyFi had the better effective price than every comparable Uniswap pool.
Win rate by order size
Not a guarantee of future performance.
The market
HyFi performs best on assets that have far higher liquidity offchain than onchain, so tokenized stocks are the natural fit.
Equities have some of the deepest markets in the world, which is exactly what a professional market maker needs to quote tightly and hedge effectively.
Onchain liquidity for equities is currently very poor, and HyFi effectively brings CEX liquidity onchain, meaning it's the market where HyFi's MMs have the biggest advantage vs DEXes/pAMMs.
Robinhood Chain is where that liquidity is forming, and where cheap blockspace makes a frequently refreshed shared orderbook practical. HyFi is running there today.
Read how the shared book is aggregated and executed, or open the app and see what's live on Robinhood Chain right now.