What is MAOB?
MAOB is the on-chain order book that powers trading on Canonic. It anchors prices to an oracle midpoint price and allows for the placing of liquidity on discrete rungs around that midpoint.
How it works
- The oracle provides a midpoint price.
- Liquidity is provided at rungs which are a fixed basis point offset away from the midpoint price. No need for constant (expensive) canceling and requoting on-chain
- Market order trades walk rungs from the midpoint outward until the order is filled.
- Price-time (or "rung-time") priority is algorithmically enforced on-chain.
- If the oracle is stale, trades revert.