Iter

Iter is a decentralized spot exchange that separates the two questions every trading venue has to answer: who supplies the tradable inventory, and how a trade is priced and settled. Every AMM fused those into a single bonding curve. That is why a Uniswap LP cannot decline a price — the curve fills their capital at whatever price the market pushes it to, all the way down. Onchain order book DEXes fixed settlement but abandoned inventory: their liquidity still comes from professional market makers, not permissionless LPs. Iter answers both. Settlement is a fully onchain central limit order book, with price-time or size priority chosen per pair at listing. Inventory is a pool layered on top that converts permissionless LP capital into ordinary limit orders on that same book, rather than a second pricing primitive. Every position carries its own slippageLimit, so an LP sets the worst price they will accept. At slippageLimit = 0 a position only ever executes at the reference price, which bounds its worst-case impermanent loss by construction. Pool trades are priced against a TWAP reference rather than instantaneous spot, so the price an attacker can manufacture inside one block is not the price the pool trades at. In our simulation this cuts same-block sandwich extractability by roughly three orders of magnitude — to negative attacker profit once gas is counted. Because settlement is an order book, a trade can also add liquidity: it settles whatever it can match and the remainder rests as the trader's own limit order, instead of an AMM route's all-or-nothing revert. The costs are real and we state them: occasional partial fills when tolerant liquidity is thin, and roughly 6x Uniswap v2's gas per swap, which makes Iter an L2 protocol by construction.

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