The BEST way to trade ANY asset, from ANY chain on ONE composable orderbook.

Applications historically have had to choose between an AMM, Orderbook or an intent-driven market structure, adopting a “one-size-fits-all” framework. However, the truth is liquidity can be effective in more than one ways, and to truly provide global-scale liquidity, a blended market structure has to be embraced.

Spicenet introduces Flashbooks: A unified and composable orderbook aggregating solvers, market makers, and concentrated liquidity strategies via Network-Owned Liquidity. Rather than picking sides, Spicenet leverages the best of all worlds to offer deep liquidity and better fills to applications building on top and their users.

What are Flashbooks?

Flashbooks are Spicenet’s Hybrid AMM-Intent Orderbook mechanism, designed to facilitate participation of Solvers, Market Makers and Concentrated Liquidity Strategies on one unified, capital-efficient system. Built on the global orderbook module, Dexterity, Flashbooks blend protocol-native liquidity pools (Network-Owned Liquidity or NoL), solvers, and market makers into a single orderbook.

At its core, Flashbooks treat every trading action as an “intent”. Whether it’s a limit order, market order, or swap, solvernet dynamically fulfills these intents by finding the most optimal liquidity route — be it within Spicenet or external markets. This innovation enables Flashbooks to offer the best user experience no matter what is being traded.

The results for everyone involved are spicy

 

Users

Access to deep liquidity, for bluechips and exotic pairs

Flashbooks aggregate liquidity from Solvers, Market Makers and Network-Owned Liquidity, serving deep liquidity on all assets.

Reduced trading costs by minimizing slippage

Solvers, Market Makers and Network-Owned Liquidity compete against each other for orderflow, resulting in better fills for users.

High optionality for order types

Because of Spicenet’s intent-driven backend, users can granularly specify the conditions under which their orders must be executed. For example, users can choose which solvers can fill their order using RFQ order types.

Liquidity Providers (LPs)

Low effort/expertise required, High customizability available

On Spicenet, every $ of deposited capital contributes to growing liquidity on the network, via Network-Owned Liquidity. Deposited capital is used to buy the “NoL Index”, a collection of specialized strategies quoting concentrated liquidity on orderbooks.

Provide Liquidity to Spicenet from any chain

Applications, Market Makers and Traders can “pull” liquidity from Flashbooks off-chain, via Spicenet’s Solvernet. By submitting an off-chain intent to Solvernet, anyone can trade against liquidity on Flashbooks, without maintaining inventory on Spicenet.

Economic Benefits

Price Discovery

Flashbooks promote robust price discovery as multiple specialized actors compete to fulfill orders. This competition reduces spreads, resulting in better prices for users.

Better Access to Liquidity

Spicenet’s Solvernet is a highly heterogenous marketplace of solvers with different specializations. Solvernet is a marketplace for coordinated liquidity settlement between solvers, allowing multiple solvers to collaborate together and fill user orders, allowing Spicenet to pull liquidity from multiple liquidity sources and deepen liquidity on the network.

Scalability in Asset Listings

Flashbooks provide a scalable way to list new assets, without having to worry about lack in liquidity. Spicenet’s Network-Owned Liquidity seeds new markets with concentrated liquidity strategies, while Solvernet pulls liquidity from external liquidity sources, making asset listings a breeze.

Want to learn more about Flashbooks? see Spicenet’s documentation for a deeper dive: https://docs.spicenet.io/products/flashbooks-hybrid-intent-amm-orderbooks