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Orderly Network
Orderly Network is a permissionless, omnichain liquidity layer designed for Web3 trading applications. It functions as a decentralized exchange protocol that provides backend infrastructure, including a shared orderbook, to enable developers to build spot and perpetual futures trading platforms with performance comparable to centralized exchanges. Orderly Network was founded in April 2022 by co-founders Ran Yi and Terence Ng.[29][30][1][2]
Overview
Orderly Network was developed to address liquidity fragmentation and poor user experience prevalent in decentralized finance (DeFi). The protocol operates as a Layer 2 (L2) solution built on the OP Stack, which allows it to offer high throughput and low latency for trading operations. Its core component is a central limit order book (CLOB) that is shared across all decentralized applications (dApps) built on its infrastructure. This model creates a deep, unified liquidity pool, eliminating the need for individual projects to bootstrap their own liquidity.[3][2]
The project's vision is to create an omnichain trading environment where users can trade any asset from any supported blockchain without needing to manually bridge funds between networks. By abstracting the complexity of cross-chain interactions, Orderly aims to provide a seamless trading experience similar to that of traditional centralized exchanges (CEXs) while preserving the DeFi principles of self-custody and on-chain settlement. The infrastructure is designed as a white-label solution, providing developers with Software Development Kits (SDKs) and APIs to build and customize their own trading front-ends, wallets, and other financial applications. This approach allows partners to focus on user acquisition and interface design while leveraging Orderly's robust backend for trade execution and liquidity.[1][3]
History
Orderly Network was founded in April 2022 by Ran Yi and Terence Ng, and its mainnet launch was scheduled for October 11, 2022.[29][30]
In December 2024, Orderly Network launched its omnichain orderbook on the Solana mainnet. This deployment was significant as it combined EVM and non-EVM orders into a single perpetuals orderbook for the first time, enabling Solana users to trade directly with participants on EVM chains without bridging or wrapping assets.[4]
In March 2025, Orderly integrated its omnichain trading infrastructure with Story, a Layer 1 blockchain designed to tokenize intellectual property. The partnership allows developers building applications on Story to access Orderly's deep liquidity on demand, facilitating the trading of tokenized IP assets like music royalties or patents against liquidity pools on other supported chains.[5]
The network further deepened its integration with the Solana ecosystem in May 2025 by launching a retroactive rewards program. Over 2.3 million escrowed ORDER ($esORDER) tokens were made available for past traders on any Orderly-powered DEX on Solana. This initiative was paired with the launch of Orderly's native token staking program on the Solana network.[6]
In September 2025, the network announced a series of significant feature launches and integrations. On September 5, USDC.e (Circle's Bridged USDC Standard) went live on the Orderly Chain, enabled by an integration with StargateFinance that connected the network to over 55 other blockchain ecosystems. On September 17, the protocol launched a Multi-Collateral feature on the Solana blockchain, allowing traders to use both SOL and USDT as collateral for perpetuals trading. The network claimed this was the first instance of a DeFi protocol enabling multi-collateral perpetuals trading across both Solana and EVM environments. This feature was expanded to the BNB Chain on September 19, adding BNB as a collateral option for over 133 trading pairs. During the same period, an integration with the portfolio tracker DeBank was highlighted, allowing users to view their balances held in Orderly's OmniVault. On September 23, the network launched Orderly ONE, a no-code platform allowing users to build and launch their own perpetuals DEX. Later that month, on September 29, 2025, the ORDER token was listed on the major South Korean cryptocurrency exchange Upbit, with trading support for BTC and USDT pairs and deposits supported through the Ethereum network.[9][10][12][13]
On October 16, 2025, Orderly launched trading for real-world assets (RWAs). Gold and silver price feeds followed on December 23, 2025.[16]
Following community approval, Orderly activated a revenue-backed ORDER buyback system in November 2025. The system authorized using up to 60% of net fees for buybacks every two weeks; half of the purchased ORDER was allocated to stakers as esORDER and half to a community-governed wallet. This initial design was later superseded by the published staking design described in Tokenomics.[17]
On December 2, 2025, Ceffu integrated its custody and MirrorX off-exchange settlement infrastructure with Orderly OmniVault, enabling Strategy Providers to access Binance through MirrorX while assets remained in Ceffu custody.[18]
In April 2026, management of OmniVault transitioned from Kronos Research to Vovega Research. The handover was scheduled for April 12, with the strategy remaining fully hedged and focused on minimizing net exposure and drawdowns. That month, Orderly also introduced permissionless self-listings, allowing DEXs to create perpetual markets without manual approval when an oracle was available.[19][20]
On June 2, 2026, Orderly expanded its markets to include HKD and KRW foreign-exchange pairs and Hong Kong and Korean stocks.[16]
In August 2026, Orderly launched on Robinhood Chain, enabling builders to deploy no-code perpetual DEXs powered by Orderly on the chain.[21]
On September 28, 2026, Orderly Demo DEX went live as a showcase for builders to test and explore Orderly features.[22]
Technology
Orderly Network's infrastructure is designed to combine the efficiency of off-chain order matching with the security of on-chain settlement, all within an omnichain framework.
Architecture
The protocol is built as a Layer 2 solution on the OP Stack, an open-source development stack for creating optimistic rollups. This foundation provides a scalable and secure environment for its trading engine. The core of the architecture is a central limit order book (CLOB), a traditional trading model that matches buy and sell orders at specified prices. While the orderbook itself operates in a high-performance, off-chain environment to ensure low latency, all final trade settlements and fund management occur on-chain. This hybrid approach allows Orderly to offer a CEX-level trading experience without compromising on the DeFi principle of user self-custody, as users always retain control of their funds in their own wallets. The architecture is designed to be decentralized, distributing data and operations across multiple nodes to prevent single points of failure.[3][2]
Omnichain Functionality
A central goal of Orderly Network is to unify liquidity across disparate blockchain ecosystems. This is achieved through its omnichain infrastructure, which is powered by its native "Orderly Chain" and interoperability protocols like LayerZero. This technology allows the network to aggregate liquidity from various chains—including Ethereum, Arbitrum, Polygon, Solana, and NEAR—into a single, shared orderbook. For users, this means they can trade assets from different chains without performing manual cross-chain swaps or bridging. For example, a user on an EVM-compatible chain can trade directly against a user on Solana within the same orderbook. The integration with StargateFinance further enhances this capability by enabling seamless, zero-fee inbound transfers of assets like USDC.e from dozens of connected ecosystems directly to the Orderly Chain.[2] [5]
Key Features
Orderly Network offers several features designed to enhance capital efficiency and user experience for both traders and developers.
- Multi-Collateral Trading: Orderly supports eligible non-USDC assets as collateral in isolated-margin trading, in addition to the previously documented assets and chains: SOL and USDT on Solana, and BNB on BNB Chain. Isolated margin is still denominated and accounted for in USDC. Automatic collateral conversion applies when projected borrowing exceeds the documented 50,000 USDC limit.[16][23]
- Shared Liquidity: All dApps and front-ends built on Orderly tap into the same deep liquidity pool. This solves a major challenge for new DEXs, which no longer need to attract their own liquidity providers from scratch.[3]
- Developer Tools: The network provides a comprehensive Software Development Kit (SDK) and APIs for developers. The SDK allows for the creation of customized user interfaces and trading applications, with the website claiming it can save development teams over 200 hours per integration. The APIs provide direct access to the orderbook for algorithmic traders, trading desks, and bots.[1]
- Orderly ONE: A no-code platform for creating perpetual DEXs; see Products for details.[24]
- Advanced Order Types: The platform supports standard limit orders as well as more advanced types like stop-loss (SL) orders, providing traders with essential risk management tools.[3]
- OmniVault: An omnichain vault for deposits and strategy-managed trading; see Products for details.[7]
- Asset and Market Expansion: Orderly added RWA trading on October 16, 2025, gold and silver price feeds on December 23, 2025, and, on June 2, 2026, HKD and KRW foreign-exchange pairs and Hong Kong and Korean stocks.[16]
Products
Orderly's products combine shared trading infrastructure with tools that let builders create, extend, and operate trading interfaces. Orderly ONE provides a no-code route to launching a perpetual DEX: creating one is free, and a one-time $10 graduation fee, payable in USDC, USDT, or ORDER without an ORDER discount, unlocks a broker ID and revenue features.[24]
The SDK v3 plugin system, launched in April 2026, lets builders develop, publish, share, and install modules that extend trading interfaces. Orderly's Builders Marketplace provides a distribution route for these modules.[23]
Perp Anything gives builders a way to list markets using supported exchange or oracle price feeds, or feeds they provide themselves. Supported market types include pre-TGE tokens, equities, commodities, foreign exchange, indices, and long-tail assets. Builders supply liquidity and configure the market's liquidity and risk parameters. The official guide specifies a refundable $25,000 USDC insurance-fund deposit per symbol, returned after delisting once obligations are settled. Permissionlessly listed markets use isolated margin and are operated by independent builders.[20][25]
The Starchild Marketplace module, live by August 25, 2026, adds an AI agent to the DEX interface that can research markets, analyze positions, and execute strategies within trader-defined wallet permissions.[26]
Orderly Demo DEX went live on September 28, 2026 as a live showcase where builders can test newly released features; Orderly described it as a showcase rather than a destination trading venue. Orderly has reported that more than 400 DEXs draw on its shared orderbook.[22][26]
OmniVault is an omnichain, permissionless strategy vault. Users can deposit USDC from supported chains, and the vault’s assets are managed by professional third-party market-making firms known as Strategy Providers. Vovega Research is the current Strategy Provider. Depositors receive a proportional share of the vault’s profit and loss (PnL). The vault’s smart contracts have undergone multiple independent security audits, with reports publicly available on GitHub; balances can also be tracked through portfolio tools such as DeBank.[7][19]
Tokenomics
The native utility token of the Orderly Network ecosystem is ORDER. It is an ERC-20 token on the Ethereum blockchain designed to decentralize the protocol, incentivize user engagement, and align the interests of all stakeholders.[8]
- Token Ticker: ORDER
- Blockchain: Ethereum
- Contract Address:
0xABD4C63d2616A5201454168269031355f4764337 - Max Supply: 1,000,000,000 ORDER
- Total Supply: Approximately 994.57 million ORDER as reported by CoinMarketCap on October 26, 2026.[2]
- Circulating Supply: Approximately 408.17 million ORDER as reported by CoinMarketCap on October 26, 2026.[2]
The official distribution schedule allocates 55% of ORDER to the community, 15% to strategic investors, 20% to the team and advisors, and 10% to the Foundation. The community allocation comprises 13.3% for the retroactive airdrop, 25% for ecosystem incentives, 8.35% for builder rewards, and 8.35% for future product launches. Strategic investors’ tokens are locked for six months after TGE, followed by 3.5-year linear vesting. Team and advisor tokens have a one-year cliff, at which 25% unlocks, followed by three-year linear vesting. The Foundation allocation supports liquidity, grants, partnerships, and related ecosystem purposes. Community trading and market-making rewards are intended to unlock across 200 14-day epochs, or about seven years, subject to governance changes; the retroactive airdrop was unlocked at TGE.[31]
Token Utility
The primary utilities of the ORDER token are centered around governance, staking, and incentives.
- Governance: ORDER staking empowers token holders to participate in the decentralized governance of the protocol. This allows them to influence key decisions regarding the platform's direction and policies as the governance process is formalized.[8]
- Staking and Fee Sharing: Under Orderly's published staking design, 30% of net fees accrue daily to a staking treasury. At the end of each 14-day epoch, the treasury uses those fees to buy ORDER. Stakers redeem VALOR for a share of the treasury; after a seven-day settlement window, the payout is delivered as esORDER. VALOR is non-transferable and is burned upon redemption. Builder fee tiers can also be determined by staked ORDER, alongside monthly trading volume.[27]
- Reward Boosting: Staking ORDER provides a boost to rewards for active network participants. Both traders and market makers can stake ORDER to receive a higher share of trading and market-making rewards, respectively, creating a direct incentive to hold and stake the token.[8]
- Earning VALOR: Stakers also earn VALOR, a metric that measures a user's staking position based on the amount and duration of their stake. VALOR entitles users to a corresponding share of the protocol's treasury.[27]
esORDER
The tokenomics also include esORDER (escrowed ORDER), a form of the token used within the rewards system for traders and market makers. Upon receiving esORDER, users have two primary options: stake it to earn the same benefits as staking liquid ORDER, or vest it to convert it into liquid ORDER over time.[14]
The redemption process for converting esORDER to ORDER involves a linear vesting schedule. Users can choose a vesting duration between 15 and 90 days.
- Minimum Vesting: A 15-day vesting period allows a user to unlock 50% of their tokens.
- Maximum Vesting: A 90-day linear vesting period allows a user to unlock 100% of their tokens.
When a user redeems esORDER before the full 90-day period has elapsed, the portion of tokens that do not vest are permanently burned and removed from circulation. For example, if a user redeems 100 esORDER after the minimum 15-day period, they receive 50 liquid ORDER, and the remaining 50 ORDER are burned. This mechanism is designed to spread out sell pressure and create a deflationary effect on the token supply.[14]
To reward early adopters, Orderly has conducted retroactive airdrops. In May 2025, a significant retroactive reward program was launched for Solana traders, making over 2.3 million esORDER available to users who had previously traded on any Orderly-powered DEX on the network. The protocol plans to distribute additional esORDER rewards on a fortnightly basis to continue incentivizing trading activity on Solana.[6]
Exchange Listings
The ORDER token is available for trading on various centralized and decentralized exchanges. On September 29, 2025, the token was listed on Upbit, a major South Korean exchange. The listing supported BTC and USDT trading pairs, with deposits enabled exclusively through the Ethereum network.[9][11][10]
Ecosystem
Orderly Network's ecosystem is composed of the dApps built on its infrastructure, its financial backers, and its technology partners.
Builders and dApps
As a backend infrastructure provider, Orderly Network supports a wide range of front-end applications that leverage its liquidity and trading engine. These "builders" include decentralized exchanges, wallets, and trading terminals. Notable projects building on Orderly include:
Orderly has reported that more than 400 DEXs draw on its shared orderbook. PERPTools is another builder whose perpetual trading products use Orderly's liquidity. Orderly and DEXTools Ventures co-led PERPTools' $3 million pre-seed round in December 2025; PERPTools subsequently announced $8 million in total funding, comprising that pre-seed and a $5 million seed round in early 2026.[26][28]
Investors and Backers
The development of Orderly Network has been supported by numerous venture capital firms and strategic partners in the cryptocurrency industry. Key investors include Pantera Capital, Dragonfly Capital, Sequoia Capital, GSR, Jump Crypto, Crypto.com Capital, IOSG Ventures, SevenX Ventures, Amber Group, Kronos Research, Gate Ventures, Laser Digital (a subsidiary of Nomura), and CoinDCX.[1]
Technology Partners
Orderly Network integrates with various blockchain networks and protocols to enable its omnichain functionality. Its infrastructure is supported on major chains such as Arbitrum, Optimism, Ethereum, Polygon, Solana, Base, Mantle, Sonic, and NEAR. Key technology partners include LayerZero for cross-chain messaging and StargateFinance for asset bridging. Another key partner is Story, a Layer 1 blockchain for tokenizing intellectual property. This integration, announced in March 2025, enables developers in the Story ecosystem to tap into Orderly's cross-chain liquidity framework for trading tokenized IP assets. The project has also collaborated with Google Cloud, which supports its SDK and participated in a joint AI bounty program alongside the firm Empyreal. In December 2025, Ceffu integrated its custody and MirrorX off-exchange settlement infrastructure with OmniVault. The arrangement lets Strategy Providers deploy and hedge vault capital across Orderly and Binance through MirrorX while assets remain in Ceffu custody; this describes the vault workflow.[1][2][5][18]
Use Cases
The protocol's infrastructure is designed to be composable and versatile, supporting a variety of applications across DeFi.
- Brokers: Projects can use Orderly's white-label solution to launch their own branded perpetuals DEX on EVM chains and Solana without building the backend from scratch.
- Perpetuals Aggregators: Aggregators can create a single front-end that taps into the entire Orderly ecosystem's shared liquidity, offering users competitive execution.
- Wallets and Custodians: Wallets can integrate a trading or swap widget powered by Orderly, allowing their users to trade directly from the wallet interface.
- Trading Desks & Sophisticated Traders: Trading desks and sophisticated traders can connect directly to the orderbook via the API for high-speed, automated trading strategies.
- Games and dApps: GameFi projects and other dApps can embed an in-game swap widget to facilitate token trading without requiring users to leave the application.
- Trading Bots: Developers can connect trading bots to the orderbook to access competitive rates for perpetuals, utilizing features like limit orders and gasless transactions.
- Hedging: Traders can use the platform's orderbook to hedge positions they hold on other centralized or decentralized exchanges.[3]
Team
The founding team of Orderly Network includes individuals with experience in blockchain technology, decentralized finance, and strategic development.
- Ran Yi: Credited with providing strategic insights and guiding the network's overall vision.
- Terence Ng: Contributes extensive experience in blockchain technology, focusing on the project's technical architecture.
- Arjun Arora: Brings expertise in decentralized finance (DeFi) to enhance the platform's product capabilities.[2]
Security
Orderly Network emphasizes security through its decentralized architecture and third-party audits. The protocol's design distributes operations across multiple nodes to mitigate the risk of single points of failure. To ensure the integrity of its smart contracts and infrastructure, the project has undergone security audits from multiple firms, including Zellic and CertiK. The audit reports are made publicly available in the project's GitHub repository for transparency.[1][2]
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