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Orderly Network
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. [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
The public presence of Orderly Network began with the creation of its official X (formerly Twitter) account in January 2022. The project later launched its homepage and introduced its native token, ORDER, to facilitate engagement with its ecosystem. A key event in its early stages was the conclusion of the World Series of Trading (WSOT), a large-scale trading competition that demonstrated the network's capacity to handle high volumes of activity. [5] [2]
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. [6]
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. [7]
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. [8]
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. [5]
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: This feature allows traders to use multiple types of assets as collateral for their perpetual futures positions without first converting them to a stablecoin. This improves capital efficiency by letting users leverage their existing holdings directly. As of September 2025, supported collateral assets included SOL, USDT, and BNB on chains like Solana and BNB Chain. [5]
- 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]
- 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: This is Orderly's flagship strategy vault, designed as an omnichain and permissionless solution to amplify liquidity and create new yield-earning opportunities. Users can deposit assets like USDC from any supported chain into the OmniVault to become liquidity providers. The vault's assets are managed by professional, third-party market-making firms, known as Strategy Providers (with Kronos Research being the first), who execute market-making strategies. Liquidity providers then earn a proportional share of the vault's profits and losses, gaining access to yields from strategies that were previously inaccessible to retail users. The vault's smart contracts have undergone multiple independent security audits to ensure asset security. Balances held in the OmniVault are trackable through external portfolio management tools like DeBank. [9] [5]
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. [10]
- Token Ticker: ORDER
- Blockchain: Ethereum
- Contract Address:
0xABD4C63d2616A5201454168269031355f4764337 - Max Supply: 1,000,000,000 ORDER
- Total Supply: 1,000,000,000 ORDER
- Circulating Supply: Approximately 296,580,787 ORDER as of late 2025. [2]
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. [10]
- Staking and Fee Sharing: A primary utility is staking, which allows holders to earn a share of the protocol's revenue. 60% of all trading fees collected across every chain supported by Orderly are distributed to ORDER stakers. By staking on a low-cost chain like Solana, users can access rewards generated from the entire omnichain network, which has already distributed over $10 million in fees to more than 4,200 active stakers. [8]
- 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. [10]
- 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. [10]
esORDER and Retroactive Rewards
The tokenomics also include esORDER (escrowed ORDER), a form of the token used within the rewards system. esORDER can be staked to earn protocol fees or vested over time to be converted into unlocked ORDER tokens. [8]
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. The ORDER token is available for trading on various centralized and decentralized exchanges. [8] [10] [2]
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:
This list represents over 50 projects that have integrated with the network to offer perpetual futures trading to their users. [1] [5]
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. [1] [2] [7]
Use Cases
The protocol's infrastructure is designed to be composable and versatile, supporting a variety of applications across DeFi.
- DEX Builders: 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.
- High-Frequency and Algorithmic Trading: Trading desks and sophisticated traders can connect directly to the orderbook via the API for high-speed, automated trading strategies.
- Gaming 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.
- 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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