This describes a pre-release version of LBAMM. Interfaces and behavior may change.
Verify the exact repository commit before building production integrations.
Orders
In LBAMM, every execution is an order match.
A swap submitted to the protocol is a taker order.
Liquidity available to satisfy that swap represents maker orders.
LBAMM exists to deterministically match the two.
Taker Orders
A taker order expresses intent:
- “I am willing to provide this token”
- “I want to receive that token”
- “Here are my exact constraints”
The taker defines whether the swap is:
- Input-based (swap by input amount)
- Output-based (swap by output amount)
Nothing in the system executes passively. All state transitions begin with a taker order.
Maker Orders
Maker orders represent liquidity made available to satisfy taker intent.
Maker liquidity in LBAMM can take multiple forms:
- Continuous liquidity exposed through pools
- Discrete limit-style commitments
- Signed offchain authorizations
The protocol does not assume a single liquidity model.
Instead, it treats all liquidity expressions as maker orders that can be matched against a taker’s constraints.
Matching Model
Matching in LBAMM is:
- Deterministic
- Single-path
- Explicitly routed
There is no internal auction and no hidden competition inside execution.
A taker order specifies how it should be matched.
The protocol executes that path exactly.
A Shared Settlement Layer
LBAMM separates:
- Intent (taker order)
- Liquidity expression (maker order)
- Settlement guarantees (core AMM)
Liquidity modules, transfer handlers, and hooks may exist as independent contracts.
What unifies them is not implementation — it is settlement.
All maker expressions, regardless of how they are implemented, ultimately resolve through the same deterministic matching and accounting guarantees provided by the AMM core.
In the following pages, we’ll explore:
- How swaps are structured
- How single-hop and multi-hop execution differs
- How partial fills are defined
- How executors and solvers interact with the protocol