Professional liquidity on permissionless rails. On Solana.
Most obvious DEX model but updates are too expensive causing high spreads and thin liquidity, making it unsuitable for high-volume markets.
Price set by x · y = k — no orderbook, no maintenance. Price only moves when someone trades. Great for bootstrapping liquidity, but LPs are guaranteed to lose to informed flow.
LPs choose a price range instead of spreading liquidity from zero to infinity. More capital efficient but like AMMs — losing to informed flow.
A professional market maker posts a single price on-chain each block — the program computes the full orderbook. Tight spreads, but hard to enter for new market makers, cost of quoting every new market is high, and capital is locked per-market.
| Spreads | MM barrier | New pairs | Capital efficiency | LP/MM risk | |
|---|---|---|---|---|---|
| Orderbook | Wide | Medium | Medium | Medium | Medium |
| AMM | Wide | Trivial | Trivial | Very low | High |
| CAMM | Medium | Trivial | Trivial | Medium | High |
| Prop AMM | Tight | Very hard | Expensive | Medium | Managed |
Prop AMM is the closest to what Internet Capital Markets need. Quay keeps everything that works and fixes what doesn't.
Any market maker should be able to start quoting any pair instantly — no onboarding, no infra setup. Router integrations (Jupiter, DFlow, Titan) are built in from day one.
Batched quotes drive the cost of quoting a market from $100–1,000/day to $1–10/day.
LPs deposit USDC, SOL, ETH, BTC and other assets into a shared vault and earn trading fees. MMs use these deposits for instant settlement — they only need USDC collateral and can trade with 3‑20x their collateral size.