N1 Exchange: ex-Layer N team's L1 with native orderbook, RFQ and margin
Quote587 words
N1 splits a lean settlement layer from an async execution network where each app has dedicated compute, and bakes orderbook, RFQ and margin into the chain itself. 39 markets are live and Points Season 1 started 11 Aug; the app layer is permissioned for now.
Key claims
39 markets live, 26 CLOB and 13 RFQ
75M points a week for 26 weeks plus 37M retroactive
01 Exchange did $3B+ volume before the July acquisition
N1 Exchange has been live for 11 days now and we're in week 2 of the @N1Chain points system
For those who haven't followed the story: this is the ex Layer N team. They built a hyperscale rollup on Ethereum, concluded that the L1's settlement latency and DA costs would always cap them, and hence left to build their own L1.
The architecture is truly interesting imo, so it's worth diving into that a bit:
@N1Chain splits the chain into a lean settlement layer (data availability, verification, bridging) and an asynchronous execution network where every app runs in its own dedicated compute environment. No shared global state, no gas wars, no noisy neighbors, which means that for example a memecoin frenzy elsewhere on the network cannot slow the matching engine, bc apps never compete for the same compute.
On top of that sits the part that makes N1 truly unique. The exchange logic is not an app deployed on the chain, it is the chain. Orderbook, RFQ, and the margin engine are native modules of the network layer itself, maintained as part of the protocol and secured by its validators.
Think of them as shared market infrastructure, which means apps on N1 tap the same orderbooks, the same quote flow, and the same collateral system instead of each redeploying their own and fragmenting liquidity across contracts, and all while benefiting from Nord Nova, the N1 2.0 upgrade of the original Nord engine that pushed Layer N past 200K TPS back on Ethereum (pre-mainnet).
The N1 Exchange is the first-party product built on those modules. Calling it a frontend undersells it (it owns listings, MM relationships, etc), but basically all the heavy lifting (matching, quoting, margining) happens at the network layer, and future apps inherit those same primitives with the same liquidity.
The app layer is permissioned for now tho, which is a deliberate choice following the notion of "quality over quantity until critical mass".
The N1 exchange venue itself originally started out as @01Exchange, the flagship perp DEX incubated inside the N1 ecosystem, which did $3B+ in volume across thousands of traders until in July the N1 team acquired 01 and brought it fully in-house.
What's live on app(.)n1(.)xyz:
- RFQ markets alongside the CLOB. The orderbook stays the home of price discovery, while RFQ lets MMs price trades on request, making long tail markets tradable without anyone burning balance sheet on continuous quotes in thin books
- 39 markets live in total, 26 on the CLOB and 13 via RFQ
- Liquidity still in growth phase but increased significantly on majors recently thanks to bringing in new MMs, with a further ramp up planned over the coming weeks
- N1 Points Season 1 kicked off on 11th of August (more below)
The points system:
- 75M points issued per week for 26 weeks, plus 37M retroactive. Roughly 2B points in Season 1
- Momentum mechanics mean that consistent weekly activity grows your share of each weekly distribution
- Referrals give the referrer 10% of referees' eligible points
- Carried over 01 points convert when the program ends (rate TBD tho)
So, what's next?
Equity perps, Vaults, portfolio margining, and the N1 Mobile rollout.
I will dive deeper the tech on another occasion, but imo this one could be a perp DEX worth watching (also bc of its early stage and bc the N1 points program just launched, so you're still early).
If you want in, join via the invite codes here:
N1-C4QH8BM7
N1-746JYB9S
N1-RJN83MXP
N1-2GGB7T48
N1-25QQ2YYY
QUOTING @N1Chain
Today marks day one for the N1 exchange. RFQ markets, N1 Points, and 10+ new markets are live. Equity perps, Vaults, N1 Mobile, deeper liquidity, and markets unavailable elsewhere follow over the coming weeks/days. t.co/YmMSpHgNcO
Today marks day one for the N1 exchange. RFQ markets, N1 Points, and 10+ new markets are live. Equity perps, Vaults, N1 Mobile, deeper liquidity, and markets unavailable elsewhere follow over the coming weeks/days. t.co/YmMSpHgNcO
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