SubLiquid, explained
We're developing a private perpetuals exchange whose traders and liquidity contributors can earn a stake through participation.
The exchange#
SubLiquid combines a confidential position ledger with proposed onchain custody and settlement. The execution design uses prefunded USDC accounts so matching and risk checks don't depend on a cross-chain transfer or a client-generated proof for each order.
The intended privacy boundary covers individual orders, positions and account information. Traders retain their own records, while disclosed execution and risk services have permissioned access. Public observers shouldn't have access to individual position records.
The first liquidity#
We plan to launch an openly traded token on a venue that pays creator fees on eligible swaps. The protocol's allocated receipts are collected, converted to USDC and used to fund market vaults and insurance.
This is a share of a venue's trading fees. It isn't a transfer tax. Moving tokens between wallets doesn't generate creator revenue.
Participation#
Perp trading creates a separate fee stream. That revenue supports operations, liquidity contributors, insurance, funded token rewards, vault growth and eligible staked holders.
The proposed tokenomics uses a capped supply with reserved tokens released through declining reward epochs. Traders, liquidity providers and market makers can earn from finite contribution budgets; purchases of circulating tokens provide a separate reward source. Economic participation isn't legal ownership of the operating company.
Current scope#
SubLiquid is in development. These pages describe the intended product and current economic model, not a live exchange or finalized token offering. Architecture candidates, modeled rates and launch terms are identified where they appear.