How does it work?
Hourglass Marketplace is designed to expose retail flow to on-chain and off-chain liquidity sources. Below is the RFQ lifecycle on Hourglass.
RFQ Lifecycle
Users comes to Hourglass with a supported asset, A.
User signals intent to swap asset A for some other supported asset B.
When the user specifies the amount of asset A they want to provide, a request-for-quote is submitted to the backend.
When the backend receives the request, the message is broadcast to all market makers subscribed to that particular market.
Market makers submit quotes in response to this event and the backend will stream the best quotes to the user.
If the user is satisfied with the quote specified in amount of asset B, they may click accept.
When a quote is accepted, the respective market maker is notified, where they can construct and sign the order, then send it back.
With the order payload and signature, the user can now execute the order as specified.
This format is extremely beneficial to end users, since they can execute swaps with zero slippage and guarantee the amount of quote asset received. in addition, end users have last look. This means that even after they accept an order and receive the signature from the market maker, they are under no obligation to actually execute the order. Instead, users have 8 minutes to execute the order before it expires.
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