Clearing for tokenized assets.

Venues find the price. Indent Layer makes the trade settle.

Native to Robinhood Chain · chain id 4663

Indent Layer is the clearing layer for tokenized assets. Not an exchange, not a terminal, not an aggregator. A trade that is already matched, on a DEX, an RFQ desk or a credit market, comes to us, and we answer for it settling.

How clearing works

Native to Robinhood Chain

Chain ID 4663. Venues on other chains connect through bridged assets.

One counterparty, not many

After novation every participant faces Indent Layer, and Indent Layer is collateralised.

Atomicity is paid for with idle capital.

Tokenization does not run out of venues. There will be many of them and they are interchangeable. It runs out of capital.

To settle atomically, both sides must hold the whole asset at the moment of the trade. Money sits frozen against every position, and the size of the market is set by how much capital participants agree to keep dead.

See how the ceiling comes off

Prefunding

Both legs must be funded in full before the trade can clear.

Frozen collateral

Capital guards a position instead of working.

A ceiling on volume

Market size is set by balance sheet, not by demand.

We do not pass the trade along. We take it.

Indent Layer tears the matched trade up and re-signs it on itself. The buyer owes Indent Layer, and Indent Layer owes the seller. Nobody prices anybody else’s credit any more.

novation

You trade with collateral,
not with a stranger.

Every participant faces one counterparty, and that counterparty is collateralised. Credit assessment leaves the trade.

collateral

Post collateral, not the full amount.

The right to move volume is granted against collateral, not against full prepayment. Capital works instead of guarding a position.

See the integration

import { Clearing } from '@indentlayer/sdk';

const clearing = new Clearing({
  venue: process.env['INDENT_VENUE_ID'],
  signer: process.env['INDENT_SIGNING_KEY'],
  chainId: 4663,
});

async function main() {
  const obligation = await clearing.obligations.fromFill({
    fill: matchedFill,
    window: 'current',
  });

  console.log(obligation.net);
}

main();

250
net on 1,000 of gross turnover.

Gross obligations in the window

1,000

Settled on chain after netting

250

Bought and sold inside one window nets to zero. Only the real difference is settled.

Default is taken in layers,
not dumped on the market.

The default waterfall runs in a fixed order: the defaulter’s margin, then their contribution to the default fund, then the protocol insurance layer, then the mutualised fund of the other members, and only then an auction.

Who we clear for

Venues, market makers,
credit desks.

Trading venues

DEXs · RFQ desks · order books

Send us the matched fill. Indent Layer novates it, nets it inside the settlement window and settles the difference. You keep price discovery and stop carrying counterparty risk.

Start integration

Market makers

Prop firms · liquidity providers · desks

Quote against collateral instead of prefunding every leg. Buy and sell inside one window and the net obligation is zero, so nothing goes on chain.

Read the mechanics

Credit markets

Lending markets · structured products

One counterparty with continuously published solvency instead of a book of unknown names. A default is absorbed by the waterfall, not sold into the market.

See the waterfall

Settlement is closed. Solvency is not.

Positions stay closed

No serious participant settles where its book is visible to a competitor. Positions and flows are not published.

Proof instead of disclosure

What leaves the system is a proof that collateral covers obligations, without revealing whose it is or how large.

Checked continuously

In traditional finance solvency is confirmed once a quarter and on trust. Here it is confirmed continuously and can be verified.

Limits enforced by the protocol

Position limits come from staked collateral. A member that defaults is slashed, and the waterfall covers what is left.

See the default waterfall

The token is a share in the clearing business.

Collateral

Clearing members stake for the right to position limits. More stake, more volume. A default is slashed.

Accepted risk

Part of the stake sits in the default fund. Holders earn fees because they carry tail risk. The yield is explainable, not emitted.

A share of the flow

Fees are taken in the settlement asset, not in the token. The token is not a toll for entry, it is a share in clearing.

Tied to turnover

Price follows clearing turnover, not the number of holders.