About Aqua
Tokenized Asset Liquidity Aggregator
Aqua is a hybrid liquidity aggregator designed specifically for tokenized stocks and assets. Rather than creating another trading venue, Aqua connects multiple issuers and market makers to provide unified access to the best available prices across all integrated providers.
Core Concept
Aqua operates as an intelligent routing layer between users and tokenized asset issuers:
Users ←→ Aqua Aggregator ←→ Multiple Liquidity Provider/Market MakersThis approach solves the fragmentation problem in tokenized asset markets by creating unified price discovery without requiring issuers to change their existing infrastructure.
How It Works
Aqua uses a Request for Quote (RFQ) model to aggregate prices from multiple liquidity providers and routes trades to the provider offering the best execution. Users interact with a single interface while Aqua handles the complexity of multi-issuer price comparison and trade routing.
Key Features
Hybrid Architecture: Combines off-chain quote aggregation with on-chain execution contracts for optimal performance and security.
Multi-Issuer Integration: Connects with various tokenized asset providers through standardized adaptor contracts.
Best Price Execution: Real-time price comparison across all integrated issuers to ensure optimal trade execution.
Technical Architecture
Off-Chain Components
API server that handles quote requests, aggregates prices from multiple issuers, and returns signed quotes for on-chain verification.
On-Chain Components
Smart contracts that verify quotes, manage issuer registrations, and execute trades through issuer-specific adaptor contracts.
Registry System
On-chain registries for supported tokens and execution adaptors, enabling modular integration of new issuers and token standards.
System Components
Manager Contract
Entry point for all trade execution, handles quote verification and routing to appropriate executor contracts.
Token Registry
On-chain registry mapping stock symbols to token contracts and their associated issuers.
Executor Registry
Maps each issuer to their specific executor contract, enabling custom integration patterns.
Executor Contracts
Issuer-specific adaptors that handle the actual token transfers and payments according to each issuer's protocol.
Learn More
Overview: Executive Summary
Problem Context: Tokenized Assets Problem
Technical Solution: Solution Overview
System Design: Hybrid Architecture
Aqua: Connecting the tokenized asset ecosystem
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