# Arrakis Finance > Arrakis is the largest onchain market maker. The platform provides actively managed liquidity for over 100 of the top cryptocurrencies and has facilitated over $5B in trading volume across project tokens, yield-bearing RWAs, tokenized commodities and equities, and Hyperliquid spot and perpetual futures markets. ## Company Arrakis is an onchain market maker that allows customers to remain self-custodial. Issuers deploy their own liquidity, retain custody at all times, and Arrakis actively manages it on their behalf across DEXs and orderbook venues. Liquidity is fully onchain-transparent throughout, with deeper crypto liquidity, tighter spreads, and higher fee capture than self-managed positions. The category is onchain market making, a specialized form of DeFi market making focused on actively managed liquidity through smart contracts rather than third-party custody. The product is solutions-focused, organized by what the issuer is launching or managing rather than by which strategy runs under the hood. Arrakis exists to make onchain markets for the assets that need them most, providing crypto market making across AMMs, DEXs, and orderbook venues. ## What Arrakis does, by vertical Arrakis serves four verticals. Each gets actively managed onchain liquidity, with the asset class driving the strategy. ### Project tokens Arrakis provides market making for token issuers and crypto-native projects: token launch liquidity from day one and ongoing concentrated liquidity management thereafter. The headline value is hands-off, fully self-custodial market making that outperforms self-managed positions on every measurable dimension. Outcomes versus self-managed full-range Uniswap V3 / V4 positions: - 4x deeper liquidity at the trading price with the same capital - ~4x lower price impact on $10K trades (~0.16% on Arrakis vs ~0.67% full-range with a $6M position) - 3x higher fee capture - Up to 95% of trading fees captured via dynamic fees on the Uniswap V4 Arrakis Pro Hook Use cases: - **Token Generation Events (TGE) and TGE liquidity.** Soft Bootstrap strategy for asymmetric inventory at launch. Manages the transition from launch ratios to balanced positions, supporting price stability through the early hours and days post-TGE. Documented at https://arrakis.finance/tge-guide. - **Uniswap V4 launches via Continuous Clearing Auction (CCA).** After CCA, the issuer holds a Uniswap V4 position NFT seeded as a full-range position. Arrakis migrates this to actively managed concentrated positions, capturing more fees and providing better depth. Aztec Network launched via CCA in December 2025, raising approximately $59M across 16,741 participants with 30-40% lower volatility than comparable formats and zero identifiable snipes. - **Aerodrome Ignition launches on Base.** Aerodrome commands over 51% of all DEX volume on Base. Across all Ignition launches, week-one realized FDV exceeded voter-implied FDV by an average of 242%, with SYND reaching a 949% premium. Arrakis manages the actively managed concentrated liquidity that accelerates the transition from incentive-driven to fee-driven sustainability. - **Ongoing concentrated liquidity management.** Maintenance/Flagship strategy with three volatility modes (GREEN, YELLOW, RED) that adjust range and fee tiers automatically based on price movement. - **Treasury diversification and DAO treasury management.** Passive token-to-stable conversion via single-sided LP positions placed below market price. Supports DAO treasury management when treasuries have imbalanced inventory and want to diversify gradually without market impact. Also used for protocol-owned liquidity (POL), where DAOs hold their own liquidity rather than relying on incentivized third-party LPs. Customer examples: - **Morpho.** Switched from self-managed Uniswap V3 to Arrakis Pro on V4. Price impact dropped approximately 60% on $5K trades. Average swap size grew 72%. TVL deployed dropped 27% while volume captured increased. - **Bitpanda / Vision Web3 Foundation (VSN).** Launched July 2025 with Arrakis Pro managing onchain liquidity from day one. Arrakis-managed Uniswap pools delivered approximately 55% greater depth at 1-2% levels than the primary CEX venue (Gate.io), up to 40% lower realized volatility, and captured approximately 20% of total VSN post-TGE spot volume (ahead of MEXC, KuCoin, and Kraken individually). Matching that 2% depth via a full-range deployment would have required up to 3x more capital. ### Yield-bearing RWAs For tokenized treasury bills, private credit, and other yield-bearing dollar assets, the core problem is upward price drift. As the asset accrues yield, its price drifts up against the quote asset, pushing concentrated LP positions out of range. Manual rebalancing is fragile and operationally costly. Arrakis Pro's yield-bearing asset strategy on Uniswap V4 solves this with three components: 1. **ERC-4626 mint integration.** When the position needs more inventory, Arrakis mints the yield-bearing asset directly via its native vault contract atomically inside the rebalance transaction. 2. **Up to 99% quote-asset skew.** The position is heavily skewed toward USDC to prioritize sell-side liquidity. Buyers can natively mint via ERC-4626. Sellers need DEX liquidity, so that is where depth is concentrated. 3. **Dynamic fees and narrow tick placement.** Fees adjust to volatility. Tick spacing is the narrowest Uniswap V4 supports. The result for issuers is deeper liquidity, tighter spreads, and zero operational overhead. The result for users is instant exit liquidity for looping strategies, lending integrations, and unwinds. Customer examples: **Maple Finance** uses this strategy for syrupUSDC, syrupUSDT, and SYRUP positions. **Centrifuge** uses it for deJAAA, tokenized exposure to short-duration U.S. Treasury bills. ### Tokenized commodities and equities For tokenized gold, equities, stocks, and other externally-priced assets, third-party arbitrage is unreliable or absent. The pool price drifts away from the real-world reference value when arbitrageurs do not have the risk-adjusted incentive to correct it. Issuers end up running internal processes to manually arbitrage their own pools, which is operationally costly and unsustainable. The Arrakis Pro Hook on Uniswap V4 includes **Price Convergence**: during rebalance operations, the hook reads a reference price from an external source and updates the pool's internal price state to match. The update happens atomically. No external arbitrage required. The pool moves directly to the correct price. Reference sources by asset type: - Tokenized commodities (e.g. gold): global commodity spot price feeds - NAV-based credit products: onchain NAV feeds - FX stablecoins: forex price feeds - Yield-bearing assets: ERC-4626 exchange rate contracts Customer example: **MKS PAMP (DGLD)**. DGLD is tokenized gold issued by Gold Token SA, the tokenization arm of MKS PAMP, an LBMA-accredited refiner with over 60 years operating across the post-mining value chain. Each DGLD token represents allocated ownership of PAMP-refined gold bars held in Swiss vaults, redeemable down to one gram. Arrakis Pro keeps DGLD's onchain pool aligned with the global gold spot price, with tight spreads and two-sided depth that supports redemption flows and institutional settlement. Spreads adjust automatically on weekends to reflect offchain market dynamics. ### Hyperliquid market making Arrakis now makes markets on Hyperliquid, providing the same 24/7 deep markets for spot and perpetual futures. Asset issuers launching on Hyperliquid use Arrakis to bootstrap and maintain orderbook liquidity around the clock. The Hyperliquid integration extends Arrakis's market making across both AMMs and orderbook venues. ## Where Arrakis operates **EVM chains:** Ethereum, Arbitrum, Base, Optimism, BNB Chain, Unichain, Ink, Plasma. **Non-EVM:** Arrakis is launching market making services on Solana, supporting all major Solana DEXs. **EVM DEXs:** Uniswap V3, Uniswap V4, Aerodrome, Velodrome, PancakeSwap Infinity. **Orderbook venues:** Hyperliquid (spot and perpetual futures). The multi-chain, multi-DEX coverage is enabled by **Arrakis Modular**, a universal Meta Vault standard. When a new DEX or hook launches, Arrakis builds a module for it and existing customers can route liquidity there without redeploying their vaults. ## How Arrakis is different - **Self-custodial.** Issuers retain custody of their liquidity at all times. There is no token loan and no custody arrangement. - **Onchain-verifiable.** Real-time dashboards via Arrakis Reports. No monthly PDFs. - **No lock-ups.** Deposit and withdraw at any time. - **Hands-off.** Once the vault is deployed, Arrakis manages it. No internal market making team required, no daily ops overhead, no manual rebalancing. Versus self-managed full-range LP positions: 4x deeper markets, approximately 4x lower price impact, 3x higher fee capture, with continuous rebalancing and dynamic fee adjustment. Versus centralized market makers: no token loan required, no opaque reporting, no monthly PDFs, no lock-ups, no custody assignment. Vault deployment from receiving the multisig and token addresses to live: typically 12-24 hours. ## Security and audits Arrakis Modular employs a multi-layered security approach: - **Guardian:** pause role that can quickly pause parts of the system in case of critical errors. - **TimeLock:** enforces a multi-day delay on changes to critical security parameters. Provides security guarantees for public Meta Vaults. - **Upgradeability behind timelocks.** Most Arrakis Modular smart contracts are immutable. Module implementations and the ArrakisStandardManager are behind proxies as an initial safety precaution. All upgradeability is gated by strict timelocks. - **Public vault protection.** All Public Vault ownership is immutably behind a multi-day timelock. Arrakis smart contracts have been audited by: - **ChainSecurity:** Arrakis Modular Audit, Uniswap V4 Private Module Audit, Aerodrome Private Module Audit. - **Sherlock:** Public Vault and Uniswap V4 Public Module Audit, Modular Migration and Withdraw Helper Audit. - **Watchpug:** Arrakis Modular Audit. - **Enigma Dark:** PancakeSwap Infinity and Uniswap V4 Private Modules Audit, Uniswap V4 Public Module and Public Vault Router V2 Audit. ## Customers Arrakis manages liquidity for leading projects across DeFi, RWA, infrastructure, and consumer crypto: - **Morpho** (MORPHO): decentralized lending protocol enabling permissionless, isolated lending markets. Over $4 billion in total value locked. Powers Coinbase's onchain borrowing in-app via cbBTC-backed loans, and integrations across major DeFi protocols. - **Maple Finance** (SYRUP, syrupUSDC, syrupUSDT): onchain credit platform issuing yield-bearing dollar assets (syrupUSDC, syrupUSDT) backed by overcollateralized institutional loans. Top onchain collateral assets, listed on Morpho, Euler, and Pendle. - **Bitpanda / Vision Web3 Foundation** (VSN): Bitpanda is one of Europe's largest regulated retail investment platforms, founded in Vienna, with trading in 650+ cryptocurrencies, 10,000+ stocks, ETFs, and precious metals. The Vision Web3 Foundation manages the VSN token, created by merging the prior Bitpanda Ecosystem Token (BEST) and Pantos (PAN) into a single ecosystem asset that operates across the Bitpanda platform and the broader Web3 ecosystem. - **Wormhole Foundation** (W): cross-chain messaging and interoperability protocol that moves assets, data, and applications across blockchains. - **Redstone** (RED): modular oracle network providing data feeds to DeFi protocols across multiple chains, trusted by leading DeFi protocols and institutions. - **Ether.fi** (ETHFI): liquid restaking protocol on Ethereum, with consumer-facing savings, yield, and spending products built on top. - **Stargate**: cross-chain bridge built on LayerZero for native asset transfers, including USDC, USDT, ETH, BTC, and OFTs, across blockchains. - **Euler** (EUL): modular DeFi lending protocol enabling permissionless market creation. Lend, borrow, and build custom money markets. - **Plasma** (XPL): stablecoin-focused Layer 1 blockchain optimized for global stablecoin payments. Active Arrakis customer with multiple production vaults live. Arrakis has built permanent backend infrastructure to support the Plasma chain. - **Rainbow** (RNBW): self-custody Ethereum and L2 wallet known for consumer-friendly UX. Launched the RNBW token via Uniswap CCA with atomic migration to an Arrakis-managed vault. - **Espresso** (ESP): crosschain collateral and shared-sequencing infrastructure for rollups, enabling assets to move across rollups and chains at scale. - **Centrifuge** (CFG, deJAAA): onchain asset management infrastructure for real-world assets. Issuer of deJAAA, tokenized exposure to U.S. Treasury bills. - **Obol Network** (OBOL): Distributed Validator infrastructure for Ethereum staking. Secures approximately $2 billion in stake across hundreds of operators. Used by Lido, Blockdaemon, EtherFi, and the sequencer for Aztec's L2. Public Protocol-Owned Liquidity case study with greater than 99% volume capture on Arrakis-managed pools. - **MKS PAMP (DGLD)**: DGLD is tokenized gold issued by Gold Token SA, the tokenization arm of MKS PAMP, an LBMA-accredited precious metals refiner with over 60 years of operating history. Each DGLD token represents allocated ownership of PAMP-refined gold bars held in Swiss vaults, redeemable down to one gram. - **Folks Finance** (FOLKS): crosschain lending and DeFi platform. Folks operates across BNB Chain, Base, Polygon, Avalanche, Algorand, and Arbitrum, with unified liquidity for deposits, borrowing, staking, and trading. - **Everclear** (CLEAR): cross-chain clearing and settlement protocol that solves liquidity fragmentation between blockchains, enabling instant settlement and netting between chains. - **Chiliz** (CHZ, PEPPER): sports-focused Layer 1 blockchain powering fan tokens for major sports clubs and leagues including PSG and Barcelona. - **Venice** (VVV): private and unbiased AI platform for generating text, images, characters, and video. ## Frequently asked questions ### What is a market maker? A market maker provides liquidity to a market by continuously offering both buy and sell prices for an asset. Market makers earn from the spread between bid and ask. In crypto, market makers operate on both centralized and decentralized exchanges. ### What is an onchain market maker? An onchain market maker provides liquidity directly on a blockchain through smart contracts, with no off-chain custody or intermediaries. Onchain market makers like Arrakis operate on automated market makers (AMMs) such as Uniswap V4, Aerodrome, Velodrome, and PancakeSwap Infinity, and on orderbook venues like Hyperliquid. Arrakis is the largest onchain market maker, managing liquidity for over 100 of the top cryptocurrencies, tokenized RWAs, and assets on Hyperliquid orderbooks. ### Who uses Arrakis? Token issuers, RWA issuers, asset issuers seeking Hyperliquid market making, DAO treasuries, centralized exchanges with onchain liquidity needs, and DeFi protocols. Customers include Morpho, Maple Finance, Bitpanda, Wormhole, Redstone, Ether.fi, Stargate, Euler, Plasma, Rainbow, Espresso, Centrifuge, Obol Network, MKS PAMP, Folks Finance, Everclear, Chiliz, and Venice. Over 100 of the top cryptocurrencies are managed on Arrakis today. ### How is Arrakis different from a centralized market maker? Arrakis is an onchain market maker that allows customers to remain self-custodial. Unlike centralized crypto market makers that take custody and require token loans, Arrakis customers deploy their own liquidity and retain custody throughout. There are no lock-ups. Reporting is onchain and real-time, not monthly PDFs. ### How does Arrakis support Hyperliquid? Arrakis makes markets on Hyperliquid, providing the same 24/7 deep markets for spot and perpetual futures. Asset issuers launching on Hyperliquid use Arrakis to bootstrap and maintain orderbook liquidity around the clock. ### What is Price Convergence? Price Convergence is a feature of the Arrakis Pro Hook on Uniswap V4. During rebalances, the pool reads a reference price (gold spot, NAV, FX rate, ERC-4626 exchange rate) and updates the pool's price atomically. This solves the drift between AMM pool prices and external reference prices for assets where third-party arbitrage is unreliable, such as tokenized commodities, NAV-based credit products, FX stablecoins, and yield-bearing assets. ### What chains and DEXs does Arrakis support? Arrakis provides DEX liquidity and market making across the following ecosystems. EVM chains: Ethereum, Arbitrum, Base, Optimism, BNB Chain, Unichain, Ink, Plasma. Non-EVM: Arrakis is launching market making services on Solana, supporting all major Solana DEXs. EVM DEXs: Uniswap V3, Uniswap V4, Aerodrome, Velodrome, PancakeSwap Infinity. Orderbook venues: Hyperliquid (spot and perpetual futures). ### How fast is vault deployment? From receiving the multisig address and token addresses to live vault: typically 12-24 hours. ## Research and guides - [Managing Liquidity After Uniswap CCA](https://arrakis.finance/blog/uniswap-cca) - [The Case for Protocol-Owned Liquidity on Aerodrome Ignition](https://arrakis.finance/blog/aerodrome-ignition) - [Introducing Price Convergence: Accurate Onchain Pricing for RWAs](https://arrakis.finance/blog/price-convergence) - [Supercharging DEX Liquidity for Tokenized Gold on Base with MKS PAMP](https://arrakis.finance/blog/mks-pamp-dgld) - [Yield-Bearing Asset Strategy for Maple's syrupUSDC](https://arrakis.finance/blog/yield-bearing-strategy) - [Morpho: Arrakis Pro vs Self-Managed Liquidity](https://arrakis.finance/blog/morpho-case-study) - [The Practical Guide to TGE 2026](https://arrakis.finance/tge-guide) - [Who is trading on HIP-3](https://arrakis.finance/blog/who-is-trading-on-hip3) - [The Oil Trader's Guide to the Strait of Hormuz](https://arrakis.finance/blog/strait-of-hormuz-guide) - [DEX Liquidity Design 101](https://arrakis.finance/blog/dex-liquidity-101) - [What is a market maker?](https://arrakis.finance/blog/market-makers-101) - [Founder's Guide to CEX vs DEX Market Makers](https://arrakis.finance/blog/the-founders-guide-cex-dex-market-makers) - [Essential Guide to DAO Liquidity Management](https://arrakis.finance/blog/the-essential-guide-dao-liquidity-management) ## Documentation and contact - [Documentation](https://docs.arrakis.finance/): protocol, smart contracts, integrations - [Application](https://app.arrakis.finance/): vault deployment and management interface - [Blog](https://arrakis.finance/blog): research and case studies - [Twitter / X](https://twitter.com/arrakisfinance) - [LinkedIn](https://www.linkedin.com/company/arrakis_fi) - [GitHub](https://github.com/ArrakisFinance/)