About XPress

What is XPress?

XPress is a fully on-chain order book exchange built on Sonic, offering unmatched decentralization, transparency, and composability by processing all orders directly on-chain. At launch, XPress will focus on spot trading. Plans for future enhancements include introducing LP tokens to enable passive liquidity provisioning and adding perpetual and margin trading capabilities.

Why XPress?

Although automated market makers (AMMs) dominate the on-chain DEX market, we consider the central limit order book (CLOB) model to be superior. By offering price-time priority, CLOBs encourage competition among liquidity providers, enabling them to achieve tighter spreads compared to AMMs.

The limited adoption of CLOBs on-chain stems from two key challenges: first, traditional matching algorithms typically have linear complexity, which can exceed gas limits for blocks or contract calls. Second, gas fees on many blockchains remain relatively high.

XPress addresses these issues with an innovative matching algorithm that uses logarithmic complexity, enabling efficient order processing in a fixed number of steps. Moreover, advancements in blockchain infrastructure have significantly reduced costs. For instance, Sonic’s low gas fees—only $0.0001 per transaction—make XPress an affordable and scalable solution for on-chain trading.