Executable Depth
Measure how much trade size a pool can support at a given level of price impact.
Monad Testnet demo
Multiswap Makes Liquidity Efficient
The next phase of onchain markets is useful liquidity: better execution per dollar of TVL.
Multiswap is a new liquidity primitive designed to turn deposited capital into executable depth. One pool can support many assets, dynamic weights adapt as trades happen, and liquidity can serve more markets across unified structures.
The current public demo runs on Monad Testnet.
StatusMonad Testnet
PhaseProof campaign
FocusExecution quality
CategoryUseful liquidity
The problem
DeFi Needs Useful Liquidity
DeFi has spent years optimizing for TVL. More deposits. More pools. More incentives. More campaigns.
Traders care about how much they can actually trade. A pool can hold millions of dollars while capital remains fragmented, idle, or locked inside structures with weak execution capacity when capital sits idle, spreads across fragmented pools, or follows inefficient structures.
TVL measures capital deposited. Effective depth measures liquidity traders can use.
The key question is how much executable depth liquidity creates.
- Fragmented pools distribute capital across isolated pairs.
- Fee tiers and protocol versions spread liquidity across multiple layers.
- Incentive programs often reward deposited capital instead of execution.
- Traders experience liquidity through slippage and execution quality.
Multiswap focuses on useful liquidity.
The category
Useful Liquidity
Useful liquidity supports trades. Useful liquidity reduces price impact. Useful liquidity adapts as markets move.
Liquidity creates execution quality when capital actively supports trades.
Capital Productivity
Evaluate liquidity by how much execution it creates per dollar of deposited capital.
Adaptive Market Structure
Pool weights respond to trades and align liquidity with market demand.
The next AMM phase focuses on producing useful liquidity.
How it works
One Pool. Many Assets. Dynamic Weights.
Multiswap introduces a multi-asset liquidity architecture where capital serves many markets from one pool.
Unified Liquidity
A single pool supports many assets and many trading paths, allowing capital to serve multiple markets simultaneously.
Dynamic Weights
Pool weights adapt as trades happen, allowing liquidity to respond to market demand.
Effective Depth
Multiswap creates more executable depth per dollar of liquidity, especially in markets where capital efficiency matters.
Basket Execution
Trades receive value across multiple assets, allowing larger pay-side trades by distributing receive-side pressure across the pool.
In Multiswap, price impact is governed by dynamic curvature. When curvature is low, large reserve-relative trades remain close to zero-impact execution.
The metric
Effective Depth Is the Scoreboard
Effective Depth is the trade size a pool can support at a given level of price impact.
Effective Depthmax trade size at X bps price impact
Liquidity EfficiencyEffective Depth / Total Pool Scale
This metric captures execution quality for traders, issuers, ecosystems, and institutions.
Pools that support larger trades at lower price impact deliver stronger liquidity experiences.
The current demo makes the pool state inspectable through quotes, balances, deposit epochs, staking, faucet-funded actions, and multipool discovery.
Who it helps
Better Liquidity for Real Markets
For New Chains
New ecosystems benefit from strong execution that supports sustainable liquidity growth. Multiswap increases capital productivity across markets.
For Token Issuers
Healthy secondary markets rely on executable depth. Multiswap enables stronger markets through efficient capital deployment.
For RWA Platforms
Tokenized assets benefit from market structures that support target allocations, inventory control, predictable execution, and secondary liquidity.
For Aggregators and Wallets
Multiswap delivers competitive quotes and integrates useful liquidity into existing trading flows.
A new execution primitive
From Pairwise Swaps to Portfolio Execution
Traditional AMMs route between pairs. Multiswap routes value across assets.
In a pairwise AMM, a USDC to USDT trade depends on the USDT reserve. In Multiswap, a user can pay USDC and receive a basket such as USDT plus ETH, distributing receive-side pressure across multiple assets.
Multiswap delivers value across a basket of assets.
This creates Basket Effective Depth: the maximum pay-side trade value executable at a target price impact when receive value is distributed across multiple assets.
Portfolio rebalancingTreasury executionRWA basketsIndex constructionLiquidationsStablecoin basketsMulti-asset routing
Testnet demo
The Multipool Demo Is Public
The current public demo runs on Monad Testnet.
This demo exposes the mechanism with multipool state, quotes, accounting, settlement, routing, faucet flows, and signed intents.
The next milestone is a cleaner public benchmark surface.
What the demo exposes
- Multipool Dispatcher
- Current quote paths
- Scale accounting
- Deposit epochs
- Staking
- Faucet flows
Built for measurable markets
A Market Structure for Execution Quality
Multiswap is designed around accounting, value flow, dynamic scale, and execution quality. The front end provides one interface into the system.
The long-term goal is to make Multiswap liquidity accessible through apps, wallets, aggregators, and institutional interfaces.
Dynamic-weight quote engineMulti-asset pool architectureUnified liquidityBasket executionTransparent pool accountingEffective-depth analytics
The best market wins the quote.
The next phase
The Next Phase of Liquidity Starts Here
The future of DeFi will be defined by how effectively capital supports real markets.
Multiswap is built to make liquidity useful.