Anthic is an intent-based trading platform launching on the Radix network in Q1 2025. The platform aims to bridge the gap between centralized exchange (CEX) liquidity and decentralized exchange (DEX) security by implementing a hybrid architecture that combines off-ledger expression of liquidity with on-chain execution.
- Overview
- Technology
- Flash Liquidity
- Intent-Based Trading
- Order Messaging System
- Subintent Architecture
- Settlement Process
- Front-Running Prevention
- Features
- Market Integration
- Market Maker Partnerships
- DEX Integration Framework
- Asset Support
- Revenue Sharing
- Integration Technology
- Economic Model
- Fee Structure
- Fee Distribution
- User Incentives
- DEX Revenue Share
- Settlement Fees
- Development Status
- Testnet Launch
- Developer Resources
- Integration Progress
- Current Features
- Mainnet Timeline
- Technical Architecture
- Order Messaging System
- Solver Network
- Market Maker Integration
Overview
The platform's core innovation is its Flash Liquidity system, which allows market makers to provide liquidity without pre-funding on-chain pools. This approach enables real-time, low-slippage trades by combining centralized exchange efficiency with decentralized finance (DeFi) principles. Flash Liquidity aggregates liquidity from multiple sources, including both on-ledger and off-ledger assets, while maintaining the non-custodial and permissionless nature of DeFi.
At launch, Anthic will integrate with leading market makers such as Keyrock, G-20, and Portofino, alongside Radix DEXs including Ociswap, CaviarNine, and Astrolescent. The platform initially targets support for at least 25 of the top crypto assets, with plans to expand coverage to the top 100 and beyond.
A key feature of Anthic is its gasless trading system, which enables trades to complete within 5 seconds or less. The platform utilizes Radix's native mechanisms including Subintents, an off-ledger Order Messaging System, and an on-ledger ecosystem of Solvers to facilitate efficient trade execution.
Rather than introducing a new token, Anthic's economic model is built around $XRD, the native token of the Radix network. The platform implements a maker-taker fee model with 100% of fees being converted to $XRD through market purchases. These fees are then distributed with 40% locked from circulation, 30% shared with integrated DEXs, and 30% allocated to development and operations.
The platform entered public testnet in December 2024, featuring full end-to-end functionality including live price feeds from market maker partners, test trading capability using flash liquidity, and test solver bots matching orders as they would in production.
Technology
Anthic's architecture combines off-ledger liquidity expression with on-chain execution through several key technological innovations:
Flash Liquidity
Flash Liquidity enables market makers to provide liquidity without pre-funding on-chain pools. The system uses Instamint, powered by Instabridge, to allow market makers to mint wrapped assets on Radix as needed, using short-term (<24h) lines of credit. This approach significantly improves capital efficiency as market makers only move assets on-chain when trades are confirmed.
Intent-Based Trading
Anthic's intent-based system differs from traditional Automated Market Makers (AMMs) by moving order matching and coordination off-ledger while maintaining on-chain settlement. Unlike traditional DEX systems that require separate transactions for makers and takers, Anthic's intent system allows both sides of a trade to be bundled into a single transaction, significantly reducing complexity and costs.
Order Messaging System
The Order Messaging System serves as the core off-ledger infrastructure, facilitating interaction between liquidity providers, DEXs, and their users. It maintains a Subintent Pool similar to a blockchain mempool, where trade intentions are stored and matched before on-chain execution. The system enables market makers to express liquidity they hold on other venues without needing to move inventory until execution.
Subintent Architecture
Subintents function as signed definitions of trade parameters, authorizing transactions within predefined conditions such as price, slippage, and time limits. This approach differs substantially from other intent-based platforms like COW Swap, as Anthic's subintents integrate directly with Radix's system-level architecture rather than existing solely at the application layer.
Settlement Process
The settlement process completes within 5 seconds, significantly faster than COW Swap's 5-minute auction process. The rapid settlement involves:
- Users submit signed subintents through DEX interfaces.
- Market makers provide real-time pricing streams.
- The Order Messaging System matches compatible subintents.
- Solvers bundle matched subintents into transactions.
- Transactions are executed on the Radix ledger.
Front-Running Prevention
Anthic prevents front-running through its price stream mechanism. Unlike COW Swap's auction-based approach, Anthic requires market makers to provide pricing before knowing specific trade details. Once a user commits to a price, the market maker cannot modify it, effectively eliminating the possibility of sandwich attacks without requiring lengthy auction periods.
Features
- Real-Time Trading: Anthic provides near-instantaneous trade execution, with transactions typically completing within 5 seconds. This represents a significant improvement over other intent-based platforms like COW Swap, which requires 5-minute auction periods for trade execution.
- Cross-Chain Asset Support: The platform enables trading of any crypto asset issued on Radix. Market makers can express liquidity they hold on other venues without moving inventory until execution, allowing them to efficiently provide deep liquidity across multiple chains.
- Capital Efficiency: Through Flash Liquidity, market makers can provide liquidity across multiple assets without locking up capital in specific pools. This addresses a key limitation of other intent-based platforms like COW Swap, where market makers must pre-fund their positions with on-chain inventory before trading.
- User Security: All trades maintain full non-custodial security through the use of cryptographically signed subintents. Users retain complete control of their assets throughout the trading process, with transactions only executing when all predefined conditions are met.
- Gasless Transactions: Users do not need to hold $XRD for transaction fees, as trades can be executed using the traded asset itself. The bundling of maker and taker actions into single transactions further reduces gas costs compared to traditional DEX approaches requiring separate transactions.
- Price Improvement: The platform implements a sophisticated price aggregation system that combines liquidity from multiple sources. Market makers stream real-time pricing that accurately reflects current market conditions across all venues where they operate, ensuring users receive optimal pricing while maintaining the security of decentralized trading.
- DEX Integration: Anthic integrates with existing Radix DEXs such as Ociswap, CaviarNine, and Astrolescent, allowing them to combine their native AMM liquidity with Anthic's aggregated liquidity.
- Front-Running Protection: The platform's intent-based architecture prevents front-running through a unique price streaming mechanism. Unlike traditional AMMs where orders can be seen and front-run, or auction-based systems that require long waiting periods, Anthic requires market makers to commit to prices before seeing specific trades, eliminating the possibility of sandwich attacks while maintaining rapid execution.
Market Integration
Market Maker Partnerships
Anthic has established strategic development partnerships with three major crypto market makers: Keyrock, G-20, and Portofino. Keyrock, supported by industry players including Ripple and SIX Fintech Ventures, operates on over 85 trading venues and collaborates with major platforms like Binance and Kraken. G-20 maintains activity across 60 crypto exchanges and serves hundreds of clients with various token projects. Portofino Technologies provides liquidity on over 100 tokens and holds registrations with the UK FCA and BVI Financial Services Commission.
DEX Integration Framework
Anthic's integration model enables existing Radix DEXs to leverage its liquidity alongside their native pools. The platform provides DEXs with an API framework that includes order book access, fee information, and limit order functionality. Initial integrations include Ociswap, CaviarNine, and Astrolescent, with trades executed through these platforms benefiting from both their native AMM liquidity and Anthic's aggregated market maker liquidity.
Asset Support
The platform initially targets support for at least 25 of the top crypto assets by market capitalization, with plans to expand to the top 100. Through Instabridge, Anthic already supports major assets including BTC, ETH, USDC, and USDT on the Radix network.
Revenue Sharing
Anthic implements a DEX revenue sharing program where 30% of all trading fees are distributed to integrated DEXs based on their proportional contribution to trading volume. This incentivizes DEX participation and helps grow the broader Radix trading ecosystem.
Integration Technology
The platform provides comprehensive technical documentation and SDKs for integration partners. This includes detailed APIs for trade execution, Flash Liquidity provision, and solver operations. DEXs can utilize these tools to offer their users access to Anthic's liquidity while maintaining their own user interface and trading experience.
Economic Model
Fee Structure
Anthic operates on a maker-taker fee model with no maker fees at launch to encourage liquidity depth. Taker fees are set at 0.1% of trade value, with progressive discounts available based on trading volume and $XRD staking levels.
Fee Distribution
The platform converts 100% of collected fees to $XRD through market purchases, which are then distributed as follows:
- 40% is locked away and removed from circulating $XRD supply.
- 30% is distributed to integrated DEXs proportional to their trading volume.
- 30% supports Anthic's development, marketing, and operations.
User Incentives
The platform implements a tiered fee structure with six levels, from Standard to VIP 5. Users can qualify for reduced fees based on:
- 30-day trading volume ($10,000 to $10,000,000+).
- $XRD staking amount (75,000 to 3,000,000 LSU).
- Taker fees decrease from 0.10% at the Standard tier to 0.05% at VIP 5.
DEX Revenue Share
Integrated DEXs receive a share of trading fees proportional to the volume they contribute. To qualify, DEXs must register with Anthic and receive an authenticated API. This incentivizes DEX participation and helps grow the Radix trading ecosystem.
Settlement Fees
The platform charges two types of settlement fees:
- A solver fee paid to transaction bundlers.
- A transaction execution fee covering network costs.
- A portion of the transaction execution fee may be rebated to users if the actual execution cost is lower than the initial charge.
Development Status
Testnet Launch
Anthic launched on the Radix public testnet in December 2024, featuring a complete end-to-end implementation. The testnet deployment includes live price feeds from market maker partners, test trading capability using flash liquidity, and test solver bots matching orders in real-time conditions.
Developer Resources
The platform has released comprehensive technical documentation covering integration patterns for DEXs, market makers, and solvers. A developer SDK wrapping the Anthic API is available on GitHub, providing tools for building against the platform's core functionality.
Integration Progress
Market maker integration testing is underway, with partners including Keyrock, G-20, and Portofino actively connecting to the system. The platform has successfully demonstrated order fills and price streaming through its test deployment.
Current Features
The testnet implementation includes:
- Live indicative price streams from high liquidity venues.
- Aggregated pricing from multiple market makers.
- Functional test APIs for integration testing.
- Live solver bundling and transaction submission.
- Test deployment of Instamint integration.
Mainnet Timeline
Anthic targets a Q1 2025 mainnet launch with initial support for at least 25 top crypto assets. The platform plans to expand coverage to the top 100 assets and beyond post-launch, while maintaining its focus on deep liquidity and efficient price execution.
Technical Architecture
Order Messaging System
The Order Messaging System functions as Anthic's core infrastructure, coordinating liquidity and order flow between DEXs, liquidity providers, and DeFi applications. It maintains a Subintent Pool that collects and matches signed trade intentions before on-chain settlement. The system offers Web2-style API integration familiar to market makers, closely resembling Request for Stream (RFS) models used in centralized exchanges.
Solver Network
Solvers play a critical role in the Anthic ecosystem, receiving wrapped versions of limit order subintents from both DEXs and market makers. They bundle coincident subintents into valid transactions and submit them to the Radix network. Solvers receive both a flat fee in $XRD and a transaction execution fee for successful submissions.