Nabla
Nabla is a novel Automated Market Maker for Crypto and Real World Assets, including Forex. Its innovative architecture offers optimal capital efficiency and thus lowest swap costs. The main innovation is the intrinsic separation of providing token liquidity from taking on the market-making risks. This enables low-risk single-sided token liquidity provision into the Swap Pools, and thus can attract deep swap liquidity at relatively low costs. The market-making risks are reduced as much as possible, with the remaining risks confined into a dedicated incentivized Backstop Pool.
The pricing in a swap is calculated based on an external oracle price from off-chain markets, modulated with additional on-chain price curves for the involved assets, which depend on the historic volatility of the respective asset and the coverage ratio of the pool.
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