Formula

Formula is the native decentralised exchange on the Plasma network using central limit order book matching, where maker and taker orders fill against the same book. It serves market makers and traders doing spot trading on Plasma, and addresses the lack of a native order book venue early in the ecosystem, which left only automated market maker pools and higher slippage.

Mechanically it maintains bids and offers on a limit order book, fills are ordered by price and time priority, and makers can set expiry and price ranges. Compared with automated market maker pools, a book lets makers control quotes and inventory precisely, price discovery comes from competition between orders, and the protocol exposes interfaces for external market-making programs. It belongs to the narrative of trading infrastructure in the Plasma ecosystem.