Finally, Ethereum gets its own orderbook.

oBook is Cognia's fully onchain Central Limit Order Book (CLOB), bringing the trading mechanics of professional financial exchanges to Ethereum.

Unlike automated market makers, oBook allows buyers and sellers to compete directly on price. Orders are matched according to price-time priority: the best price executes first, with earlier orders receiving priority at the same price.

This structure enables precise execution, competitive price discovery, and sophisticated trading strategies, while retaining the transparency and programmability of Ethereum.

AMMs transformed decentralized finance by allowing anyone to provide liquidity to a trading pool. However, their pricing curves introduce trade-offs in capital efficiency, price discovery, and execution control.

Order books take a different approach. Liquidity is concentrated at prices chosen by market participants, rather than distributed along a predefined curve. Competing market makers can deliver tighter spreads, while traders gain direct control over their execution prices.

Order books are also the established foundation of professional financial markets. oBook brings that market structure onchain, without relying on a centralized exchange operator.

Gas economics.

Professional order books can contain enormous numbers of orders across thousands of prices. Conventional implementations require increasingly expensive operations to organize and search that information, making sophisticated trading difficult to operate economically on Ethereum.

oBook addresses this with an O(1) price-indexing architecture, significantly reducing the computational overhead associated with managing a growing order book.

O(1) means an operation's computational complexity remains constant regardless of how large the underlying data structure becomes.

For an order book, this means finding the next available price need not become increasingly expensive as the market grows from hundreds to millions of orders.

Magic Trie is Cognia's proprietary data structure that makes this possible. While executing additional trades still consumes gas, the underlying price-indexing complexity remains independent of market size.

Our Ethereum Virtual Machine benchmarks demonstrate that professional order-book trading can be remarkably gas-efficient.

A single-maker trade consumed approximately 92,500 gas, while an execution spanning four price levels consumed approximately 144,000 gas. These results compare favorably with Uniswap's reference routing estimates, particularly as trading complexity increases.

Actual gas costs depend on the transaction, market conditions, and number of orders executed.

Cognia's Dynamic Market Makers (DMMs) combine the simplicity of passive AMM liquidity provision with the precision of an order book.

Liquidity providers deposit capital and configure their market-making strategies. The DMM automatically provides bids and offers within oBook, adjusting spreads and order sizes as trades occur and inventory changes.

Unlike conventional automated trading bots, these adjustments are integrated into the exchange's matching process. Market makers do not need to submit separate transactions or pay additional gas to reprice their liquidity after each match.

The result is continuously adaptive liquidity without the operational burden of traditional market making.

Absolutely. DMMs support both passive and active liquidity management.

Participants can configure pricing strategies, spreads, inventory exposure, and other parameters according to their objectives. Those who prefer a hands-off approach can allow their DMM to manage liquidity automatically.

More sophisticated participants can actively adjust their strategies as market conditions change, combining automated execution with direct control over their capital.

Every trade involves more than matching a buyer with a seller. Assets must be accounted for, funds reserved against open orders, and ownership updated when trades execute.

FinanceOS is Cognia's unified accounting and settlement engine. It manages these operations through a consistent financial ledger, ensuring that transactions settle atomically and assets cannot be committed beyond their available balances.

Rather than building separate accounting systems for every financial product, Cognia has developed a common foundation that can eventually unify liquidity and settlement across multiple financial instruments and blockchain networks.

oBook uses Ethereum smart contracts rather than a centralized exchange operator to manage assets committed to trading.

FinanceOS tracks available balances and reserves the assets required for open orders. When orders match, the corresponding financial transfers settle atomically. When orders are canceled, unused reservations become available again.

Trading rules and financial accounting are enforced through onchain execution, making transaction outcomes independently verifiable.

Yes. oBook is the first application of Cognia's broader financial infrastructure.

Magic Trie provides efficient market indexing, Dynamic Market Makers automate liquidity provision, and FinanceOS supplies a unified accounting foundation. Together, these technologies form reusable infrastructure for future markets and financial products.

Our initial focus is bringing oBook to Ethereum. The underlying architecture is designed to extend considerably further.

2027, on Ethereum mainnet.

Developer documentation and technical papers will be published as we approach launch.