Indent Layer is not an exchange, a terminal, an aggregator or a lending market. It sits underneath them. When a trade has already been matched, on a DEX, in an RFQ desk, on a credit market, it comes here and completing it becomes our problem.
To settle a trade atomically, both sides have to hold the full asset at the moment of the fill. Not after, not on average across the day. At that exact moment.
So every open position has cash frozen against it, sitting there for the sole purpose of being present when the trade completes.
Atomicity today is bought with idle money. That is the ceiling. Not demand, not listings, not throughput.
Three members, one asset, one settlement window.
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gross 1,000 net 250 never moved 750 compression 75.0%
Nothing was cancelled. Every obligation still stands. They simply stopped settling one at a time.
That figure is not a claim in a deck. It is a test that runs on every push:
git clone https://github.com/IndentLayer/indent-core
cd indent-core
node --test "test/**/*.test.js"
node examples/window.js| Novation | The bilateral contract is torn up and rewritten as two contracts, each facing Indent Layer |
| Collateral | Members post collateral and receive position limits, rather than prefunding every trade |
| Netting | Obligations accumulate across a window, offset, and only the residual settles |
| Waterfall | Losses are absorbed in a fixed order, published in advance |
Layer three of that waterfall is the one worth reading twice. The protocol's own capital burns before any surviving member's does.
| indent-core | Netting, waterfall, position limits, the signed obligation type. Zero dependencies, 44 tests. |
| indent-sdk | Turn a matched fill into a signed obligation and track its lifecycle. |
| indent-contracts | The on-chain interfaces, published before deployment. |
| settlement-contracts | Non-custodial settlement, EIP-712 signed, atomic delivery versus payment. |
| awesome-tokenized-equities | Curated map of the tokenized equity landscape. |
| clearing-notes | Working notes from before the design settled. |
| Stage | Status |
|---|---|
| Primitives, open and tested | ✅ live |
| Interfaces, published | ✅ live |
| Clearing contracts | not deployed |
| Testnet | not open |
| Mainnet | not live |
Nothing here talks to a chain yet. The logic is published first so it can be read, argued with and corrected before anything holds value.
indent-core 44 tests · 0 dependencies |
indent-sdk 14 tests · 0 dependencies |
indent-contracts 4 interfaces · order enforced |