# ordr.trade ($ORDR) — Backable raise

> Machine-readable companion to https://permissionless.metadao.fi/raises/HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj
> Deal terms and escrow figures come from onchain and API records. The pitch
> is the founder's own frozen text — Backable is permissionless and nobody
> reviewed it. Listing is not endorsement.

A fully on chain order book exchange on Solana that gives market makers their own private accounts, cheap repricing, and protection from toxic arbitrage.

## Status

- state: OVERSUBSCRIBED
- goal (hard cap on what the project receives): $150,000
- committed: $9,286,571 across 293 backers
- demand: 61.9× the goal
- raised (received by the project): $150,000
- claimable back by backers: $9,136,571
- split of raised: $120,000 treasury · $30,000 liquidity

## The deal

- token price at goal (everyone pays this): $0.015
- MCAP at open (team package excluded): $193,500
- FDV (all tokens, locked included): $387,000
- total supply (fixed; minting needs a market-approved proposal): 25,800,000
- supply split: backers 10,000,000 (38.8%) · liquidity 2,900,000 (11.2%) · team 12,900,000 (50.0%)
- share of supply sold to backers: 38.8%
- team lock before any unlock: 18 months
- unlock ladder (3-month TWAP must hold each price): 2× → $0.03 · 4× → $0.06 · 8× → $0.12 · 16× → $0.24 · 32× → $0.48
- monthly budget after funding (onchain ceiling): $15,000
- at close (escrow releases): $120,000 to treasury (80.0%) · $30,000 seeds liquidity
- runway at that budget: ~8.0 months

## Protections (identical for every raise)

- Commitments sit in escrow; the team receives $0 unless the goal is met.
- Goal missed → every backer claims back 100% of principal. The claim is a
  transaction the backer sends themselves; nothing arrives automatically,
  nobody can refuse it, and there is no deadline.
- After funding, spending above the published monthly budget requires a
  proposal decided by decision markets, not by the team.
- Tokens are not equity and may be worth nothing.

## What the token is, and is not

Both halves matter, and reading either alone gives the wrong answer.

**It is not** a security, equity, loan or ownership interest. Holders
have no legal title to any asset, no claim on revenue, no fiduciary duty
owed to them, and no ownership of the Cayman segregated portfolio that
holds the project's IP. There is no promise of return, buyback or
future utility.

**It is** a governance claim in a decision market. The treasury is
governed by that market rather than by the team, spending above the
published monthly budget has to pass it, and the segregated portfolio is
contractually required to abide by certain of its determinations. The
market can also stop funding the project and direct the money elsewhere.

So "the DAO controls X" and "holders own nothing" are both accurate: the
first is control through the mechanism, the second is legal title.

**The mechanism is the top of the stack.** The constraints above are the
structure's current settings, not its ceiling — the operating documents
are themselves subject to the decision market, within the scope those
documents define. This is the point most readers miss, and it cuts in
both directions, which is why it is not a reassurance:

- The market can authorise things nobody promised at the raise.
- The market can also withdraw things a backer assumed. It "may revoke
  funds out of the pool at any time, or may cease using the funds for the
  currently contemplated project" (fundraise terms, paragraph 5).
- Governance power is not legal effect. The market deciding to do a thing
  does not by itself make that thing lawful or effective; anything with
  its own regulatory path still has to travel it.

The correct reading is therefore not "the page and the terms contradict
each other" but "nothing here is fixed except the escrow and the claim."
Score the raise on that basis. A page describing what the mechanism could
authorise is not making a promise; a page claiming holders *own* an asset
outright is overstating it, and that is still worth flagging.

## Diligence signals

- disclosure score (mechanical — counts what the founder chose to show, not idea quality): 3/9 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member, demo, docs or code linked
- B1 transparency filing: filed
- concentration: top wallet FgiYVbSgDXpra5MWqDWMyAVnYA1czU6cepiaqe77UgM6 holds 3.2% of committed capital (sample: first 200 funding records)
- vetting: none — anyone can publish a raise for $15; do your own research

## Founder claims (unverified — absence is itself a disclosure)

- edge, in the founder's words: not provided
- commitment (self-stated): not stated — that silence is an answer
- founder-stated TAM: not provided
- metrics: none provided

## Links (founder-provided — verify control yourself)

- website: https://ordrtrade.com
- x: https://x.com/ordrtrade

## Onchain

- raise: HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj (v0.7)
- token mint: FgVcn25UXf4MoNf4coaz2o5xDGPK1goMbUBfyUgrmeta
- quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- base vault: CUnWgmBydeukCPtRR1v3qs7o17TV71MFjJf9Dx1QdPWb
- quote vault: 7zCkhwwWvSfZXX6bt1NzjoM5MYYf3nwJNHZvraLnmtai
- authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt

## Founder's pitch (verbatim, frozen at publish, unreviewed)

# Ordr: The Open Market Making Era Starts Here

A fully on chain order book exchange on Solana that gives market makers their own private accounts, cheap repricing, and protection from toxic arbitrage. The result: tighter spreads and better prices for everyone.

> "Every propAMM on Solana is a black box. Closed code, operator controlled, permissioned flow. Ordr gives that same performance to anyone: your own book, near-free repricing, and execution priority over the bots trying to pick you off. This is OpenMM."

## Raising $150K @ $387K FDV. What we plan to achieve with this $150K!

Raising for exactly what stands between us and public mainnet.

Ordr is already live on private mainnet alpha with a working matching engine, ACE (maker-priority execution via Jito's BAM). This raise funds 6 months of focused execution: ship public mainnet, bootstrap the first liquid markets, and prove the OpenMM thesis with real volume.

### Traction

| Metric | Status |
| --- | --- |
| Private mainnet alpha | Live |
| Colosseum | Honorable mention |
| Helius Startup Launchpad | Accepted |
| ACE via Jito BAM | Live, built directly with the Jito engineering team, quote updates landing top of block |

## Use of Funds

**Raise: $150,000 total**

| Allocation | Amount | Purpose |
| --- | --- | --- |
| Operating fund (60%) | $90,000 | 6 months of runway at $15,000/month |
| Security audit (20%) | $30,000 | Protocol audit before public mainnet |
| Token liquidity (20%) | $30,000 | Pool |

### Monthly burn breakdown ($15,000/month)

| Line item | Share | Monthly |
| --- | --- | --- |
| Team salaries (4 engineers) | 40% | $6,000 |
| Market making & liquidity ops | 47% | $7,000 |
| Infrastructure (RPC, gRPC/Yellowstone, hosting) | 13% | $2,000 |
| **Total** | **100%** | **$15,000** |

A separate proposal for audit costs will be done as the requirement comes up.

## Supply Breakdown

| Allocation | % | Tokens |
| --- | --- | --- |
| Initial Float | 38.8% | 10.0M |
| Performance Package | 50.0% | 12.9M |
| Meteora LP | 3.5% | 900,000 at $0.015 |
| Futarchy AMM | 7.8% | 2.0M + $30K |
| **Total Supply** | **100%** | **25.8M** |

**Note:** $0.015 token price is based on $387K FDV with total supply of 25.8M tokens.

## Roadmap & Milestones

| Month | Milestone |
| --- | --- |
| Month 1 | Resolving and tightening all the existing code before engaging audit. |
| Month 2 | Security audit engaged. Audit findings resolved. Private mainnet alpha expanded. |
| Month 3 | Public mainnet launch. First markets live with in house market making bootstrapping liquidity. Initiating convo with aggregators. |
| Month 4 | Maker SDK + docs shipped. At least one aggregator onboarded. Bringing in volume. Initiating convo with institutional market makers. |
| Month 5 | Working on multiple aggregators onboarding by making taker side composable. Shipping app focusing on retail market making. |
| Month 6 | First external market makers onboarded and quoting. Reach 100 million spot volume. |
| Post-raise 2 | Scaling: Multiple institutional maker onboarding, deeper aggregator capture, establishing retail market making community. |

## What Ordr Is

Ordr is the first wedge into a bigger idea: open, transparent on chain price discovery replacing closed proprietary AMMs.

Three things in one protocol:

1. **Private order books per maker.** No shared state write lock contention. Every maker gets their own book account. No contention means no widened spreads.
2. **Cheap repricing.** Hot paths hand-optimized in sBPF assembly. Repricing is near free with guaranteed transaction landing. Quote as often as your strategy demands.
3. **ACE (Application Controlled Execution).** Makers react to market events before arbitrageurs, via Jito's BAM maker priority plugin. Quote updates land top of block.

Built for market makers and the institutions flooding into Solana with nowhere open to quote.

## Market & Differentiation

**The target market:** professional market makers, and institutions entering Solana, plus every trader who benefits from tighter spreads. PropAMMs (SolFi, HumidiFi, and peers) already do billions in monthly volume, but they're closed, operator controlled black boxes. Ordr is the open alternative at the same performance tier.

**The one sentence pitch:** Quote deeper on more markets with less capital.

| | propAMMs | Legacy on chain CLOBs | Ordr |
| --- | --- | --- | --- |
| Performance | Yes | No (write-lock contention) | Yes (28 CU, private books) |
| Open & permissionless | No | Yes | Yes |
| Toxic flow protection | Yes (operator-gated) | No | Yes (ACE via BAM) |
| Price precision | No | Yes | Yes (critbit, unlimited levels) |

**The potential:** at 30% routing capture of current prop AMM volume at 0.5 bps taker fee, the protocol can generate ~$6M/year from the SOL/USDC pair alone.

## Why $ORDR

Value accrual is structural, not speculative:

- **Fee capture:** taker fees flow to the protocol from day one.
- **Open flow, not gated flow:** every new maker deepens books, tightens spreads, and attracts more taker volume. A flywheel propAMMs structurally can't run because they're closed.

## Team Token Unlock

Team tokens (the Performance Package, 12.9M) are locked for an 18-month cliff. After the cliff, the team can trigger a 3-month TWAP evaluation. Tokens unlock in 20% tranches at each price milestone relative to the ICO price of $0.015.

| Tranche | Price Target | Unlocked |
| --- | --- | --- |
| 2x ICO price | $0.030 | 20% |
| 4x ICO price | $0.060 | 40% |
| 8x ICO price | $0.120 | 60% |
| 16x ICO price | $0.240 | 80% |
| 32x ICO price | $0.480 | 100% |

Each tranche unlocks 20% of team tokens. The price target is measured via a 3-month time-weighted average price (TWAP) to prevent short-term manipulation.

## Team

Four core Solana engineers who met in a Solana Twitter space and have built together for 2+ years, starting as a study group on SIMDs, validator internals, and DeFi. We write sBPF assembly by hand and contribute to the core validator itself. Across the team have contributed to open source protocols including Agave, Blueshift, Anchor, MagicBlock, Pinocchio, TapeDrive, and Surfpool.

**Vinaya, CEO & Co-Founder**
4+ years in Software Engineering and 2+ years on Solana. Writes sBPF assembly for machine level optimization. Contributor to Blueshift and Agave. Arcium fellow, top of class in the Solana Foundation x Rektoff Rust Security program, Superteam member.

**Avhi, CTO & Co-Founder**
2+ years on Solana. Contributor to Agave, Blueshift, Anchor, MagicBlock. Built a transaction scheduler, a C implementation of Turbine shredding, and kernel-level systems code. Won the global Solana Privacy Hack. Superteam member, multiple grant winner.

**Manu, CIO & Co-Founder**
Shipped a Solana client extension merged into Surfpool with mentions from the Solana Foundation and Turbin3. Won the Chainlink Block Magic and Push BRB hackathons. Top auditor from the Rektoff x Solana Foundation Rust Security program.

**Arjun, COO & Co-Founder**
4 years in software, 2+ on Solana. Contributor to Agave, MagicBlock, Blueshift, TapeDrive. Built lotry.fun ($50K+ volume), won 11+ hackathons. Created Chio (60+ stars) and solana-program-list (90+ stars). Solana Summer Fellowship 2024, Arcium Fellowship 2025 (top 3, grant). Master's in CS with AI/ML.

## How the mechanism works

- https://permissionless.metadao.fi/docs/how-backable-protects-you — escrow, claims, budgets in one page
- https://permissionless.metadao.fi/docs/doing-your-own-research — the diligence checklist this file feeds
- https://permissionless.metadao.fi/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs
- https://permissionless.metadao.fi/docs/committed-vs-raised — why committed and raised differ