Hanji Protocol 🟠

On-chain Orderbook Trading: tightest spreads, near zero fees, LP vaults

[Hanji Protocol 🟠 @HanjiProtocol]

Hanji deployed on @monad in stealth weeks ago and is now top 2 in weekly volume.

Hanji's orderbook has:
- fully onchain execution & settlement
- zero maker fees & near-zero taker fees
- a vault-based liquidity model for fees and spread capture

You can try it now 👇

[House of Chimera @HouseofChimera]

After $2.45B+ in volume, Hanji is past the question of whether order books can work onchain.

Join @dmitrytez, Founder of @hanjiprotocol to talk:
🔹 $641M vol in 30D
🔸 Fully on-chain order books
🔹 CEX-style execution on @Base, @Monad, and @etherlink

👇
https://t.co/YbY1xsWbAS

[Hanji Protocol 🟠 @HanjiProtocol]

two milestones today
>$50m daily volume
>$2b cumulative volume

[Hanji Protocol 🟠 @HanjiProtocol]

@petertherock @monad 👀

[Base Insider @BaseInsider_]

Top 5 DEXs on Base by 7D volume

1. @aeroxyz > $2.547B
2. @Uniswap > $2.493B
3. @PancakeSwap > $542.88M
4. @0xtristero > $127.86M
5. @HanjiProtocol > $62.07M

Aerodrome and Uniswap are still the main liquidity venues on Base

[Hanji Protocol 🟠 @HanjiProtocol]

most DEXs ask you to trust a curve. Hanji asks you to read the book

fully onchain spot CLOB. real bids, real asks, deterministic fills, self-custody intact. the same orderbook a CEX runs, minus the custody risk and the trust

AMMs priced DeFi for the last cycle. Orderbooks price it for the next one

[Hanji Protocol 🟠 @HanjiProtocol]

most DEXs ask you to trust a curve. Hanji asks you to read the book

fully onchain spot CLOB. real bids, real asks, deterministic fills, self-custody intact. the same orderbook a CEX runs, minus the custody risk and the trust

AMMs priced DeFi for the last cycle. Orderbooks price it for the next one

[Hanji Protocol 🟠 @HanjiProtocol]

https://t.co/4VWXiRd9oS

[Hanji Protocol 🟠 @HanjiProtocol]

https://t.co/4VWXiRd9oS

[Hanji Protocol 🟠 @HanjiProtocol]

everyone said a full orderbook + matching engine could not live on-chain

hanji put both there: preconfirmations on etherlink, parallel execution on monad, ~15-20ms ux feel

tight spreads. visible depth. feterministic fills.

[Hanji Protocol 🟠 @HanjiProtocol]

everyone said a full orderbook + matching engine could not live on-chain

hanji put both there: preconfirmations on etherlink, parallel execution on monad, ~15-20ms ux feel

tight spreads. visible depth. feterministic fills.

[Hanji Protocol 🟠 @HanjiProtocol]

The orderbook was always the endgame.

[Hanji Protocol 🟠 @HanjiProtocol]

The orderbook was always the endgame.

[Hanji Protocol 🟠 @HanjiProtocol]

most DEXs make you trade against a formula while hanji makes you trade against a real market

full onchain orderbook: live bids, live asks, real price discovery

tight spreads, visible depth, deterministic fills

CEX execution, full self-custody

on-chain markets should behave like real markets

[Hanji Protocol 🟠 @HanjiProtocol]

most DEXs make you trade against a formula while hanji makes you trade against a real market

full onchain orderbook: live bids, live asks, real price discovery

tight spreads, visible depth, deterministic fills

CEX execution, full self-custody

on-chain markets should behave like real markets

[Hanji Protocol 🟠 @HanjiProtocol]

AMMs approximate price.
Orderbooks discover it.
There's a difference.

[Hanji Protocol 🟠 @HanjiProtocol]

AMMs approximate price.
Orderbooks discover it.
There's a difference.

[Hanji Protocol 🟠 @HanjiProtocol]

appchain = sovereign execution, permanent liquidity problem

every isolated chain starts at zero
same LPs, same capital, split across a hundred walled gardens

spreads stay wide. arb bots eat the rest.

general-purpose chains don't have that problem
liquidity compounds
LP positions become collateral

orderbook depth feeds aggregators feeds more flow

appchains optimized for sovereignty
they gave up depth to get there
this is not a UX complaint

it's structural: fragmented settlement = fragmented price discovery = permanently worse execution

hanji deploys on Monad, Base, Etherlink

a CLOB on a chain with aggregated flow is a different product than a CLOB in a silo

orderbooks win long-term
but only if the chain underneath lets depth compound

[Hanji Protocol 🟠 @HanjiProtocol]

appchain = sovereign execution, permanent liquidity problem

every isolated chain starts at zero
same LPs, same capital, split across a hundred walled gardens

spreads stay wide. arb bots eat the rest.

general-purpose chains don't have that problem
liquidity compounds
LP positions become collateral

orderbook depth feeds aggregators feeds more flow

appchains optimized for sovereignty
they gave up depth to get there
this is not a UX complaint

it's structural: fragmented settlement = fragmented price discovery = permanently worse execution

hanji deploys on Monad, Base, Etherlink

a CLOB on a chain with aggregated flow is a different product than a CLOB in a silo

orderbooks win long-term
but only if the chain underneath lets depth compound

[Hanji Protocol 🟠 @HanjiProtocol]

🧵

most defi protocols borrow a price from chainlink to run their liquidations

the book IS the price

here's why that changes everything

[Hanji Protocol 🟠 @HanjiProtocol]

🧵

the oracle was a workaround

it exists because AMMs can't discover price on their own

on-chain orderbooks don't need it for spot price discovery is the default, not a feature

this is what it means for the book to be the price source

[Hanji Protocol 🟠 @HanjiProtocol]

🧵

most defi protocols borrow a price from chainlink to run their liquidations

the book IS the price

here's why that changes everything

[Hanji Protocol 🟠 @HanjiProtocol]

🧵

cascade risk is also different

AMM: price follows a curve regardless of real intent liquidation hits, curve moves, next position liquidates, repeat

CLOB: each liquidation order is absorbed by bids thick book = less price impact = cascade slows naturally

depth is visible. risk is readable.