Abstract
Reiy Finance is a decentralized intent-based trading protocol on the Sui network. It replaces traditional order books with an intent-based batch auction model where solvers compete to fill user intents at the best available price, with on-chain scoring, PairBenchmark drift detection, and atomic settlement via settlement certificates.Mechanism overview
The protocol operates in discrete epochs (approximately 24 hours). Within each epoch:- Users submit intents — signed messages specifying an intent asset, a target asset, an optional limit, and a deadline.
- Auctioneers publish settlement certificates containing proposed Allocations — mappings from intents to solver fills.
- Solvers compete by offering fills through their settlement certificates.
- The protocol scores each settlement certificate using on-chain formulas that minimize execution cost, pair cost, and drift from PairBenchmark quotes.
- The winning certificate is the one that maximizes total score. It is settled atomically — all intents it references are either fully executed or none are.
Key invariants
- No MEV: Batch auction model hides individual intent details from solvers until the settlement certificate is published.
- Atomic settlement: Settlement is all-or-nothing for the entire certificate. No partial fills.
- Benchmark gating: Winning Allocations must remain within a configurable drift threshold of the PairBenchmark quote, protecting users from unfair pricing.
- Slashable bonds: Solvers post bonds to guarantee honest participation. Failure to settle triggers slashing and escrow release to affected users.