PIPELINE every order takes this path — deterministic end to end
SIGNED ORDERed25519 session key
SEQUENCERstrict arrival order
MATCHING CORE12M ops/s · 41ns p50
WALpublic, replayable
STATE ROOTkeccak merkle
ESCROWonchain
The venue is not a chain — it is verifiable: the write-ahead log is the
source of truth, matching is a pure deterministic state machine, and anyone can replay the log
to recompute the exact state root the operator commits onchain. Custody never leaves the
escrow contract, and any user can force-exit against a committed root if the operator
misbehaves.