Case Study: On-Chain RFQ

The Problem

A leading DEX aggregator on Solana sought to integrate high-quality off-chain pricing into its on-chain RFQ system to unlock better execution for large digital asset trades. Institutional and high-net-worth users needed tighter spreads and deeper liquidity than typical AMM-based routing could offer—without suffering frontrunning or excessive slippage.

However, many liquidity providers lacked the infrastructure to respond to on-chain RFQs with low-latency, accurate quotes. This aggregator needed a trading firm with the technical sophistication to stream responsive, competitive quotes directly on-chain, while aligning with the ethos of the Solana ecosystem: speed, scale, and decentralization.

The Solution

Caladan integrated with the on-chain RFQ system to provide high-performance quoting and reliable liquidity for digital asset trades across Solana, leveraging its proprietary infrastructure and market-making expertise.

1. Low-Latency Quote Streaming – Caladan is able to deliver competitive quotes within milliseconds, enabling better fills for users trading at size.
2. Customizable Liquidity Provision – Tailored quoting logic based on token pair, volatility, and inventory allowed Caladan to stay competitive across market regimes while managing risk dynamically.
3. On-Chain Execution and Settlement – By quoting and executing fully on-chain, Caladan supported transparent, trustless trade settlement without reliance on centralized intermediaries.
4. Partnership-Driven Design – Caladan collaborated closely with the team to iterate on quote formats, error handling, and latency optimization—maximizing user benefit and system resilience.

The Results

• Tighter Spreads for Large Trades – Caladan’s quotes offered materially better execution for users, especially for trades that would otherwise experience high slippage on AMMs.
• New Institutional Volume – Improved execution quality helped the aggregator attract sophisticated digital asset trading firms and power-user flows.
• Decentralized RFQ Infrastructure – The collaboration set a new standard for on-chain RFQ systems—blending off-chain intelligence with on-chain transparency and composability.

By bringing deep liquidity and institutional-grade infrastructure to on-chain RFQs, Caladan reinforces its role as a trusted trading firm in the digital asset space—committed to advancing decentralized markets.