Reya Transitions from Automated Market Maker to Order Book, Changes 12 Markets to Reduce-Only Mode

Decentralized derivatives exchange Reya is transitioning its trading structure from an Automated Market Maker (AMM) model to an order book model. In this process, 12 markets will be changed to a reduce-only mode, limiting the opening of new positions. From 10 PM KST on September 10, only trades that reduce existing positions will be allowed in these markets. Reya plans to transition from the existing AMM to an order book and allocate assets from the Reya Liquidity Pool (RLP) to designated market makers to provide liquidity. The order book structure involves professional market makers presenting buy and sell quotes and executing orders, which is different from the AMM approach. The RNIP 6 proposal mentions Selini, Kirok, and Flow Traders as initial dedicated market makers. The fee structure will also be adjusted, with taker fees reduced from 4 basis points to 3 basis points, and maker fees set at 0 basis points. Reya announced that it improved processing performance by up to three times by migrating the mainnet sequencer to Conduit on August 7. This overhaul is linked to the long-term roadmap of ReyaChain, which includes plans to build a verifiable on-chain order book using Ethereum-based rollups and zero-knowledge proofs. A specific list of the 12 markets and the position handling methods have not yet been disclosed.