Company
Market
The problem size and why this is a category, not a feature.
The capital efficiency opportunity
Liquidity is expensive. Fragmentation across chains makes it worse. Even sophisticated AMMs can still leave LPs with poor outcomes.
TAM / SAM / SOM (from our internal research)
We frame the market in terms of annual DEX volume:
- TAM: total DEX trading volume across chains
- SAM: cross-chain volume that requires coordination
- SOM: the portion realistically routable through a shared liquidity layer in early years
We publish this at a high level to explain category size, but we avoid publishing anything that would expose private operational strategy.