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Lock up less capital. Trade more markets.

The on-demand credit layer for everything that trades onchain.

Borrow just-in-time: market makers today, RWAs alongside; propAMMs, funds and prediction markets next.

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Seed round. Alpha is live: $66.6M settled across 6,000+ trades, one shared LP pool reused 430x across every market maker. Raising our seed to ship v2 and accelerate the flywheel.

How to read this page: the thesis runs top to bottom. Open any toggle for diligence depth: mechanics, sourced numbers, and the caveats. Figures refreshed from the Dune dashboard and data room.

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TL;DR

The on-demand credit layer for everything that trades onchain.

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What's happening. Two shifts at once: real balance sheets are moving onchain (stablecoins $307B, RWAs $34B, tokenized equities next), and the trading of them is moving to intents and prop AMMs.

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What's broken. Onchain settlement needs roughly 50x more capital than TradFi's T+1, so just to quote, a market maker must pre-fund $20-50M+ of its own inventory. That capital is expensive (15-30% cost of equity), with no external pool to draw on. Every new trading pair locks up more, and tokenized equities will need orders of magnitude more inventory. The onchain rails have no credit layer to fund it, so they can't absorb the RWA wave they're about to get.

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What Liquorice does. A shared, LP-funded credit pool that market makers borrow from just-in-time and undercollateralized, the moment a trade clears. A desk locks up less of its own capital and trades more markets, LPs earn yield on the pool, and the same capital is reused across every MM.

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Why now. The window just opened: regulation cleared onchain equities (SEC carve-out, Rule 611 rescission), mainnet settlement got 100x cheaper, and propAMMs went mainstream. The credit layer has to exist before the RWA wave lands, and we already prove it out: $60M+ settled, one shared pool reused across every MM.

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Settled (public alpha) Capital reuse Signed MM LOIs
$66.6M 430x 4

1 · Why now: the market is moving our way

Capital, intents and propAMMs are rebuilding onchain trading, and it's early. Three forces converge, and every one of them still has to lock up 100% of its capital to play.

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More capital, smarter routing, sharper fillers. But every one of them still has to lock up 100% of its capital to play. That's the problem.

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