How ULTRADE Works

ULTRADE’s trading system is a collection of smart contracts on multiple chains that communicate with each other through interoperability messaging (Generic Message Passing).

Native bridgeless asset deposits are made on each chain and communicated to the Crosschain Orderbook Exchange contract called CORE3. Orders are sent as signed messages from user wallets to the in-memory matching engine, which in turn reports matches back to CORE3. The CORE3 contract manages funding non-custodially, verifies order signatures, order matching, balances, executes orders and settles trades on-chain.

The ability to deposit assets natively without bridging means that any asset from any of the supported chains can be deposited and traded directly with any wallet, without creating any wrapped assets.

A user may login to the platform with a single wallet from any chain and trade tokens from all chains using that wallet. There are no gas costs associated with order management (creation/cancellation), and gas costs are only paid for deposits and withdrawals based on the specific chain of the tokens.

The platform is simple to use, yet it provides functionality that has been missing from the market. Let’s review the user journey in this scenario:

To begin trading a user simply connects a wallet and signs a “login” message. This wallet is now their “account” wallet with which they manage their trading. The wallet can be from any of the 12+ chains supported. Let’s assume the wallet is from the Ethereum network via Metamask.

The user now wants to trade in a SOL/ETH market.

The user can deposit ETH from the Ethereum account. However, they can also connect a Solana wallet and deposit SOL. Since the Ethereum account is their Login account, the deposits of any assets from any chain get credited by the smart contracts to that login account, regardless of the chain it originates from.

The user now has balances for his account and can begin trading. To place an order to Buy or Sell, the user simply signs an order message with their login wallet. The order is matched by the in-memory matching engine and is then verified, executed and settled by the smart contracts on-chain, where the user’s balances are updated in accordance with the trade.

The user can therefore Buy a SOL token with his Ethereum wallet completely natively, without bridging assets and without paying gas fees.

If the user wishes to withdraw assets, they sign a withdrawal message with their login account wallet. The withdrawal message contains the destination address for the withdrawal, which can be a wallet (account) from the specific chain of the token they are withdrawing, regardless of which chain their Login wallet is from. In the example above, the user can sign a withdrawal request with its Ethereum Login account to withdraw SOL tokens to any Solana wallet they want.

As described above, the user experience in ULTRADE combines the best and most important elements from DEXs and CEXs, without their downsides.

Unlike a CEX, ULTRADE is non-custodial, so the assets are always controlled by the user Login Wallet, yet it allows natively depositing and withdrawing assets from any of the 14+ supported chains, exactly like in a CEX.

Unlike an AMM DEX, ULTRADE enables bridgeless crosschain orderbook trading with limit and market orders, and without trading gas costs, MEV attacks or bridge risk.

Furthermore, trading pairs can also be crosschain, pairing assets from different chains. For example a crosschain pair SOL/ETH where SOL is native from Solana and ETH is native from Ethereum.