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TEX is a commit-chain based decentralized exchange, built on top of the NOCUST commit-chain by the Liquidity Network team.

TEX works so that final trades periodically get broadcasted on-chain in bulks, but transactions have instant finality within the commit-chain.

Orders are kept similarly to off-chain order book exchanges, but the order host (the operator) is unable to front-run orders due to the novel concept of 'moonwalk orders'.

Moonwalk orders use time-lock puzzles, ZKPs and Merkle tree ranges, which make it impossible for the operator to decrypt the order before it becomes suspicious and the operator’s actions can be challenged.


  • Faster order management than on-chain solutions
  • Faster trade settlement than other solutions
  • Does not require any blockchain transaction fees
  • Orders can’t be front run by the operator like other relayer based models


  • Inherits the potential weaknesses of the underlying layer 2 solution


Liquidity Network as exchange protocol

TEX is built on Liquidity Network's client library, which is a commit-chain layer 2 scaling solution for Bitdollar based on academic research and papers.

Similar to 0x, anyone is free to build an exchange on top of Liquidity Network.