Technical papers describing the Liquidity protocol stack for regulated digital securities.
make # compile all papers to PDF
make clean # remove build artifactsRequires pdflatex and bibtex. PDFs are
output to pdfs/.
| Paper | Directory | Description |
|---|---|---|
| Full Stack Architecture | full-stack-architecture/ |
Complete platform architecture reference |
| Liquid Network Whitepaper | liquid-network-whitepaper/ |
Protocol overview and design |
| Liquid Company | liquid-company/ |
On-chain corporate governance for regulated securities |
| Local-First Regulated | local-first-regulated/ |
Private by default, compliant by design |
| Sub-Accounts | liquidity-sub-accounts/ |
Sub-account management |
| Paper | Directory | Description |
|---|---|---|
| ATS Settlement | liquidity-ats-settlement/ |
Regulated ATS settlement architecture |
| Regulated ATS | liquidity-regulated-ats/ |
SEC-registered ATS design |
| DEX Benchmarks | liquid-dex-benchmarks/ |
Matching engine performance (434M+ ops/sec) |
| Market Making | liquidity-market-making/ |
Market making strategies |
| Latency Arbitrage | liquidity-latency-arbitrage/ |
Latency analysis and formal proofs |
| Liquid Protocol | liquidity-liquid-protocol/ |
Self-repaying vault protocol |
| Tokenomics | liquidity-tokenomics/ |
LQDTY token economic design |
| Paper | Directory | Description |
|---|---|---|
| MPC Custody | liquidity-mpc-custody/ |
Threshold MPC custody (CGGMP21 + FROST) |
| Custody Architecture Audit | custody-architecture-audit/ |
SSS to non-custodial MPC migration |
| Custody Key Architecture | custody-key-architecture/ |
Key hierarchy and HSM integration |
| KMS Custody | liquid-kms-custody/ |
Secrets, keys, and certificate lifecycle |
| Paper | Directory | Description |
|---|---|---|
| FHE Dark Pools | fhe-dark-pools/ |
Encrypted dark pools with FHE batch auctions |
| FHE Use Cases (7 papers) | fhe-use-cases/ |
Dark pool, compliance, market making, auctions, voting, NAV, proofs |
| Encrypted Replication | encrypted-replication/ |
Encrypted streaming replication specification |
| Formal Verification | liquidity-formal-verification/ |
Lean4 formal proofs overview |
| Securities Standard | liquid-securities-standard/ |
ERC-3643/T-REX securities standard |
| Paper | Directory | Description |
|---|---|---|
| Liquid Consensus | liquid-consensus/ |
Quasar consensus (BLS + Ringtail + ML-DSA) |
| Liquid EVM + BlackRock ETF | liquid-evm-blackrock-etf/ |
Institutional ETF tokenization |
| Bridge Securities | liquid-bridge-securities/ |
Cross-chain securities transfer |
| Paper | Directory | Description |
|---|---|---|
| Alpaca Integration | alpaca-integration-report/ |
OmniSub integration readiness (65/65 items) |
| SogoTrade Integration | liquidity-sogotrade-integration/ |
SogoTrade venue integration |
| Commerce Payments | liquid-commerce-payments/ |
Payment flow specification |
| BlackRock Cost of Inaction | blackrock-cost-of-inaction/ |
Institutional adoption analysis |
| Paper | Directory | Description |
|---|---|---|
| USDL | usdl/ |
USD stablecoin for securities settlement (draft) |
27 compiled PDFs in pdfs/.