Liquidity

Research Papers

35 papers

LiquidityResearch Papers

Technical papers for the Liquidity digital securities exchange — ATS, broker-dealer, and transfer agent on Liquid EVM.

Full Stack Architecture

Complete platform architecture reference

Zach Kelling
architectureplatform
PDFSource

Liquid Network Whitepaper

Protocol overview and network design

Zach Kelling
protocolnetwork
PDFSource

The Liquid Company

On-chain corporate governance for regulated securities

Zach Kelling
governancecorporate
PDFSource

Local-First Regulated Software

Private by default, compliant by design

Zach Kelling
architectureprivacycompliance
PDFSource

Sub-Accounts

Sub-account management architecture

Zach Kelling
accountsarchitecture
PDFSource

ATS Settlement

Regulated ATS settlement architecture

Zach Kelling
atssettlement
PDFSource

Regulated ATS

SEC-registered Alternative Trading System design

Zach Kelling
atssecregulation
PDFSource

DEX Benchmarks

Matching engine performance (434M+ ops/sec)

Zach Kelling
dexperformance
PDFSource

Market Making

Market making strategies for digital securities

Zach Kelling
market-makingtrading
PDFSource

Latency Arbitrage

Formal analysis of venue latency advantage

Zach Kelling
latencyarbitragehft
PDFSource

Liquid Protocol

Self-repaying vault protocol for tokenized securities

Zach Kelling
defivaultsprotocol
PDFSource

Tokenomics

LQDTY token economic design

Zach Kelling
tokenomicseconomics
PDFSource

MPC Custody

Threshold MPC custody (CGGMP21 + FROST)

Zach Kelling
mpccustodythreshold
PDFSource

Custody Architecture Audit

SSS to non-custodial MPC migration

Zach Kelling
auditcustodymigration
PDFSource

Custody Key Architecture

Key hierarchy and HSM integration

Zach Kelling
keyshsmcustody
PDFSource

KMS Custody

Secrets, keys, and certificate lifecycle

Zach Kelling
kmssecretsencryption
PDFSource

FHE Dark Pools

Encrypted dark pools with FHE batch auctions

Zach Kelling
fhedark-poolsprivacy
PDFSource

Encrypted Replication

Encrypted streaming replication specification

Zach Kelling
encryptionreplication
PDFSource

Formal Verification

Lean4 formal proofs overview

Zach Kelling
formallean4proofs
PDFSource

Securities Standard

ERC-3643/T-REX securities standard

Zach Kelling
erc-3643securitiesstandard
PDFSource

Liquid Consensus

Quasar consensus (BLS + Ringtail + ML-DSA)

Zach Kelling
consensusquasarpq
PDFSource

Liquid EVM + BlackRock ETF

Institutional ETF tokenization

Zach Kelling
evmetfinstitutional
PDFSource

Bridge Securities

Cross-chain securities transfer

Zach Kelling
bridgecross-chain
PDFSource

Alpaca Integration

OmniSub integration readiness (65/65 items)

Zach Kelling
alpacaintegrationomnisub
PDFSource

SogoTrade Integration

SogoTrade venue integration

Zach Kelling
sogotradeintegration
PDFSource

Commerce Payments

Payment flow specification

Zach Kelling
paymentscommerce
PDFSource

BlackRock Cost of Inaction

Institutional adoption analysis

Zach Kelling
blackrockanalysis
PDFSource

FHE: Encrypted Dark Pool

Confidential order matching with TFHE

Zach Kelling
fhedark-pool
PDFSource

FHE: Programmable Compliance

Encrypted compliance verification

Zach Kelling
fhecompliance
PDFSource

FHE: Private Market Making

Confidential automated market making

Zach Kelling
fhemarket-making
PDFSource

FHE: Encrypted Auctions

Sealed-bid auctions with FHE

Zach Kelling
fheauctions
PDFSource

FHE: Private Voting

Encrypted shareholder voting

Zach Kelling
fhevoting
PDFSource

FHE: Confidential NAV

Net asset value computation on encrypted data

Zach Kelling
fhenav
PDFSource

FHE: Compliance Proofs

Zero-knowledge proofs for encrypted compliance

Zach Kelling
fhezk-proofs
PDFSource

USDL

USD stablecoin for securities settlement

Zach Kelling
stablecoinusdl
PDFSource