The Angstrom v1 Whitepaper is live! @ksrini_, @0xvanbeethoven, and @ciamac provide a technical deep dive into the many intertwined mechanisms that collectively form Angstrom. Let’s dive in 🧵

Next comes the uniform-clearing price batch auction, this auction considers all non-top-of-block limit orders (from users and market makers alike), along with the underlying AMM liquidity, and clears all possible orders at the unique price where supply intersects demand. Swappers benefit from sandwich resistance and just-in-time limit order liquidity provided by market makers to ensure their slippage is minimized.

Composability is preserved via unlocking the pool after the sequential auctions. Upon execution of the validated Angstrom auction transaction, a flag flips, unlocking the pool for the rest of the block. This enables Angstrom’s liquidity to be used for multi-hop swaps and liquidations, but composable swaps pay an elevated post-unlock fee to deter toxic arbitrage.