# ordr.trade ($ORDR) — Backable raise

> Machine-readable companion to https://www.backable.biz/raises/HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj
> Deal terms and escrow figures come from onchain and API records. The pitch
> is the founder's own frozen text — Backable is permissionless and nobody
> reviewed it. Listing is not endorsement.

Next-generation Solana order book.

## Status

- state: OVERSUBSCRIBED
- goal (hard cap on what the company receives): $150,000
- committed: $9,286,571 across 293 backers
- demand: 61.9x the goal
- raised (received by the company): $150,000
- claimable back by backers: $9,136,571
- split of raised: $120,000 treasury · $30,000 liquidity

## The deal

- token price at goal (everyone pays this): $0.015
- MCAP at open (team and existing-investor tokens excluded): $193,500
- FDV (all tokens, locked included): $387,000
- total supply (fixed; minting needs a market-approved proposal): 25,800,000
- supply split: backers 10,000,000 (38.8%) · liquidity 2,900,000 (11.2%) · team 12,900,000 (50.0%)
- share of supply sold to backers: 38.8%
- team lock before any unlock: 18 months
- unlock ladder (3-month TWAP must hold each price): 2x → $0.03 · 4x → $0.06 · 8x → $0.12 · 16x → $0.24 · 32x → $0.48
- monthly budget after funding (onchain ceiling): $15,000
- at close (escrow releases): $120,000 to treasury (80.0%) · $30,000 seeds liquidity
- runway at that budget: ~8.0 months

## Protections (identical for every raise)

- Approved aligned parties are selected per raise. The raise page lists selected
  wallets at $0 until they commit, then updates their gross commitments before refunds.
- Commitments sit in escrow; the team receives $0 unless the goal is met.
- Goal missed → every backer can claim 100% of principal. The claim is a
  transaction the backer sends themselves; nothing arrives automatically,
  nobody can refuse it, and there is no deadline.
- Oversubscribed → the goal is split pro rata by weight: time in escrow ×
  early-fill boost × Ownership Score multiplier (none = no extra weight, log
  scale to a fixed cap, read from the committing wallet at close; linked
  wallets do not combine). Nobody is approved for more than they
  committed; the rest is claimable the same way.
- After funding, spending above the published monthly budget requires a
  proposal decided by decision markets, not by the team.
- Tokens are not equity and may be worth nothing.

## What the token is, and is not

Both halves matter, and reading either alone gives the wrong answer.

**It is not** a security, equity, loan or ownership interest. Holders
have no legal title to any asset, no claim on revenue, no fiduciary duty
owed to them, and no ownership of the Cayman segregated portfolio that
holds the company's IP. There is no promise of return, buyback or
future utility.

**It is** a governance claim in a decision market. The treasury is
governed by that market rather than by the team, spending above the
published monthly budget has to pass it, and the segregated portfolio is
contractually required to abide by certain of its determinations. The
market can also stop funding the company and direct the money elsewhere.

So "the DAO controls X" and "holders own nothing" are both accurate: the
first is control through the mechanism, the second is legal title.

**The mechanism is the top of the stack.** The constraints above are the
structure's current settings, not its ceiling — the operating documents
are themselves subject to the decision market, within the scope those
documents define. This is the point most readers miss, and it cuts in
both directions, which is why it is not a reassurance:

- The market can authorise things nobody promised at the raise.
- The market can also withdraw things a backer assumed. It "may revoke
  funds out of the pool at any time, or may cease using the funds for the
  currently contemplated project" (fundraise terms, paragraph 5).
- Governance power is not legal effect. The market deciding to do a thing
  does not by itself make that thing lawful or effective; anything with
  its own regulatory path still has to travel it.

The correct reading is therefore not "the page and the terms contradict
each other" but "nothing here is fixed except the escrow and the claim."
Score the raise on that basis. A page describing what the mechanism could
authorise is not making a promise; a page claiming holders *own* an asset
outright is overstating it, and that is still worth flagging.

## Diligence signals

- disclosure score (mechanical — counts what the founder chose to show, not idea quality): 2/7 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member, demo, docs or code linked
- B1 transparency filing: filed
- concentration: top wallet FgiYVbSgDXpra5MWqDWMyAVnYA1czU6cepiaqe77UgM6 holds 3.2% of committed capital across 293 backers
- vetting: none — anyone can publish a raise for $15; do your own research
- investors on record before this raise: none

## Founder claims (unverified — absence is itself a disclosure)

- edge, in the founder's words: not provided
- founder commitment (self-stated): not stated — that silence is an answer
- founder-stated TAM: not provided
- metrics: none provided

## Links (founder-provided — verify control yourself)

- website: https://ordrtrade.com
- x: https://x.com/ordrtrade

## Onchain

- raise: HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj (v0.7)
- token mint: FgVcn25UXf4MoNf4coaz2o5xDGPK1goMbUBfyUgrmeta
- quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- base vault: CUnWgmBydeukCPtRR1v3qs7o17TV71MFjJf9Dx1QdPWb
- quote vault: 7zCkhwwWvSfZXX6bt1NzjoM5MYYf3nwJNHZvraLnmtai
- authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt

## Founder's pitch (verbatim, frozen at publish, unreviewed)

# Ordr: The Open Market Making Era Starts Here

A fully on chain order book exchange on Solana that gives market makers their own private accounts, cheap repricing, and protection from toxic arbitrage. The result: tighter spreads and better prices for everyone.

> "Every propAMM on Solana is a black box. Closed code, operator controlled, permissioned flow. Ordr gives that same performance to anyone: your own book, near-free repricing, and execution priority over the bots trying to pick you off. This is OpenMM."

## Raising $150K @ $387K FDV. What we plan to achieve with this $150K!

Raising for exactly what stands between us and public mainnet.

Ordr is already live on private mainnet alpha with a working matching engine, ACE (maker-priority execution via Jito's BAM). This raise funds 6 months of focused execution: ship public mainnet, bootstrap the first liquid markets, and prove the OpenMM thesis with real volume.

### Traction

| Metric | Status |
| --- | --- |
| Private mainnet alpha | Live |
| Colosseum | Honorable mention |
| Helius Startup Launchpad | Accepted |
| ACE via Jito BAM | Live, built directly with the Jito engineering team, quote updates landing top of block |

## Use of Funds

**Raise: $150,000 total**

| Allocation | Amount | Purpose |
| --- | --- | --- |
| Operating fund (60%) | $90,000 | 6 months of runway at $15,000/month |
| Security audit (20%) | $30,000 | Protocol audit before public mainnet |
| Token liquidity (20%) | $30,000 | Pool |

### Monthly burn breakdown ($15,000/month)

| Line item | Share | Monthly |
| --- | --- | --- |
| Team salaries (4 engineers) | 40% | $6,000 |
| Market making & liquidity ops | 47% | $7,000 |
| Infrastructure (RPC, gRPC/Yellowstone, hosting) | 13% | $2,000 |
| **Total** | **100%** | **$15,000** |

A separate proposal for audit costs will be done as the requirement comes up.

## Supply Breakdown

| Allocation | % | Tokens |
| --- | --- | --- |
| Initial Float | 38.8% | 10.0M |
| Performance Package | 50.0% | 12.9M |
| Meteora LP | 3.5% | 900,000 at $0.015 |
| Futarchy AMM | 7.8% | 2.0M + $30K |
| **Total Supply** | **100%** | **25.8M** |

**Note:** $0.015 token price is based on $387K FDV with total supply of 25.8M tokens.

## Roadmap & Milestones

| Month | Milestone |
| --- | --- |
| Month 1 | Resolving and tightening all the existing code before engaging audit. |
| Month 2 | Security audit engaged. Audit findings resolved. Private mainnet alpha expanded. |
| Month 3 | Public mainnet launch. First markets live with in house market making bootstrapping liquidity. Initiating convo with aggregators. |
| Month 4 | Maker SDK + docs shipped. At least one aggregator onboarded. Bringing in volume. Initiating convo with institutional market makers. |
| Month 5 | Working on multiple aggregators onboarding by making taker side composable. Shipping app focusing on retail market making. |
| Month 6 | First external market makers onboarded and quoting. Reach 100 million spot volume. |
| Post-raise 2 | Scaling: Multiple institutional maker onboarding, deeper aggregator capture, establishing retail market making community. |

## What Ordr Is

Ordr is the first wedge into a bigger idea: open, transparent on chain price discovery replacing closed proprietary AMMs.

Three things in one protocol:

1. **Private order books per maker.** No shared state write lock contention. Every maker gets their own book account. No contention means no widened spreads.
2. **Cheap repricing.** Hot paths hand-optimized in sBPF assembly. Repricing is near free with guaranteed transaction landing. Quote as often as your strategy demands.
3. **ACE (Application Controlled Execution).** Makers react to market events before arbitrageurs, via Jito's BAM maker priority plugin. Quote updates land top of block.

Built for market makers and the institutions flooding into Solana with nowhere open to quote.

## Market & Differentiation

**The target market:** professional market makers, and institutions entering Solana, plus every trader who benefits from tighter spreads. PropAMMs (SolFi, HumidiFi, and peers) already do billions in monthly volume, but they're closed, operator controlled black boxes. Ordr is the open alternative at the same performance tier.

**The one sentence pitch:** Quote deeper on more markets with less capital.

| | propAMMs | Legacy on chain CLOBs | Ordr |
| --- | --- | --- | --- |
| Performance | Yes | No (write-lock contention) | Yes (28 CU, private books) |
| Open & permissionless | No | Yes | Yes |
| Toxic flow protection | Yes (operator-gated) | No | Yes (ACE via BAM) |
| Price precision | No | Yes | Yes (critbit, unlimited levels) |

**The potential:** at 30% routing capture of current prop AMM volume at 0.5 bps taker fee, the protocol can generate ~$6M/year from the SOL/USDC pair alone.

## Why $ORDR

Value accrual is structural, not speculative:

- **Fee capture:** taker fees flow to the protocol from day one.
- **Open flow, not gated flow:** every new maker deepens books, tightens spreads, and attracts more taker volume. A flywheel propAMMs structurally can't run because they're closed.

## Team Token Unlock

Team tokens (the Performance Package, 12.9M) are locked for an 18-month cliff. After the cliff, the team can trigger a 3-month TWAP evaluation. Tokens unlock in 20% tranches at each price milestone relative to the ICO price of $0.015.

| Tranche | Price Target | Unlocked |
| --- | --- | --- |
| 2x ICO price | $0.030 | 20% |
| 4x ICO price | $0.060 | 40% |
| 8x ICO price | $0.120 | 60% |
| 16x ICO price | $0.240 | 80% |
| 32x ICO price | $0.480 | 100% |

Each tranche unlocks 20% of team tokens. The price target is measured via a 3-month time-weighted average price (TWAP) to prevent short-term manipulation.

## Team

Four core Solana engineers who met in a Solana Twitter space and have built together for 2+ years, starting as a study group on SIMDs, validator internals, and DeFi. We write sBPF assembly by hand and contribute to the core validator itself. Across the team have contributed to open source protocols including Agave, Blueshift, Anchor, MagicBlock, Pinocchio, TapeDrive, and Surfpool.

**Vinaya, CEO & Co-Founder**
4+ years in Software Engineering and 2+ years on Solana. Writes sBPF assembly for machine level optimization. Contributor to Blueshift and Agave. Arcium fellow, top of class in the Solana Foundation x Rektoff Rust Security program, Superteam member.

**Avhi, CTO & Co-Founder**
2+ years on Solana. Contributor to Agave, Blueshift, Anchor, MagicBlock. Built a transaction scheduler, a C implementation of Turbine shredding, and kernel-level systems code. Won the global Solana Privacy Hack. Superteam member, multiple grant winner.

**Manu, CIO & Co-Founder**
Shipped a Solana client extension merged into Surfpool with mentions from the Solana Foundation and Turbin3. Won the Chainlink Block Magic and Push BRB hackathons. Top auditor from the Rektoff x Solana Foundation Rust Security program.

**Arjun, COO & Co-Founder**
4 years in software, 2+ on Solana. Contributor to Agave, MagicBlock, Blueshift, TapeDrive. Built lotry.fun ($50K+ volume), won 11+ hackathons. Created Chio (60+ stars) and solana-program-list (90+ stars). Solana Summer Fellowship 2024, Arcium Fellowship 2025 (top 3, grant). Master's in CS with AI/ML.

## Raise terms (verbatim, as printed on the raise page)

By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the [Backable Terms of Service](https://www.backable.biz/terms). Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions:

The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on Backable for convenience of reference only, as third-party content. Backable is a technology platform being used by the prospective project contributors, and the owners and operators of Backable and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Backable and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using Backable, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO.

The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Backable or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates:

1. **No Guarantees.**
   The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including, but not limited to, financial return, performance, future utility, or access to any platform, product, or service.

2. **Not an Offer of Securities.**
   The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation.

3. **Final Sale, Except As The Program Provides.**
   Except for the amounts the escrow program itself makes claimable as described in paragraph 7, contributions made as part of the fundraise are final. No party has the discretion to refund you, and you will not be entitled to a refund or compensation on any other basis, including loss of value or inability to use the Tokens. Where the program does make an amount claimable, no party has the discretion to withhold it either.

4. **No Liability for Losses.**
   To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens.

5. **Nature of Token MetaDAO Platform ICOs.**
   You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "[Futarchy](https://docs.metadao.fi/governance/overview)". These smart contracts or programs exist independently of Backable or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Backable or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants".

6. **DAO-Adjacent Entity aka BORG.**
   One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements.

7. **Understanding the Mechanism.**
   This is an onchain fundraising mechanism with a fixed token supply and a stated funding goal. Commitments are not capped, but the amount the project receives is: everything committed above the goal remains the property of the participant who committed it.
   If the funding goal is not reached by close, every participant may reclaim the whole of their contribution. If the goal is exceeded, each participant may reclaim whatever part of their contribution did not convert into Tokens.
   **These amounts are claimed, not sent.** They are released by the program when you submit a claim transaction from the wallet that made the contribution. Nobody can approve, condition, delay or refuse that claim, there is no deadline for making it, and equally nobody can make it on your behalf. The same is true of the Tokens themselves in a funded raise.
   By participating, you confirm that you understand the [program](https://github.com/metaDAOproject/programs) and have reviewed the relevant documentation available at [https://docs.metadao.fi](https://docs.metadao.fi).

By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above.

## Company decisions

- https://www.backable.biz/raises/HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj#decisions — recent decision markets
- https://www.backable.biz/decisions/HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj — company decision history
- https://www.backable.biz/decisions/HwvxqXHcRNKikH8RsqRRaV6NCpzxg1g5tHgnMfsdaaEj/create — create a proposal

Company decision URLs accept the launch address or organization slug. Market pages accept the full proposal address or market code at /decision/<key>.

## How the mechanism works

- https://www.backable.biz/docs/how-backable-protects-you — escrow, claims, budgets in one page
- https://www.backable.biz/docs/doing-your-own-research — the diligence checklist this file feeds
- https://www.backable.biz/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs
- https://www.backable.biz/docs/committed-vs-raised — why committed and raised differ
- https://www.backable.biz/docs/metadao-2 — MetaDAO 2.0: typed proposals and the adaptable performance package