Skip to main content

​
Overview

Multiliquid is a decentralized protocol that enables institutional-grade atomic swaps between multiple permissioned Real World Asset (RWA) tokens and multiple stablecoins. The protocol provides a secure, transparent, and efficient infrastructure for digital asset exchange in regulated markets.

Architecture

Explore the protocol’s modular design and core contracts

Security

Review security measures and risk management controls

Integration

Learn how to integrate with the Multiliquid Protocol

​
Key Features

​
Atomic Swap Execution

The protocol ensures complete transaction atomicity—either all conditions are fulfilled or none are. This eliminates partial executions and guarantees consistent state across all operations.

​
Multi-Asset Support

  • Any RWA Token: Support for multiple permissioned Real World Asset tokens
  • Any Stablecoin: Integration with multiple institutional stablecoin issuers and balance sheet providers
  • Extensible Design: Modular architecture enables seamless onboarding of new assets

​
Institutional-Grade Security

  • Upgradeable Contracts: UUPS proxy pattern for secure evolution without disruption
  • Role-Based Access Control: Granular permissions using OpenZeppelin’s battle-tested framework
  • Risk Management: Asset-specific controls including volume limits, discount rates, fees, pause mechanisms, and compliance checks
  • Emergency Controls: Multi-signature governance and emergency pause capabilities

​
Transparent Fee Structure

  • Volume-Based Tiers: Progressive fee structure that scales with trading activity
  • On-Chain Fee Management: All fees accumulated transparently in secure vault contracts
  • Issuer Flexibility: Stablecoin issuers can set discount rates and redemption fees per RWA

​
How It Works

The protocol operates through a coordinated system of smart contracts:
  1. MultiliquidSwap Contract: Central orchestrator managing all swap operations, fee calculations, and asset interactions
  2. Delegate Contracts: Asset-specific modules handling:
    • Stablecoin minting/burning or external integration
    • RWA token risk management and custody
    • Compliance and volume controls
  3. Price Adapters: Modular oracle system providing USD-denominated pricing for all assets
  4. Whitelist Management: Per-stablecoin RWA whitelisting for granular access control

​
Swap Process

​
Supported Assets

The protocol is designed to support a growing ecosystem of institutional-grade digital assets:

​
Real World Assets (RWAs)

  • Permissioned tokenized securities
  • Tokenized treasury products
  • Institutional digital assets with compliance requirements

​
Stablecoins

  • Mint/burn stablecoins
  • Pre-deposted liquidity provided by balance sheet providers without mint/burn integration

​
Protocol Governance

The protocol employs a multi-tiered permission model:
  • Protocol Administrators: Manage core system upgrades and global parameters
  • Operators: Handle day-to-day operations including price updates and asset acceptance
  • Emergency Roles: Pause capabilities for critical security scenarios
  • Issuer Admins: Stablecoin Issuer / Balance Sheet Provider Admin - controls all custody and risk management parameters

​
Technology Stack

Built on industry-standard frameworks:
  • Solidity 0.8.30: Latest stable compiler with enhanced safety features
  • OpenZeppelin Upgradeable: Audited proxy patterns and access control
  • Solady: Gas-optimized mathematical operations
  • UUPS Proxies: Minimal proxy overhead with secure upgrade mechanisms

​
Integration Options

​
Current:

Multiliquid UI: The Multiliquid web interface (coming soon) provides institutional users with a secure, intuitive environment for executing swaps. The UI handles wallet integration, transaction signing, and real-time status updates. Direct Smart Contract / Program Integration: Multiliquid allows for direct swap integration on Ethereum Mainnet and Solana.

​
Future: REST API

A comprehensive REST API is under development to enable programmatic access for institutional trading systems, portfolio management platforms, and automated treasury operations.
For developer integration details, contract ABIs, and technical specifications, see the Integration Guide.

​
Next Steps

Understand the Architecture

Deep dive into the protocol’s modular design, contract interactions, and swap mechanics

Review Security Model

Examine security measures, audit results, and risk management frameworks

Explore Contract Reference

Browse detailed contract documentation and function specifications
The Multiliquid Protocol handles significant value and operates in regulated markets. All integrations should undergo thorough testing and security review. Contact the Multiliquid team before production deployment.