Documentation Index
Fetch the complete documentation index at: https://docs.multiliquid.xyz/llms.txt
Use this file to discover all available pages before exploring further.
Overview
Multiliquid is a high-performance program that enables institutional-grade atomic swaps between multiple permissioned Real World Asset (RWA) tokens and multiple stablecoins. Built with the Anchor framework, the program provides secure, transparent, and efficient infrastructure for digital asset exchange on the Solana Virtual Machine (SVM).Architecture
Explore the program’s modular design and account structure
Security
Review security measures and access control mechanisms
Swap Instructions
Learn how to execute swaps on the Multiliquid Program
Key Features
Atomic Swap Execution
The program ensures complete transaction atomicity—either all conditions are fulfilled or none are. This eliminates partial executions and guarantees consistent state across all operations within a single Solana transaction.Multi-Asset Support
- Any RWA Token: Support for multiple permissioned Real World Asset tokens
- Any Stablecoin: Integration with multiple stablecoin issuers
- Token Standards: Native support for both SPL Token and Token-2022 programs
- Extensible Design: Modular architecture enables seamless onboarding of new assets
Institutional-Grade Security
- Program-Derived Addresses (PDAs): All accounts derived deterministically for security
- Role-Based Access Control: Granular permissions for admin and liquidity provider operations
- Multi-Level Pause Controls: Emergency pause capabilities at program, asset, pair, and LP levels
- Two-Step Admin Transfer: Secure admin handover requiring confirmation from new admin
Transparent Fee Structure
- Protocol Fees: Configurable protocol-level fees in basis points
- LP Fees: Liquidity providers set their own discount rates and redemption fees
- On-Chain Fee Collection: All fees accumulated transparently in dedicated fee vault accounts
- Per-Stablecoin Fee Vaults: Separate fee collection per stablecoin for clear accounting
How It Works
The program operates through a coordinated system of Solana accounts and instructions:- Global Configuration: Central program settings managing admin, fee wallet, protocol fees, and global pause state
- Asset Configurations: Per-token accounts storing NAV (Net Asset Value) pricing sources and asset-level controls
- Pairs: Trading pair accounts linking RWAs to stablecoins with LP-specific fee configuration
- LP Vaults: Token custody ATAs owned by each LP’s
vault_authorityPDA for each LP/token combination - Fee Vaults: Protocol fee collection ATAs owned by the global
program_authorityPDA per stablecoin
Swap Process
Supported Assets
The program supports a growing ecosystem of institutional-grade digital assets on Solana.Real World Assets (RWAs)
| Asset | Description | NAV Oracle |
|---|---|---|
| ACRED | Securitize Credit Fund | Pyth Oracle |
| BENJI | Franklin OnChain US Gov Money Fund | Hardcoded $1.00 |
| USCC | Superstate Crypto Carry Fund | Pyth Oracle |
| USTB | Superstate Short Duration US Gov Securities | Pyth Oracle |
| VBILL | VanEck Treasury Fund | Hardcoded $1.00 |
| WTGXX | WisdomTree US Dollar Digital Fund | Hardcoded $1.00 |
Stablecoins
| Asset | Description |
|---|---|
| USDC | Circle USD Coin (SPL Token) |
View Deployment Addresses
See all deployed program and token addresses on Solana Mainnet
Program Governance
The program employs a multi-tiered permission model:- Program Admin: Manages global configuration, asset acceptance, and pair creation
- Liquidity Providers: Control their pair configurations, fees, and liquidity
- Permissionless Swaps: Any user can execute swaps on active, unpaused pairs
Technology Stack
Built on industry-standard frameworks:- Anchor 0.32.1: Modern Solana program framework with safety features
- Rust: Memory-safe systems programming language
- SPL Token: Standard Solana token program support
- Token-2022: Extended token program with additional features
- PDAs: Program-Derived Addresses for deterministic account derivation
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 Program Integration: Multiliquid allows for direct swap integration on Solana using the Anchor client or @solana/web3.js.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 and technical specifications, contact the Multiliquid team directly.
Next Steps
Understand the Architecture
Deep dive into the program’s account structure, instruction flow, and swap mechanics
Review Security Model
Examine security measures, access controls, and pause mechanisms
Explore Instruction Reference
Browse detailed instruction documentation and parameter specifications