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What is Sera?ยถ

Testnet Phase

Sera Protocol is currently in active testnet development on Ethereum Sepolia. Breaking changes are expected and documentation may not always reflect the latest updates. Please check our Telegram for announcements.

Free Testnet Tokens

All testnet users are automatically airdropped 10 million tokens of each supported stablecoin when connecting to the platform. No faucet needed!

Sera is a decentralized exchange for on-chain FXโ€”designed to bring institutional-grade trading to stablecoin markets.

  • Trade FX On-Chain

    Swap between global currency stablecoins with professional order types and competitive spreads.

  • Non-Custodial

    Your funds stay in your wallet until trades settle. No deposits required.

  • Zero Slippage

    Execute limit orders at your exact price. No bonding curves, no price impact.

๐Ÿš€ Launch App Read the Docs

Two-Phase Rolloutยถ

Sera takes a phased approach to solve the cold start problemโ€”the challenge of bootstrapping liquidity on a new exchange.

Phase System Status Purpose
V0 Central Limit Order Book (CLOB) โœ… Ethereum Sepolia Testnet Price discovery & tight spreads
V1 FCICAMM (Passive AMM) ๐Ÿ”จ In Development Deep liquidity backstop

V0: CLOB (Current)ยถ

Our first phase features a Central Limit Order Book built on Ethereum. Unlike AMM-based DEXs, Sera enables traders to place limit orders at specific prices:

  • Limit & Market Orders โ€” Familiar order types from traditional finance
  • Capital Efficiency โ€” No liquidity locked in pools
  • Virtual Liquidity โ€” Market makers can quote multiple pairs with the same collateral

V1: FCICAMM (Coming Soon)ยถ

Our second phase adds an innovative AMM for passive capital:

  • Single-Sided Deposits โ€” No need to pair assets
  • Oracle-Driven Pricing โ€” Zero slippage at quoted prices
  • Liquidity Backstop โ€” Ensures orders fill even when market makers are offline

โ†’ Learn more about our Roadmap

Architecture Overview (CLOB)ยถ

flowchart LR
    subgraph Sera Protocol
        direction LR
        Router["<b>Router</b><br/>โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”<br/>limitBid / limitAsk<br/>marketBid / marketAsk<br/>claim"]
        OrderBook["<b>OrderBook</b><br/>โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”<br/>Orders & Depths<br/>Order Matching"]
        PriceBook["<b>PriceBook</b><br/>โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”<br/>Price Calculation<br/>Index โ†” Price"]
        OrderNFT["<b>OrderNFT</b><br/>โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”<br/>Order Ownership<br/>Transferable"]

        Router --> OrderBook
        OrderBook --> PriceBook
        Router -.-> OrderNFT
    end

    style Router fill:#16A34A,stroke:#166534,color:#fff
    style OrderBook fill:#22C55E,stroke:#16A34A,color:#fff
    style PriceBook fill:#4ADE80,stroke:#22C55E,color:#000
    style OrderNFT fill:#86EFAC,stroke:#4ADE80,color:#000

Network Supportยถ

Network Status
Ethereum Sepolia โœ… Live
Ethereum Mainnet ๐Ÿ”œ Coming Soon

Next Stepsยถ

  • Quickstart

    Get started with your first trade on Sera

  • Concepts

    Understand core concepts like price indices and raw amounts

  • Roadmap

    Learn about our V0 โ†’ V1 rollout strategy

  • Risk Assessment

    Understand the risks before trading