Roadmap: Solving the Cold Start Problem¶

Sera's mainnet rollout follows a two-phase strategy. Each phase introduces a complementary liquidity mechanism, combining the efficiency of active market making with the depth of passive liquidity provision.

The Cold Start Problem¶

New exchanges face a fundamental challenge: liquidity begets liquidity. Traders won't come without liquidity, and market makers won't commit capital without volume. Traditional DEXs attempt to solve this with token incentives or bonding curves, often resulting in high slippage and impermanent loss.

Sera takes a different approach: two complementary systems that work together.

V0: Central Limit Order Book (Live)¶

The first phase introduces a non-custodial limit order book for active participants who want granular control over pricing and risk.

Role in the ecosystem: V0 provides price discovery and tight spreads. Active market makers compete to offer the best rates, establishing the mid-market price.

→ Explore CLOB Smart Contracts

V1: FCICAMM (Coming Soon)¶

The second phase introduces the Flow-Credit Indexed Clearing AMM—a novel design for passive liquidity providers.

Role in the ecosystem: V1 acts as the liquidity backstop. It provides deep liquidity at "safe" oracle prices, ensuring large orders can always be filled—even if active market makers are offline.

The Unified Liquidity Model¶

When V0 and V1 combine, they create a natural pricing hierarchy:

How It Works¶

1. Normal conditions: Traders get best prices from competing market makers (V0)
2. Large orders / Exotic pairs: Excess volume absorbed by FCICAMM at oracle prices (V1)
3. Cold start / MM offline: FCICAMM ensures liquidity is always available

graph TD
    subgraph "Price Spectrum"
    direction LR

    P1["FCICAMM Buy Wall<br/>(Oracle Quote)"]
    P2["Orderbook Bids<br/>(Active MMs)"]
    Mid(("Mid Market"))
    P3["Orderbook Asks<br/>(Active MMs)"]
    P4["FCICAMM Sell Wall<br/>(Oracle Quote)"]

    P1 --- P2 --- Mid --- P3 --- P4
    end

    style P1 fill:#ff9999,stroke:#333,stroke-width:2px
    style P4 fill:#99ff99,stroke:#333,stroke-width:2px
    style P2 fill:#ffcccc,stroke:#333,stroke-width:1px
    style P3 fill:#ccffcc,stroke:#333,stroke-width:1px
    style Mid fill:#ffffff,stroke:#333,stroke-width:4px

Timeline¶