Swap¶

Swap is the first phase because Sera needs a reliable execution layer before it can build anything else. The protocol starts with a Web2 CLOB matching engine for active price discovery: market makers quote with web2 speed, users sign EIP-712 instructions, and Ethereum is used as the final settlement layer. That structure gives Sera tighter spreads, better routing, and more dependable corridor execution than asking passive liquidity alone to discover price.

The CLOB is where active liquidity competes. It is the place for professional market makers, tighter inside prices, and fast updates as conditions change. This is the layer that establishes the tradable reference price for each corridor.

FCICAMM is planned to complement that orderbook layer rather than replace it. The orderbook handles competitive inside markets, while the future FCICAMM layer is intended to provide structured passive inventory and deterministic corridor liquidity behind it. That combination is the target design for supporting both active market making and more durable backstop liquidity in the same system.

In the planned FCICAMM extension, each position would create a positions NFT under ERC-1155. That matters because the protocol is not just storing liquidity internally; it is turning each position into a standardized on-chain object. Those ERC-1155 positions are intended to become the basis for later derivatives, since they make the underlying inventory, payoff profile, and ownership legible and programmable.