For all the new faces arriving at Reya, welcome! You may not be familiar with the problem that faces all perp DEXs and how Reya is the first perp DEX to solve it. Highlights from @0xSimonJones conversation with @eigencloud will bring you up to speed. Let's start with the problem. For DeFi to grow beyond its existing user base it needs to be as fast as traditional exchanges but natively on chain. Those two goals are conflicting engineering requirements... [A thread]

We began a period of R&D in a live environment by partnering with @arbitrum Orbit to launch Reya's initial state. Our direct learnings coupled with inspiraton from @drakefjustin's writing on based-rollups inspired the design that we're now transitioning to. 'Based' means the product Inherits its security directly from Ethereum L1 validators To be based the transaction data has to go the Ethereum L1. It was non negotiable for us to have Reya's order book natively onchain. But this creates a huge challenge because order data is 100-1000x the volume of transaction data. Running that order data through Ethereum becomes very unecomical, very quickly....

Reya's partnership with @eigencloud pioneers a solution that delivers a trading venue that is millisecond fast, natively onchain and inherits the full trust assumptions of Ethereum. We achieve this by splitting transaction data to Ethereum and orders to Eigen DA. In both instances that data is verified by ZK proofs. This is how we deliver the holy grail of DEX design. TradFi exchange speed, natively onchain, credibly neutral without single sequencer risk.

Why is Reya the first to deliver DeFi's holy grail? To cite @0xkydo, this design is the stuff of sci-fi made reality. Reya's pioneering trading specific based-rollup leverages the latest innovations from across the Ethereum ecosystem. ZK Eiegen DA Ethereum based-Sequencing Fast is easy. Decentralized is hard. Only Reya is both. Want to know the fine detail? We'll link our in-depth article as a comment on this thread.