Matchmaker V1
The current V1 matchmaker for Memswap is hosted by Reservoir (reservoir-matchmaker.eth). The matchmaker has two modes - a public last block auction and single solver submission.
Last Block Public Auction
The matchmaker conducts a Last Block Auction in order to improve price execution for any orders that nominate it. You can learn more about the matchmaker auction here. Here we describe the implementation details of the V1 Matchmaker:
- The matchmaker is nominated by users or applications who set the matchmaker as the exclusive authorizer in the order.
- Applications submit orders to the Mempool using intentful transactions. Solvers listen to the Mempool for order discovery.
- For the first 9 seconds of the block, the matchmaker accepts solutions to users’ intents, and simulates orders against the last block
- Solutions must solve a single route (no order COWs)
- The matchmaker conducts an order flow auction, accepting any orders that are within a fixed percentage of the top bid
- Matchmaker releases signatures to solvers authorizing submission
- Solvers respond with a signed transaction, signaling intent to submit
- Solvers are then free to submit bundles to builders
Learn more about last block auctions and check out the code (opens in a new tab) for the open-source Reservoir matchmaker
Single Solver Submission
For users wanting privacy, the V1 matchmaker allows users to submit intents privately to a single solver.
- Users submit private orders directly to the matchmaker
- The matchmaker nominates a single solver and submits the order to a trusted solver directly
- The solver submits the bundle to builders using known privacy channels such as private RPCs