Pantera Partners A Comprehensive Look at Orderly Network

CoinDesk Report:
Author: Paul Veradittakit, Partner at Pantera Capital; Translator: xiaozou
1. Background
Centralized exchanges (CEX) such as Coinbase, Binance, and Kraken have thrived as the preferred choice for cryptocurrency traders, writing much of the history of our industry. Users are attracted to these products mainly because of their strong liquidity and attractive user experience (UX) – a major pain point known to decentralized exchanges (DEX) applications.
However, what if there was an exchange that combined the speed and liquidity of CEX with the transparency, sovereignty, and settlement of decentralized finance (DeFi)?
This is the core idea of Orderly Network.
Orderly Network is building a trading infrastructure to address the historical legacy issues of early DeFi applications, which can pool liquidity. Orderly has created an efficient and reliable trading ecosystem with better price discovery, lower slippage, deeper liquidity, and execution speed comparable to CEX, while maintaining the advantages of DeFi.
2. Introduction
Orderly is an L2 solution that provides:
Order book-based trading: Similar to CEX, Orderly uses an order book to match buyers and sellers, ensuring smooth and efficient transactions.
Cross-chain liquidity: Orderly aggregates liquidity from various blockchains, providing a broader asset pool and smaller spreads.
High-speed execution: Orderly prioritizes fast trade execution, minimizing delays and frictions.
Orderly uses a unified order book; users trade on different chains, but on the same order book, eliminating the need for bridging.


Orderly itself plays a crucial role in improving the overall efficiency and reliability of DeFi trading, quickly becoming one of the largest sources of liquidity for permissionless Web3 trading.
3. Major Achievements and Impact
Orderly Network has sparked a huge wave in the DeFi space:
Total trading volume exceeds $50 billion
Integrated six major blockchains (Arbitrum, Optimism, Polygon, Base, etc.)
Total locked value (TVL) exceeds $56 million
Over 215,000 unique wallet addresses
4. The Future of DeFi Trading
With its innovative infrastructure and strong partnerships, Orderly Network is poised to become a major player in the future of DeFi trading.
The following points set them apart from existing competitors:
Cross-chain capabilities: Orderly supports seamless trading across different blockchains, giving users more choices.
On-chain settlement by Orderly: All trades settle on a secure dedicated blockchain, ensuring transparency and finality.
Support for DeFi projects: Orderly provides institutional-grade liquidity for DeFi projects, for spot trading and perpetual contract trading.
Their collaborative ecosystem includes WOOFi, LayerZero, NEAR, Optimism, Arbitrum, Base, Elixir, Polygon, and others.