80%+ of Solana volume is in tokens that will never get a perp listing. Traders want leverage on them, and today there's nowhere to get it.

Think $OTC $MEW $GP $KET $CRED $SANC

Omnipair solves this at the pool level.

How it works

Omnipair combines spot, lending and leverage under one liquidity pool design (GAMM) with a risk engine handled entirely by code.

The same liquidity pool natively lets you:

- Long or short the token pair with leverage

- Use a token as collateral to borrow the other

No oracle or listing requirements.

Liquidations handled internally.

@JupiterExchange trades route through GAMM, so liquidity serves both spot traders on aggregators and borrowers/leverage traders using Omnipair natively.

Why the liquidity shows up

On @Raydium or @orca_so, most pool liquidity sits idle and only supports spot. On Omnipair it's lent out to borrowers and leveraged traders, earning LPs three yields on one passive position: swap fees, borrow interest and margin interest.

On top of this, any token project can seed a pool and instantly unlock margin on its token

V1 so far

V1 shipped borrowing, letting users borrow and swap recursively inside a pool to achieve a position with leverage

LPs earn swap fees and borrow interest (margin interest to be introduced in v2 leverage)

The stats:

- 76 markets created permissionlessly

- $950K+ total liquidity deposited

- $9M+ cumulative trading volume

- $57K+ in active borrow positions

- $21.9K LP fees generated

Not bad, but now is the time to accelerate.

What Dusk (V2) adds

A fully native spot margin engine with a perps-like experience (full trading interface, Limit Orders, DCA In/Out), launchpad tooling, plus single-sided deposits that work like supplying on a lending market (dedicated write-up soon).

Also, token-2022 support, serving all tokens.

Every token gets its own full market.

Every market becomes its own full ecosystem.

And we build towards one permissionless engine for every use case.

Holder-aligned ownership

100% of protocol revenue flows to the solana:omfgRBnxHsNJh6YeGbGAmWenNkenzsXyBXm3WDhmeta DAO treasury, governed by decision markets via @MetaDAOProject. Anyone gets to own a piece of Solana's permissionless margin layer.

Omnipair is fully open-source:

What we will eliminate is:

1. permissioned markets

2. fragmented liquidity / venues

3. LPs + tokens not being treated as first-class

What we will bring to Solana is:

1. permissionless, capital-efficient markets

2. rules enforced by code instead of people

3. a return to the values crypto was built on

Solana will win, DeFi will win, we will all win.

These are the markets we've been waiting for.

🔍 Curated by @cybercelos
✍️ Original thesis by @tr4ce4
🔗 https://x.com/tr4ce4/status/2103117808867389731