About Noir Protocol

Noir Protocol is the matching engine for tokenized equities: a central limit orderbook with strict price-time priority and real onchain settlement.

For decades, the best risk-adjusted returns in finance have been locked behind geographic restrictions, accreditation requirements, and million-dollar minimums.

Trillions of dollars of stocks, ETFs and real-world assets are moving onchain, and landing in the wrong place.

What is the matching engine

The orderbook. Held in memory, matched at hardware speed, settled onchain.

An order is a message you sign, not a transaction you pay for. Your wallet signs it offchain, for free.

Market, side, price, size. Your wallet signs it offchain: no gas, no block, no cost.

What is a signed order

A signed order. Free to place, free to cancel, and it never touches a block until it fills.

An in-memory orderbook matches by price, then time. No auction to game, no privileged sequencer, no searcher paying to jump the queue.

Execution & Settlement

Noir runs a central limit orderbook with strict price-time priority.

Orderbook: every resting bid and ask, held in memory. Matching: price-time priority, at hardware speed. Settlement: matched batches moved onchain, T+0.

Best price first. First in line, first filled.

Security

Your funds never touch us. Collateral and tokenized shares sit in a contract onchain under one rule: nothing moves unless you signed for it.

The book, the sequencer and the settlement contract are public. Fairness you can audit is the only kind worth having.

Every order, in the exact sequence the engine saw it, written to a public log you can replay.

Security researchers can report vulnerabilities for rewards. Severity-based payouts for valid findings.

We custody nothing. Balances move only on a match you signed, straight to the settlement contract.

Global Markets

Every serious equity market on earth runs on the same machine: a matching engine, price-time priority, real settlement. Noir brings that machine to tokenized shares, from New York to Tokyo.

A bonding curve knows nothing about the asset it quotes. An orderbook does. Real limit orders, real stops, real price discovery, and a spread that does not leak to arbitrageurs the moment price moves.

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Docs
Docs

The matching engine.

For tokenized equities.

Price Improvement*
10.5%
24H VOLUME
N/A

A central limit orderbook, built in the open.
For tokenized equities.

Price-time priority

Price, then time. Nothing else.

Every serious equity market on earth runs on the same machine: a matching engine. Noir holds the orderbook in memory and matches at hardware speed by one rule, price then time. Best price first, first in line first filled. No auction to game, no privileged sequencer, no searcher paying to jump the queue.

An order is a message you sign.

1

Sign your order offchain

Market, side, price, size. Your wallet signs it offchain: no gas, no block, no cost.

2

The engine matches it

An in-memory orderbook matches by price, then time. No auction to game, no privileged sequencer, no searcher paying to jump the queue.*

3

It settles onchain, T+0

The instant two orders match, the contract moves balances. No clearing window, nothing pending, no overnight counterparty risk.

Outpricing the Curve.*

A bonding curve knows nothing about the asset it quotes. An orderbook does. Real limit orders, real stops, real price discovery, and a spread that does not leak to arbitrageurs the moment price moves.

AMM 2%
RFQ 3.5%
ONCHAIN CLOB 4%
NOIR 10.5%*

Real-Time
Proof of Sequence

Every order the engine sees, in the exact sequence it saw them, is written to a public log. You do not have to believe the matching was fair: you can replay it and prove it. The book, the sequencer and the settlement contract are all open source.

Built alongside leading onchain infrastructure teams
Institutional partner
Institutional partner
CMCC Global
Institutional partner
Institutional partner
Bering Waters
Institutional partner
Institutional partner
Institutional partner
Institutional partner
CMCC Global
Institutional partner
Institutional partner
Bering Waters
Institutional partner
Institutional partner
N/A Total Backing Assets
100% Collateral Ratio
Go to Dashboard

No compromises.

The assets are going onchain either way. The only question is whether they trade on a real market.

Non-custodial by design

The engine may match your orders and settle them. It may never take them. Custody stays with you, in a contract you can read.

Open source, end to end

The book, the sequencer and the settlement contract are public. Fairness you can audit is the only kind worth having.

Bug Bounty Program

Break the engine and get paid for it. Ongoing rewards for anyone who can prove the matching or settlement is unfair.

$1M
Maximum Bounty

Matching orders worldwide.

Every serious equity market on earth runs on the same machine: a matching engine, price-time priority, real settlement. Noir brings that machine to tokenized shares, from New York to Tokyo.