Vest replaces a conventional order book with a risk engine that quotes continuously from a shared vault, aiming to hold spreads tight on assets that would otherwise have no market maker.
A pricing engine derives quotes from a risk model rather than resting orders, backed by a shared vault. Funding adjusts to keep the engine's inventory balanced.
The model is the market maker, so mispricing risk sits with the vault rather than with independent participants. Young venue with limited history.
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