Sidiora’s market-making stack is a protocol primitive inside Paxeer, not a free-floating prop desk. Inventory, quote bands, and skew functions are instantiated from the network’s community balance sheet and risk envelopes, then written into on-chain books via ChainFlow smart wallets.
We do not contract out market making as a service. Any exchange, protocol, or synthetic surface that integrates with Paxeer becomes addressable by the MM surface: funded wallets, routing logic, and risk controls decide when and how capital is projected into connected markets.
Step 1 · Network-owned capital
Inventory originates from Paxeer’s community balance sheet, not bilateral MM mandates. ETH/OP collateral and PAX-denominated buffers are carved into risk buckets and funding tranches that power the market-making surface.
Step 2 · Risk envelopes & inventory
Capital is decomposed into symbol-level envelopes: per-pair VAR limits, inventory bands, and drawdown constraints. These envelopes gate how much of the network balance sheet can ever be expressed as on-book inventory for a given market.
Step 3 · Continuous quoting surfaces
A venue-abstracted quoting engine instantiates two-sided bands, skew, and size curves from each envelope. Spreads adapt to volatility, depth, and utilization across Paxeer-connected books, ensuring continuous but constrained presence.
Step 4 · Smart-wallet execution
ChainFlow smart wallets hold funded, risk-scoped inventory and write quotes directly into books. Execution, cancels, and position management are expressed as wallet flows rather than opaque broker accounts.
Step 5 · Feedback into risk
PnL, inventory drift, and venue health feed back into the same risk envelopes that governed projection in the first place. Capital is reallocated across symbols, venues, and strategies by protocol logic—not manual re-papering of MM mandates.