{"id":276,"date":"2025-08-14T17:24:57","date_gmt":"2025-08-14T08:24:57","guid":{"rendered":"https:\/\/coindetailshub.com\/?p=276"},"modified":"2025-08-14T17:25:00","modified_gmt":"2025-08-14T08:25:00","slug":"aden-exchange","status":"publish","type":"post","link":"https:\/\/coindetailshub.com\/en\/aden-exchange\/","title":{"rendered":"All About Aden Exchange | Orderbook DEX - How It Works - Latest Announcements"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><em>This page is an encyclopedic overview of ADEN DEX concepts, technical structure, trading metrics, policies, BGSC integration, and latest updates.<\/em><br><em>This page is in Korean Standard Time (KST).<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u26a0\ufe0f <strong>This article is an unofficial compilation of information about the ADEN exchange and is not intended to be an investment solicitation. Please trade at your own risk.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%95%84%EB%8D%B4_%EA%B1%B0%EB%9E%98%EC%86%8C%EB%9E%80\" title=\"What is the Aden Exchange?\">What is the Aden Exchange?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%96%B4%EB%96%BB%EA%B2%8C_%ED%83%84%EC%83%9D%ED%96%88%EB%82%98%EC%9A%94\" title=\"How did it come about?\">How did it come about?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8_%EA%B0%9C%EC%9A%94\" title=\"Project overview\">Project overview<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EB%AC%B4%EC%8A%A8_%EB%B0%A9%EC%8B%9D%EC%9C%BC%EB%A1%9C_%EC%9E%91%EB%8F%99%ED%95%98%EB%82%98%EC%9A%94\" title=\"How does it work?\">How does it work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%95%84%EB%8D%B4_%EA%B1%B0%EB%9E%98%EC%86%8C%EC%9D%98_%EC%8B%A4%EC%A0%9C_%EA%B1%B0%EB%9E%98_%EA%B3%BC%EC%A0%95\" title=\"The actual trading process on Aden Exchange\">The actual trading process on Aden Exchange<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%9E%90%EC%A3%BC_%EB%AC%BB%EB%8A%94_%ED%8F%AC%EC%9D%B8%ED%8A%B8\" title=\"Frequently asked points\">Frequently asked points<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%98%A4%EB%8D%94%EB%B6%81_vs_AMM_%ED%95%9C%EB%88%88_%EB%B9%84%EA%B5%90_BugsDEX_%E2%86%92_ADEN_%EC%A0%84%ED%99%98\" title=\"Orderbook vs AMM at a glance (BugsDEX \u2192 ADEN transition)\">Orderbook vs AMM at a glance (BugsDEX \u2192 ADEN transition)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%ED%95%B5%EC%8B%AC_%EC%9A%94%EC%95%BD\" title=\"Key takeaways\">Key takeaways<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%83%81%EC%9E%A5%EA%B1%B0%EB%9E%98_%EC%A7%80%EC%9B%90\" title=\"Listing\/Trading Support\">Listing\/Trading Support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EA%B1%B0%EB%9E%98_%EC%A7%80%ED%91%9C%EC%8A%A4%EB%83%85%EC%83%B7\" title=\"Trading indicators (snapshots)\">Trading indicators (snapshots)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%88%98%EC%88%98%EB%A3%8C%EC%A0%95%EC%B1%85\" title=\"Fees\/Policies\">Fees\/Policies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%B2%B4%EC%9D%B8_%EC%A0%95%EC%B1%85_%EA%B0%80%EC%8A%A4%EB%B9%84_%EC%A7%80%EC%9B%90\" title=\"Chain policy &amp; gas fee support\">Chain policy &amp; gas fee support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%9A%B4%EC%98%81_%EC%95%88%EC%A0%95%EC%84%B1%C2%B7%EA%B3%B5%EC%A0%95%EC%84%B1\" title=\"Operational reliability and fairness\">Operational reliability and fairness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#BGSC_%EC%97%B0%EB%8F%99_%ED%86%A0%ED%81%AC%EB%85%B8%EB%AF%B9%EC%8A%A4_%EB%B0%A9%ED%96%A5\" title=\"BGSC Integration &amp; Torqueonomics Direction\">BGSC Integration &amp; Torqueonomics Direction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%83%81%ED%92%88_%ED%99%95%EC%9E%A5%EC%98%88%EC%A0%95\" title=\"Product extensions (coming soon)\">Product extensions (coming soon)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%9C%A0%EC%9D%98%EC%82%AC%ED%95%AD\" title=\"Note that\">Note that<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#FAQ_%EC%99%9C_AMM%EC%97%90%EC%84%9C_%EC%98%A4%EB%8D%94%EB%B6%81%EC%9C%BC%EB%A1%9C_%EB%B0%94%EB%80%8C%EC%97%88%EB%82%98%EC%9A%94_%EB%8B%A8%EC%A0%90%EC%9D%80_%EC%97%86%EB%82%98%EC%9A%94\" title=\"FAQ: Why did we switch from AMM to order book, and are there any downsides?\">FAQ: Why did we switch from AMM to order book, and are there any downsides?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%99%9C_AMM_%E2%86%92_%EC%98%A4%EB%8D%94%EB%B6%81ADEN%EB%A1%9C_%EC%A0%84%ED%99%98\" title=\"Why AMM \u2192 Order Book (ADEN)?\">Why AMM \u2192 Order Book (ADEN)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EC%98%A4%EB%8D%94%EB%B6%81ADEN%EC%9D%98_%EB%8B%A8%EC%A0%90%EC%9D%80\" title=\"What are the disadvantages of order books (ADEN)?\">What are the disadvantages of order books (ADEN)?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EB%B3%80%EA%B2%BD_%EC%9A%94%EC%95%BD%EB%B3%B8%EB%AC%B8_%EB%82%B4_%EC%B7%A8%EC%86%8C%EC%84%A0_%ED%91%9C%EC%8B%9C\" title=\"Change summary (in-text strikethrough)\">Change summary (in-text strikethrough)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%EA%B3%B5%EC%8B%9D_%EB%A7%81%ED%81%AC_%EA%B3%A0%EA%B0%9D%EC%84%BC%ED%84%B0\" title=\"Official Links &amp; Help Center\">Official Links &amp; Help Center<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/coindetailshub.com\/en\/aden-exchange\/#%F0%9F%94%84_%EC%97%85%EB%8D%B0%EC%9D%B4%ED%8A%B8_%EB%A1%9C%EA%B7%B8\" title=\"\ud83d\udd04 Update log\">\ud83d\udd04 Update log<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%95%84%EB%8D%B4_%EA%B1%B0%EB%9E%98%EC%86%8C%EB%9E%80\"><\/span>What is the Aden Exchange?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q.<\/strong> What is the Aden Exchange?<br>\n<strong>A.<\/strong> Aden is a <strong>Order book-based derivative DEXs<\/strong>Yes, you can trade with a wallet connection, and the price is <em>Quotes (order book)<\/em> It's a match (based on announcements) <strong>User Fee 0%<\/strong>and is primarily oriented towards <em>Market Maker (MM)<\/em>and the user's limit order create liquidity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%96%B4%EB%96%BB%EA%B2%8C_%ED%83%84%EC%83%9D%ED%96%88%EB%82%98%EC%9A%94\"><\/span>How did it come about?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q.<\/strong> Wasn't it originally BugsDEX (AMM)?<br>\n<strong>A.<\/strong> That's right, the draft is <em>Liquidity pools (AMMs)<\/em> It was a concept, <strong>Actual launch<\/strong>The <strong>Orderbook DEX (Aden)<\/strong>favorable execution quality for derivatives, <em>Orderly shared orders<\/em>for initial liquidity, and the AMM's <em>Impermanent LOS (IL)<\/em> Avoiding pressure was a key reason.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%ED%94%84%EB%A1%9C%EC%A0%9D%ED%8A%B8_%EA%B0%9C%EC%9A%94\"><\/span>Project overview<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Type: Order book derivatives DEX (non-custodial)<\/li>\n\n\n\n<li>Infrastructure: Orderly-based whitelabel structure<\/li>\n\n\n\n<li>Listed\/traded: 126 alts (7\/31), top ranked CMC-derived DEX (8\/1~)<\/li>\n\n\n\n<li>BGSC integration: introducing a buyback-burn mechanism, a long-term 'second BNB' strategy<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EB%AC%B4%EC%8A%A8_%EB%B0%A9%EC%8B%9D%EC%9C%BC%EB%A1%9C_%EC%9E%91%EB%8F%99%ED%95%98%EB%82%98%EC%9A%94\"><\/span>How does it work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q.<\/strong> What's different about the order book?<br>\n<strong>A.<\/strong> <em>AMM<\/em>automatically adjusts the price by the liquidity pool rate, while the <strong>Order book<\/strong>Buy-Sell Silver <strong>Quotes<\/strong>The liquidity is matched by <em>LP Deposits<\/em>instead of <strong>Limit (pending) orders<\/strong>are stacked on top of each other.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Price formation<\/strong>: Matching quotes (orders) \u2192 Execution<\/li>\n\n\n\n<li><strong>Provide liquidity<\/strong>: Limit Order - MM Activity (no LP token)<\/li>\n\n\n\n<li><strong>Fee flow<\/strong>: (per announcement) User 0%, MM billing oriented<\/li>\n\n\n\n<li><strong>Representative risks<\/strong>: Spread\/Quote Depth - MM Dependent (Correspondence: Shared Order Book - Incentive)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%95%84%EB%8D%B4_%EA%B1%B0%EB%9E%98%EC%86%8C%EC%9D%98_%EC%8B%A4%EC%A0%9C_%EA%B1%B0%EB%9E%98_%EA%B3%BC%EC%A0%95\"><\/span>The actual trading process on Aden Exchange<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>One-line summaries<\/strong> -. <em>My Wallet (USDT\/USDC, BNB Gas)<\/em> \u2192 \u0392 <em>Deposit from ADEN (authorize to send)<\/em> \u2192 \u0392 <em>Stored in Orderly Vault smart contract (attributed to my wallet)<\/em> \u2192 \u0392 <em>Order book execution and settlement<\/em> \u2192 \u0392 <em>Back to My Wallet for withdrawals<\/em>.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Create a personal wallet<\/strong> - Prepare your EVM wallet, including metamasks, and <em>BNB Chain<\/em> Add a network.<br><\/li>\n\n\n\n<li><strong>Prepare for gas costs<\/strong> - Deposits, withdrawals, and authorizations require a small amount of <em>BNB<\/em>(By announcement, <em>BNB chain deposit gas fee support<\/em> Available)<br><\/li>\n\n\n\n<li><strong>Connect your wallet<\/strong> -. <a href=\"https:\/\/aden.io\" target=\"_blank\" rel=\"noopener\">aden.io<\/a> Connect \u2192 Connect <em>Connect Wallet<\/em>.<br><\/li>\n\n\n\n<li><strong>Staging assets<\/strong> -. <em>BNB Chain<\/em>The <strong>USDT<\/strong> or <strong>USDC<\/strong>to <em>My Wallet<\/em>in your project.<br><\/li>\n\n\n\n<li><strong>Deposit<\/strong> - ADEN \u2192 <em>Deposit<\/em> Select \u2192 Select <em>Token approval (Approval)<\/em> 1 time \u2192 \u0392 <em>Sending deposits<\/em>.<br>      \u279c The transferred assets are stored in the <strong>Orderly Vault smart contracts<\/strong>and is stored in <em>My wallet address<\/em>as collateral attributable to the<br><\/li>\n\n\n\n<li><strong>Order\/Execution<\/strong> - Open a position by setting the order type (Market\/Limit\/Stop) and leverage.<br>      \u279c <strong>Order book<\/strong>and the margin is reflected in the Vault.<br><\/li>\n\n\n\n<li><strong>Settlement<\/strong> - Unrealized\/Realized PnL, Funding Cost, (as announced) <em>User 0% transaction fee<\/em> The policy is applied. <br>      The fee structure is subject to change based on operating policies.<br><\/li>\n\n\n\n<li><strong>Withdraw<\/strong> - Vault Collateral <em>My Wallet (USDT\/USDC, BNB Chain)<\/em>\u2192 Move to external wallet\/exchange if needed.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9E%90%EC%A3%BC_%EB%AC%BB%EB%8A%94_%ED%8F%AC%EC%9D%B8%ED%8A%B8\"><\/span>Frequently asked points<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Authorization errors<\/strong> -. <em>approval limit<\/em> Due to rare errors that can occur during scaling, the announced standard is to use the <strong>Recommendation to use BNB Chain<\/strong>was present.<\/li>\n\n\n\n<li><strong>Gas costs<\/strong> - For all on-chain actions (authorization-deposit-withdrawal), the <em>BNB<\/em>is required. If it's not enough, progress stops.<\/li>\n\n\n\n<li><strong>Liquidation risk<\/strong> - When using leverage <em>Maintenance Margin<\/em> Underperformance may result in liquidation. Manage your risk with stop\/trigger orders.<\/li>\n\n\n\n<li><strong>Storage location<\/strong> - After the deposit, the asset will be <strong>Orderly Vault smart contracts<\/strong>and kept securely separate, <em>My Wallet<\/em> Accounted for on a per share basis.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%98%A4%EB%8D%94%EB%B6%81_vs_AMM_%ED%95%9C%EB%88%88_%EB%B9%84%EA%B5%90_BugsDEX_%E2%86%92_ADEN_%EC%A0%84%ED%99%98\"><\/span>Orderbook vs AMM at a glance (BugsDEX \u2192 ADEN transition)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Notifications<\/strong> -. <s>Coming soon to BugsDEX (AMM method)<\/s>but the actual service was <strong>ADEN (order book-based DEX)<\/strong>in the past. To avoid confusion, we summarize the differences between the two structures below. <strong>ADEN is not an LP liquidity pool deposit structure.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q.<\/strong> In the Bucksdex (AMM) article, you may have seen the <em>LP\/Impermanent Roth<\/em>applies to Aden?<br>\n<strong>A.<\/strong> No, it doesn't. <strong>Aden (order book)<\/strong>The <strong>LP Deposit - LP Token - IL<\/strong> If the concept is <u>Not applied directly<\/u>. The AMM concept is based on the <em>Training\/Comparison<\/em>for reference only.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Item<\/th><th>Order book (ADEN real)<\/th><th>AMM (BugsDEX concept)<\/th><\/tr><\/thead><tbody><tr><td><strong>Price formation<\/strong><\/td><td>Buy-Sell <strong>Quotes<\/strong>to match the <strong>Matching engine<\/strong>This contract<\/td><td>Automatic pricing based on pool percentages <code>x*y=k<\/code><\/td><\/tr><tr><td><strong>Provide liquidity<\/strong><\/td><td><strong>Limit orders (quotes)<\/strong>Providing this liquidity. Primarily stacked MM\/User quotes<\/td><td><strong>LP deposits two assets in pairs<\/strong>to form a pool<\/td><\/tr><tr><td><strong>Proof of engagement<\/strong><\/td><td>No separate attestation (order\/confirmation history)<\/td><td><strong>LP Token<\/strong> Issuance (share certificates)<\/td><\/tr><tr><td><strong>Representative risks<\/strong><\/td><td>Shallow quotes\/wider spreads, depth of fill<\/td><td><strong>Immutable Roth<\/strong>(lost opportunity due to price disparity)<\/td><\/tr><tr><td><strong>Fee flow<\/strong><\/td><td><strong>User 0% fee<\/strong>(by announcement), <strong>Charging only MM<\/strong> Orientation * Variable<\/td><td>If the transaction fee is <strong>Distributions to LPs<\/strong><\/td><\/tr><tr><td><strong>Who's in favor?<\/strong><\/td><td>Traders familiar with quote-based trading\/market making<\/td><td>Long-term LPs looking for fee income, simple swap users<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%ED%95%B5%EC%8B%AC_%EC%9A%94%EC%95%BD\"><\/span>Key takeaways<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ADEN = Order Book DEX<\/strong> \u2192 Liquidity is <strong>Limit orders<\/strong>Powered by, <strong>No LP pools\/LP tokens<\/strong>.<\/li>\n\n\n\n<li><strong>AMM (formerly BugsDEX)<\/strong>is <strong>LP Deposits<\/strong>and <strong>Fee distribution<\/strong> While the concept is key, it's important to note that the <strong>Not directly applied<\/strong>.<\/li>\n\n\n\n<li>Avoid commingling: <s>\"BugsDEX AMM Upcoming\"<\/s> \u2192 \u0392 <strong>\"Going live with the ADEN Order Book\"<\/strong> (transition complete).<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%83%81%EC%9E%A5%EA%B1%B0%EB%9E%98_%EC%A7%80%EC%9B%90\"><\/span>Listing\/Trading Support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>7\/31: Altcoins <strong>126<\/strong> Support for stock trading, officially listed on CMC ADEN<\/li>\n\n\n\n<li><s>8\/1: CMC DEX Derivatives Volume <strong>3rd place<\/strong><\/s> \u2192 \u0392 <strong>8\/5: 2nd place<\/strong> (Mentioned in 7th overall ranking)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EA%B1%B0%EB%9E%98_%EC%A7%80%ED%91%9C%EC%8A%A4%EB%83%85%EC%83%B7\"><\/span>Trading indicators (snapshots)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>8\/2: 24h trading volume approx. <strong>$460M<\/strong>, Active Users <strong>1,777<\/strong><\/li>\n\n\n\n<li>8\/7: 24h trading volume approx. <strong>$600M<\/strong>, Active Users <strong>2,200<\/strong> (largest ever)<\/li>\n\n\n\n<li>8\/11: 24h trading volume approx. <strong>$900M<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Notes: Market makers (MMs) operate at limit prices on Orderly, which means that approximately <strong>50%<\/strong>There is an internal explanation that only ADEN is counted on CEX, and that the perceived volume would be higher if the same conditions were translated to CEX.<br>\u27a1\ufe0f Dune volume: <a href=\"https:\/\/dune.com\/queries\/3369147\/5652166\" target=\"_blank\" rel=\"noreferrer noopener\">Link<\/a> \/User: <a href=\"https:\/\/dune.com\/queries\/3369187\/5652252\" target=\"_blank\" rel=\"noreferrer noopener\">Link<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%88%98%EC%88%98%EB%A3%8C%EC%A0%95%EC%B1%85\"><\/span>Fees\/Policies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>User Transaction Fee 0%<\/strong> By policy (based on operational announcements), <strong>Fees to market makers only<\/strong>(this policy is subject to change).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%B2%B4%EC%9D%B8_%EC%A0%95%EC%B1%85_%EA%B0%80%EC%8A%A4%EB%B9%84_%EC%A7%80%EC%9B%90\"><\/span>Chain policy &amp; gas fee support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Exclusive to BNB Chain<\/strong> Upcoming (8\/7)<\/li>\n\n\n\n<li>Based on the BNB chain <strong>Support for USDT\/USDC deposits for gas<\/strong> (How to apply for support)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9A%B4%EC%98%81_%EC%95%88%EC%A0%95%EC%84%B1%C2%B7%EA%B3%B5%EC%A0%95%EC%84%B1\"><\/span>Operational reliability and fairness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>8\/4: Volume Ranking <strong>Disqualify the #1 wallet<\/strong> (Fraudulent transaction context) \u2192 Exclude from ranking<\/li>\n\n\n\n<li>8\/4: Yield Leaderboard <em>My rankings<\/em> Display errors coming soon<\/li>\n\n\n\n<li>8\/4: Rare approval error during ETH chain approval limit increase \u2192 Temporarily <strong>BNB Chain Advisory<\/strong><\/li>\n\n\n\n<li>Leaderboard watch: Disclose transactions by wallet, investigate immediately upon report. <em>Subaccount transaction history<\/em> Viewability updates coming soon<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"BGSC_%EC%97%B0%EB%8F%99_%ED%86%A0%ED%81%AC%EB%85%B8%EB%AF%B9%EC%8A%A4_%EB%B0%A9%ED%96%A5\"><\/span>BGSC Integration &amp; Torqueonomics Direction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Strategies<\/strong>: Cultivating BGSC as the 'next BNB' (8\/2). Enhancing Utility - Designing Demand-Driven Tokenomics<\/li>\n\n\n\n<li><strong>Buyback-Burn<\/strong>: BGSC with a portion of ADEN's operating revenue (%) to the <strong>Market buy and burn<\/strong> (8\/5). Percentages are calculated based on quarterly volume data<\/li>\n\n\n\n<li><strong>Branching plan (draft)<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Q3: Holder event rewards <strong>$2,250,000<\/strong><\/li>\n\n\n\n<li>Q4: Based on investor compensation <strong>Adjusting the buyback-to-burn ratio<\/strong> (burn\u2191 for less reward, burn\u2193 for more)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Notes<\/strong>Announcement: \"Introducing BGSC Ecosystem to ADEN\"<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%83%81%ED%92%88_%ED%99%95%EC%9E%A5%EC%98%88%EC%A0%95\"><\/span>Product extensions (coming soon)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>US Big Tech (Apple, Amazon, Tesla, etc.) <strong>Perpetual Stock (Perp)<\/strong> Trading tokens <strong>Upcoming<\/strong><\/li>\n\n\n\n<li>PancakeSwap \u00d7 BGSC <strong>Official events<\/strong> (Total prize pool $300,000) Cross Campaign Mention<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%9C%A0%EC%9D%98%EC%82%AC%ED%95%AD\"><\/span>Note that<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>DEXs and CEXs have inherently separate infrastructure-market structures. CEX volume decline=DEX increase is not a given<\/li>\n\n\n\n<li>In the initial overheat window <strong>Fraudulent transactions<\/strong> Respond to attempts with disqualification (more fairness)<\/li>\n\n\n\n<li>Policies and metrics are subject to change as announced<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQ_%EC%99%9C_AMM%EC%97%90%EC%84%9C_%EC%98%A4%EB%8D%94%EB%B6%81%EC%9C%BC%EB%A1%9C_%EB%B0%94%EB%80%8C%EC%97%88%EB%82%98%EC%9A%94_%EB%8B%A8%EC%A0%90%EC%9D%80_%EC%97%86%EB%82%98%EC%9A%94\"><\/span>FAQ: Why did we switch from AMM to order book, and are there any downsides?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><s>Coming soon to BugsDEX (AMM method)<\/s>but the actual service was <strong>ADEN (order book-based DEX)<\/strong>for the first time. To avoid confusion, we'll summarize the reasons for the switch and the disadvantages of the order book together.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%99%9C_AMM_%E2%86%92_%EC%98%A4%EB%8D%94%EB%B6%81ADEN%EB%A1%9C_%EC%A0%84%ED%99%98\"><\/span>Why AMM \u2192 Order Book (ADEN)?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Optimize derivatives<\/strong>: stop-trigger-liquidate, etc. <strong>Manage risk<\/strong>Order book is favorable for external price matching with<\/li>\n\n\n\n<li><strong>Initial liquidity quality<\/strong>: <strong>Orderly shared orders<\/strong>Get deep pricing\/low spreads from the start with<\/li>\n\n\n\n<li><strong>Avoiding Immutable Loss (IL)<\/strong>Instead of the AMM's LP loss-subsidy burden, the order book will be <strong>No LP deposit structure per se<\/strong><\/li>\n\n\n\n<li><strong>Trader UX<\/strong>: Near CEX execution experience (high volume, high frequency), advanced order types, <strong>User 0% Fee-Oriented<\/strong> Compatibility with policies<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EC%98%A4%EB%8D%94%EB%B6%81ADEN%EC%9D%98_%EB%8B%A8%EC%A0%90%EC%9D%80\"><\/span>What are the disadvantages of order books (ADEN)?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Liquidity maintenance difficulty<\/strong>: Long tail stocks are <strong>Spread Widening\/Delayed Execution<\/strong> Yes \u2192 No <em>Correspondence<\/em>: Attracting shared orders\/specialized MMs<\/li>\n\n\n\n<li><strong>MM Dependencies<\/strong>: MM \uc774\ud0c8 \uc2dc \ud638\uac00 \uc595\uc544\uc9d0 \u2192 <em>Correspondence<\/em>: Designing a Multi-MM - Incentive-Commission Policy<\/li>\n\n\n\n<li><strong>On-chain cost\/complexity<\/strong>: Order\/Cancel Frequent \u2192 <em>Correspondence<\/em>Mitigate costs and delays with off-chain matching + on-chain payments (hybrid)<\/li>\n\n\n\n<li><strong>MEV\/Latency<\/strong>: \uc628\uccb4\uc778 \ubc18\uc601 \uc804\ud6c4 \uc2a4\ub2c8\ud551 \ub9ac\uc2a4\ud06c \u2192 <em>Correspondence<\/em>Tags: batch-cue-watcher, trigger design<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Organize<\/strong>ADEN is <strong>Orderbook DEX<\/strong>to operate. Liquidity is <strong>Limit orders (quotes)<\/strong>which, like AMMs, is provided by the <strong>LP Liquidity Pools\/LP Tokens<\/strong>This <u>None<\/u>. AMM concepts are for educational and comparative purposes only.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%EB%B3%80%EA%B2%BD_%EC%9A%94%EC%95%BD%EB%B3%B8%EB%AC%B8_%EB%82%B4_%EC%B7%A8%EC%86%8C%EC%84%A0_%ED%91%9C%EC%8B%9C\"><\/span>Change summary (in-text strikethrough)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Orderbook engine: <s>Orderly + ASTER in parallel<\/s> \u2192 \u0392 <strong>Orderly Single<\/strong> (7\/26)<\/li>\n\n\n\n<li>CMC-derived DEX volume ranking: <s>3rd place<\/s> (8\/1) \u2192 <strong>2nd place<\/strong> (8\/5)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"aden-links\"><span class=\"ez-toc-section\" id=\"%EA%B3%B5%EC%8B%9D_%EB%A7%81%ED%81%AC_%EA%B3%A0%EA%B0%9D%EC%84%BC%ED%84%B0\"><\/span>Official Links &amp; Help Center<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ADEN Official Site<\/strong>: <a href=\"https:\/\/aden.io\" target=\"_blank\" rel=\"noopener\">https:\/\/aden.io<\/a><\/li>\n\n\n\n<li><strong>KakaoTalk Help Center<\/strong>: <a href=\"https:\/\/pf.kakao.com\/_jggxan\" target=\"_blank\" rel=\"noopener\">https:\/\/pf.kakao.com\/_jggxan<\/a><\/li>\n\n\n\n<li><strong>Telegram Help Center<\/strong>: <a href=\"https:\/\/t.me\/BGSC_ADEN\" target=\"_blank\" rel=\"noopener\">https:\/\/t.me\/BGSC_ADEN<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%F0%9F%94%84_%EC%97%85%EB%8D%B0%EC%9D%B4%ED%8A%B8_%EB%A1%9C%EA%B7%B8\"><\/span>\ud83d\udd04 Update log<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2025-08-12<\/strong> - 24h Trading Volume <strong>$900M<\/strong> Breaking. CEX and DEX infrastructure separation explained, HL share target of 50% - emphasizes long-term growth strategy<\/li>\n\n\n\n<li><strong>2025-08-07<\/strong> - 24h Trading Volume <strong>$600M<\/strong>-active <strong>2,200<\/strong> (the largest ever). BNB Chain <strong>Exclusive<\/strong> and <strong>Deposit gas assistance<\/strong> Announcements<br>\u27a1\ufe0f Dune volume: <a href=\"https:\/\/dune.com\/queries\/3369147\/5652166\" target=\"_blank\" rel=\"noreferrer noopener\">Link<\/a> \/User: <a href=\"https:\/\/dune.com\/queries\/3369187\/5652252\" target=\"_blank\" rel=\"noreferrer noopener\">Link<\/a><\/li>\n\n\n\n<li><strong>2025-08-05<\/strong> - CMC Derived DEX 24h Volume <strong>2nd place<\/strong>. As part of ADEN's operating revenue <strong>BGSC Buyback-Burn<\/strong> Mechanism introduced (percentage calculation based on quarterly volume data)<\/li>\n\n\n\n<li><strong>2025-08-04<\/strong> - Leaderboards <strong>Disqualify the #1 wallet<\/strong>'My Rank' error will be fixed, ETH chain approval issue \u2192 temporary BNB recommendation, monitoring function - subaccount viewing notice<\/li>\n\n\n\n<li><strong>2025-08-03<\/strong> - Shared CEX vs DEX structure comparison, revenue usage (holder events - buyback burn - operating expenses) and quarterly plans (3Q compensation $2.25M, 4Q ratio adjustments)<\/li>\n\n\n\n<li><strong>2025-08-02<\/strong> - 24h Trading Volume <strong>$460M<\/strong>, active <strong>1,777<\/strong>. <strong>BGSC 'The Next BNB'<\/strong> Drive strategic and demand-driven talkonomics<\/li>\n\n\n\n<li><strong>2025-08-01<\/strong> - CMC Derived DEX Trading Volume <s><strong>3rd place<\/strong><\/s> \u2192 later updated to #2 on 8\/5<\/li>\n\n\n\n<li><strong>2025-07-31<\/strong> - Altcoins <strong>126<\/strong> Support for stock trading, officially listed on CMC ADEN. Listing-ranking fluctuates based on active users\/volume<\/li>\n\n\n\n<li><strong>2025-07-26<\/strong> -. <strong>ASTER Orderbook Service Outage<\/strong>: Withdrawal of proceeds - Delayed withdrawal of funds, no spread improvement. Orderly single delivery<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>This document will be updated from time to time based on operational announcements.<\/strong><\/em><br>Update by: <strong>2025-08-13 (kst)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>\uc774 \ud398\uc774\uc9c0\ub294 ADEN(\uc544\ub374) DEX\uc5d0 \ub300\ud55c \uac1c\ub150, \uae30\uc220 \uad6c\uc870, \uac70\ub798 \uc9c0\ud45c, \uc815\ucc45, BGSC \uc5f0\ub3d9, \ucd5c\uc2e0 \uc5c5\ub370\uc774\ud2b8\ub97c \ud55c\ub208\uc5d0 \ubcfc \uc218 \uc788\ub3c4\ub85d \uc815\ub9ac\ud55c \ubc31\uacfc\uc0ac\uc804\ud615 \ucf58\ud150\uce20\uc785\ub2c8\ub2e4.\u203b \ubcf8 \ud398\uc774\uc9c0\ub294 \ub300\ud55c\ubbfc\uad6d \ud45c\uc900\uc2dc(KST)\ub97c \ub530\ub985\ub2c8\ub2e4. \u26a0\ufe0f \uc774 \uae00\uc740 ADEN \uac70\ub798\uc18c \uad00\ub828 \uc815\ubcf4\ub97c \uc815\ub9ac\ud55c \ube44\uacf5\uc2dd \ucf58\ud150\uce20\uc774\uba70, \ud22c\uc790 \uad8c\uc720 \ubaa9\uc801\uc774 \uc544\ub2d9\ub2c8\ub2e4. \ubaa8\ub4e0 \uac70\ub798\ub294 \ubcf8\uc778 \ucc45\uc784 \ud558\uc5d0 \uc2e0\uc911\ud788 \uacb0\uc815\ud574 \uc8fc\uc138\uc694. \uc544\ub374 \uac70\ub798\uc18c\ub780? Q. \uc544\ub374 \uac70\ub798\uc18c\ub294 \ubb50\uc608\uc694? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12],"tags":[267,19,162,296,287,293,290,295,288,291,289,297,294,55,292],"class_list":["post-276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-info","tag-aden","tag-bgsc","tag-bnb-","tag-dex-","tag-orderly-","tag-293","tag-290","tag-295","tag-288","tag-291","tag--dex","tag-297","tag-294","tag-55"],"blocksy_meta":[],"jetpack_featured_media_url":"https:\/\/coindetailshub.com\/wp-content\/uploads\/2025\/08\/aden-exchange-official-logo-orderbook-dex-aden-io-2025-08.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/posts\/276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/comments?post=276"}],"version-history":[{"count":2,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/posts\/276\/revisions"}],"predecessor-version":[{"id":280,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/posts\/276\/revisions\/280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/media\/279"}],"wp:attachment":[{"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/media?parent=276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/categories?post=276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coindetailshub.com\/en\/wp-json\/wp\/v2\/tags?post=276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}