What is RFQ
Merkle Request for Quote (RFQ) is a intent-based swapping system that relies on MEV bots & market makers to fill swap requests from users.
After a trader submits an order, the RFQ system will open up a permission-less auction where bots and market makers compete to fill the order at the best possible price combining on-chain and off-chain data.
RFQ order lifecycle.
This RFQ system offers a few great features:
- MEV Protection: Merkle RFQ & Merkle Swap are natively MEV resistant, all transactions are submitted through a private mempool.
- Guaranteed best prices: RFQ is built for speed, in Rust, and can quickly match new bids to orders within 10ms of receiving them.
- Privacy: All swaps are private until they are included on-chain.
- No revert fee: Swappers never have to pay for failed swaps.
- Gas free: Gas fees are included in the quote. No additional network fee is charged.
- MEV Boost: If your swap generates MEV, it'll be used to give you a better quote.
- Fast: Swaps are included in the next block 95% of the time.
- Bribes: Swappers can choose how much they want to bribe block builders to include their transactions earlier.