Spire Protocol is the clearing layer for tokenized assets. Not an exchange, not a terminal, not an aggregator. A trade that is already matched, on a DEX, an RFQ desk or a credit market, comes to us, and we answer for it settling.
Chain ID 4663. Venues on other chains connect through bridged assets.
After novation every participant faces Spire Protocol, and Spire Protocol is collateralised.
Tokenization does not run out of venues. There will be many of them and they are interchangeable. It runs out of capital. To settle atomically, both sides must hold the whole asset at the moment of the trade. Money sits frozen against every position, and the size of the market is set by how much capital participants agree to keep dead.
Both legs must be funded in full before the trade can clear.
Capital guards a position instead of working.
Market size is set by balance sheet, not by demand.
Spire Protocol tears the matched trade up and re-signs it on itself. The buyer owes Spire Protocol, and Spire Protocol owes the seller. Nobody prices anybody else's credit any more.
Every participant faces one counterparty, and that counterparty is collateralised. Credit assessment leaves the trade.
The right to move volume is granted against collateral, not against full prepayment. Capital works instead of guarding a position.
// one call from your settlement path import { Clearing } from '@spireproto/sdk'; const clearing = new Clearing({ venue: process.env['SPIRE_VENUE_ID'], signer: process.env['SPIRE_SIGNING_KEY'], chainId: 4663, }); const obligation = await clearing.obligations.fromFill({ fill: matchedFill, window: 'current', }); console.log(obligation.net);
net on 1,000 of gross turnover.
Bought and sold inside one window nets to zero. Only the real difference is settled.
The default waterfall runs in a fixed order: the defaulter's margin, then their contribution to the default fund, then the protocol insurance layer, then the mutualised fund of the other members, and only then an auction.
Send us the matched fill. Spire Protocol novates it, nets it inside the settlement window and settles the difference. You keep price discovery and stop carrying counterparty risk.
Start integrationQuote against collateral instead of prefunding every leg. Buy and sell inside one window and the net obligation is zero, so nothing goes on chain.
Read the mechanicsOne counterparty with continuously published solvency instead of a book of unknown names. A default is absorbed by the waterfall, not sold into the market.
See the waterfallNo serious participant settles where its book is visible to a competitor. Positions and flows are not published.
What leaves the system is a proof that collateral covers obligations, without revealing whose it is or how large.
In traditional finance solvency is confirmed once a quarter and on trust. Here it is confirmed continuously and can be verified.
Position limits come from staked collateral. A member that defaults is slashed, and the waterfall covers what is left.
Clearing members stake for the right to position limits. More stake, more volume. A default is slashed.
Part of the stake sits in the default fund. Holders earn fees because they carry tail risk. The yield is explainable, not emitted.
Fees are taken in the settlement asset, not in the token. The token is not a toll for entry, it is a share in clearing.
Price follows clearing turnover, not the number of holders.
Integration starts with one call from your settlement path: post the matched fill, receive a signed obligation, settle the net at the end of the window.
SPIRE PROTOCOL