🚄Block Liquidity Problem

Problem Statement

TL;DR – Solana’s base layer delivers >50 k TPS, yet a single $500 k–$10 M swap still triggers double‑digit slippage, exposes alpha in the mempool, and invites MEV. Institutional players have no purpose‑built, private block‑liquidity rail—creating a multi‑billion‑dollar opportunity for Noir Finance.

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1. The Institutional Liquidity Gap

• Slippage – Public AMM pools (Orca, Raydium) show 8–30 % price impact when a $1 M order sweeps concentrated ticks ¹.

• Intent Leakage – Unencrypted mempool transactions broadcast size + side, enabling sandwich and copy trading.

• Unlock Overhangs – >$3.3 B of token cliffs drop in June 2025 alone ²; teams currently drip‑sell or negotiate risky OTC deals.

High throughput ≠ deep, private block liquidity.

2. Why Existing Venues Fail

Venue Type	Examples	Missing Piece
Public AMMs / Aggregators	Orca · Raydium · Jupiter	Privacy & depth (visible Tx, thin curves)
Order‑Book DEXs	Phoenix · OpenBook	Privacy (orders in mempool)
RFQ / OTC Desks	Wintermute · FalconX · Cumberland	Trustlessness (bilateral credit); spreads widen on tail assets
Sealed‑Bid Auctions	Metaplex Auctioneer · Cardinal	UX latency (multi‑tx); partial privacy
Cross‑chain Dark Pools	Arcium (EVM)	Solana integration unproven; lacks atomic settlement on Solana

Key Insight – No rival offers the trifecta of privacy, aggregated depth, and atomic settlement directly on Solana.

3. Market Size

Metric	2024 Actual
Solana DEX Volume (daily)	$2.5 B 3
Global Crypto OTC Volume (daily)	$39 B 4
Annual Token Unlocks (L1/L2)	$50–60 B

Assuming Noir Finance captures 1 % of on‑chain flow + 0.5 % of migrating OTC flow, we target an $8–12 B/month Total Addressable Market in 2025.

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