Permissionless DeFi
on Solana
Swap, borrow, and earn yield. All from unified liquidity pools with no intermediaries.
What you can do
Trade
Low-fee swapsSwap tokens with minimal slippage from deep, unified liquidity pools.
Get startedBorrow
Collateralized loansBorrow against your tokens instantly. No credit checks, no intermediaries.
Get startedEarn
Yield from LPsProvide liquidity to earn swap fees and interest paid by borrowers.
Get startedGAMM vs Standard AMM
Same liquidity, more revenue. GAMM pools earn swap fees plus borrowing and margin interest, while standard AMMs only earn swap fees.
How It Works
One pool. Three revenue streams. Unified liquidity that works for everyone.
For Liquidity Providers
Triple Revenue Streams
- Earn swap fees from every trade
- Earn interest from borrowers
- Earn leveraged interest from margin traders
- No idle capital. Every token is working
For Borrowers
Any Collateral, No Gatekeepers
Permissionless markets mean any SPL token can be collateral. No whitelists, no governance votes. Just deposit and borrow.
Why Omnipair Is Different
A new DeFi primitive designed from the ground up. No oracles, no governance slowdowns, and no shared risk.
Oracle-Free Markets
No external price feeds. Prices are derived from swaps within the pool using a dual-EMA system: a symmetric EMA for smoothing, and a directional EMA that quickly reflects price drops. Any SPL token can be listed without a gatekeeper.
Dynamic Collateral Factor
Borrow limits change in real-time according to pool liquidity and price impact. Larger positions receive reduced LTV, significantly reducing over-leverage possibilities in shallow pools.
Market-Driven Borrow Rates
Interest rates automatically adjust with utilization. They fall when demand is low and rise as pools get stretched. No governance required. Rates update on their own, instantly.
Bad Debt Protection
Multiple defense layers make bad debt structurally unlikely. And when it does occur, losses are isolated and socialized, never systemic.
Dual-EMA Pricing
Solvency is checked against the pessimistic price: the minimum of a symmetric EMA and a directional EMA that instantly tracks drops. Flash-loan manipulation is structurally impossible.
Impact-Aware Collateral Factor
The bigger your position relative to pool depth, the lower your LTV. Price impact is baked directly into the borrow limit, making it economically impossible to extract more value than the pool can safely handle.
Liquidation Impact Buffer
Liquidated collateral affects the spot price immediately, while the EMA reflects that price impact gradually for existing borrowers. This reduces the chance that one event triggers a sudden wave of liquidations.
The Math
The Dynamic Collateral Factor accounts for price impact on liquidation. Larger positions face more slippage when liquidated, so the protocol proactively limits their LTV.
Virtual Reserves at Pessimistic Price
The pool computes virtual reserves using the more conservative of two EMAs, ensuring borrow limits are always based on a manipulation-resistant price.
yv = √(k × Ppess)
What If Bad Debt Occurs?
Even with all defenses, extreme market conditions can cause insolvency. Omnipair handles it gracefully through two mechanisms:
Isolated Pools
Each market is its own isolated pool with separate reserves, rates, and risk. Bad debt in one pool cannot cascade to others. A BONK/USDC pool failure has zero effect on SOL/USDC.
Socialized Loss via k Reduction
When a position's debt exceeds its collateral value, the shortfall is absorbed by reducing the pool's constant product invariant. All LPs share the loss proportionally — no single LP is singled out.
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