The order book for tokenized stocks on Solana.
Tokenized stocks trade 168 hours a week. Nasdaq sets a price for 32.5 of them. Velque runs a normal order book while that price exists and switches to auctions when it does not, so nobody trades alone against a thin pool at 3am on a Sunday.
While Nasdaq is open, a limit order takes the best resting price at once. What does not fill waits in the book, inside a band around the reference.
When the reference goes quiet after the bell, resting orders move into the night auction with their escrow. Each window clears at one price.
At the open everything that waited clears together in one cross. Whatever is still unfilled goes back into the day book at its limit.
Nasdaq prices a stock for 32.5 hours. Onchain it trades all 168, and after the bell pools run with nothing to anchor them. Velque covers all 168 and changes the rules when the reference goes dark.
Each auction writes its orders, its window and its clearing price to Solana. You do not have to trust the result: replay the orders and you get the same price. The program source goes public before mainnet.
The assets are going onchain either way. The only question is whether they trade on a real market.
Orders wait in a program escrow on Solana. The program can match them and settle them. It can never take them.
During market hours every order is checked against the live Nasdaq price for that stock. An order that strays too far from Nasdaq never enters the book.
Evenings, nights, weekends and holidays. The hours Nasdaq is closed are the hours Velque was built for.
