# Velque

> The order book for tokenized stocks on Solana, built around the hours when Nasdaq is closed. A normal book while Nasdaq is open, periodic auctions that clear at one price while it is closed, and one opening cross before the bell.

Nasdaq is open 32.5 hours a week. Tokenized stocks on Solana trade all 168. For the other 135 hours there is no Nasdaq price to check a trade against, liquidity is thin, and each order walks the pool alone. Velque changes how trading works in those hours instead of inventing a price for them.

## How it works

- Day (Nasdaq regular session, Mon to Fri 9:30 to 16:00 ET): continuous order book, price then time. Every limit price must sit inside a per-stock band around the Nasdaq reference price.
- Dark (nights, weekends, holidays, or whenever the reference price goes stale): orders collect in fixed windows and clear together at one price.
- Opening cross: the last auction before 9:30 ET collects everything from the night or weekend and clears it at once, then the Day book resumes.

## Clearing rule for an auction

1. The price that trades the most shares.
2. If tied, the price that leaves the fewest shares unmatched.
3. If still tied, the price closest to the last reference before the close.
4. If still tied, the midpoint of the remaining range.

Orders priced better than the clearing price fill first; orders exactly at the clearing price share the remainder pro rata by size. Everyone who fills gets the same price.

## Facts

- Chain: Solana. Settlement in USDC.
- Stocks: tokenized stocks issued on Solana (xStocks, Ondo Global Markets, Backpack Securities). The Day book needs a live exchange price; stocks without one trade in auctions at all hours.
- Custody: non-custodial. Orders wait in a program escrow that can fill or return them, never take them.
- Proof: every auction keeps its orders (owner, side, price, size, fill), its window and its clearing price onchain, so anyone can replay it.
- Orders: limit only, cancel any time before the window closes.
- Orders: one window, or until cancelled (the unfilled part carries into the next window with its escrow).
- Day fills: an order that crosses fills at once at the resting price; resting orders keep their proceeds claimable; your own orders are skipped.
- End of day: when the reference is older than max_age the market is Dark, and resting day orders move into the night auction as until-cancelled orders with their escrow.
- Opening cross: the first auction after the reference comes back clears at once; unfilled until-cancelled orders move into the Day book.
- Token standard: SPL Token and Token-2022 (xStocks are Token-2022, 8 decimals, with a dividend multiplier).
- Reference price: last Nasdaq trade from api.nasdaq.com and Yahoo Finance (must agree within 0.5%), times the token multiplier, signed on-chain by a dedicated oracle key that cannot move funds or upgrade the program.
- Minimum order: each market has a minimum order value ($10 on the test market).
- Status: in development. A test market with a Token-2022 test stock runs all three sessions; its reference is the live Nasdaq price of NVDA during Nasdaq hours. Mechanics may change before mainnet.

## Links

- Site: https://usevelque.xyz/
- Docs: https://usevelque.xyz/docs
- App (test market): https://usevelque.xyz/app (tNVDAx, tTSLAx, tAAPLx; a labelled Velque market maker quotes both sides and never trades with itself)
- X: https://x.com/usevelque