Manifest is now live on Solana: a new way to play with on-chain order books.

Recently, the Solana ecosystem has introduced something new. The market maker CKS Systems launched Manifest—a native on-chain order book, with the core selling point being that Liquidity Providers can place an unlimited number of orders simultaneously, using the same capital to make multiple bids and offers at the same time. In simple terms: with capital A, you can fulfill both buy orders and sell orders without having to separate them.

This sounds quite promising. The platform also supports one-click listing of new tokens, zero transaction fees, and resistance to slippage impacts, which seems to be aimed at enhancing the DEX trading experience.

The highlight on the technical level is the HyperTree data structure. According to the white paper, this system can increase the data storage efficiency of the Solana virtual machine (SVM), and the core matching engine can be verified through formal verification, in other words, it is more solid in terms of security.

The three founders behind it are also noteworthy: Maximilian Schneider is the founder of the well-known DEX Mango Markets(, Britt Cyr is the CTO of the Web3 options platform Dual Finance, and John Kramer is the head of trading at CKS. The combination of the three represents a blend of market depth, technical solutions, and trading practice.

Core Logic: Solana's DeFi ecosystem requires more efficient liquidity infrastructure. This project directly approaches from the perspective of the order book, benchmarking against CEX experiences, while retaining on-chain transparency. If it can run steadily, it will help the activity level of the Solana ecosystem.

It is worth noting that such order book DEXs are still rare on Solana, with most competitors being of the AMM model. Whether a differentiated advantage can be formed depends on the real trading volume and Liquidity depth.