Network live

Native P2P liquidity for RGB assets.

Direct liquidity from RGB market makers. Peer-to-peer settlement on Bitcoin L1 and Lightning.
Or run a maker node →
Mainnet waitlist · we’ll email you the moment it’s live
Broker endpoint
signet-rfq.tapray.fi
Network
signet
—
Maker nodes online
subscribed
—
Broker
signet
118ms
Median quote time
p50 across pairs
99.4%
Settlement success
last 30 days
—
Asset pairs
NIA / BTC
Positioning

RGB liquidity should stay at the edges, not in pools.

RGB does not expose a global token balance or a transferFrom primitive. Forcing pooled liquidity onto it hides the protocol shape that makes RGB interesting.
01Principle
UTXO-BOUND BALANCEUTXO ALLOCATIONS · DISCRETE, SETTLEABLEPOOL BALANCE∅

UTXO-bound

RGB asset balances live in specific UTXOs. A real quote has to reason about inventory that can actually settle — not an abstract pool balance.

02Principle
TAKERMAKERrfqquoteacceptsettle

RFQ-native

Takers request liquidity, makers quote against their inventory, accepted trades settle through RGB invoices, PSBTs, and consignments.

03Principle
EDGE NODES · HOLD STATEBROKER · ROUTES, NO CUSTODY

Edge-owned

Wallets and maker nodes hold the state. The broker is routing infrastructure, not a venue. No pooled custody, no synthetic balances.

RGB RFQ rails

TapRay is the interface. The network is maker-operated.

Quote requests flow from the wallet through a stateless broker to a set of independent maker nodes. Quotes return on the same path. Settlement is direct.

  • WalletCreates RFQ payload and RGB invoice. Holds taker state.
  • BrokerRoutes RFQ and quote messages. Never holds keys, funds, or RGB state.
  • Maker nodeQuotes against owned RGB inventory. Settles peer-to-peer.
RFQ rails · live trace
replay
settle direct · L1 / LN ↗Wallettaker · rgb-cliBrokerroutingonlynode·7aftBTC · 2.4QUOTE 0.987node·44eRGBX · 18kQUOTE 0.991node·9d1tBTC · 0.8QUOTE 0.984node·02bRGBX · 6.2kQUOTE —RFQ →← QUOTEfanoutTRACE 0x9af3·c2e1rfq → fanout → quote · 118msSETTLE P2P · L1 / LN ↗
Flow

RFQ first, because RGB settlement is interactive.

01

Ask for liquidity

Submit an NIA/BTC RFQ from your wallet without depositing assets into TapRay. The broker fans out to subscribed maker nodes.

POST /v1/rfq
~ 80–250ms fanout
02

Best offer, automatically

The broker collects every maker quote and surfaces the best executable price for you — no manual comparison. Routing, inventory, and expiry are checked under the hood.

Best-price selection
TTL · 30s default
03

Settle directly

Accept a quote and complete the wallet-to-maker RGB settlement path — on-chain (L1) or over Lightning. Invoice, PSBT, consignment — native artifacts only.

L1 PSBT or Lightning
No broker custody
Atomicity

Either the whole trade settles, or none of it does.

Both sides of a TapRay trade live in one co-signed transaction. It confirms as a unit — there is never a moment where the maker holds your asset but you don't yet hold theirs.

  • Co-signed PSBTBoth transfers are bound into a single Bitcoin transaction — one signature set, one broadcast, one confirmation.
  • No half-statesThe chain either contains the whole swap or none of it. No partial fills, no stranded leg, no waiting on a counterparty.
  • No counterparty riskIf anything fails before broadcast, both sides keep their original balances. There is nothing to claw back.
Atomic settlement · 1 tx
all-or-nothing
CO-SIGNED PSBT · SINGLE BROADCAST0.250 tBTC12,500 RGBX1TXTakerwalletMakernode·7afOUTCOME · BINARYBoth legs confirm→ trade settles atomicallyAny leg fails→ both balances revert∅ no half-settled state · no counterparty risk · no stranded funds
Manifesto
§1 / posted 2026
last edit 02·14

Bitcoin-native markets should not require synthetic pools or custodial balances. TapRay keeps the quote path open and the settlement path direct.

01
Independent makers

Anyone with inventory can quote. No house, no privileged venue, no gatekeeper between you and the market.

02
Wallet-held state

Keys, balances, and RGB state stay at the edges. The broker routes messages and holds nothing.

03
RGB-native artifacts

Settlement is native invoices, PSBTs, and consignments — over L1 or Lightning, never synthetic balances.

Signed · 34 makerslive
ozzy7af2·c1e3
maker9b3c·442e
rgb-werka17d·0b29
utxoshop02b1·ff8a
no-pools44e1·9c0d
signet-lpd3a4·6781
+ 28 others · view registry →
Run a maker node

Anyone with inventory can quote.

The maker node is a small, opinionated daemon. It subscribes to RFQs, prices against your own RGB UTXOs, signs PSBTs locally, and never hands custody to a venue.

Rust
Native binary
MIT
License
~/.tapray / maker.tomlv0.3
$ tapray maker init
› generating keypair [ok]
› probing nia inventory [ok]
› subscribing to broker [ok]
 
[maker]
node_id = "node·7af2"
network = "signet"
 
$ tapray maker up
↑ listening on rfq.tapray.signet
↑ quoting on 2 pairs ▍
FAQ

Common questions, in plain terms.

Is TapRay an exchange?+
No. TapRay is a routing interface for RFQ messages. The broker never holds keys, balances, or RGB state; settlement happens directly between wallet and maker through RGB invoices and PSBTs.
How is this different from a pool-based DEX?+
A pool requires a shared balance to swap against. RGB asset balances — NIA and the other fungible schemas — are bound to specific UTXOs, and there is no transferFrom primitive. TapRay routes quotes against maker-owned UTXOs instead of pooling them.
What does the broker actually do?+
Fans out signed RFQ messages to subscribed maker nodes, returns their quotes, and ferries the accept message. That is the entire surface area. No order book, no matching engine, no custody.
Can I run a maker node today?+
The maker daemon is in private beta on signet. Join the waitlist as a maker and we will onboard you with a quoting checklist and a paired test asset.
How does settlement actually work?+
The accepted quote produces an RGB invoice from the taker, an RGB-aware PSBT from the maker, a co-signed transaction, and a consignment exchange. Settlement runs on Bitcoin L1 or over Lightning, depending on the maker and pair — the broker observes neither.