We are very proud to officially announce the launch of Custom Concentrated Liquidity (CCL), a highly flexible framework for liquidity strategies on the RUJI Trade orderbook DEX, opening the door to a new wave of opportunities and letting anyone step into the role of a market maker.

This changes how we think about liquidity providers. You are not just passively supplying capital to a pool anymore. You are actively shaping a strategy based on your own view of the market and letting it trade automatically on our orderbook, RUJI Trade.

And this isn’t built for a small group of experts. It’s accessible for everyone.

If you are newer to DeFi, you can start with simple, pre-defined strategies. If you are more experienced, you get full control, deeper customization, and the tools to express your market view and track how it performs.

CCL’s capital efficiency will also play a key role in how we scale both Rujira and THORChain. Every dollar added to CCL strategies on RUJI Trade strengthens the connection between the App Layer and the Base Layer. It improves arbitrage, helps THORChain offer better quotes, and increases real revenue flowing to RUJI stakers and the network.

All of this feeds back into itself. More liquidity leads to better execution. Better execution attracts more volume. More volume generates more yield and revenue, and the cycle continues.

Let’s take a closer look at what CCL enables for users and why it is so powerful for Rujira and THORChain.

⚡️The Efficiency of Concentrated Liquidity

Uniswap introduced Concentrated Liquidity as a major upgrade over traditional XYK strategies.

With XYK, your liquidity is spread across the entire price range, from 0 to infinity. In reality, that means a large part of your capital sits far away from where trading actually happens, making it inefficient.

Concentrated Liquidity takes a more focused approach. You define the exact price range where your liquidity is active.

This gives you flexibility in how you provide liquidity:

• Tight ranges for assets that move closely together, like wBTC/BTC or stablecoins such as USDT/USDC
• Balanced ranges that allow for normal market movement
• Wide ranges that behave more like XYK, but still use capital more efficiently

When you provide liquidity in a BTC/USDC pool, your funds facilitate trades. Traders buy or sell against your position, and you earn a share of the trading fees.

With Concentrated Liquidity, the range you choose determines how your capital is used. A tighter range concentrates more liquidity around the current price, meaning more of your capital is actively working.

More active capital leads to more fees and higher potential returns.

But efficiency is only part of the story.

⚡️Control your liquidity

Instead of leaving liquidity idle at unused price levels, you decide exactly where your capital is deployed. That means tighter quotes, more active liquidity, and stronger yield potential from the same capital.

With CCL, you are in control of how you participate.

• You choose the bottom of your range, the price where you are comfortable being 100% in the base asset (e.g. BTC).
• You also choose the top of your range, the price where you are comfortable being 100% in the quote asset (e.g. USDC).

Between those levels, your liquidity works automatically based on the parameters you set.

Let’s walk through a simple example.

If you set your range from $40,000 to $200,000, you are saying that below $40,000 you are happy to hold only BTC, and above $200,000 you are happy to hold only USDC.

Inside that range, your position will keep buying and selling as price moves, which means you can earn from volatility without having to manually manage every move yourself.

⚡️What makes CCL on Rujira different

On Rujira, everything is tightly integrated, making the most of liquidity.

CCL is built on an orderbook, not just as an isolated AMM pool. That means real trading flow can interact directly with your position. You can set your own spread for each strategy, avoid rigid fee tiers, and benefit from virtualized orders that keep gas costs near zero until a trade actually happens.

This also creates a cleaner experience for liquidity providers.

Instead of competing with JIT bots or dealing with constant front-running, your strategy is designed to earn from real trading activity. And with the Virtualization Strategy connecting liquidity from THORChain beneath the App Layer, CCL becomes part of a deeper, more connected liquidity system.

The result is more control, stronger capital efficiency and a more sustainable way to participate in market making.

But the real flexibility comes from how you design your strategy.

⚡️Customizing your strategy with spread and fee

This starts with how you set your spread and fee, two parameters you can use to express your market view.

Spread

Spread is your target profit per completed round trip. In simple terms, that means your strategy can sell at one level and aim to buy back lower by the spread you selected.

The wider the spread, the more profit you target per cycle, but the more price movement you need for that cycle to complete. In faster markets, a wider spread may make more sense. In quieter markets, a tighter spread may be more effective.

Another important setting in a CCL strategy is the fee. Fee is the share of spread profits that either auto-compounds or is retained as claimable yield. You can set the fee anywhere between 0 and the value of of your spread.

• At 0, all profits are fully compounded back into the position.
• At the full spread (fee value = spread value), all profits are retained as claimable yield instead.

This gives you more flexibility in how you want to receive the profits from your CCL strategy, depending on whether you prefer to compound growth inside the position or manually claim your profits over time.

Important note: for best analytics, you should always set the fee at the same level as your spread. Otherwise, the APR will always be 0 as it can only be calculated if you set the trading profits to be claimable with the fee.

⚡️More customization with Custom Skew (coming soon)

Custom Skew lets you shape how liquidity is distributed inside your range. You can keep it balanced, concentrate it closer to the middle, or push more of it toward the edges.

That flexibility matters because different markets behave differently. A stable pair and a volatile pair usually do not deserve the same liquidity profile, and CCL lets you reflect that in your strategy.

Full strategy design flexibility with Custom Skew is coming soon.This can become especially interesting for highly correlated pairs like wBTC/BTC. Because both assets represent Bitcoin, they should usually trade very close to 1:1. But small dislocations can still happen.

With CCL, you can position liquidity tightly around parity where most of the trading happens, but still keep some further away from the center so that you can also benefit from those larger, less frequent, swings. Your strategy will be automatically capturing small repeated deviations when they appear and some capital will also be there to capitalize on larger moves.

Adding a Custom Skew to your CCL strategy is coming soon.

⚡️Position Performance Tracking makes CCL even more powerful

CCL is a tool that allows you to put your assets to work to generate returns by trading volatility.

A key to success when you take part in trading, whether manual or algorithmic with CCL, is to monitor the performance of your positions so you can make more informed decisions and adjust your strategies based on data.

This has been a key issue with most DeFi protocols, which don’t allow you to track how you are doing.

Rujira fixes that.

Once you open a position, you will be able to monitor three key performance metrics:

MOIC: the Multiple on Invested Capital, a standard metric in traditional finance which measures the total performance of your investment (change in value of the principal + yield from trading profits, compared to the total value you deposited in the position).

Any value above 1.00x means you are in profit. For example, a value of 1.05x means you have made a 5% gain on your investment.

If you have set the Fee to 0, this will be your only way to measure the performance of your position. However, this metric alone is not ideal since it is normal for your principal value to fluctuate over time, so best practice is to always set the Fee equal to your Spread if you want more accurate analytics.

DPI: the Distributed to Paid-In ratio, a standard measure of realized performance. Imagine you claim $5 of yield on a $100 investment; this will bring your DPI to 0.05x, which means you have recovered 5% of your investment from that yield.

Yield APR: the estimated Annual Percentage Return you have earned from claimable trading profits during the life of your positions. The APR measures the income you generate from trading profits, while ignoring the fluctuations in value of your principal which occur as an ordinary course of business. Note that, if you have set the Fee to 0, this value will always be 0.

Alongside that, the detailed view allows you to see the details of the numbers used under the hood.

⚡️CCL is an important part of the bigger picture

This is not just about one strategy. Better concentrated liquidity can improve trade execution. Better execution can support stronger lending and liquidation systems. More efficient markets can help create better conditions for sustainable activity across the ecosystem.

RUJI AMM and the App Layer are designed to deepen liquidity on the orderbook and increase volumes, while the Virtualization Strategy allows liquidity to flow back and forth between THORChain's Base Layer and the App Layer.

That is why CCL is such an important step forward.It gives users more control. It improves capital efficiency. And it opens the door to more thoughtful, more flexible market making strategies on Rujira.

⚡️Join the move to CCL

To kick things off, both LiquidyFinance and Rujira are moving liquidity from XYK strategies into CCL. This already represents a meaningful amount of liquidity, enough to start driving real impact on the orderbooks and arbitrage activity.

But this is not just for us.

We invite you to join the wave and become a market maker yourself!

If you already have liquidity in an XYK strategy on Rujira, or capital sitting idle, you can move it into CCL.Providing liquidity elsewhere? Bring your assets to Rujira and make your capital work, without giving up control of your native assets.

To get started, you can create your first CCL strategy directly on RUJI Trade: https://rujira.network/trade/BTC/USDC?range=t

Or head to RUJI Trade, choose your preferred pair, and switch to “Algorithmic” in the top right.

To make navigating the orderbook easier, we have also added the new feature, Orderbook Grouping, to RUJI Trade.

It gives you a clearer view of price levels and shows how liquidity is positioned at a glance.

⚡️Guides, tutorials and livestreams

We know DeFi and new features can feel complex, and you don’t have to figure it out alone.

Over the coming days and weeks, @PragmaticMonkey will host livestreams walking you through how to use CCL, how to think about strategies, and how to get the most out of it.

We will also be sharing educational content, breaking down the different parameters and approaches, so everyone can get comfortable and start participating.

⚡️How CCL starts the flywheel

The launch of CCL is a big milestone for both Rujira and THORChain, as it marks the beginning of constant activity on RUJI Trade, powered by an upgradeable liquidity model, as described by @PragmaticMonkey in his article:
https://x.com/PragmaticMonkey/status/2015757387190456577

With the THORChain v3.17 upgrade comes a key improvement: the onchain scheduler fix. This allows RUJI Trade to arbitrage the Base Layer every block. Every swap on the Base Layer creates small price differences, and RUJI Trade is built to capture them.

This is where it becomes powerful.

• Every dollar of liquidity added to RUJI Trade improves our ability to arbitrage.
• Better arbitrage leads to deeper, more responsive liquidity on the Base Layer.
• That leads to better quotes, both in price and speed (once we will have upgraded the VS to use rapid swap).
• Better quotes drive more swaps through THORChain.
• More swaps create more arbitrage opportunities.
• More arbitrage drives more activity on RUJI Trade.
• And more activity means more trading fees for liquidity providers, increasing APY and making it more attractive to provide liquidity.

It starts today, and will accelerate with upgrades to the Virtualization Strategy, bringing large streaming trades back to market price much faster through Rapid Swaps, reducing execution time from hours to potentially minutes depending on the liquidity available on the app Layer. As this grows, everyone benefits.

• Users get faster, better-priced swaps.
• Liquidity Providers earn from constant activity and volatility.
• And every trade generates real revenue, flowing back to RUJI stakers and THORChain.

⚡️Built to grow from here

This will only grow stronger with the launch of additional AMM strategies, with Dynamic Concentrated Liquidity being next in line.

This strategy will price based on the enshrined oracle price on one side and the average entry price of your position on the other. It is a unique approach, and one of the most exciting developments ahead.

It will work hand in hand with CCL. The two strategies can trade against each other, allowing both liquidity providers and Rujira to capture more profits from volatility. As TVL scales across both strategies, this should materially increase volume. It will also lower the barrier to entry, since you no longer need to choose a range.

We will also be improving the Virtualization Strategy, which acts as the bridge between App Layer and Base Layer liquidity. These changes will make it more efficient at arbitraging, taking full advantage of new THORChain Base Layer improvements such as rapid swaps and limit orders.

Step by step, this is how we build towards @THORChain and Rujira becoming the core hub for cross-chain liquidity and DeFi.

⚡️Become a Market Maker

CCL is already starting to drive activity on RUJI Trade and strengthen the connection with THORChain.

Now we invite you to be part of it.

Whether you choose a tight range around market price or a wider strategy that lets volatility do more of the work, every position adds depth to the orderbook, improves execution, and helps grow the system around it.

This is how stronger markets are built. More liquidity. Better pricing. More activity. More revenue flowing back through Rujira and THORChain.

The first wave is coming, and it’s your turn to join it.

Create your strategy, put your capital to work, and become a market maker on RUJI Trade!