Architecture

TrueCurrent is composed of three main layers: an off-chain quote distribution layer, an onchain smart contract, and Injective’s native exchange module for final settlement.

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System overview

Reading the diagram. Steps 1-4 happen off-chain over WebSocket inside a single quote window. TrueCurrent currently uses 500 ms; the value can vary by frontend and protocol configuration, and API takers can tune their own timeout. Step 5 is one on-chain transaction that atomically opens both the taker’s and the maker’s positions.

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Components

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RFQ Indexer (off-chain)

The indexer is TrueCurrent’s off-chain coordination layer. It:

• Maintains the registry of whitelisted maker addresses
• Operates the TakerStream WebSocket (for traders submitting requests)
• Operates the MakerStream WebSocket (for makers receiving requests and submitting quotes)
• Routes requests to all active makers
• Collects and forwards quotes back to traders
• Selects the best quote for presentation

The indexer is a coordination layer only – it never holds funds or executes trades. Its role is purely informational: passing messages between traders and makers. Even if the indexer were to behave maliciously, it could not forge a maker’s signature or change the terms of a quote.

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TrueCurrent smart contract (onchain)

Deployed on Injective as a CosmWasm contract, the TrueCurrent contract is the trust anchor of the system. It:

• Verifies maker signatures on each AcceptQuote call
• Enforces the trader’s worst_price constraint
• Checks quote expiry
• Confirms both parties have sufficient margin
• Executes the settlement through Injective’s exchange module using pre-granted authz permissions

The contract’s logic is deterministic and publicly verifiable. All settlement decisions are made onchain.

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Injective exchange module

Injective has a native exchange module built into the chain consensus layer – not a smart contract, but a chain-level primitive. The TrueCurrent contract uses MsgPrivilegedExecuteContract to call into this module for final position settlement. The exchange module handles:

• Margin accounting and position tracking
• Liquidation engine
• Funding rate calculations and payments
• Onchain order book (used for fallback fills)

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Data flow: full trade lifecycle

Step-by-step:

1. Trader → Indexer (TakerStream): Trader sends an RFQ request over WebSocket
2. Indexer → All MMs (MakerStream): Request is broadcast to all active makers simultaneously
3. MMs -> Indexer (MakerStream): Each maker responds with a signed quote inside the collection window
4. Indexer → Trader (TakerStream): Best quote is returned to the trader
5. Trader → Chain (AcceptQuote): Trader submits the AcceptQuote transaction with the quote and their parameters
6. Contract verification: Onchain contract verifies signature, price, expiry, and margin
7. Settlement (exchange module): Contract uses authz to open positions for both taker and maker through Injective’s exchange module
8. Position update: Both wallets’ subaccounts reflect the new positions

For the conditional / TP-SL variant, substitute steps 1-5 with the signed-intent flow described in Taker SDK trading: the taker signs in advance, and the TP/SL executor submits AcceptSignedIntent when the trigger is satisfied. Makers still receive ordinary RFQ requests. Steps 6-8 are the same.

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Trust model

Who you trust when trading on TrueCurrent:

• The TrueCurrent smart contract – open source, onchain, deterministic. Verifiable by anyone.
• Injective chain and validators – for block finality and execution of the exchange module.
• The RFQ indexer – only for routing. It cannot steal funds or change prices. At worst, a malicious indexer could drop requests (degraded service), but couldn’t cause unauthorized trades.

What you do not need to trust:

• Individual makers to honor prices – the signature enforces it onchain
• TrueCurrent to hold or secure your funds – assets stay in your subaccount at all times
• Centralized infrastructure for settlement – all final settlement is onchain