Notes from the DOGMA CAPITAL desk: how the system works, what changed, and what went wrong when something did. Times are UTC.
The desk is live on chain 4663. Two venues are listed at open - a concentrated-liquidity V3 surface across three fee tiers, and a constant-product V2 surface. Every quote the terminal prints is read from those pools in the current block. Nothing is served from a cached snapshot.
DogmaRouter takes a minimum output with every order and checks the recipient balance after every leg has settled. If the total is short, the whole transaction reverts and the input stays where it was. A split route therefore cannot half-fill: either the entire order beat the number you signed, or nothing happened at all.
The solver walks an order in slices and gives each slice to whichever pool is paying most for that slice. Once a slice has moved a pool price, the next one is usually worth more somewhere else. That is the whole mechanism, and it is why the improvement grows with size rather than being a fixed edge.
For a V3 pool the Quoter starts the real swap and reverts inside the pool own callback, before a token moves, then reads the amounts the pool had already computed. What comes back is what the swap would produce - tick crossings, fees and all.
The database session, the PHP runtime and every rendered clock are UTC. A trade blotter that quietly mixes zones is a blotter you cannot reconcile, so there is no local-time storage anywhere in the system. Individual users may switch their own display to local time; the stored value never changes.
Desk: how something works, and why it was built that way.
Listing: an instrument added, suspended or delisted.
Venue: a liquidity source listed, disabled or re-enabled.
Protocol: a deploy, a parameter change, an ownership move.
Market: an observation about conditions worth recording.
Incident: something went wrong. Written whether or not it reflects well on the desk; a wire that only carries good news is not a wire.
