01 / 15
Mainnet · Open beta

Making public liquidity
competitive again.

Public liquidity, prop-style execution. On Solana.
Angad Singh · ex-CTO Stabble
2026
02 / 15
Origin · Stabble

$600M peak.
Then aggregators rerouted.

Stabble DEX volume chart from DefiLlama
Source · DefiLlama · Stabble DEX volume 5th largest Solana DEX at peak
Not a hack. Not bad UX.
Order flow migrated to prop DEXs
03 / 15
Problem 01 · Order flow

Prop DEXs took
the order flow.

0%
Peak share · aggregator-routed flow
60% baseline
Source · Helius · 2025
04 / 15
Problem 02 · Loss Versus Rebalancing

Public LPs lose
to arbitrageurs.

5–11%
annual loss · a16z, 2022
Block 1 Block 2 Block 3 Block 4 Block 5 Price ↑ Time → ARB ARB ARB CEX Real-time AMM Block-bound
Public LPs lose every block to arbitrageurs
05 / 15
Problem 03 · Impermanent loss

CLMMs amplify
impermanent losses.

LP RANGE · UPPER LP RANGE · LOWER
Position
100% USDC
Price exits range · LP rebalanced into stablecoin
You sold the winner
06 / 15
How bad is it?

The LP underperforms
just holding.

$1,500 $1,200 $1,000 DAY 0 DAY 30 HODL $1,500 LP position $1,414
HODL value
$1,500
LP value
$1,414
Replicated Loesch et al. (2021) on Solana.
30 days · 6,002 positions · $22.7M.
Positions below HODL
58.9%
Source · Primary research · Orca · Raydium · Meteora
50% price move · 30 days
−$86 illustrative IL · Loesch et al. 2021
07 / 15
Misaligned incentives

Why don't they
fix it?

Step 01
Arb swap
Step 02
DEX collects fees
Step 03
LP eats the loss
Loop continues. Volume stays high. LPs subsidize HFTs.
The venue keeps getting paid
08 / 15
What it is

Nomad rebuilds
public liquidity for
the aggregator era.

01
CU Efficient
02
Dynamic spreads
03
Inventory-aware
Permissionless · retail-first
Mainnet live · open beta
09 / 15
Pillar 01 · Inventory-aware

Lower
impermanent losses.

SOL
USDC
Standard CLMM
100% USDC · IL
Nomad pool
~50/50 · held
Dynamic spreads make the surplus asset cheaper · trades naturally rebalance the pool
Pool stays balanced through volatility
Less IL · Better LP returns
10 / 15
Pillar 02 · Real-time pricing

Lower
LVR.

Regular pool Pool Waits BOT Extracts → LP loses Nomad pool Price Real-time Pool BOT Nothing to take → LP keeps it
Oracle-priced execution · Pyth Lazer
Public liquidity defends itself
11 / 15
Simulation · Methodology

We tested it.
It works.

0%
Of arbitrage loss avoided Nomad LP · vs conventional DEX
Methodology · github.com/nomad-finance
Primary research · LVR simulation
12 / 15
Why Solana · Why now

The window
is open.

Lifinity exits
Pyth Lazer
Jito BAM
Jupiter routing
Sub-second oracles · cheaper blocks
Aggregator era
13 / 15
GTM · xStocks

Why xStocks are
the perfect first market.

01
Off-chain price discovery
02
Pyth confidence beats SOL
03
Public DEXs underserve
Win xStocks first
Expand to majors
14 / 15
The product · xStocks

Deposit. That's it.

Nomad SPYx/USDC
Expected APY
14.2%
Net of bot tax
$1,000 · 30 days
$1,011.83
+1.18% · Net of everything

One pool.
One tap.
Better than HODL.

  1. 01Deposit SPYx or USDC
  2. 02We do the market making
  3. 03You keep what you earn
Nomad Finance · The Product
SPYx — USDC · Mainnet beta
15 / 15
Nomad Finance
Mainnet live · Open beta
Angad Singh · ex-CTO Stabble · MSc UCL
nomad.finance
Thank you
2026
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