POPA ReconOrderly Network’s Crumple is a mock-up for a hedged trading pool: it aims to reduce price manipulation and pay winning traders promptly by pricing against a multi-exchange mark and hedging the pool’s unmatched exposure on Orderly. Orderly says Crumple is only a concept, and the video’s figures are made up. Original post · concept and fictional-figures note
Orderly contrasts it with Papertrade, which it says prices from one exchange: moving that exchange can move Papertrade’s price. Crumple would use Orderly’s mark price averaged across large exchanges, so moving one venue alone would not be enough, according to Orderly. Thread
The pool acts like a bookie: traders bet against it, with no funding or slippage in the mock-up. Longs and shorts offset each other; for example, if 100 go long and 80 go short, the pool hedges the remaining 20 on Orderly. Orderly says this hedge helps ensure winners are paid rather than queued. Thread
The trade-off is that hedging costs, so leverage would be lower. The proposed design also makes pool cash, net exposure and the Orderly hedge visible live, and could offer any market with sufficient depth on Orderly, beyond BTC and ETH. Follow-up
Losing a trade would mint SCRAP, which users could stake for a share of pool revenue, according to the thread. The posts do not specify the revenue share or staking mechanics. Thread