The CLOB model, based on the Fuel network, surpasses $100 million in trading volume since launch, and hosts weekly trading competitions.
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Full-process on-chain CLOB implementation based on the Fuel blockchain
O2 is a decentralized exchange built on the Fuel blockchain, employing a fully on-chain central limit order book (CLOB) model. It is designed to provide an institutional-grade trading environment for professional traders seeking to compete under real-world market conditions.
Unlike existing decentralized exchanges, which primarily use automated market makers (AMMs), O2 implements the order book method used by centralized exchanges (CEXs) on-chain. This enables more precise price discovery and efficient trade execution.
0% Maker Fee, 0.01% Taker Fee… Industry-Low
O2's most notable feature is its "0% maker fee" policy, which waives any fees for liquidity providers. Makers who provide market liquidity are exempt from fees, while takers seeking immediate execution are charged a mere 0.01% fee, the lowest in the industry.
O2's fee calculation method is determined not by the order type, but by whether or not on-chain data is stored at the time of execution. If an order is first stored in the order book smart contract and then matched, the order is classified as a "maker" and is exempt from all fees. If an order is matched with an existing order upon submission and executed immediately, a "taker" fee is charged.
With this innovative fee policy, O2 has successfully processed over $100 million (KRW 147.4 billion) in transaction volume since its launch.
Full gas cost coverage… Only a one-time fee is charged for bulk orders.
O2 leverages its technological edge to maximize cost efficiency. Unlike existing decentralized exchanges like Uniswap, which pass on network gas fees to users, O2 fully subsidizes gas fees through its own execution layer.
Furthermore, even when partial executions occur at multiple price points for large orders, fees are calculated only once based on the total order value, enhancing trader convenience. This differentiates the system from existing exchanges, which charge fees individually for each execution.
"We designed O2 as a place where traders can continuously test themselves, not just for one-off trades or short campaigns," an O2 representative said. "Our goal is to combine the user experience of a centralized exchange with the asset sovereignty of a decentralized exchange."
Weekly trading competitions with a total reward of $30,000
O2 holds weekly trading competitions for platform users to allow them to experience its innovative infrastructure firsthand. To date, a total of $30,000 (KRW 44.22 million) in rewards has been paid out based on users' actual performance.
Trading competitions will continue weekly, with prize pools increasing based on platform activity. This is a strategy to attract serious traders, as the reward system is based on actual trading performance, rather than a simple airdrop.
An O2 official emphasized, "The weekly prize money is an investment to reward the community's contributions and ensure healthy trading liquidity," adding, "The groundbreaking fee policy and gas fee support will serve as a catalyst for professional traders and institutional investors to move to the on-chain environment."
He added, "We will continue to create an environment where traders can maximize profits while protecting their asset sovereignty."
The industry anticipates that O2's emergence will contribute to the expansion of the on-chain trading ecosystem as a new model that combines the convenience of a centralized exchange with the security of a decentralized exchange.
Joohoon Choi joohoon@blockstreet.co.kr
