Splash

Splash is useful for understanding a Cardano exchange where a trade is not tied to one pool alone. Its Temporal Liquidity Book considers orders and pools together. The available pool designs include ordinary equal-weight pairs, unevenly weighted pairs and stable-asset pools. The V1 feature guide covers market and limit orders; it still labels scheduled, grid and auction orders as later V2 features.

A limit order specifies a price, but reaching that price does not mean the whole requested amount will necessarily exchange. Splash supports partial fills. Track the amount already exchanged and the quantity still open when deciding whether the order has achieved its purpose. Market orders instead seek the available spot price through the execution system. An acceptable purchase price is no guarantee that the token will retain its value.

Operators perform execution, and the protocol can direct an order toward a selected group of them. The assessment system considers execution price and speed. A faster strategy may accept a wider range of operator quality, so the choice is more than a cosmetic speed setting. Splash expressly says that operator ratings describe past behaviour and cannot guarantee how an operator will act in the future.

Costs have several layers. A liquidity pool sets its own provider fee; the fee page permits a very broad configuration range, from 0.01% to 70%, which is a limit on configuration rather than a typical quoted charge. There is also a protocol fee, an execution fee set by the operator and a Cardano network charge. Check the actual order's components and final amount, especially when comparing different pools or execution strategies.

The browser interface uses a wallet whose keys remain under the user's control. Its terms require the local age of legal adulthood and exclude people or entities located, incorporated or registered in the United States, as well as sanctioned parties and covered territories. Orders and pools are on-chain objects: the development team cannot reverse a mistaken action simply because it was submitted through its website.