Order Book Based Exchange

Investigate and implement an order based marked to trade ADA/native token pairs. Currently dy/dx uses an L2 solution that employs zk rollups to overcome the PoW Ethereum consensus and to avoid gas fees. L2 solutions may or may not be required when it comes to an implementation on Cardano. A spike investigation will be performed leading into a proof of concept of an order book based market on the Cardano testnet. The code for the smart contracts will be open source and ideally written in Plutus.
Spot markets will be implemented first, with derivative markets and products to follow. New trading pairs will be added to the protocol via a governance token. Distribution of said governance tokens is TBD. Users that stake said governance token will be able to earn air dropped rewards based on the fees collected by the market. Users that have staked governance tokens will pay fees based on a tiered discount based on the amount of staked governance tokens. Fees for trades should be able to be paid in the native token given that Cardano supports this feature.