> ## Documentation Index
> Fetch the complete documentation index at: https://docs.vela.monolithsystematic.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Roadmap

> Vela Exchange development roadmap.

This roadmap tracks Vela's development milestones from initial research through full trustless mainnet. Completed milestones are marked with their completion status; active and future milestones show planned scope.

<Info>
  The roadmap shows direction and priority — not a release schedule. No dates are promised for future milestones.
</Info>

## Milestone Overview

| Milestone | Name                      | Status      |
| --------- | ------------------------- | ----------- |
| M1        | Research & Foundation     | Complete    |
| M2        | Core Engine               | Complete    |
| M3        | Premium Features          | Complete    |
| M4        | Benchmark and OSS Release | Complete    |
| M5        | Vela UI and Public Beta   | Complete    |
| M6        | Live Trading              | In Progress |
| M7        | Institutional Features    | Planned     |

***

## M1 — Research & Foundation

**Status: Complete**

* Literature review: existing CLOB designs (Serum, dYdX, Vertex, Pulse)
* Architecture design: six-crate workspace, state model, DA strategy
* Fixed-point arithmetic design and validation
* White paper outline and research framework

***

## M2 — Core Engine

**Status: Complete**

* `types` crate: all shared types, fixed-point math, serialization
* `engine` crate: CLOB matching engine, GTC/IOC/FOK/Post-Only, price-time priority
* `state` crate: MPT state layer, in-memory cache, deterministic root
* `api` crate: HTTP handler (axum), WebSocket, ECDSA auth, feed manager
* `committer` crate: async batch committer, LocalDaClient
* `zkvm` crate: verify\_execution(), FraudProof generation
* Full test suite: 142+ tests passing

***

## M3 — Premium Features

**Status: Complete**

* MM credit system with atomic auto-cancel
* Private L3 authenticated WebSocket feeds
* Forced inclusion (DelayedInbox) implementation in engine
* Credit gauge and MM dashboard backend

***

## M4 — Benchmark and OSS Release

**Status: Complete**

* Criterion.rs benchmark harness
* Benchmark results: 1.38 μs p50, 725k ops/sec, 5.8× vs Pulse baseline
* Open-source repository published: [github.com/arpjw/vela](https://github.com/arpjw/vela)
* White paper published on SSRN (Abstract ID: 6579199)
* Monolith Research, Vol. 2 released

***

## M5 — Vela UI and Public Beta

**Status: Complete**

* Full-screen trading UI built on Next.js, deployed on Vercel
* 16 live markets: BTC, ETH, SOL, AVAX, MATIC, LINK, UNI, ARB, OP, AAVE, DOGE, PEPE, WIF, JUP, PENDLE, EIGEN
* Order book composition view with depth chart
* Analytics panel: OFI, spread decomposition, VWAS, depth chart
* MM dashboard: credit gauge, open orders table, P\&L tracker, market summary
* Trade history with CSV export
* Engine deployed on fly.io, frontend on Vercel, domain on Cloudflare
* Public beta launch

***

## M6 — Live Trading

**Status: In Progress**

The M6 milestone transitions Vela from a trust-based beta to a system with on-chain deposit and withdrawal guarantees.

<CardGroup cols={2}>
  <Card title="On-chain Deposit Contract" icon="file-contract">
    Solidity deposit contract deployed. Users call `deposit()` to lock funds in the contract. Engine observes `Deposited` events and credits accounts. Deposits are held by the contract, not the operator.
  </Card>

  <Card title="On-chain Withdrawal Settlement" icon="arrow-up-from-bracket">
    Engine approves withdrawal requests and signs a message authorizing the contract to release funds. Users call `withdraw()` on the contract with the signed authorization. Funds transfer directly to the user's wallet.
  </Card>

  <Card title="Forced Inclusion (DelayedInbox)" icon="inbox">
    `DelayedInbox.sol` deployed on L1. Users can submit signed transactions directly. Engine must include forced transactions within 24 hours or face on-chain challenge. Prevents operator censorship.
  </Card>

  <Card title="Mainnet Deployment" icon="server">
    Engine and contracts deployed to mainnet (Ethereum or L2). Real wallet deposits activated. Beta trust-based deposits migrated or wound down.
  </Card>
</CardGroup>

***

## M7 — Institutional Features

**Status: Planned**

M7 completes the trustless architecture and adds institutional-grade features.

### On-chain Fraud Proof Verifier

Deploy a Solidity contract that:

* Accepts fraud proof submissions from any party
* Fetches batch data from the DA layer commitment
* Re-executes the challenged request on-chain
* Slashes the operator bond if fraud is confirmed
* Halts new batch acceptance pending resolution

### Celestia / EigenDA Integration

Replace `LocalDaClient` with a production DA layer:

* Public batch availability — anyone can download batches
* Cryptographic availability proofs
* DA-anchored fraud proof submissions

### HFT Nonce Scheme (VEL-10) — Shipped in v0.2.0

Rolling 20-window nonce scheme shipped in Phase 2. Supports 20 concurrent in-flight orders per account with no head-of-line blocking. See [HFT Nonce Scheme](/engine/hft-nonces).

### CoW Cache Delta Buffer (VEL-11) — Shipped in v0.2.0

Copy-on-Write delta buffer shipped in Phase 2. Atomic FOK/IOC correctness with 841ns rollback overhead. See [Copy-on-Write Semantics](/engine/copy-on-write).

### Additional Institutional Features

* Custom credit ratio requests via dashboard
* Sub-account support for institutional traders
* Fix/binary protocol adapter for trading system integration
* Co-location and dedicated engine instance options