Why Sama
Rebalancing tokenized shares alone is expensive. Here is where the cost comes from and which part of it Sama removes.
The cost of rebalancing alone
A rebalance is a set of sells and buys. On a DEX each of them meets a pool, and every pool trade pays three things:
- Spread and fees: the pool's fee tier on every swap.
- Price impact: tokenized shares sit in shallow pools, so a modest order moves the price against you.
- Gas and approvals: one approval per token, one swap per leg.
At 2 pm one wallet trims NVDAB. At 3 pm another adds it. Both pay all three costs, and neither ever learns the other existed. The trade they needed was with each other.
Pairs, and loops nobody sees
Pairs are the easy case. The interesting one is a loop: Maya wants to swap AAPLB into TSLAB, Alex TSLAB into NVDAB, and you NVDAB into AAPLB. No two of you fit together, so a pair-only matcher finds nothing. Taken as a group, all three rebalances close.
Sama's solver looks at the whole round at once, so a match can run through three, four or more wallets. See Matching for how.
What changes with Sama
| Alone on a DEX | With Sama | |
|---|---|---|
| Who you trade with | A pool | Wallets heading the other way |
| Price | Whatever the pool gives after impact | One snapshot price for the whole round |
| Transactions | One swap per leg | One settlement for every match in the round |
| The unmatched part | — | Roll into the next round, swap on PancakeSwap, or skip |
Who it's for
- Long-term holders who rebalance a basket of bStocks to a target mix on a schedule.
- Communities and clubs that already share a watchlist and want to trade it together. A Circle is exactly that group.
- Builders who want a non-custodial, verifiable settlement layer for multi-party trades. See the developer docs.