ORBITAL, AN AMM FOR POOLS OF 2, 3, OR 10,000 STABLECOINS

Summary from the TLDR Crypto newsletter

Orbital generalizes concentrated liquidity to pools of three or more stablecoins by organizing “ticks” as nested spherical caps around the $1 equal-price point, enabling LPs to allocate capital where stablecoins trade most tightly. Each tick's reserves lie on an n-dimensional sphere intersected by a hyperplane (the tick boundary), and interior ticks behave like full spheres while boundary ticks reduce to (n−1)-dimensional spheres. By decomposing total reserves into components parallel and orthogonal to the equal-price vector, Orbital derives a toroidal invariant that lets it compute trades and handle tick boundary crossings in constant time regardless of the pool's dimension. This design delivers significant capital efficiency, allowing a 5-coin pool with a 1% depeg tolerance to see ~150× efficiency while allowing LPs to customize exposure across multiple depeg scenarios.