Amir Bandeali

Engineered practical economic models for relayers and market makers within the 0x ecosystem, publishing incentive structures, fee splits and order handling rules that influenced on‑chain and off‑chain liquidity provision. These published models created viable commercial approaches for third‑party liquidity providers to quote across multiple venues and to internalize order flow from relayers. By demonstrating concrete market‑making strategies and relayer fee mechanisms, the work reduced uncertainty for professional liquidity providers considering participation in decentralized venues. That led to measurable shifts in where firms allocated capital and inventory, altering depth and spread dynamics on order‑book and hybrid exchanges. The resulting change in liquidity behavior forced competing platforms to adapt their fee schedules, API access and market‑maker programs. For IDEX, the observable consequence was an adjustment in how liquidity incentives were structured and which external market makers were integrated, as capital reallocated to venues with clearer economics and routing opportunities. These contributions are tangible: published incentive designs, example market‑making implementations and operational guidance for relayers. They created immediate, practical channels through which professional liquidity provision practices evolved and impacted IDEX's market conditions.