Macaron

Macaron is the first native decentralised exchange on Bitlayer. Bitlayer extends Bitcoin's security assumptions to executable contracts through BitVM, and Macaron builds automated market making, liquidity mining, staking incentives and trade-to-earn on top: fees are shared by liquidity weight, governance tokens are issued for trading and market-making activity, and a points system meters social interaction and on-chain actions separately before converting them into later entitlements. Multi-signature custody and contract audits form the main layer of fund safety.

It is positioned as the venue for Bitlayer ecosystem assets and mainstream Bitcoin-wrapped assets, supplying initial liquidity to newly issued projects. In May 2024 Macaron ranked second on Bitlayer's application leaderboard behind stablecoin protocol bitSmiley, becoming one of the chain's main sources of early volume, and it later concentrated on market depth and the stability of its points system.