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Monaco Protocol v0.3.0

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Orderbooks and Flat Fees

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What’s New

• Real-time Orderbook Snapshots: Full orderbook state via WebSocket with initial snapshot on subscription
• Orderbook Magnitude Grouping: Optional price level aggregation for cleaner visualization (0.0001 to 10000 increments)
• Improved Orderbook Endpoint: Enhanced REST API with better performance and data structure

• Flat Fee Support: New fee calculation method alongside existing basis point fees
• Fee HTTP Endpoints: Dedicated API endpoints for fee management and queries
• Pre-settlement Fee Calculation: Fees calculated before settlement for accurate balance checks

• Full TIF Implementation: Support for GTC (Good-Till-Cancel), IOC (Immediate-or-Cancel), and FOK (Fill-or-Kill)
• Order Rejection Events: New event types for rejected orders with detailed reasons
• Enhanced Order Validation: Pre-validation for FOK orders to prevent partial fills

• Order Replacement: Renamed “Update Order” to “Replace Order” for clarity
• Order Quantity Validation: Enhanced validation on order replacement
• Consistent Enum Formatting: Uppercase enums across entire codebase (SPOT, MARGIN, BUY, SELL, etc.)
• Side and Role Fields: Added to OrderPlaced and OrderPartiallyFilled WebSocket events

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Technical Details

// Method 1: Auto-connect authenticated WebSockets during login
const authState = await sdk.login(clientId, { connectWebSocket: true });
// Orders WebSocket is now connected and ready

// Method 2: Explicit connection after login
const authState = await sdk.login(clientId);
await sdk.websocket.orders.connect();

// Public WebSockets (orderbook, OHLCV) don't require authentication
await sdk.websocket.orderbook.connect();
await sdk.websocket.ohlcv.connect();

// Full precision orderbook
sdk.websocket.orderbook.subscribeToOrderbookEvents(
  'BTC/USDC',
  'SPOT',
  (update) => {
    console.log('Bids:', update.bids, 'Asks:', update.asks);
  }
);

// Grouped by $10 increments
sdk.websocket.orderbook.subscribeToOrderbookEvents(
  'BTC/USDC',
  'SPOT',
  (update) => {
    console.log('Grouped orderbook:', update);
  },
  10  // Magnitude: group by $10
);

// Immediate-or-Cancel
await sdk.trading.placeLimitOrder(
  pairId,
  'BUY',
  '1.0',
  '2500.00',
  { timeInForce: 'IOC' }
);

// Fill-or-Kill
await sdk.trading.placeLimitOrder(
  pairId,
  'BUY',
  '1.0',
  '2500.00',
  { timeInForce: 'FOK' }
);

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Architecture & Infrastructure

• New admin endpoints for system management and monitoring
• Procedural macro-based authentication decorators replacing middleware

• Unified auth extractor with procedural macros
• Replace middleware with #[require_auth], #[require_master], and #[require_permission] decorators
• Cleaner, more maintainable authentication layer

• Reduced lock contention during API initialization and order expiration
• Trading pair cache updates for faster lookups
• Improved matching engine transaction handling

• Split order E2E tests into multiple focused test suites
• Resolved foreign key constraint violations in indexer tests
• Enhanced test coverage with .env file support
• Fixed IOC order event emission for partial fills

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Bug Fixes

• Fixed double serialization issues with consistent uppercase enum representation
• Corrected BPS calculation in matching engine for order creation
• Fixed maker order status and balance updates when trades occur
• Resolved insufficient balance errors on order creation
• Fixed IOC/FOK partial fill locked balance issues
• Prevented duplicate blockchain events with enhanced duplicate checking
• Fixed missing cancelled events for IOC orders
• Improved order settlement status checks before cancellation

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Documentation

• Auto-generated API documentation from OpenAPI specs
• Updated SDK documentation for latest features
• Added cloud infrastructure architecture documentation
• Comprehensive orderbook WebSocket examples
• Enhanced trading pair and order object documentation

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Packages Updated

• @0xmonaco/[email protected]
• @0xmonaco/[email protected]
• @0xmonaco/[email protected]

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Installation

npm install @0xmonaco/[email protected]
npm install @0xmonaco/[email protected]  # For React applications

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Migration Notes

• Enum values are now consistently uppercase (SPOT, MARGIN, BUY, SELL, etc.)
• Update any hardcoded lowercase enum strings to uppercase

• Orderbook magnitude parameter is optional (defaults to full precision)
• Time-in-force defaults to GTC if not specified

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Contributors

• @kamwithak
• @codebycarson
• @ogarciarevett
• @dssei
• @ppitlehra
• @Kbhat1

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Full Changelog