DEX on Cardano

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Flexible and customizable
DEX on Cardano

DEX on Cardano

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Guiding principles

Owned by the community

We are of the opinion that the spirit of decentralisation is only served if a project's control is handed to the community as soon as sensible. Therefore, we will hand out governance tokens to supporters of the project in proportion to amount and duration of stake delegated to the MRQR-pool. The detailed proposal is to be found in the Lightpaper.

Research first

We couldn't stop ourselves from finding the optimal solution, mathematically. Since that became complicated, we decided to employ the LEAN theorem proof assistant to verify our equations. While continuing with smart contract development we are also looking into integration of further features. We can't wait to release what we found and hear what you think.

No Bullshit

If you win, and continue winning, that should be because you remain the most attractive solution. Not because you managed to lock your customers in, not because you overspent on marketing. If you ever think we are doing something the wrong way (technologically or ethically), please don't hesitate to let us know. After all, this is your project too, if you want it to be.

Read the MIRQUR Lightpaper


We unified a number of interesting features which until now were only available mutually exclusive;
further, we improved upon some of them and added some innovations of our own.

Portfolio-pools Icon

| Portfolio-pools, inspired by Balancer

Most AMM-DEXes offer only binary pools with exactly two tokens with the ideal ratio of 50:50 (the ideal ratio acts as an attractor state; pools always tend towards it). Portfolio pools allow liquidity providers not only to add any number of tokens to a pool but adjust their ideal ratios arbitrarily.

Let’s say you want to be exposed to a portfolio consisting of 80% to ADA, 15% to MQR and 5% cBTC. With binary pools, achieving exposure following these ratios would require an unlikely and fleeting set of circumstances to arise. With portfolio pools (sometimes also known as multi-pools), you can just create a pool that always tends towards exactly your ideal portfolio.

Impermanent loss insurance Icon

| Impermanent loss insurance and smart tokens, inspired by Bancor

If the price of a token decreases after you add liquidity to the pool, you suffer so-called impermanent loss. “Loss“ occurs because you would have potentially benefitted more by simply holding funds in your own wallet; “impermanent“ because if the price of the token reverts, you will no longer have any losses.

To get the best out of both worlds, we are offering insurance against that - if you qualify and withdraw while in impermanent loss, you will be reimbursed for the difference. This is a self-reinforcing feature since now people don’t have to fear impermanent loss.

Smart tokens allow you to capture the “long tail”, ensuring there always will be a counterparty. Our convenient launch mechanism allows you to ICO into a smart token pool right away.

Range-pools Icon

| Range pools, inspired by Uniswap v3

By limiting the price range between which a token can be traded, you not only protect yourself against impermanent loss (which becomes larger the more the price deviates from when you added liquidity), you also increase your capital efficiency: Essentially you are adding virtual liquidity to the pool. Think of it as leverage, but instead of risking liquidation you only risk the price moving out of your range, which simply means you won’t collect fees until it returns.

LEAN proof assistant Icon

| Equations formally verified with the LEAN proof assistant

Math is hard, but not forgetting that “-“ you pushed in over your “=“ or accidentally making a “u“ out of a “v“ is even harder. This is why we decided to deploy the LEAN theorem proof assistant to make absolutely sure this does not happen and that our service delivers what we have promised. LEAN is a programming language for doing math, provably correct and automatically verified.


Initial token distribution

  • 3% as founder's reward
  • 6.9420% for MRQR-delegators before platform launch (excluding pool operator)
  • 5% development fund (excluding founder; remainder is to be locked under the protocol's control for later use)
  • 12% to be under the protocol's control for later use
  • 73.058% locked by the protocol and airdropped to later delegators over a period of ca. three years

Stake in the MRQR-pool earlier to earn more MQR governance-tokens!

MIRQUR Airdrop Calculator

Use our Airdrop Calculator to
find out your estimated airdrop



The first version of light-paper released
Prove all core feature math using LEAN proof methodology
Develop and implement prototype using the Plutus CLI
Begin recruitment processes
Scale-up marketing activities
Continue developing and improving light-paper
Demo of token-swap interface
Implementing core features with into the web application:
  Portfolio liquidity pools
  Limit and Diode pools
  Impermanent loss insurance
  Trade optimiser *stretch goal
Implement governance mechanisms
MQR token airdrop estimator for delegators
Integrate with Alonzo White Testnet
Integrate with Alonzo Mainnet
Code Audit
Launch on Mainnet
Assuming launch -> MQR token airdrop distribution



Chris | Founder / CTO

Chris is native to computing and AI. Having founded startups and worked as a data scientist previously, Chris brings with him the necessary experience to apply novel technologies in the real world. Chris’s shift towards Cardano and Smart contracts followed discovering biological intelligence. In his words, “Smart Contracts allow fast & cheap implementation of and iteration over superorganisms”.


Ben | Operations

Ben has worked with startups in Europe and Australia with a wide range of innovative technologies. He has the unique experience of working with large organisations such as the UNICEF innovation unit as well as bootstrapped blockchain startups in Sweden. Ben brings with him the knowledge and experience of converting ideas into value added products/services and getting these to market effectively.


Omar | Haskell Developer

Omar has worked as a software engineer for Amazon and Microsoft and additional experience working with startups in the Seattle and San Francisco area. He's been programming with Haskell for a long time and jumped in on the Cardano wagon since its inception. Omar was part of the first cohort of Plutus Pioneers.


Karl | Full-stack Developer

Karl has a background in mathematics and computing. Karl brings the engineering experience required to build functional software. Karl has been engaged in the Blockchain space since 2017 and more recently as a Plutus Pioneer, so his deep understanding of not only core Plutus functionality but also general blockchain theory is invaluable to our team's efforts.


Simon | Strategic Advisor

Simon is Managing Director of the banking grade custody service DECUS Network. He guides financial institutions and Fintechs on KYC and AML questions for crypto products. Simon is advising several startups in the industry and studied at the WHU - Otto Beisheim School of Management.


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