淘金手册｜Rialto 联手 Robinhood Crypto，盯上订单路由权

Foresight NewsPublicado a 2026-07-16Actualizado a 2026-07-16

Resumen

Rialto 是一个链上现货交易所，专注于为加密资产和股票代币等提供交易。其核心创新在于订单路由机制：当用户发起订单时，Rialto 会向多个流动性来源（包括其自营的 propAMM “Rivo Altus” 和传统 DEX 池）获取实时报价，然后自动选择扣除成本后净输出最优的路径执行，旨在为用户提供最佳交易价格。目前，Rialto 主要支持 Robinhood Chain 网络上的资产，并已与 Robinhood Crypto、Arbitrum 等合作。其团队拥有交易和媒体背景。平台的关键挑战在于能否持续整合丰富流动性、保持报价竞争力，从而确立其在链上订单路由环节的价值。

撰文:KarenZ,Foresight News

股票代币上链后,市场很快会遇到一个更具体的问题:这些资产怎样在链上形成连续、可靠、价格合理的交易。

Rialto 切入的正是这一层。它把自己定义为链上现货交易所,支持加密资产、股票代币、ETF 和商品等资产类型。但 Rialto 真正强调的,不仅是「品类覆盖」本身,还有每笔订单背后的报价、做市、路由和结算。

Rialto 有何背景?

Rialto 是在与 Robinhood Crypto、Offchain 和 Arbitrum 合作的背景下走到台前的。这个组合基本说明了 Rialto 的位置。

团队方面,Rialto 团队成员 Riley(@riley_gmi)曾任职于 BlockTower、Arca、ASXN、RockawayX 等交易相关机构。这一背景与 Rialto 的产品方向相互呼应。Rialto 另一团队成员 boccaccio 曾任职于加密媒体和信息平台 Blockworks。

此外,根据 Telegram 和 Discord 机器人 Whalebot Web3 开发者 Icebergy 在 7 月 3 日发布的推文显示,其已加入 Offchain,工作覆盖 Offchain Labs 风投部门 Tandem、Arbitrum 孵化器 Onchain Labs,并称自己过去数月一直与 Rialto 合作。

Rialto 是什么?核心机制如何运行?

Rialto 初期仅支持 Robinhood Chain 网络,已上线 90 多种 Robinhood 股票代币以及 Robinhood Chain 上的主要加密资产。这里需要说清楚:用户交易的是股票代币,不是券商账户中的原始股票。

它的交易流程可以压缩成三步:报价、排序、结算。用户发起订单后,Rialto 会向所有候选流动性来源请求该订单规模下的实时报价,包括 propAMM 和传统 DEX 池;随后按扣除网络成本后的净输出排序;最后把胜出的路径在链上原子性执行。订单要么按约定条件完整成交,要么被撤销。一笔订单在特定情况下也可以拆给多个来源,以获得更好的结果。

这里的核心是 propAMM。Rialto 对 propAMM 的定义是:使用自有库存和自有定价逻辑报价的链上做市商。它和常见 AMM 的差异在于,传统 AMM 主要依赖池子余额和固定公式形成价格,propAMM 则会持续参考外部市场,主动更新报价。对加密资产,参考价格可以来自流动性更深的交易所订单簿;对股票代币,参考价格可以来自底层股票的主要上线交易所。

Rialto 进一步拆解了 propAMM 的报价逻辑。第一层是公允价格,最新预言机更新会给合约提供交易对当前公允价格,并由此形成最优买价和卖价。

第二层是库存管理。可以把 propAMM 想成一个自动做市柜台,它手里同时放着两种资产,比如股票代币和 USDC。做市商通常不希望某一种资产堆得太多。如果 vault 里的股票代币已经偏多,系统就会降低用户继续卖出股票代币给池子的报价,让这类交易没那么划算;相反,它会更愿意让用户买走股票代币。这样一来,价格本身就成了调节库存的工具。

第三层是预言机更新,预言机更新越慢,报价惩罚越大,点差会随区块延迟扩大,以降低过时价格被套利的风险。

第四层是流动性曲线,公允价格附近形成买卖价差,越远离中间价,深度逐步增加,类似订单簿里的深度分布。

Rivo Altus 是 Rialto 自己运行的 propAMM,会为股票代币和加密货币报价,并作为每笔订单的候选流动性来源之一参与竞争。只有在某笔交易中给出最佳执行结果时,Rivo Altus 才会成为最终路径。

另外,Rialto 还推出了一项合作伙伴计划,允许交易应用、终端、机器人或代理路由订单流。当前,Rialto 的兑换 API 已被 Arcus、Index、LI.FI 等协议集成。

Rialto 的竞争点,是把路由权变成交易质量

Rialto 的竞争点就在这里。它把不同流动性来源放在同一张报价桌上,每笔订单都重新比较。propAMM、Rivo Altus、传统 DEX 池都要用净输出说话。用户不需要判断哪个池子更深,也不需要手动比较路径,Rialto 会按执行结果完成选择。

Rialto 提到,聚合器会把分散的 propAMM 报价转成单一最佳买卖价,并把订单路由给报价最好的来源,必要时拆单以吃到多个来源的最优深度。

这也是 Rialto 与普通交易前端的区别。普通前端的价值更多在入口和展示,Rialto 更强调订单执行。谁能发现更好的报价,谁能把多个流动性来源组织起来,谁就更接近链上资本市场的关键位置。

费用方面,Rialto 会在用户确认交易前显示费用,并把费用计入最终报价中。其交易费为 0.50%(经笔者测试的几个交易对的平台费用为 0.1%)。如果用户通过第三方集成入口交易,可能还会叠加额外集成费用。

另外,链上结算还会产生网络 Gas 费,普通交易由用户钱包支付。使用 Gasless 交易时,则由中继器覆盖网络费。若交易被撤销,交易费不会收取,但已提交交易消耗的 Gas 不可退回。Gasless 交易补易补上的是体验环节。用户可以选择由中继器代为支付网络费。

从 Rialto 官网最新数据看,ETH 是平台交易最活跃的资产,24 小时成交量约为 1.28 亿美元;相比之下,单只股票代币的成交量大多停留在数千至数万美元区间。

小结

Rialto 后续要证明的东西很具体:Robinhood Chain 上的可交易资产能否扩张,Rivo Altus 的报价能否在波动中保持竞争力,外部流动性来源是否足够丰富,路由后的净输出能否持续优于用户自己寻找交易路径。

如果这些问题逐步得到验证,Rialto 争夺的就不只是交易入口,而是订单路由权。股票代币的链上市场不会只由资产数量决定,最终还要回到每一笔订单:谁给价?谁成交?谁让用户拿到更优的结果?

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