Curated Exchange: Release of the DMF Paper and Framework Realizing 'Anyone Can Deploy an Exchange'

Odaily Planet Daily News - Curated Exchange was officially launched on May 29, 2026. The project was initiated by open-source developers and researchers, with its underlying theory based on the academic paper *Decentralized Market Formation* published on SSRN this May. Its core proposition is to establish a more effective mechanism for long-tail asset discovery, selection, and survival of the fittest through a low-cost, multi-exchange parallel structure. Any individual, community, or institution can deploy a vertical trading-specific portal with zero barriers, filter assets, and earn transaction fees, while all venues share the same underlying liquidity. Unlike the centralized listing decisions of CEXs and the non-selective mechanism of AMMs, DMF replaces capital-based access with cognition-based access—Curators act as asset gatekeepers based on professional judgment rather than capital scale, ensuring high-quality long-tail assets are systematically discovered through a reputation-constrained Curator system. Curated positions itself as a neutral infrastructure provider, avoiding commercial competition with ecosystem participants, and will be fully open-sourced in the future. The testnet is scheduled to go live in June 2026.