Rialto is positioning itself around a specific part of the onchain trading stack: who gets to route orders for crypto and tokenized equities, and how those orders are priced, matched and settled.
As stock tokens move onchain, the next question is less about whether these assets can exist onchain and more about how they can trade in a continuous, reliable and reasonably priced market. Rialto is targeting that layer. The platform describes itself as an onchain spot exchange supporting crypto assets, stock tokens, ETFs and commodities, but its focus goes beyond listing different asset categories. Its pitch centers on quote generation, market making, routing and settlement behind each trade.
Built in the orbit of Robinhood Crypto, Offchain and Arbitrum
Rialto has come into view in the context of work with Robinhood Crypto, Offchain and Arbitrum, a combination that also signals where it sits in the market structure.
On the team side, Rialto member Riley (@riley_gmi) previously worked at trading-focused firms and institutions including BlockTower, Arca, ASXN and RockawayX. Another team member, boccaccio, previously worked at crypto media and information platform Blockworks.
The article also cited a July 3 post from Icebergy, the developer behind the Telegram and Discord bot Whalebot Web3. Icebergy said he had joined Offchain, with work spanning Tandem, the venture arm of Offchain Labs, and Onchain Labs, the Arbitrum incubator. He also said he had been working with Rialto over the past several months.
How Rialto processes a trade
Rialto initially supports only Robinhood Chain. It has already listed more than 90 Robinhood stock tokens as well as major crypto assets on Robinhood Chain. Users are trading stock tokens rather than the original shares held in a brokerage account.
The trading process can be reduced to three steps: quote, rank and settle. After a user places an order, Rialto requests live quotes for that order size from all candidate liquidity sources, including propAMMs and traditional DEX pools. It then ranks those routes by net output after network costs and atomically executes the winning path onchain. An order either fills under the agreed conditions or is canceled. In some cases, one order can also be split across several sources to improve the result.
What propAMM means in Rialto’s model
The centerpiece is propAMM. Rialto defines a propAMM as an onchain market maker that quotes using its own inventory and its own pricing logic. That differs from a standard AMM, where pricing mainly depends on pool balances and a fixed formula. A propAMM continuously references outside markets and actively updates its quotes. For crypto assets, the reference price can come from deeper exchange order books. For stock tokens, the reference price can come from the main exchanges where the underlying stock trades.
Rialto breaks the quote logic of a propAMM into four layers.
The first layer is fair value. The latest oracle update gives the contract the current fair price for a trading pair, which then forms the best bid and ask.
The second layer is inventory management. Rialto compares the propAMM to an automated dealing desk holding two assets at the same time, such as a stock token and USDC. A market maker typically does not want one asset to build up too heavily. If the vault already holds too many stock tokens, the system lowers the quote for users who want to sell more stock tokens into the pool, making those trades less attractive. On the other side, it becomes more willing to let users buy stock tokens out of the inventory. In that setup, price becomes a tool for balancing inventory.
The third layer is oracle timing. The slower the oracle update, the larger the quote penalty. Spreads widen as block delay increases, reducing the risk that stale prices are arbitraged.
The fourth layer is the liquidity curve. A bid-ask spread forms around fair value, and depth increases gradually as pricing moves farther from the mid. The distribution resembles depth on an order book.
Rivo Altus and the partner program
Rivo Altus is Rialto’s own propAMM. It quotes both stock tokens and cryptocurrencies and joins each order as one of the candidate liquidity sources. It becomes the final route only when it delivers the best execution result for that trade.
Rialto has also launched a partner program that allows trading apps, terminals, bots and agents to route order flow. Its swap API has already been integrated by Arcus, Index and LI.FI.
Competing on execution quality
That is where Rialto says its edge lies. It puts multiple liquidity sources at the same quote table and compares them again for every order. propAMMs, Rivo Altus and traditional DEX pools all compete on net output. Users do not need to decide which pool is deeper or manually compare routes. Rialto makes the selection based on execution results.
According to Rialto, an aggregator can convert fragmented propAMM quotes into a single best bid and ask, then route the order to the source with the best quote. If needed, it can also split the order to capture the best depth across several venues.
That also marks the difference between Rialto and a standard trading frontend. A conventional frontend derives more of its value from distribution and interface, while Rialto places the emphasis on order execution. In this framework, the party that finds better quotes and organizes multiple liquidity sources is closer to a strategic position in onchain capital markets.
Fees, gas and current activity
On fees, Rialto shows charges before the user confirms the trade and includes those costs in the final quote. Its trading fee is 0.50%, though the article noted that several trading pairs tested by the author showed a platform fee of 0.1%. If a user trades through a third-party integration, additional integration fees may apply.
Onchain settlement also adds network gas costs. In a regular trade, gas is paid by the user’s wallet. In a gasless trade, the relayer covers the network fee. If a trade is canceled, the trading fee is not charged, but gas already spent on a submitted transaction is not refundable. The article described gasless trading mainly as an improvement to the user experience because it gives users the option to let a relayer pay network fees on their behalf.
Based on the latest figures on Rialto’s website, ETH is the most actively traded asset on the platform, with about $128 million in 24-hour volume. By comparison, most individual stock tokens are still trading in the thousands to tens of thousands of dollars.
What Rialto still needs to prove
The article said Rialto now has a concrete list of things to validate: whether the range of tradable assets on Robinhood Chain can expand, whether Rivo Altus can keep quotes competitive during volatility, whether outside liquidity sources are deep enough, and whether routed net output can consistently beat what users could get by finding paths themselves.
If those questions are answered over time, Rialto would be competing not only for the trading entry point but for control over order routing. In an onchain market for stock tokens, the outcome will not be decided by the number of listed assets alone. It comes back to each order: who quotes, who fills and who gets the user the better result.
Disclaimer: Markets carry risk, and investment decisions should be made with caution. The article stated that it does not constitute investment advice and that users should assess whether any opinion, view or conclusion fits their own circumstances. Any investment decision made on that basis is the user’s own responsibility.