A new decentralized exchange just went live on Base with the kind of guarantee you normally hear from mattress salesmen: find a better price elsewhere, and they’ll refund you double the difference. BaiBai, billing itself as the first PropAMM aggregator on the network, is betting that professional market maker liquidity piped directly on-chain can consistently beat the competition.
The platform combines what it calls a PropAMM, short for proprietary automated market maker, with aggregation across other DEXs and aggregators. The result is a trading venue that sources liquidity from its own professional market makers while simultaneously routing through external sources to find the optimal execution for each trade. How PropAMM differs from standard AMMs
BaiBai’s approach pulls real-time price updates and dynamic liquidity depth from professional market makers. The prices adjust continuously rather than waiting for arbitrageurs to correct them, which in theory means tighter spreads and less slippage for traders.
The platform then layers aggregation on top of this. When a user submits a trade, BaiBai checks whether its own PropAMM liquidity offers the best execution or whether routing through another DEX would be cheaper.
If neither beats the competition, that double-the-difference guarantee kicks in. Built on Spire Labs’ Pylon execution layer
BaiBai isn’t building its infrastructure from scratch.
The platform runs on Pylon, an execution layer developed by Spire Labs that enables custom sequencing technology. In practical terms, this means BaiBai can handle more sophisticated transaction ordering than a standard Base application would normally support. Custom sequencing lets the platform batch transactions for gasless settlements and process high-frequency updates from its market makers without each one requiring a separate on-chain transaction. The platform also supports natural language trading commands, letting users express trades in plain text rather than navigating traditional swap interfaces. Early integrations and token launch
KyberSwap, one of the more established DEX aggregators in the space, has already integrated BaiBai into its routing. When KyberSwap determines that BaiBai offers the best price for a given trade, it routes volume through the platform automatically.
KyberSwap is also offering up to 5x points boosts for trading activity that flows through BaiBai. On the token side, BAIBAI launched alongside the platform and is currently trading in Uniswap V4 pools paired against ETH and USDC on Base. What this means for Base’s DEX landscape
The risk runs both ways. Professional market makers can withdraw liquidity during volatile periods, something passive AMM pools can’t do by design. A PropAMM that goes thin on liquidity during a market crash would undermine its core value proposition at exactly the moment traders need it most.
There’s also the question of sustainability. Paying double the difference on every trade where a competitor offers a better price is an expensive marketing tool. The math only holds if BaiBai’s pricing is genuinely competitive on the vast majority of trades. Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
