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On-the-fly Offer

An on-the-fly offer is posted by an EOA (i.e., an Externally-Owned Account, cf. -> Account Types). This is in contrast with a smart offer that is posted by a smart contract.

An on-the-fly offer can be listed on Mangrove but is not equipped with any on-chain logic that executes when the offer is taken.

Whenever an on-the-fly offer is matched by a market order, the offer sources its liquidity on the EOA.


An on-the-fly offer is not reactive (it has no code) and therefore cannot repost its residual if any.

  • For example, let's consider a WETH/DAI market with an on-the-fly offer giving 1500 DAI (gives) at a ratio of 0.0006.
  • This offer is then matched by a market order consuming only 750 DAI.
  • After this transaction, it will be removed from the book since it has been partially filled.