Voltz are developing a noncustodial automated market maker for interest rate swaps. They use a concentrated liquidity virtual AMM (vAMM) for price discovery only, with the management of the underlying assets performed by the collateral management module.

The combined impact of these modules enables counterparties to create and trade fixed and variable rates through a mechanism that is up to 3,000x more capital efficient than alternative fixed rate models, while also providing Liquidity Providers and Traders with significant control and flexibility over their positions.