Qaddun (QAD) – interesting exchange/payment infrastructure play I stumbled on

Been going down a rabbit hole lately looking at smaller infrastructure projects and came across **Qaddun**, which is trying to build an **on-chain exchange + payment rail**.

What caught my attention is that they’re **not using an order book or typical AMM pools**. Instead they run something called **reserve warehouses** where liquidity providers hold tokens and set rates. When a swap request comes in, the contract pulls the best rate and executes it instantly.

So instead of placing an order and waiting for someone to match it, the swap just happens **in the same transaction**.

The other thing they’re pushing is the **payment side**. Basically a merchant could accept payments in any supported token, but the protocol converts it instantly so the merchant receives something like ETH.

Example:
Customer pays with Token A → merchant receives ETH automatically.

The token (**QAD**) is mainly used by reserve operators. They need it to participate in the network and pay fees, and most of those fees get **burned**, so the supply slowly decreases if the network actually gets usage.

Still early obviously, but the architecture is a bit different from most DEX projects I’ve seen lately.

Roadmap wise they’re currently around **testnet/MVP stage**, with **mainnet planned later in 2026**, then token-to-token swaps and eventually cross-chain stuff.

Not saying it’s the next big thing or anything, just thought the **reserve-based model** was interesting compared to the usual AMM clones.

Curious what people here think about this approach.