> For the complete documentation index, see [llms.txt](https://layer-akira.gitbook.io/layerakira-documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://layer-akira.gitbook.io/layerakira-documentation/integration/technical-overview/exchange-flow.md). # Exchange flow Our order book design is comprised of two parts: **1) LayerAkira Smart Contract ("Smart Contract"):** * The Smart Contract holds the user funds and performs necessary validation checks before any trading activity is executed, whether initiated by a user or by the Exchange on behalf of a user. * Allows users to perform certain activities (e.g. withdrawals) on-chain without direct interaction with the Exchange * Emits events to the blockchain for each trading activity. **2) LayerAkira Exchange ("Exchange"):** * Provides [endpoints](/layerakira-documentation/integration/endpoints.md) through which users can perform trading activities in a CEX-like manner * Ensures that all trading activities are processed fairly and are valid. {% hint style="info" %} fair" refers to *when* the trade arrives to the Exchange "valid" refers to the execution semantic {% endhint %} * Responsible for consuming emitted events by the Smart Contract to maintain a valid state of off-chain order book and off-chain user balances. * Responsible for batching all trading activities into the rollup and pushing it on-chain as soon as possible to keep the smart contract state updated with the off-chain state. * Responsible for maintaining the CLOB and providing access to it through [endpoints](/layerakira-documentation/integration/endpoints.md) for both users from our ecosystem and outside of our ecosystem through Routers.