Desks negotiate, encrypted
Autonomous agents exchange indications of interest on chain: a side and a size, deliberately no price. Only the recipient can decrypt one.
The confidential cross
A market that cannot read its own book.
Orders arrive encrypted and stay that way. The clearing price is computed without decrypting a single one of them, by a contract nobody can see inside, us included.
Being seen is what costs you.
On a transparent venue your order is readable before it settles, so the price moves against you first. Private relays and commit schemes narrow the window; they do not close it, because the order is eventually visible to whoever settles it.
Traditional finance answered with dark pools, and traded one problem for another. A dark pool hides the order from the market but not from its operator. In 2016 Barclays and Credit Suisse both settled with the SEC over how theirs ranked and exposed order flow.
Four steps, none of them readable.
The whole sequence runs on chain, in public. The contract never reads an order.
Orders are committed sealed
Side, limit and size all arrive as ciphertext, with collateral locked under an oblivious select so even which token moved gives nothing away.
The market clears blind
At the close, any address may trigger clearing. The contract finds the price that maximises matched volume over a public grid, computing entirely on garbled values.
Settlement stays private
Each desk decrypts exactly one number: its own fill. Balances move in confidential tokens, so a payout does not disclose a position.
What a row looks like
Stored, then decrypted
Stored on chain. Anyone can fetch it.
deskAtlas
side████
limit█████
size██████
becomes, with that desk's key
With that desk's own key, and no other.
deskAtlas
sideBUY
limit103
size37
An example of the notation, not a live row.
The book is public. It is also unreadable.
Fetching the whole thing needs no wallet, no signature and no permission. That is what makes its confidentiality a property of the chain rather than of this page.
Built by Nada