Binance founder Changpeng Zhao is once again stirring innovation in crypto, this time calling for a new kind of decentralized exchange (DEX) that prioritizes privacy for large-scale traders.
In a recent post on X, Zhao proposed the creation of a perpetual futures DEX built around a dark pool mechanism—an idea borrowed from traditional finance where large trades are executed away from public order books to avoid market impact. His argument: open order visibility on blockchain-based platforms puts whales at risk.
Zhao pointed out that the transparency of current DEX infrastructure allows adversaries to target liquidation levels and manipulate markets, particularly in perpetual futures trading. This visibility, he warned, exposes traders to front-running, MEV (Maximum Extractable Value) attacks, and inefficient execution.
“A dark pool-style DEX would allow institutional players and large holders to operate with discretion,” he suggested, adding that this approach could make DeFi more appealing to serious capital.
To implement such a concept on-chain, Zhao proposed leveraging zero-knowledge proofs (ZK) or similar cryptographic methods to obfuscate transaction details and delay visibility of positions. These tools could help protect sensitive trade data while still adhering to the transparent and decentralized ethos of Web3.
While the idea is still in its infancy, it signals a potential new direction in the evolution of decentralized markets—one where privacy and institutional-grade infrastructure are no longer mutually exclusive.
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