Public AMMs
Open by design.
AMMs make liquidity permissionless and composable, but large trades remain visible and interact with public liquidity curves. Size becomes price impact, and execution intent becomes observable.
Private execution for Solana markets
Move size without showing your hand.
Darknyx is a non-custodial private execution venue for professional traders. Orders are matched inside an attested confidential environment, while trade amounts and execution prices remain hidden during on-chain settlement.
The market gap
Large orders should not become public signals.
Public markets expose more than transactions. They expose direction, size, urgency and strategy. For professional traders, that information can create adverse price movement before an order is fully executed.
PropAMMs
Excellent retail execution. Limited institutional neutrality.
PropAMMs have significantly improved execution for ordinary swaps. Their proprietary pricing and balance-sheet-driven liquidity work well for retail-sized flow, but they remain dealer-controlled venues rather than neutral markets for confidential block execution.
Centralised exchanges
Private, but not verifiable.
Centralised venues conceal orders from the public, but require traders to surrender custody and trust an opaque operator with balances, matching and settlement.
The missing layer is a market-neutral venue where large orders can meet privately without sacrificing custody or verifiable settlement.
Transparent but exposed
Private but trusted
Private and verifiable
The protocol
Private execution. Verifiable settlement.
Darknyx separates execution confidentiality from settlement trust. Order intent remains inside an attested Intel TDX confidential VM, while Solana and zero-knowledge proofs constrain how assets and private balances may be updated.
Confidential order flow
Orders are submitted directly to the confidential execution environment. Side, size, limit and backing note never enter a public order book or L1 transaction.
Private matching
Private bids and asks are matched through a uniform-clearing-price auction inside the enclave, subject to market controls and an external TWAP circuit breaker.
Hidden settlement details
Trade amounts and execution prices remain hidden on-chain. Traders receive their fills privately and recover their resulting note balances through the client.
Non-custodial, constrained settlement
Assets remain inside the Solana vault. Groth16 proofs constrain conservation, note creation, fees and valid balance transitions, while replay-protection accounts prevent double use.
Execution pipeline
The client builds a Poseidon commitment over the order and the note backing it, then submits it directly to the enclave. Side, size, limit and note remain on the trader's machine — nothing about the order is broadcast, and nothing enters a public mempool or order book.
- Commitment
- Poseidon
- Executes on
- Client
- Public data
- None
Architecture
Built for confidential execution, not cosmetic privacy.
Darknyx combines trusted hardware, zero-knowledge proofs and private note-based custody so that sensitive execution data remains confidential without giving the operator arbitrary control over user funds.
Layer 01Confidential execution
Intel TDX on Phala Cloud
Matching, proving and settlement orchestration run inside an attested confidential VM. Clients can verify the enclave before submitting order intent.
Layer 02Cryptographic settlement
Groth16 over BN254
Batched proofs constrain private balance transitions, conservation, output-note construction, fees and market binding before settlement is authorised.
Layer 03Private custody
Encrypted UTXO notes on Solana
User balances are represented as Poseidon commitments inside a sharded incremental Merkle tree. Amounts, ownership data and trade details remain hidden.
Market thesis
Every mature market eventually separates price discovery from disclosure.
Equities took forty years to build the venues where size could trade without broadcasting itself. On-chain markets are arriving at the same threshold, with one advantage: the settlement layer can be verified rather than trusted.
Public settlement is valuable.Public execution is not.
Darknyx is built on that single distinction.
Contact
Speak with the team.
Darknyx is in active development on Solana devnet. We work directly with funds, market makers, treasuries and ecosystem partners ahead of the private mainnet beta.
Who we work with
- Funds and trading desks
- Market makers
- Treasuries
- Investors and partners