CZ赵长鹏提出建立暗池Perp DEX的设想，旨在解决当前DEX交易中订单信息透明化的问题。在现有DEX中，所有订单实时可见，尤其在Perp DEX中，清算信息暴露可能导致恶意攻击和MEV。传统金融市场使用暗池来隐藏大额交易，避免被抢先交易。对于Perp交易，隐藏订单信息更为重要，防止被恶意清算。CZ认为，尽管透明化有助于做市商吸收大额订单，但不同交易者对市场类型有不同偏好。他建议通过ZK等加密技术，构建链上暗池DEX，隐藏订单簿甚至存款信息，以保护交易者隐私。

💡**DEX订单透明化的弊端：** 当前DEX订单实时可见，在Perp DEX中清算点暴露，容易遭受抢先交易和MEV攻击，导致滑点增加、价格恶化和交易成本上升。

🔒**传统金融的解决方案：暗池：** 传统金融市场使用暗池隐藏大额交易，其交易量通常是普通订单簿的十倍以上，有效避免被他人提前察觉并进行抢先交易。

🛡️**Perp交易的隐私需求：** 在Perp（永续合约）交易中，隐藏订单信息尤为重要，防止被他人看到清算点后恶意操纵市场进行清算，即使拥有大量资金也可能被攻击。

🔮**链上暗池DEX的构建思路：** CZ建议通过ZK等加密技术构建链上暗池DEX，不显示订单簿，甚至延迟显示智能合约存款信息，从而保护交易者隐私。

CZ 🔶 BNB: Given recent events, I think now might be a good time for someone to launch a dark pool perp DEX.

I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations.

Even with a CEX order book, where orders aren't linked to a specific individual, if you're looking to purchase $1 billion worth of a coin, you generally wouldn't want others to notice your order until it's completed. Otherwise, people might try to buy before you, effectively front-running you. In the case of a DEX, this can lead to MEV attacks. This results in increased slippage, worse prices, and higher costs for you.

For this reason, the large traders in TradFi use dark pools, which are often 10 times bigger than the “lit pools" (ie, normal orderbooks).

For perps (or futures), it is even more important to not let others know/see your orders. If others can see your liquidation point, they could try to push the market to liquidate you. Even if you got a billion dollars, others can gang up on you. This was possibly what we have seen recently.

The counter argument I have seen is that being more transparent allows market makers to absorb your large orders. This is possibly true. I won’t get into an argument on which is right or wrong. Different traders may prefer different types of markets.

Now might be a good opportunity for someone to launch an on-chain dark pool style DEX + perps, either by not showing the orderbook, or even better not showing deposits into smart contracts at all, or until much later. This should be doable with ZK or similar encryptions.

Just a Sunday idea. If you are building such a project, feel free to reach me on http://Reachme.io/cz_binance. No guarantees I will invest, or even reply. 🙏

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Mon Jun 02 2025 02:35:42 GMT+0800 (China Standard Time)