币安创始人CZ（赵长鹏）近日发文探讨了在当前市场环境下推出暗池永续合约DEX的可能性。他指出，传统DEX订单的实时可见性可能导致滑点、价格劣势和更高的交易成本，尤其是在永续合约交易中，对手方可能利用公开信息进行恶意攻击。CZ认为，暗池模式在传统金融市场中被广泛使用，能够保护大额交易者的交易策略。他建议通过零知识证明（ZK）等加密技术，实现隐藏订单簿或延迟显示智能合约存款，从而构建更具竞争力的链上暗池DEX。

💡 CZ认为，在DEX上实时公开订单信息可能导致交易者面临滑点、价格劣势和更高的成本，这使得大额交易者容易受到MEV攻击。

🧐 在永续合约交易中，公开的清算价格可能被对手方利用，从而引发恶意操纵，导致交易者损失。

💡 CZ建议，借鉴传统金融市场的经验，通过隐藏订单簿或延迟显示智能合约存款的方式，构建暗池DEX。

🛡️ 暗池DEX可以通过零知识证明（ZK）等加密技术实现，从而保护交易者的交易策略，提高市场效率。

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 https://reachme.io/@cz_binance. No guarantees I will invest, or even reply. 🙏

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Mon Jun 02 2025 02:38:24 GMT+0800 (China Standard Time)