Introduction: Why We Need a Decentralized Privacy Order Book
Order book trading is the most mature and scalable form of trading in modern financial systems, and it serves as the core mechanism for price discovery and liquidity formation. However, in an era of digitization, on-chain execution, and high-frequency trading, order books reveal a long-overlooked structural contradiction: a trading system cannot simultaneously achieve censorship resistance, privacy protection, and verifiable execution.
Decentralized Order Books: Censorship-Resistant and Verifiable, but Lacking Privacy
Decentralized trading systems deploy order submission, sequencing, and matching rules on open protocols, eliminating dependence on centralized intermediaries and endowing trade execution with inherent censorship resistance. As long as a user can interact with the network, their orders cannot be arbitrarily rejected, frozen, or selectively delayed by any single entity.
