For users

Trade without publishing note amounts or which notes link together. Pool sizes and the fact that a settle happened stay visible.

What you keep private

• How much each note holds.
• Which notes link across bridge mint, claim, swap, and later exit.
• Who authorized the spend, beyond unlinkable public markers.

What the chain shows

• Which pool traded.
• How public pool numbers changed (approximate trade size).
• Spent markers and new note commitments (not cleartext balances).

Slippage

Before settle, set minimum out: the least output you accept. If the quote on current pool numbers falls short, the swap rejects and your notes stay unspent.

If the deployment requires a public price mid, a stale mid or a price outside the band also rejects. The mid is a guardrail, not a mint.

Venue status

This path runs in the local lab. It is not a public mainnet AMM. Notes may arrive from the Private Bridge. Swapping those notes is this product; depositing Bitcoin or exiting to Zcash is not.

Demo routing

Lab liquidity is hub-and-spoke: two demo tokens each trade against one hub token. Demo token B → demo token C is two swaps. There is no single atomic cross-edge route in v1.