Honesty
Private DEX docs describe a research settle path. They are not a live public trading venue listing.
Product rules (positive)
- Shielded settle: private notes in → public reserve deltas → private notes out.
- This AMM spends notes, not bank balances in a transparent pair.
- Oracle mids are bounds only when configured; a mid never creates notes or bumps reserves alone.
- Fail closed when proof verification cannot run, seam checks fail,
min_outmisses, reserves are insufficient, the pool is paused, or a spent marker is reused.
Privacy honesty
| Public | Private |
|---|---|
| Pool id, reserve deltas, fee params | Per-note amounts |
| Spent markers, new commitments | Spender identity and note lineage |
| Optional price mid + freshness | Note openings and secrets |
| Pool mid after settle | Who traded which prior mint |
Reserve deltas reveal approximate trade size. Per-note amounts stay private.
Relation to Private Bridge
The Private Bridge seals deposits and mints private notes. The Private DEX does not authorize foreign ingress. Shared note vocabulary means notes can compose; it does not mean bridge and DEX are one module.
Fail closed
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Not this product
| Not this | In one clause |
|---|---|
| Public mainnet private AMM with open pools | Lab research; no shipped public pool network here. |
| Drop-in cleartext token-pair swap | Those spend bank balances; this spends notes. |
| Oracle-funded balances | Mid alone cannot mint or bump reserves. |
| Encrypted-reserve / sealed-batch auction venue | Not in v1. |
| Atomic multi-hop router | v1 is sequential hub edges only. |