of Solana weekly DEX volume now clears through proprietary market makers, and over 80% of SOL-to-stablecoin flow.
Private execution for Solana markets
Darknyx is a non-custodial venue where large orders meet privately. Matching runs inside an attested enclave; settlement is constrained by proofs on Solana.
The gap
Solana solved retail execution. Size is still unsolved.
Proprietary market makers rebuilt Solana's spot market in eighteen months. On ordinary swaps they now quote inside a few basis points and match centralised execution.
Above that, execution degrades, and the reason is balance sheet rather than technology. A venue can only fill what it is willing to hold. There is no neutral place on Solana where two parties with real size can meet each other directly.
typical quoted spread on SOL for retail-sized trades. On-chain execution is genuinely competitive at the small end.
is roughly where that quality begins to fall away. The remaining gap reflects balance-sheet scale, not microstructure.
Who it's for
Two counterparties, one venue.
One side has a position to put on. The other has one to take off. Neither can act publicly without announcing it. Darknyx crosses them at a fair reference price.
Funds, desks and large traders
Execute the position, not the announcement.
Public liquidity reveals direction and urgency long before your order is finished.
- Order intent never reaches a public book or mempool
- No price impact — fills clear at a reference price, not along a curve
- Signal interest in a block without revealing that you have one
Market makers
Get flat without telling the market you need to.
Unwinding inventory in public costs spread and shows your hand.
- Cross at the reference price, so neither side pays a spread
- Rest interest privately, with no signal to competing quotes
- Clear positions larger than your book wants to carry
The protocol
Private execution. Verifiable settlement.
Confidentiality that rests on a promise is not confidentiality. Each property below is enforced by something you can check yourself — an attestation, a proof, or a published parameter.
Execution
Matching runs inside a sealed enclave.
Order intent is encrypted directly to a confidential VM on attested hardware. Side, size and limit never enter a public book or an L1 transaction.
What you check
Remote attestation over the enclave measurement, before any order leaves your client.
Settlement
Value moves only against a proof.
Balances are commitments, not readable accounts. Every settlement carries a zero-knowledge proof of conservation, ownership and correct state transition. A compromised operator cannot mint, and cannot spend what isn't theirs.
What you check
The on-chain verifier, which rejects any settlement that fails to prove, including ours.
Pricing
Fills are confined to a reference band.
The venue cannot invent a price. Fills must land within a published band around an external reference, so we have no ability to fill you where the market wasn't.
What you check
Band width and reference source are public parameters, changed only through governance.
Timing
Orders clear in batches at a single price.
A uniform-price auction on a randomised cadence. There is no queue position to win and no latency edge to buy, which makes resting interest here safer than resting it in public.
What you check
One clearing price per batch, reported with the reference at the moment of the cross.
Execution pipeline
The client builds a Poseidon commitment over the order and the note backing it, then submits it directly to the enclave. Side, size, limit and note remain on the trader's machine. Nothing about the order is broadcast, and nothing enters a public mempool or order book.
- Commitment
- Poseidon
- Executes on
- Client
- Public data
- None
Architecture
Built for confidential execution, not cosmetic privacy.
Darknyx combines trusted hardware, zero-knowledge proofs and private note-based custody so that sensitive execution data remains confidential without giving the operator arbitrary control over user funds.
Layer 01Confidential execution
Intel TDX on Phala Cloud
Matching, proving and settlement orchestration run inside an attested confidential VM. Clients can verify the enclave before submitting order intent.
Layer 02Cryptographic settlement
Groth16 over BN254
Batched proofs constrain private balance transitions, conservation, output-note construction, fees and market binding before settlement is authorised.
Layer 03Private custody
Encrypted UTXO notes on Solana
User balances are represented as Poseidon commitments inside a sharded incremental Merkle tree. Amounts, ownership data and trade details remain hidden.
Market thesis
Every mature market eventually separates price discovery from disclosure.
Equities took forty years to build the venues where size could trade without broadcasting itself. On-chain markets are arriving at the same threshold, with one advantage: the settlement layer can be verified rather than trusted.
Public settlement is valuable.Public execution is not.
Darknyx is built on that single distinction.
Contact
Bring us the trade you'd rather nobody saw.
Darknyx is in active development on Solana. We work directly with funds, trading desks and market makers ahead of the private mainnet beta.
Who we work with
- Funds and trading desks
- Market makers
- Treasuries
- Investors and partners