> For the complete documentation index, see [llms.txt](https://docs.zama.org/protocol/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.zama.org/protocol/confidential-swap/readme.md). # Overview Confidential Swaps is an on-chain RFQ protocol where the trade you submit — size, price, and direction — stays encrypted end to end. Confidential Swaps is an on-chain request-for-quote protocol where the trade you submit stays encrypted from end to end. You post an intent. Whitelisted market makers compete to fill it inside a short on-chain auction. The best quote settles atomically. Throughout, the size of your trade, the price you are willing to accept, and which asset you are actually selling remain encrypted — including from the market makers pricing it. There is no operator holding your funds and no off-chain matching engine. Everything runs in smart contracts on Ethereum, using [Zama's FHEVM](https://docs.zama.org/protocol/solidity-guides) for computation over encrypted values. ## What makes it different On a public blockchain, a swap reveals everything: the pair, the direction, the amount, the address behind it. The market reads that and acts on it. To prevent that information from reaching the market, an intent is not one order but a **bundle of orders**, one real, the others decoys. Each order shows a public pair and direction; the amounts are encrypted, and so is which order is the real one. Two orders are enough to hide your side of the trade: an observer sees both, cannot tell which you meant, and only the real one is funded and settles. More orders widen the set of trades you could be making. Market makers price every order without knowing which is real. Only the winner learns, and only once the auction is over. ## Where to go next 🟨 Go to [**Getting started**](/protocol/confidential-swap/guides/first-swap.md) to make your first confidential swap from the web app. 🟨 Go to [**Architecture**](/protocol/confidential-swap/protocol/architecture.md) for the roles, the components, and what the protocol does and does not guarantee. 🟨 Go to [**How it works**](/protocol/confidential-swap/protocol/how-it-works.md) for the intent lifecycle, from creation through settlement or reclaim. 🟨 Go to [**Decoy bundles**](/protocol/confidential-swap/protocol/decoy-bundles.md) to understand the mechanism that hides your trade, and [**What stays confidential**](/protocol/confidential-swap/protocol/confidentiality.md) for exactly who can decrypt what. 🟨 Go to [**Protecting your privacy**](/protocol/confidential-swap/protocol/privacy.md) before you trade for real — most privacy is lost outside the protocol, not inside it. 🟨 Go to [**Create an intent**](/protocol/confidential-swap/guides/create-an-intent.md) to build against the contract directly instead of using the app. 🟨 Go to [**Market makers**](/protocol/confidential-swap/guides/market-makers.md) if you want to quote and settle intents. 🟨 Go to [**Contract addresses**](/protocol/confidential-swap/reference/addresses.md) for every deployed address, per network. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.zama.org/protocol/confidential-swap/readme.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.