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 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 to make your first confidential swap from the web app.

🟨 Go to Architecture for the roles, the components, and what the protocol does and does not guarantee.

🟨 Go to How it works for the intent lifecycle, from creation through settlement or reclaim.

🟨 Go to Decoy bundles to understand the mechanism that hides your trade, and What stays confidential for exactly who can decrypt what.

🟨 Go to Protecting your privacy before you trade for real — most privacy is lost outside the protocol, not inside it.

🟨 Go to Create an intent to build against the contract directly instead of using the app.

🟨 Go to Market makers if you want to quote and settle intents.

🟨 Go to Contract addresses for every deployed address, per network.