I kept thinking about what happens when a large trade reveals its intent before it actually executes. In a normal order book, size, direction and depth are visible, so other participants can react to that information before the order is filled. That’s one reason institutions rely on workarounds like iceberg orders and dark pools.

Looking at @Dusk Hedger, I find the different approach more interesting: the order book can remain obfuscated, so the market doesn’t expose the same details about an order before execution, while the protocol still has to enforce transaction validity underneath.

But I don’t think that automatically means manipulation disappears. It may simply change where the problem appears. If order intent is hidden, could similar pressure eventually show up around matching, execution or settlement?

That’s the part I’m still thinking about: does order-level privacy remove the information advantage at its source, or just move the attack surface downstream?
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🧐 What could matter most for institutional trading privacy on Dusk?