CZ：现在或许是推出链上暗池式DEX +永续合约的好时机

CZ Advocates for Dark Pool Perp DEX Amid Market Volatility – What Investors Need to Know

In a recent post on X (formerly Twitter), Binance founder Changpeng Zhao (CZ) proposed an innovative solution to a critical problem in decentralized trading: "Given recent market events, now may be the ideal time to launch a dark pool perpetual DEX."

The Transparency Dilemma in Crypto Trading

CZ expressed long-standing concerns about traditional DEX models where all orders are publicly visible in real-time, creating significant vulnerabilities – especially for perpetual contracts with liquidation mechanisms. Even on centralized exchanges (CEXs), while orders aren't personally identifiable, large transactions (e.g., $1B crypto purchases) face front-running risks when market participants detect pending large orders.

How Dark Pools Could Revolutionize Crypto Trading

The traditional finance solution – dark pools that conceal order flow – typically handles 10x more volume than public order books. For crypto traders, this privacy is particularly crucial for:

- Preventing MEV attacks that increase slippage and trading costs

- Protecting liquidation points from predatory trading

- Avoiding coordinated attacks against large positions

Technical Implementation Possibilities

CZ suggests implementing this through:

- Zero-knowledge proofs or similar cryptographic solutions

- Either hiding order books completely

- Or better yet, delaying visibility of smart contract deposits

Investor Impact Analysis:

1. For Institutional Traders: Potential for better execution on large orders without market impact

2. For Retail Traders: Reduced MEV risks but potentially less market transparency

3. Market Dynamics: Could shift significant volume from CEXs to DEXs if implemented well

4. Risk Considerations: Requires robust cryptographic implementation to prevent new exploit vectors