Market makers are fleeing public blockchains to protect their secret trading playbooks

Crypto trading is almost entirely public. One startup thinks it has borrowed an idea from Wall Street that could change that. What to know : Close to half of all U.S. equity trading happens off public exchanges, yet virtually no equivalent exists in crypto, leaving market makers fully exposed to copy trading and public scrutiny. GoDark, starting up on Solana in May, uses zero-knowledge proofs to conceal trade details from everyone in the system, including the node operators running the order book. The platform faces the same challenges that have tripped up most DEX launches — bootstrapping liquidity and sustaining volume past the initial incentive period — with the added complication of a privacy model that regulators have not yet had to reckon with.