Anoma and privacy-preserving multichain orderbooks in the CLOB wars
Quote310 words
Explains how Anoma's resource model, three-layer privacy architecture and intent-centric matching enable private, atomic cross-chain CLOBs without bridges. Notes the devnet is missing shielded execution, solver incentives and cross-chain coordinators.
Key claims
Shielded ARM carries 10-100x overhead and Private ARM (FHE) 1000x
Hyperliquid does about $6.9B daily perps volume yet fewer than 100 tokens have liquid perps vs 10,000+ total
Settlement tiers range from 0ms edge to 30-60s cross-chain
The CLOB wars are entering the next stage with @anoma's intent-centric infra enabling privacy-preserving, highly efficient multichain orderbooks.
TL;DR:
- Anoma's resource model combines account and UTXO benefits, enabling partial order fills, cross-chain atomicity, dynamic privacy transitions, as well as ephemeral intents that exist only during execution
- Three-layer privacy architecture: Transparent ARM (live on devnet), Shielded ARM (10-100x overhead, Cairo/RISC Zero), Private ARM (1000x overhead, fully homomorphic encryption for dark pools, currently under development)
- Intent-centric matching treats orders as constraint satisfaction problems rather than traditional bid/ask matching, enabling complex multi-party atomic trades with custom execution parameters
- @JamesWynnReal's $100M loss on Hyperliquid exemplifies the liquidation hunting problem in transparent systems where public positions enable coordinated attacks by rational adversaries
- Cross-chain settlement without bridges through atomic coordination, which means assets never move chains, only ownership transfers atomically ($ETH stays on Ethereum, $SOL stays on Solana)
- Fractal scaling hierarchy: Edge instances (0ms), Local instances (<100ms), Regional instances (1-5s), Global instance (15-30s), Cross-chain settlements (30-60s)
- Solver economics: Revenue from spread capture + fees + MEV, costs include computation + inventory + reputation, with commit-reveal schemes preventing front-running
- Current devnet includes Elixir/Nock runtime, intent gossip network, basic solvers, Tendermint consensus - missing shielded execution, production solver incentives, cross-chain coordinators
- Market opportunity: $6.9B daily perps volume (Hyperliquid only), yet <100 tokens with liquid perps vs 10,000+ total tokens, 40%+ DEX volume is cross-chain, institutional trading requires privacy
- @mycelmycel building first privacy-preserving CLOB with Account Transfer Protocol, and @spicenetio building a unified liquidity layer with network-level trading infra
- @anoma enables markets that cannot exist today incl. private institutional perps, cross-chain dark pools, intent-based trading with multi-party atomic settlements
- Technical architecture solves CEX vs DEX tradeoff by providing CEX-speed execution through local instances while maintaining DEX security through global consensus
DYOR anon, @anoma is a true game-changer.
QUOTING @a1research__
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What came next · since 30 Jun 2025
Since then
Zero has written 9 more pieces on Anoma since this one.