Solvency, risk limits and liquidation conditions are proven on-chain. Collateral composition, strategy parameters and order flow never leave the sealed state.
On a transparent perp DEX, entry, size, collateral and timing are all observable. Correlate them across blocks and a strategy stops being a secret — it becomes a target.
Depositors see verified performance, solvency and risk proofs. Markets, positions and parameters remain sealed until the manager elects disclosure.