Blog
Writing on shielded trading, TEE architecture, and the road to private perps
Tokenised Stocks Won’t Trade Where You Think
Issuer flow cannot use onchain order books. Why tokenised equities trade on RFQ first, what TradFi's off-exchange data proves, and why demand discovery precedes price discovery.
LATEST
Shielded Spot Trading - Live on Hyperliquid
Shielded spot trading is live on Hyperliquid. Execute HYPE/USDC orders through a TEE-attested matching engine with zero strategy leakage and 95% passthrough on the HL fee discount.
Why Dark Pools Haven’t Worked Onchain
Part three of the Silhouette shielded trading series. Onchain dark pools promised privacy and delivered liquidity deserts. Why they failed and how shielded trading fixes it.
The Privacy Mirage - Why Complete Darkness Breaks DeFi
Part two of the Silhouette shielded trading series. Why full-darkness privacy solutions (mixers, shielded L1s, early dark pools) broke DeFi and what to build instead.
The Problem with DeFi, Transparency as an Attack Surface
Part one of the Silhouette shielded trading series. Why radical transparency in DeFi is an attack surface: strategy leakage, copytrade exposure, adverse selection.
Redefining DeFi with Silhouette
Silhouette closes a seed round led by RockawayX to build shielded trading on Hyperliquid. Strategies stay private, the orderbook stays public, the execution stays fast.
Why We Chose Hyperliquid
Why Silhouette built on Hyperliquid: an EVM-compatible L1 with the speed, scale and matching engine depth to support shielded trading at institutional size.