Private execution

Cards, raises & more

The same mechanism reaches venues that are not markets at all: a card processor, a token sale, an order that rests until its price arrives.

Card spending

A private balance can fund prepaid cards for real-world payments. Value leaves the pool to a card-funding destination rather than to a wallet, which means the everyday case (buying something) does not require first moving funds to a public address of yours.

What the merchant and the issuer see

A merchant sees a card payment, as with any card. The issuer sees a funded card. Neither sees a Solana wallet, a deposit, or a balance, and the funding transaction does not identify who authorised it.

Token raises

You can participate in raises without the allocation being publicly attributable. The allocation exists and is verifiable; what is not derivable is whose it is. That matters for two reasons at once:

A public allocation is a public disclosure of conviction, size and timing, usable by anyone watching.
A publicly attributable allocation also links a raise to every other position that wallet holds.

Limit orders and conditionals

Private execution supports resting orders, not only market execution. An order can sit unfilled until its condition is met, and be filled later, without the wallet that will receive the fill being your own.

Order type	Behaviour
Market	Executes immediately at the available price.
Limit	Rests until the price arrives, then fills.
Conditional	Triggers on a condition, for example the take-profit and stop-loss on a perpetual.

Resting orders and time

An order that rests is visible for as long as it rests. That is inherent to a public order book. It must be visible to be fillable. What stays hidden is whose order it is.

New venues need no new cryptography

Each capability here is a different external protocol with different requirements, but the privacy mechanism is the same in every case: spend privately, act through a single-purpose wallet, reissue privately. That is why the set of reachable venues can grow without changing the security model, and why the trust model does not change when it does.

Recovery applies here too

A card funding that fails, a raise that does not fill, an order that is cancelled: each has an explicit path that returns the value to your private balance. No step leaves value stranded somewhere only a lost session could reach. See Private execution.