Core workflow
Private swap
Swap between assets: privately held SOL into privately held USDC, say, without either leg appearing connected to a wallet you control.
How it works
You spend private notes
Your input notes are spent with a proof, exactly as any other private spend.
A single-purpose wallet does the trade
The relayer funds a fresh, deterministically derived wallet from that spend. It executes the swap against ordinary on-chain liquidity as an ordinary counterparty.
The output is reissued as a private note
The proceeds are swept back into your private balance as a new note. Your own wallet never touches either side.
Routing uses the same liquidity everyone else uses. What differs is that no public wallet of yours is party to the trade.
Why swapping also improves your privacy
A swap is not only a way to change assets. It is a way to break the amount correlation that a determined observer would otherwise rely on.
- A partial swap splits a distinctive deposit amount into two holdings of different assets, neither of which matches what went in.
- Because notes can be split and merged, the amount that eventually leaves the pool need not resemble anything that entered it.
- Time passes. Every deposit made by anyone in the meantime widens the set your proof could be about.
What the venue knows
The general case
Swapping is the simplest instance of a broader capability. The same mechanism (spend privately, act through a single-purpose wallet, reissue privately) is what lets a private balance open positions, place resting orders, enter prediction markets and fund a card. See Private execution.