The Private Book

The Private Book is Nightshade's order book, traded in private twins. Prices, pools, amounts and every trade are public, as on the Public Book. Who made each trade and each order isn't.

Private trading is still being finished. It comes to the Preview testnet first, and opens on mainnet after its audit.

How it keeps you private

• Tokens come and go as private coins. What you pay in is a private coin the book burns, and what you get is a new private coin minted to your wallet. No address appears.
• Your orders carry a private key. Your orders are kept under a key made from a secret only your wallet knows, and nothing links it to the key your wallet uses on the Public Book.
• A trade records no trader. The chain shows that a pool was taken at a price, for an amount, and nothing about who took it.

What still shows: the size of every trade and order, and when it happened. A very large or unusual order can be noticed even without a name on it. For hidden amounts, use the Dark Pool.

What you can do

It runs the same engine as the Public Book, so it works the same way:

• Swap at the best prices on the Private Book.
• Limit orders: join the pool at a price, and withdraw your share at any time.
• The same fee: 0.2% for takers, nothing for orders that wait on the book.

Auto-flip liquidity, stops and the queue are on the Public Book only for now. Two buys or two sells at the same moment still race as on any book: if yours is refused, nothing moves and you can try again.

Markets

Nightshade lists the Private Book's markets, one per pair, mirroring the Public Book's (sSHADE/sUSDM, for example). Anyone can trade them. Each one's liquidity is separate from its public market's, so prices can differ a little between the two.

Getting in and out

Shield the tokens you want to trade on the Private page first. When you're done, keep the twins, trade or send them privately, or make them public again.