Ibex

On a public or transparent chain, every position is visible before it settles. That visibility is what makes liquidation hunting and MEV possible, and it leaks information a trader never agreed to share. Ibex Market was built to remove that problem at the architecture level. It is a perpetual futures exchange built natively on the Canton Network with DAML smart contracts, so a position is never broadcast to the network in the first place. Ibex is live on Canton TestNet, and placed 3rd in the cETH Ecosystem track at HackCanton Season 2.

Positions settle privately between the trader, the liquidity vault and the network's automated keepers, so there is no public orderbook to read and no liquidation level to hunt. Traders get up to 20x leverage on CC, BTC and ETH perps, using USDCx as margin. The liquidity vault acts as the explicit counterparty to every trade, with liquidity providers earning trading fees and funding payments. Funding settles every 8 hours, and 70% of fees go to the LP vault with 30% to the protocol.

Canton's privacy model is the reason Ibex exists. On Canton, a transaction is split so each party sees only the piece that belongs to it, and a position can be absent from the shared ledger rather than merely obscured. That is the only way to run a perps venue where a trader's size, leverage and liquidation level are not public data. Ibex is built natively on Canton with DAML, runs its own mainnet validator, and has 5M CC locked under CIP-0116, so the venue is part of the network rather than a layer bolted on top of it.

Privacy on Ibex is structural, not a setting. A position is not hidden on the network, it is never broadcast to it, because the venue is built natively on Canton rather than on a public chain or a centralized orderbook. The counterparty is also explicit: a liquidity vault that takes the other side of every position, with fixed DAML rules, so trust comes from the arrangement rather than from watching the book. That combination, private settlement enforced by the ledger plus an explicit vault counterparty, is what sets Ibex apart.