Veiled

Veiled is a privacy-preserving limit order protocol built on Uniswap v4 that removes order visibility from the public execution path. In traditional DeFi, limit orders are broadcast in plaintext to the mempool, exposing trading intent to front-running, sandwich attacks, and other forms of MEV extraction. Veiled replaces transparent orders with Ghost Orders — encrypted trading intents that remain confidential until settlement.

The protocol leverages Seal for client-side encryption and programmable cryptographic access control, ensuring sensitive order data is never exposed during its lifecycle. Seal uses threshold encryption and decentralised key management to protect data without relying on a single trusted party. For storage, Veiled uses Walrus, a decentralised blob and data-availability network where encrypted data can be published and referenced on-chain while remaining opaque and distributed across independent storage nodes.

Veiled supports two execution paradigms. Static Orders prioritise sealed, on-chain encrypted storage with deferred disclosure, while Dynamic Orders execute privately off-chain using Yellow Network, a high-throughput state-channel clearing layer capable of processing large volumes of off-chain messages and only committing final settlement to the base chain. Together, these components enable dark-pool-style private execution on a public AMM without requiring heavy zero-knowledge infrastructure.

Veiled separates intent privacy, execution logic, and settlement to ensure that trading activity remains confidential until the exact moment of execution. The protocol operates in two modes: Static Limit Orders and Dynamic Slider Orders, each using a different execution path while sharing the same cryptographic foundation.

In Static Limit Order mode, the user defines a fixed trigger price and signs the order cryptographically. The signed intent is encrypted client-side using Seal, ensuring the order is never exposed in plaintext. The encrypted payload is then uploaded and stored as an on-chain blob via Walrus, where it remains unreadable and invisible to observers. Veiled’s execution agent first retrieves the encrypted order blob and decrypts it under authorised conditions, allowing the agent to privately monitor the full execution parameters in a secure environment. The order remains fully confidential during this phase and is never exposed publicly. While continuously monitoring market conditions, the agent checks whether the trigger price has been reached. If the condition is not met, the order remains pending and undisclosed. Once the target price is satisfied, the agent immediately submits the transaction to the Veiled Uniswap v4 Hook, where the user’s signature is verified and the swap is executed atomically. Only the finalised execution outcome becomes visible on-chain, meaning the order remains private from creation until settlement.

In Dynamic Slider Order mode, execution logic operates entirely off-chain. Instead of a single fixed price, users define adaptive execution parameters such as dynamic ranges or strategy-driven triggers. The encrypted intent is handled privately while Yellow Network runs off-chain, continuously processing high-frequency price and execution signals using its state-channel infrastructure. This allows rapid, private evaluation without exposing intermediate order state to the blockchain. The order is only committed on-chain once execution conditions are fulfilled and settlement is required. At that moment, the finalised result is pushed on-chain and stored as a blob, preserving confidentiality of strategy, timing, and execution logic until completion.

At settlement, the Veiled Uniswap v4 Hook acts as the trustless execution engine, verifying cryptographic authorisation, normalising token decimals, and performing the swap atomically. Because neither static nor dynamic orders reveal intent prior to execution, Veiled removes the observable surface required for mempool-based MEV attacks, enabling private limit order execution on public liquidity.