P2DEX: Privacy Preserving Decentralized Exchange

What was the project about? ​

Smart contract platforms based on blockchain public ledgers allow for automating business process and financial transactions without the need to trust central authorities, leading to new application in Decentralized Finance (e.g. Automated Market Makers and Decentralized Exchanges). However, current smart contracts and DeFi applications built on them suffer from serious privacy issue and ensuing market manipulation attacks, as all information handled by them is publicly broadcast to all nodes executing the protocols related to the platform and then publicly registered on the blockchain. ​

The successfully achieved goal of this project was to design protocols for privacy preserving smart contracts that handle private data and financial transactions while still allowing for public verifiability. ​

The new techniques developed and demonstrated as part oft his project enables the creation and deployment of truly privacy preserving smart contract (PPSC) platforms. Such PPSCs have the capabilities to process private input data as well as private financial transactions, generating both private/public output data as well as private output financial transactions. Out of the many applications of a PPSC, their application to AMM (Automated Market Maker) and DEX (Decentralized Exchange) services enables robust regulatory compliant solutions that both preserve user privacy and resist market manipulation. Using the new technology developed in this project, industry players can build efficient PPSCs for their applications departing from popular non-private smart contract platforms and open-source frameworks for multiparty computation. ​

Host Institution(s):​

IT University of Copenhagen​

Principal Investigator:​

Bernardo David, Associate Professor, Computer Science​

Center for Information Security and Trust​


Alexandra Institute, Monaco Foundry Global SA and Partisia​


200.000 DKK​

Project Period


Project outcomes

Eagle: Efficient Privacy Preserving Smart Contracts can be downloaded here

The main implementation of Eagle on top of the Fresco framework can be downloaded here

A tool to integrate Bulletproof range proofs with smart contracts written in Rust can be downloaded here 

Several modifications done to the open source Fresco can be found here (framework for MPC as part of the Eagle implementation)​


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