00:00Enclave X is a fully encrypted exchange for privacy-first on-chain crypto trading.
00:08So today we are reviewing this privacy-focused decentralized perpetual exchange,
00:13which is using secure enclaves to enable confidential trading with on-chain settlement.
00:20So today let's just explore the architecture, the products, the execution model, the fees, liquidity,
00:25and also the risks and how it compares to Helix and Hyperliquid and Drift and other leading PEP DEXs.
00:34If you want to get started with Enclave, the link is in the description.
00:37Make sure you use that affiliate link so you can get bonuses and discounts.
00:42Let's dive right into it.
00:43So at the end of the day, DeFi has largely kind of embraced radical transparency with every trade,
00:50every position, and every sort of liquidation pretty much on-chain, right?
00:55So positions literally can't be front-run or strategies exposed.
01:02Liquidations typically become predictable and alpha tends to also leak quite quickly.
01:09And this DEX actually enables you as a trader to execute positions confidentially
01:15using secure enclave technology, which still kind of settles the trades on-chain in practical terms at the end of the day.
01:24It just means that trade logic is, in fact, executed in protected environments,
01:29and position details are hidden during the execution.
01:33And front-running and copy trading are actually significantly reduced at the same time
01:38as settlement remains verifiable and trust is minimized.
01:42And this platform is effectively bridging the gap between TradeFi style, duck trading, and DeFi style self-custody.
01:51And if we want to just explore the core design behind the philosophy, like I said,
01:57it's really all about privacy here and confidential execution
02:00and just making sure they're tailored to traders that want security right now.
02:06And also the architecture of the technology itself is heavily kind of encrypted
02:14and it really just limits a sandwich attacks and liquidation hunting and strategy coning and things like that.
02:21So it has also a decentralized model where you have the execution occurring in those secure enclaves
02:29and then settling on-chain in custody, remaining with the actual user yourself.
02:35And the supported markets include BTC and ETH and major altcoins.
02:39Emphasis is really on high-liquidity assets here.
02:43And they also have margin trading, right?
02:45So you can use isolated margin with each position evaluated independently to just kind of reduce the cross-margin kind of contagion
02:55and have clear liquidation boundaries as well as kind of easier risk auditing as well.
03:02The liquidation mechanics are also interesting.
03:04And it means that at the end of the day, liquidation prices are not publicly observable beforehand.
03:10Attackers cannot easily game the thresholds, right?
03:14And logic is applied deterministically there.
03:18When it comes to the fees and the funding, you really want to think about how they incentivize the liquidity provisioning.
03:24They're discouraging abusive trading patterns and supporting kind of long-term sustainability.
03:30And also with the funding rates, obviously, they operate as expected for perpetual contracts
03:35with the longs paying short or vice versa and rates being adjusted based on the market dominance or imbalances there.
03:43And funding intervals are also predictable.
03:45And like I said, you know, at the end of the day, this is one that is very interesting.
03:51And the user interface itself is very good, very minimalistic, which is pretty nice.
03:56Good price charts, position overviews, margin and P&L mechanics all displayed nicely with simple entry orders.
04:03It's also visible there.
04:04And the trading flow is also very kind of nice.
04:08I feel like when I do use Enclave, you know, the trades feel instant.
04:13The orders also confirm very quickly and positions are updated very smoothly as well.
04:18You know, at the end of the day, it's non-custodial, so you don't have to worry about your funds.
04:22And if you compare it to other DEXs, I have actually broken all this down in the review.
04:26I'll just leave the link in the description here so we don't waste time.
04:30But you can check out my comparison of Enclave to Helix and Hyperliquid and Drift.
04:35And if you're really a professional trader or somebody who's a fund or DAO or you like algorithmic strategies or traders who literally are just sensitive to MEV and front running and things like that,
04:47this is really the platform for you to check it out.
04:50Check out the link in the description and get started with Enclave.
04:53Enclave. It's a pretty great privacy first perpetual DEXs and I think you'll love it.
04:59The link is in the description. Like, share, subscribe.
05:01I'll see you guys next time. Peace.
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