Execution Privacy

1. Before a position is settled onchain, for each position only 3 parties know its existence.

2. The transaction initiator, the whitelisted counterparty, and the triparty.

3. Position can be settled later on the blockchain as long as locked collateral is enough to cover the unsettled position.

4. As stated in PIO V1 state, counterparty respecting privacy is reputation based.

Privacy Benefits:

1. Frontrunning Protection

2. No MEV

3. Lower risk of Market Manipulation

4. Protects onchain trackable alpha