1. Independent Identities: Open positions on the exchange can't be linked back to previous/other positions. No one, including the exchange, has the knowledge of the balance in an account except the owner of the secret key.

  2. Single Token Exposure: Twilight pool is not a CFMM (constant-function market maker) construction and only requires a single token deposit (i.e. wBTC for now).

  3. Continuous Price feed: Decentralized price feeds are slow and delay liquidations on orders to avoid front-running. We implement a continuous price feed instead to perform instant liquidations, safeguarding our liquidity providers.

Twilight Base Layer:

  1. Familiar UX: Twilight gives an experience that is very similar to using an UTXO-based blockchain. There's no interactivity assumptions, no computationally expensive proof generation and/or large state storage requirements.

  2. Auditable Ledger: Total locked value can be audited in zero-knowledge by anyone on the network to check the cap on open interest.TLV can also be made public without compromising privacy of individual accounts.

  3. Trustless Non-Custodial Pool: The base layer has a stateless VM, with no intermediary states. This also means there are no "smart contracts" that can store your tokens. We create a pool using locking/unlocking mechanism of the account, where every delegated action is accompanied with a proof and a pre-defined VM stack. Read Twilight Pool for more info.

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