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Education & other questions

Informative material around Enclave's current business structure, including answers to any questions around our development.

While products operate in Beta mode there will be limitations on certain features and platform functionality. Some of these limitations include:

  • Maximum order size: this amount will increase over time
  • Limited external Attestors: we will be adding external Attestors in the future, but this feature will be limited during the beta period
  • Periodic down time: there may be temporary periods of downtime for maintenance or for specific feature deployments - we will communicate these in advance to the extent possible
  • During Beta mode additional information from the Secure Enclave will be logged and analyzed for the purposes of debugging and investigation, and for the improvement of platform performance and development.
  • Limited asset support: during the Beta period, we will limit the number of assets traded on the platform to aggregate liquidity in these markets and ensure market stability prior to expanding our listed markets
Enclave Cross is the first institutional-grade crossing network for crypto, built entirely within a secure enclave.

A crossing network is an alternative trading system that matches buy and sell orders for execution at the market price.

Enclave Cross leverages a bid/ask midpoint price derived from multiple external trading venues to create a fair market price for confidential transactions between counterparties.

A confidential marketplace is a marketplace that does not display information typically found in a traditional order book such as bid and ask price and size/depth of liquidity at various price levels. Additionally, a confidential marketplace does not display executed order information. Confidential marketplaces are typically used as a price mechanism similar to a silent auction where market participants who do not want information about their orders to be displayed publicly or to other participants.
Market participants would use Enclave Cross to place and execute large block trade orders without signaling to the market their intent and without creating a large amount of price impact relative to trading on a centralized exchange or OTC desk.
Yes, all trades are fully collateralized on Enclave Cross either directly on the platform or through external settlement providers.

Attestors are external trusted third parties that will be used to secure the codebase and wallets of the secure enclave in a decentralized capacity. Changes to the Enclave codebase or access to the wallets that hold funds on behalf of customers can only be accomplished through the authentication and approval of a quorum of Attestors. This decentralized security mitigates risk in securing and maintaining the platform. Responsibilities of the Attestors include

  • Administration and maintenance of an Attestor server for all networks supported by the platform
  • Ensuring secure automated processing of deposits and withdrawals from the Enclave
  • Authenticating and approving system updates as they are proposed by the platform operator

Note that during Beta period some or all of the Attestors may be run internally until external Attestors are announced and deployed.

The secure enclave application (run on Intel SGX) consists of a trusted codebase that runs within an enclave, and an untrusted codebase that runs outside. The untrusted code is responsible for initializing and starting the enclave as well as running the remote attestation server. Remote attestation is the process by which a third party can attest to a remote entity that it is trusted, and establish an authenticated communication channel with that entity. As part of attestation, the enclave proves its identity, that the source code hasn’t been tampered with, that it is running on a genuine secure enclave enabled platform, and that it has the latest security updates.

“Enclave as a Service” empowers settlement platforms such as prime brokers or qualified custodians to improve their clients' capital and operational efficiency through a non-custodial, execution-only integration with Enclave Markets.

These platforms unlock access to Enclave's exchange products without relinquishing custody of client funds at any time. Clients of these settlement platforms can leverage Enclave's institutional-grade product suite through the Enclave dashboard or via API.

Client trading activity occurs in distinct liquidity pools specific to the settlement platform and separate from liquidity pools within the FEX, mitigating counterparty or settlement risk.

“Enclave as a Service” does not leverage the external Attestor network as funds are held at the client's settlement platform of choice. Similar to trading within the FEX, client trades are not disclosed between counterparties, however, trade activity is disclosed to settlement platform providers to enable timely and accurate settlement.

Fees for “Enclave as a Service” may vary by product, in accordance with client agreements and the settlement platform.

If you are a prime broker, qualified custodian, or other critical piece of trading infrastructure and you would like to explore “Enclave as a Service,” please reach outhere or contact us at [email protected].