Shipped2026
Pendex
FHE-powered dark pool for pre-IPO leveraged trading
Zama Developer Program — Builder Track Winner
Stack
- Solidity
- fhEVM
- FHE
- TypeScript
Highlights
- ·Zama Developer Program December 2025 winner
- ·FHE-encrypted order book
- ·Leveraged positions on pre-IPO names
- ·On-chain matching without position leakage
Problem
Dark pools exist in TradFi for a reason: size disclosure moves price against you. On-chain order books leak every bid and size, which is why institutional flow never moved there.
Approach
Orders and balances live encrypted under fhEVM. Matching happens over ciphertexts, so the contract clears a trade without either side ever learning the other's size or the book's full depth. Leverage is enforced by an encrypted margin check.
Outcome
Winning entry in the Zama Developer Program. Demonstrates that FHE is practical for the one primitive TradFi explicitly hides: large-size matching.