Enigma is an exchange contract with an ecosystem of traders (and relayers). It hosts a stablecoin <> asset pool. Any swaps performed - which must be through the Enigma contract - are immune to frontrunning and stop-loss hunting through usage of a commit/reveal scheme and execution requirements.
The "Trader" agent is a program written in Rust to monitor pool price to watch for limit being reached.
A web app could be built to allow users to monitor instances of the trader agent program, or even execute manually (although it would require good timing).
Some notes:
- Immediate market orders for swaps cannot be placed. Traders must deliver limit orders in the form of a hashed signed integer representing the limit price for execution.
- The sign of the limit price integer indicates a sell (negative) or buy (positive).
- The order may be executed at least some number of blocks later. The number is set permanently in the constructor.
- An optional fee can be used if the trader wishes to utilize a third-party relayer service.
- Traders can have multiple limit orders open at a time.
- Market inefficiencies can be corrected with a sort of "delayed market order" - essentially a limit order, but placed with the limit already exceeded. It will still have to wait the parity number of blocks.
- This is an
Ownedcontract, and the access control usage is limited to handlingpausedevents. In the ideal version of this system, the ownership would likely be assigned to a DAO. - When the contract is paused, AMMs can deposit liquidity to set up and balance the pool.