kn:ll is a dark pool for tokenized stocks and ETFs on Robinhood Chain. Orders are committed sealed. Nobody sees your side, your size or your price. When two orders cross at the midpoint, a fill is tolled on-chain. That is the only thing the market ever learns.
Every public order book on-chain publishes the same three things before your trade happens: your side, your size and your limit. Bots read them for free. They step in front of you, widen the spread, and sell you back your own intent at a worse price.
Tokenized equities make it worse. Reference prices exist off-chain, size is chunky, and liquidity is thin, so a resting order is a target, not a quote.
kn:ll removes the book. Orders are sealed commitments. Matching happens against the midpoint of a reference price, in discrete crossing rounds, and a fill is published only after it has settled. There is nothing to read, so there is nothing to front-run.
| PUBLIC BOOK | RFQ / OTC DESK | KN:LL | |
|---|---|---|---|
| side, before fill | everyone | the desk | nobody |
| size, before fill | everyone | the desk | nobody |
| limit price | everyone | the desk | nobody — you trade at mid or not at all |
| that you are resting | everyone | the desk | nobody |
| fill, after settlement | everyone, instantly | counterparties | everyone, size + price, delayed one round |
| who you are | your address | your name | a per-round nullifier |
You submit a hash of (side, size, min/max acceptable mid, salt). The chain sees a commitment and nothing else. Funds are escrowed in the pool contract.
commit(H(side,size,band,salt))At round close, reveals are sent encrypted to a threshold committee. No single member can read an order. The committee only outputs the cross.
reveal → enc(committee)All orders whose band contains the reference midpoint are matched pro-rata at that midpoint. No price improvement games, no queue priority, no reason to be first.
match(mid) → fills[]Fills settle atomically. One round later, size and price of each fill are published. Unfilled orders are never revealed, to anyone, ever.
toll(size, px, round)The reference midpoint for each round is published before the cross, from a source the venue does not control. You always know what price you will get if you fill.
The committee publishes a proof that the fills it output are the unique pro-rata cross of the committed orders at that mid. Anyone can check it against the commitments.
Reveals are threshold-encrypted. Reading a single order requires a quorum of committee members to collude, and the round log would show it.
Orders that do not cross are never decrypted. They are re-committed to the next round or withdrawn, and their contents die with the salt.
Every settled fill is written on Robinhood Chain with size and price, one round late. Volume is real and auditable; identity is not.
kn:ll holds no book and takes no side. It cannot trade against you because it never knows what you want.
Work a large position in tokenized equities across rounds without the market learning there is a large position.
Rest inventory at mid without being picked off when the reference moves. You fill or you don't; you are never shown.
Programmatic flow that would otherwise be a fixed target. Commit from a contract, settle to a contract, leak nothing in between.
An order is a secret until it is a fill.
Mid or nothing. Price discovery is someone else's job.
Speed is not a virtue when there is nothing to be first to.
The venue that can see you will eventually trade against you.
Unfilled orders are never revealed. Not delayed. Never.
Publish the toll. Bury the rest.