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Many DeFi applications and services are built on public blockchain networks, which are transparent and open by nature.
This means that anyone can view the transactions and data associated with a given DeFi application, potentially compromising the privacy of its users.
For example, if a person is using a DeFi application to manage their financial assets, their transaction history and other sensitive information may be visible to anyone on the network. This can create risks for users, such as the potential for their information to be accessed or misused by malicious actors.
Public-by-default nature doesn't leave the users with any choice but to give up privacy.
It is possible for transactions recorded on a blockchain to be linked to specific individuals, potentially compromising their privacy.
There is a need for privacy solutions in the blockchain space that can protect users' information and transactions from being linked to them by unwanted parties.
A DeFi platform that allows users to transact in a way where some or all of the following information is kept private:
- Sender and recipient address
- Asset transacted
- Amount transacted
Ideally, the platform-wide systemic risk metrics such as leverage remains still public. The focus is on privacy and not on complete anonymity.
Give the power & flexibility to the user to maintain their privacy. Privacy solutions are needed for mainstream adoption of DeFi.
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