The Public Disclosure of Trading Platform Commercial Ledgers: Balancing Transparency and Privacy

In the field of decentralized finance (DeFi), transparency of transactions has always been a core feature. Users can view each transaction on a public ledger, but tracing the origin and background information of these transactions is often difficult. For a long time, transaction attribution has mainly relied on internal project systems or centralized backend processing, creating what is known as a "growth black box".

However, an emerging decentralized trading platform is changing this situation. The platform operates on a self-developed underlying blockchain network and provides perpetual contract trading services. Unlike traditional platforms, it chooses to make key business data and trading logic public on the chain, achieving comprehensive transparency from financial transactions to growth attribution.

Public Ledger: The Source of Growth is Clear at a Glance

The platform's data dashboard is like a real-time "war room" that not only displays macro trends but also provides detailed information on the source, tools used, and timing of each transaction. This transparency is achieved through two dimensions:

1. Order level: Record the tool used for placing orders in the order parameters, facilitating comparison of transaction volume, fees, and user retention by tool.

2. Account Level: Bind referral information in the user account to achieve on-chain automatic settlement for discounts and commissions.

This design tightly associates trading with growth data. For example, when a trader places an order using a developer's tool, the order will carry the developer's address information, and the system will automatically record it and allocate transaction fees according to the rules. Similarly, when a user registers through a referral, their account will establish a verifiable binding relationship with the referrer, allowing subsequent trades to enjoy discounts, while the system automatically allocates commissions to the referrer.

Trustless Mechanism for Growth Contribution

Attributing growth from off-chain to on-chain has changed the entire value chain:

1. Rules: Transitioning from variable interpretations to fixed rules at the protocol layer enhances neutrality and predictability.

2. Settlement: The transition from manual approval to automatic clearing has been achieved, requiring no human intervention.

3. Data: Transformed from a one-sided promotional report into a traceable public ledger that anyone can independently verify.

This transformation has had a profound impact on all parties involved:

• Developers and promoters: return to actual contributions, no longer relying on relationships or offline statistics.
• Project operation and governance: Decisions are based on unified data metrics, reducing discussion costs.
• Ordinary traders: Able to independently identify effective tools and real information, reducing the risk of being misled.

The Cost of Transparency and the Challenges of Privacy Protection

However, extreme transparency also brings new risks and challenges:

1. Strategy Leakage: The profit models of professional traders and developers may be easily replicated, leading to the failure of strategies.
2. Market Manipulation: The intentions of large traders to establish positions become apparent and may be maliciously exploited.
3. Privacy Issues: Users' transaction history and profit and loss status are completely public, which may pose security risks.

To address these risks, the industry is exploring verifiable privacy technologies represented by zero-knowledge proofs (ZKP). These technologies aim to prove the authenticity of trading contributions and complete on-chain settlements without disclosing the identity of traders or the details of their strategies.

Conclusion: Reconstructing Business Models

This attempt to extend the principle of "trustlessness" to the growth attribution layer demonstrates a new paradigm of protocol-native growth. It places the entire "user acquisition-transaction-revenue sharing" closed loop on-chain, making it both traceable and verifiable, laying the foundation for building a fairer incentive mechanism.

However, this design also presents a core challenge: how to better protect personal strategies and privacy while ensuring verifiability. Only when "traceable ledgers" and "rights to anonymity" can coexist harmoniously can the growth mechanism truly complete its thorough migration from off-chain to on-chain. The exploration of this balance point will be an important direction for the future development of decentralized finance.