Privacy is all or nothing (at the technical level).

You can't have one component here or there be private. The entire value chain needs to be. 

Any kink in the chain demolishes privacy guarantees.

Why? Quick example. Suppose you had a DEGEN position on Base worth $1M.

...

founder @seismic // product-focused cryptography // rookie years @ stanford, google

Or so you thought. Turns out that, in taking these steps, you already showed your hand.

Why? Because before submitting a private order, you first had to transfer $1M of DEGEN into a private order book.

"Hmm, wonder what Joey's about to do with his big bag of DEGEN"

This simple example went from public -> private.

But the principle generalizes. Same problem would arise even if you went private -> public -> private. 

Railgun -> Base -> Private CLOB doesn't work.

It's why whatever system we converge on as a space needs to go private -> private -> private -> ... -> private

No kinks. Onramp, wallet, chain, bridge, dapp, front end, offramp, all have to be in on it. 

Privacy is all or nothing.

All the components need to start working at the same time.

Either via:
a) Five different teams with serious coordination
b) One team vertically integrating

It's why, someday soon, we'll all just "click" into a world that's immersed in privacy.

You want to exit this position.

But you can't put a big DEGEN/ETH order on-chain. You'd get smoked on price ("quote fading").

So instead you put it in a private order book. There, your order can wait to get filled without exposing your hand to the market.