How a trade works

A single order on Intelena passes through four stages. Only one of them can ever be seen on-chain — and even that one is fragmented past recognition.

1. Shield

You deposit ETH, USDG, or a Robinhood stock token into the shielded pool.

• The deposit creates a note — an encrypted record of (asset, amount, owner key, randomness) — stored on your device.
• Only a commitment to the note is written on-chain, into a Merkle tree.
• Deposits enter the pool in timed batches, so the timing of your deposit doesn't identify you.

Your balance is simply the sum of your unspent notes, computed client-side. No contract or indexer ever holds a plaintext balance.

2. Cross

A swap starts as an encrypted intent: asset in, asset out, size, and limit constraints, encrypted to the crossing engine.

• The engine keeps a book of resting shielded orders that no participant can read.
• Opposite intents match at the oracle midpoint — the mid-price of the referenced oracle feed at the time of crossing. Neither side pays spread or price impact.
• A match settles as a note-for-note exchange inside the pool. No public swap occurs; size, price, and counterparties never appear on-chain.
• Partial fills are supported. Whatever can't cross is handed to the routing engine.

3. Route

The unmatched remainder executes against Uniswap v2, v3, and v4 on Robinhood Chain. Four techniques stop the public leg from revealing the original intent:

Before any of this happens you see the Leak Score — see Routing & Leak Score.

4. Re-shield

Output never sits in a traceable public wallet. It becomes new commitments in the pool, ready for the next order or a clean withdrawal.

What an observer sees