How Enclave Markets is Building a Privacy-First, Fully Encrypted Crypto Exchange

Welcome to Behind the startHachernoon series that discovered real stories behind blockchain cutting projects. Now, let's dive into The privacy infrastructure-maintaining privacy and the future of already -encrypt, unreliable markets included Phil WirtjesCEO of Enclave Global. From his early career career to health to the leadership of a fully encrypted exchange built to deal with front-operating, slippage, and permitted trade — Phil offers a clear view of how Enclavex is reshaping digital asset market. Let's get in here.

Ishan Pandey: Phil, it's great to have you here. Before we jump into Enclave markets, can we walk on your own journey-from early stage startups until being CEO of a privacy-first exchange?

Phil Wirtjes: I really have a bit of an unworthy of working in crypto because I spent the first part of my career working for health tech companies. I have been a participant in the crypto markets since 2016 or more and began to do some independent work on the side of my desk but it wasn't until I met the AVA labs team in 2020 that I decided to jump whole time in the industry.

Ishan Pandey: What is the story behind the creation of Enclave markets? Is there a specific event or problem that triggers the decision to develop a fully -up -to -date exchange?

Phil Wirtjes: Unfortunately, even though I've traded crypto since 2016, I have no idea what I've been doing and victims of all the classic mistakes covering rookie entrepreneurs. There is no risk management, no understanding of slippage / liquidity and a love for getting an unknown fluid.

In 2020, when everyone closed I began to know more about paying for the order flow and when the trade started to move to the chain, the MEV began to heat up as a discussion topic and we thought we had to have a better way to create an exchange for entrepreneurs like me, who led Enclave.

Ishan Pandey: Can you help us unpack the phrase “fully -up -to -date”? Beyond marketing, what makes this architecture different from the usual decentralized or centralized exchange?

Phil Wirtjes: The fully -enlistered exchange really centered around using a safe enclave as the lynchpin of our architecture. The Master Secret to Enclave was broken and shared with trusted third parties (we called them “Attesttors”) that provides for shared control amidst the testified. It prevents us, central operators, from having a critical unilateral action (such as accessing the user's funds of an FTX) and protecting our users from mistakes.

Ishan Pandey: In Enclavex, you are moving from a permission model to an unauthorized. What are the risks or trade-offs do you need to manage to make that shift possible?

Phil Wirtjes: There are both permissions and unauthorized fex model models we developed in Enclave. There are different cases of use and target audiences for each model, and we believe that both models continue to exist in crypto wider.

Ishan Pandey: Many protocols say “decentralization” but rely on a single point of care or management. How to compare the decentralized Enclave's careful model?

Phil Wirtjes: The Enclave uses a decentralized network of “attesttors” of the third party collective that -Secure the enecrypted environment where the code for exchange lives with purses for users. This is similar to how many L2 uses a group of nodes or validators to secure their protocol running on a larger chain.

Ishan Pandey: What metrics or milestones do you use inside to define the product of the product in a sector more than just experimentally?

Phil Wirtjes: There is a bunch of ways to define PMF but we try to keep simple by monitoring new deposits, day -to -day active users, monthly active users and things like open interest and quantity exchanged in some hours of time (24h, 1 week, 1 month). As long as the trendline moves and to the right, you move toward PMF.

At the end of the day, the development of a profitable company is the goal so those metrics are the leading indicators to positive margins.

Ishan Pandey: Looking for 12 months in advance, what will the success look for the Enclave markets? What will surprise us about where you are next?

Phil Wirtjes: I'm not sure it will come as a surprise, but we feel really good about our roadmap towards building a custom made fence fund for each of our users put in their pockets. What do I mean?

The amount of returns generated by systematic trading companies in many classes are crazy and common gatekept from individual users due to barriers to capital or general knowledge. Through our Alpha techniques, we change it.

Each user will soon be able to select their risk profile (aggressive, neutral, passive) and recommend trading techniques operated by professional trade companies in Enclave. All users to do is to deposit their stables (less than $ 10 USDC / USDT) and our strats are merchandise of ongoing contracts with crypto folk assets, which is a real world ownership and more … allowed the user to maximize the platform income. The inbound interest in these strats is highly stimulating so we expect continuous shipping over the next 6-12 months.

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