Privacy
Orion is designed to protect manager alpha (competitive advantage or strategy edge), while still keeping performance results fully verifiable onchain.
Why Privacy Matters
In DeFi, transparency is the default. Without privacy, anyone can see a vault's holdings and trades in real time, making it easier for competitors to copy strategies or front-run transactions (execute trades ahead of others to profit from price movements). This forces portfolio managers into a trade-off between protecting their edge and staying onchain.
Orion addresses this by letting managers choose between transparent and private (encrypted) vaults.
How Privacy Works in Orion
Managers pick a vault type at creation:
- Transparent vaults: Allocation weights and holdings are visible onchain.
- Private (encrypted) vaults: Allocation weights and holdings are sealed with HPKE before they are stored onchain. Performance metrics (TVL, share price) and deposit/redeem activity remain visible.
What stays public vs private on encrypted vaults:
| Visible onchain | Sealed (not publicly readable) |
|---|---|
| TVL and share price | Target allocation (intent) |
| Deposit and redeem activity | Current holdings (portfolio) |
| Fee parameters and vault metadata | Per-asset weights and shares |
Private vault pages in the app hide allocation charts for this reason. Rebalancing still runs through Orion's asynchronous execution layer, which also helps reduce exposure to frontrunning and sandwich attacks.
Learn More
For managers and developers interested in the cryptographic model behind sealed intents and portfolios, see: