Bots jump the line
They see an order, buy ahead of it, and sell back a heartbeat later.
Public proof record 06 / DrEX
The Dragon’s Exchange
A fair place to trade.
Orders stay sealed until the batch closes. Every trade in that batch clears at one price. The result carries a proof.
Present scope: proven market machinery and a running developer instance, not a public real-money exchange.
01
The ordinary market
Someone in the middle gets to choose.
A normal exchange sees orders before they are final. Whoever controls the order of events can put a trade first, move another back, or let a bot race ahead.
The order shapes the price
The person deciding what happens first holds power over the result.
The operator remains trusted
An audit or safety badge does not remove the operator’s ability to fail or cheat.
02
The mechanism
The sealed envelope.
- 1
Seal
Each trader writes an order into an envelope nobody else can read in time to act on it.
- 2
Close
The short order window ends. There is no first order to reward and no last order to punish.
- 3
Reveal
Every envelope opens together. No one had a moment to reorder the batch for gain.
- 4
Clear
Every matching trade settles at one price, all at once or not at all.
Economists call this a sealed-bid batch auction. DrEX adds a result that does not require trusting the person who ran it.
03
The receipt
The machine checks the whole batch.
When a batch clears, DrEX produces a proof: a piece of reasoning a machine can re-check step by step. It covers the settlement rules, not a sample trade.
- Money went in and out in equal measure.
- No buyer paid more than offered.
- No seller received less than asked.
- The batch happened together, or not at all.
If one statement is false, the proof does not check. Anyone can run that check on their own machine.
04
What follows
The rules bind the builder, too.
Private until clearing
No operator watches the order.
Your order stays yours until the batch clears. The resulting trade is then settled in the open for anyone to re-check.
One rule for everyone
No place at the front.
A bot, operator, or builder cannot hand itself a better price or ordering advantage.
05
Readiness ledger
Where it honestly stands.
The working machinery and the missing product are listed in the same record.
proven
The clearing rules
Money is conserved, every trader’s limits are respected, and the batch clears all at once or not at all. These are machine-checked theorems.
running
A verified clear
A batch settles as one proof-carrying turn on a live node, checked by the same proven engine as the rest of dregg.
running
The clickable demo
Place a sealed order, sign it from a wallet, prove the wallet can cover it, then watch the reveal and fair-price clear.
not public
Open access
Today it is a developer instance you can run yourself, not a public exchange anyone can walk up to.
not done
Outside security review
No independent firm has audited the whole system. Do not put anything you cannot lose on it today.
not live
Real-value trading
Trading things of real value and settling across other chains are separate, unfinished work. DrEX is not a live money market.
in the lab
Envelopes that never open
fhEgg clears while bids stay encrypted. Real encrypted arithmetic works; live-market speed is unfinished. Read the fhEgg note →