Velada is a marketplace where buyers and sellers of stock tokens trade directly with each other, with every order sealed until its round locks. It works like the dark pools large investors use to trade stocks quietly, except it is open to anyone and runs on a public blockchain. Nobody can read your order, trade ahead of it, or learn from it in time.
No pool on the other side. Your order trades against other people's orders, the way a stock exchange matches them.
Orders stay hidden while a round collects them, like a dark pool. Nobody sees your side, size or price in time to use it.
Every 20 seconds the round locks and everyone in it trades at a single price, like an exchange's opening auction.
Balances sit in a public smart contract. Velada the company never holds them, and only you can withdraw.
You buy a stock token with a 1% slippage limit. Example pool and example batch.
Illustrative. AMM: 20,000 tokens and $2,000,000 in the pool, fees ignored, bot buys just enough to push your fill to your 1% limit. Velada: the example batch below, cleared by the rules in the design section. Prices differ between venues because liquidity differs; the front-running cost is the point.
| Trader | Order | Size | Limit | Filled |
|---|
Large investors have long traded stocks in dark pools, private venues where orders stay hidden until they fill. Buy the same stock as a token today and your order sits in public until it fills. Velada is the missing private venue.
| Stock through a broker | Stock token on a pool today | Stock token on Velada | |
|---|---|---|---|
| Who sees your order before it fills | Your broker and the exchange | Everyone watching the chain | No one, until the batch locks |
| Can someone trade ahead of you | Brokers are barred from it | Yes, and bots do it routinely | No. There is nothing to read and no line to cut |
| Does a large order tip off the market | Large traders use dark pools and auctions to avoid it | Yes, it is visible as it builds | No. It is sealed like every other order |
| The price you get | The market price when it fills | Moves with each trade, bots' included | One price for everyone in the batch |
Every transaction waiting to be included in a block can be read before it executes. For a stock token, that is a live feed of who wants to buy what, at what price.
Stock tokens trade around the clock, often in shallow pools at night and on weekends. One visible order moves the price, and that move is what bots profit from.
Dark pools hide orders. Exchange auctions give everyone one fair price. Velada combines both into one marketplace for tokenized stocks.
Version 1 seals orders with commit-reveal: you lock in a fingerprint of your order first and show the order itself only after everyone else is locked in too.
Submit a hash of your order plus a small bond. The chain sees that you committed, not what you want to trade.
Once commits close, publish your order. The contract checks it against your hash and your trading balance. Nobody can change or add orders now.
The contract finds the price that matches the most volume and fills every order at it. Anyone can trigger clearing.
Batches overlap: while one batch is revealing, the next is collecting commits, so a batch clears every 20 seconds.
Every piece below exists for one reason a trader or a protocol would care about.
Every batch records one clearing price on-chain. A single trade can't spike it the way it can spike an AMM, so lending and derivatives protocols can read it with more confidence.
Route collateral sales through a sealed batch instead of dumping them on a pool. Bots can't front-run what they can't see, so borrowers lose less and bad debt drops.
Velada is a set of public contracts. Vaults, treasuries and other protocols can place sealed orders from their own contracts with no permission needed.
What stays public: orders are hidden until the batch locks; fills are public after clearing, like any exchange's trade record. Hiding who traded after the fact is planned for a later version.
Live on Robinhood Chain with test tokens: trading balances, bonds, uniform-price clearing.
Orders encrypted to a key split across independent parties and decrypted together when the batch closes. No reveal step and no way to drop an order.
Weekend pricing for lending protocols, using batch prices that a single trade can't spike.