Read the decentralized derivatives trading protocol Hibachi | CryptoSeed

Authors: forest, ChainCatcher

What is Hibachi?

Hibachi is a decentralized derivatives trading protocol for professional traders that strives to provide on-chain verifiable transparency and security while maintaining a CEX-level trading experience. The protocol, powered by Celestia, Risc Zero, and Hashflow, is currently deployed on the Base network.

Hibachi's mission is to build a "simple, fast, seamless, and secure" derivatives trading platform with a vision to "replace traditional trust in the platform with cryptographic proofs." At Hibachi, all transactions are cryptographically guaranteed, users' funds are verifiably supported, trading strategies are encrypted by default, and any unauthorized activity is excluded. It uses an off-chain order book architecture and publishes transaction data to Celestia and Boundless (powered by Risc Zero) via zero-knowledge proofs (ZKPs) for low latency, high privacy, and provable asset security. User funds are always fully supported and can be withdrawn at any time, unlike the "black box" operation mechanism of centralized exchanges.

The current market pain point: the dilemma of speed vs transparency

Among the existing crypto trading markets, CEXs and DeFi have their own shortcomings:

Centralized exchanges (CEXs) offer a millisecond-level trading experience, but users need to have full trust in the platform's money management and settlement logic. In the event that a platform goes bankrupt or is attacked, user funds are at great risk.

Although the DeFi derivatives platform is transparent, the transaction speed is slow and the privacy is poor, and every operation of the user is disclosed on the chain, which is easy to expose the trading strategy.

Hibachi's resolution path

Hibachi tries to strike a balance between speed and transparency, with core designs including:

1. Off-chain matching + on-chain verifiability

Use the off-chain order book to complete the matchmaking and improve performance.

Risc Zero generates ZK proofs of transaction results for each batch and publishes them to Boundless and Celestia to ensure data integrity and traceability.

2. Cryptographic proof of solvency

Users do not need to rely on the trust of the platform, and all asset balances and liabilities are proved through cryptography to ensure mentability.

3. High-performance architecture support

Hashflow-based ExchangeOS architecture supports order delays as low as 6 milliseconds.

All while preserving user privacy and enhancing the experience.

4. Real-time transparent data

Integrate decentralized oracles (such as Pyth Network and Stork Oracle) to provide verifiable price feeds and market status.

Team background and project progress

Hibachi was initiated by co-founder ayotibo, and the team is committed to building a professional-grade and transparent derivatives trading infrastructure. The project's technical architecture integrates a number of modular and zero-knowledge technology components to support a high-performance and verifiable trading experience.

In terms of technical cooperation, Hibachi relies on:

Risc Zero provides a zero-knowledge proof system that publishes validity proofs generated in transaction batches to Boundless;
Celestia is used as an availability publishing layer for off-chain order book data;
Hashflow provides an ExchangeOS architecture that enables the protocol to achieve CEX-like performance (as low as 6ms latency) and privacy protection;
At the same time, it integrates decentralized oracles such as Pyth Network and Stork Oracle to enhance the real-time and verifiable nature of price data.

Currently, Hibachi has been deployed to the Base network and is open to public access. The execution efficiency and development-friendly characteristics of Base make it a key platform for continuous project evolution and large-scale deployment.

In the next stage, Hibachi will expand multi-chain support, and develop functions such as AI trading assistant, multi-collateral mechanism, RWA (real world asset) docking, and optimized income strategy to further improve the derivatives trading ecosystem.

(This article is for reference only and does not constitute investment advice)

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