NEAR Protocol Implements Confidential Intents as Default Privacy Mode
- Confidential Intents now hides users’ balances, deposits, swaps, yield, and payments by default.
- Trades are executed in a private shard connected to the mainnet via a Trusted Execution Environment (TEE) bridge.
- Confidential transactions accounted for approximately 42% of NEAR’s total trading volume as of July.
- The change aims to protect users from frontrunning and MEV attacks while allowing selective disclosure to regulators.
- Users cannot revert to the previous privacy mode, and multiple access keys are currently in development.
The shift to Confidential by Default is designed to enhance user privacy and security on the NEAR Protocol blockchain, addressing concerns over market manipulation tactics like MEV attacks. This move distinguishes NEAR’s approach from traditional mixers by allowing regulatory access under specific conditions.
With confidential transactions making up about 42% of trading volume, this transition underscores NEAR’s commitment to user confidentiality and security in decentralized finance.(Source)
