Comparative Analysis
Comparative Analysis
Penumbra • Aztec • Elusiv • Anoma • Nightfall
As the landscape of zero-knowledge-based privacy systems matures, various projects have emerged with different architectures and tradeoffs around encrypted transactions, intent resolution, and shielded execution. This section compares SnarkSide with several notable cryptographic protocols, focusing on design philosophy, scope of privacy, settlement models, and scalability.
The goal is to illustrate how SnarkSide differentiates itself not just through ZK integration, but through its holistic, intent-driven architecture for perpetual futures trading under full cryptographic anonymity.
Comparison Table
Feature
SnarkSide
Penumbra
Aztec (Aztec3)
Elusiv
Anoma
Nightfall
Domain
Perpetuals DEX
Private DEX / PoS staking
General L2 w/ Privacy
Token Mixer + Messaging
Multi-asset intent protocol
Private Enterprise Rollup
Execution Type
Off-chain MPC match
On-chain batch auction
Private L2 VM
Off-chain + zkMixer
Full intent gossip layer
L2 zkRollup on Ethereum
ZK System
Groth16 / Circom
zk-SNARKs (Groth16)
Noir / Plonk
ZK-Mixer (ElGamal)
zkBARL / PLONK / FHE
zk-SNARKs
User Trade Visibility
Fully Encrypted
Encrypted Batch Intent
Private Functions
Ephemeral mixers
Encrypted intent gossip
Masked ERCs only
Vault Architecture
UTXO w/ Nullifiers
Shielded Transfers
State VM + Notes
Account-based
Multi-layer note system
UTXO model
Settlement Model
Delayed batch settlement
Epoch finality
Local exec + batch settle
User-side
Partial rollup
Finality per ERC operation
MEV Resistance
Intent-based w/ ZK match
Auction anti-MEV design
Partially mitigated
None (wallet-layer only)
Intent obfuscation layer
Central relayer
Privacy Scope
Trading + Vaults + LP
Trades + Delegation
Contract calls
Transfer only
Full-stack coordination
Enterprise only
FHE Integration
Experimental
No
No
No
Active (zkFHE)
No
Application Target
DeFi Futures
Cosmos Ecosystem
Ethereum Ecosystem
Solana Wallet Layer
New stack / Sovereign L1
ConsenSys Enterprises
Project Summaries & Distinctions
Penumbra
What it is: A Cosmos-based shielded DEX using batch auctions and zk-SNARK-based private transactions.
Key Features:
Epoch-based encrypted trading
Delegation staking with shielded rewards
Shielded notes system with transparent validator rotation
SnarkSide Difference:
Penumbra targets Cosmos token swaps; SnarkSide focuses exclusively on intent-based perpetual derivatives
SnarkSide uses off-chain MPC matchers and zk-intent layers instead of auction matching
Penumbra relies on time-based epoch clearing, while SnarkSide supports continuous, non-epoch intent execution
Aztec (Aztec3 / Noir)
What it is: A private Ethereum L2 using a custom zkVM to support shielded smart contracts.
Key Features:
Private DeFi primitives (e.g. shielded lending)
Noir language for writing private programs
Encrypted transaction graph over account model
SnarkSide Difference:
Aztec is general-purpose and VM-focused; SnarkSide is purpose-built for futures privacy under MEV-hostile conditions
SnarkSide doesn’t use private smart contracts, but intent/matching/vault circuits
Aztec uses a Plonkish stack; SnarkSide optimized for Groth16 batch-verifiability on L2s
Elusiv
What it is: A Solana-based privacy layer focusing on wallet-to-wallet transfers and ephemeral messaging.
Key Features:
zkMixer for SOL and SPL tokens
Encrypted chat with key derivation from wallet entropy
Web extension wallet integration
SnarkSide Difference:
Elusiv is not a trading platform, only a transfer/mixer layer
SnarkSide provides vault state, position, liquidation, and LP privacy—not just payment anonymity
Elusiv lacks intent architecture or vault state transitions
Anoma
What it is: A sovereign L1 protocol centered around intent-based execution and multi-asset coordination.
Key Features:
Intent gossip layer
Partially homomorphic obfuscation
Coordination across heterogeneous assets
SnarkSide Difference:
Philosophically closest to SnarkSide in terms of intent logic, but SnarkSide is strictly focused on ZK-based perps with working UTXO state today
Anoma is still in pre-mainnet development, with deep focus on cryptographic consensus and gossip
SnarkSide executes intents today on off-chain MPC layers with ZK settlement; it is not waiting for L1 consensus protocols to mature
Nightfall
What it is: An enterprise-focused privacy L2 developed by ConsenSys, designed for shielded ERC-20 and NFT operations.
Key Features:
zkUTXO-based asset masking
Internal batch prover for ERC standard ops
Tailored to supply chain and compliance use cases
SnarkSide Difference:
Nightfall does not support DeFi, perpetuals, or any form of user-driven execution matching
It is not designed for anonymous trading or LP interaction
SnarkSide is retail-focused, chain-agnostic, and structurally hostile to any form of centralized relayer logic
Conclusion
SnarkSide is not simply a private transfer system or a zk-enabled L2. It is a purpose-built, zero-knowledge perpetual futures exchange, designed from first principles around:
Fully encrypted intents
Off-chain MPC coordination
Nullifier-protected vaults
Non-interactive liquidation
Institutional-grade dark pool privacy
While other systems push general-purpose privacy or transfer anonymity, SnarkSide operates where transparency is most weaponized: leverage, liquidation, and market positioning.
In this sense, SnarkSide is not just in conversation with these systems. It exists where they end—and where adversarial market structure begins.
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