Understand Decentralized Derivatives Trading Protocol Hibachi in One Article | CryptoSeed
Can the verifiable and transparent CEX alternative, Hibachi, reshape the DeFi derivatives landscape?Author: forest, ChainCatcher
What is Hibachi?
Hibachi is a decentralized derivatives trading protocol aimed at professional traders, committed to providing on-chain verifiable transparency and security while maintaining a CEX-level trading experience. The protocol is supported by Celestia, Risc Zero, and Hashflow, and 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 of "replacing traditional trust in platforms with cryptographic proof." In Hibachi, all trades have cryptographic guarantees, user funds are verifiably supported, trading strategies are encrypted by default, and any unauthorized actions are excluded. It employs an off-chain order book architecture and publishes trading data to Celestia and Boundless (supported by Risc Zero) through zero-knowledge proofs (ZKP), achieving low latency, high privacy, and provable asset security. User funds are always fully supported and can be withdrawn at any time, distinguishing it from the "black box" operating mechanisms of centralized exchanges.
Current Market Pain Points: The Dilemma of Speed vs Transparency
In the existing crypto trading market, both CEX and DeFi have their shortcomings:
Centralized exchanges (CEX) provide millisecond-level trading experiences, but users must fully trust the platform's fund management and settlement logic. Once the platform goes bankrupt or is attacked, user funds face significant risks.
DeFi derivatives platforms, while transparent, suffer from slow trading speeds and poor privacy, with every user action publicly visible on-chain, making trading strategies easily exposed.
Hibachi's Solution Path
Hibachi attempts to strike a balance between speed and transparency, with core designs including:
1. Off-chain Matching + On-chain Verifiable
Using an off-chain order book for matching to improve performance.
Each batch of trading results is generated by Risc Zero with ZK proofs, published to Boundless and Celestia, ensuring data integrity and traceability.
2. Cryptographic Proof of Solvency
Users do not need to rely on platform trust; all asset balances and liabilities are ensured to be withdrawable through cryptographic proof.
3. High-Performance Architecture Support
Based on Hashflow's ExchangeOS architecture, supporting order delays as low as 6 milliseconds.
While preserving user privacy and enhancing experience.
4. Real-time Transparent Data
Integrating 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, with a team dedicated to building a professional-grade, transparent derivatives trading infrastructure. The project's technical architecture integrates multiple modular and zero-knowledge technology components to support a trading experience that balances high performance and verifiability.
In terms of technical collaboration, Hibachi leverages:
- The zero-knowledge proof system provided by Risc Zero to publish the validity proofs of generated trading batches to Boundless;
- Celestia as the availability layer for off-chain order book data;
- The ExchangeOS architecture provided by Hashflow, enabling the protocol to achieve near CEX performance (as low as 6 milliseconds latency) while ensuring privacy;
- Simultaneously integrating decentralized oracles such as Pyth Network and Stork Oracle to enhance the real-time and verifiability of price data.
Currently, Hibachi has been deployed on the Base network and has opened public access. The execution efficiency and developer-friendly features of Base make it a key platform for the project's continuous evolution and scalable deployment.
In the next phase, Hibachi will expand multi-chain support and develop features such as AI trading assistants, multi-collateral mechanisms, RWA (real-world asset) integration, and optimized yield strategies to further enhance the derivatives trading ecosystem.
(This article is for reference only and does not constitute investment advice.)
