#Privacy

Thaw hides what matters before a batch closes: nobody sees an order's side, discount or size while commits are being taken.

#What is hidden, and until when

	During commit	After reveal
side, discount, size	hidden	public
that your wallet committed	public	public
the bond	public, the same for every order	public

A commit moves no tokens: it posts a 32-byte hash and a fixed SOL bond. Your funds sit in a balance deposited separately, so a commit does not touch escrow and says nothing about direction.

The salt is made in your browser and never sent to Thaw's API. The landing page and the order ticket show every request the page makes and whether any carries the salt.

#What is public

Said plainly:

• At reveal, orders become public. The revealed book is on chain before the clear, and an order that does not fill stays public. Commits are closed by then and one discount clears the whole book, so nobody can add or change an order in response; the only move left inside the batch is not revealing one's own commit (see the last point). It can also inform the next batch.
• Balances are public. A wallet that deposited only SPACEX is probably a seller; one with only USDC is probably a buyer. Holding both hides the side of your next order.
• Deposits and withdrawals are public, with their size and timing.
• Commit count and timing per batch are public.
• Fills are public in the settlement events and balance changes.
• Choosing not to reveal is an option with a price: a trader can commit several orders and reveal only some after seeing others' reveals. The bond prices that option; it does not remove it.