# Swarm Markets

> Swarm Markets: Regulated DeFi venue. Confidentiality status: No privacy yet.

Part of the Soda Labs Privacy Hub, a neutral directory of the on-chain privacy
landscape: https://www.sodalabs.xyz/privacy-hub

## Key facts

- Entry type: Token issuer or protocol
- Category: Regulated DeFi venue
- Confidentiality status: No privacy yet
- Tags: RWA, regulated
- Canonical page: https://www.sodalabs.xyz/privacy-hub/tok-swarm

## Overview

Swarm's private offers gate who can see an order rather than encrypting anything, so settlement, amounts and addresses remain public on chain with KYC applied at the perimeter.

## Sources

- [dOTC paper](https://swarm.com/swarm-markets-dotc-white-paper/)

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