Midnight：客戶每天轉 2,000 萬 USDT，五家經紀商都看得到

0:00區塊鏈太透明，隱私要接到別的鏈

0:00早安，早安。很高興回到 TOKEN2049。也見到一些熟面孔和新面孔。不認識我的話，我是 Fahmi Syed，Midnight 總裁。不知道 Midnight 是什麼的話，過去 12 個月你去哪了？我們做了加密貨幣史上最大的單次空投，把 40 億顆代幣發到數十萬個錢包。今天要講 Midnight 往前走的部分。Midnight 是新的一層網路，提供可程式隱私加上選擇性揭露。因為現在區塊鏈最大的問題是：太透明了。Good morning, good morning. Great to be back at TOKEN2049 in Singapore. Great to see some familiar faces and some new ones. If you don't know who I am, I'm Fahmi Syed, president of Midnight. If you don't know what Midnight is, then where have you been for the last 12 months? We had the largest single airdrop in crypto history, distributed four billion tokens to hundreds of thousands of wallets. And today I'm going to tell you about advancing what Midnight is. Midnight is a new L1 network that gives you programmable privacy with selective disclosure. Because the biggest issue of blockchains today is they're too transparent.

0:48因此別人會佔你便宜。今天要講的是，我們怎麼把隱私打開給所有人，不只在 Midnight，而是跨所有鏈。也會講新產品、新市場、新的融資模式。Midnight 會把全時隱私接到所有鏈，打開鏈上金融接下來的路。這句話很大，實際指什麼？今天會講 Night Mode。這不是 David Hasselhoff 開跑車那種 Night Mode。Night Mode 講的是 Midnight 怎麼把隱私接到比特幣、以太坊、Solana 和其他鏈。And therefore, people take advantage of you. So today we're going to talk about what we're doing to unlock privacy for everyone, not just in Midnight, but across all chains. And we're going to talk about unlocking new products, new markets, and new financing models. So Midnight will bring always-on privacy across all chains. And we're going to unlock the future of on-chain finance. So that's quite a bold claim, and what does it really mean? So let me tell you the things we're going to discuss today. So we're going to talk about Night Mode. And Night Mode is not about David Hasselhoff driving a fancy car. Night Mode is about how Midnight extends privacy to other chains, like Bitcoin, Ethereum, Solana, and many others.

1:40透過 Night Mode，才能把 Collateral Warehouse、Order Flows 和 Midnight Passport 的價值打開。今天會把這幾個產品講一遍，看它對你自己、也對你的代理人工具，能打開什麼價值和交易空間。先講 Night Mode。Midnight 的隱私可以用 Night Mode 接到以太坊、比特幣和其他鏈：透過多重簽章 MPC，把那些代幣橋進 Midnight 裡的隱私金庫。But through Night Mode, we can unlock the value propositions of the Collateral Warehouse, Order Flows, and Midnight Passport. And today I'll talk through those different products, those different solutions, and hopefully get you guys excited about what that does for unlocking your value potential, your trading potential, not only for yourself, but your agentic tools as well. So first of all, Night Mode. So Midnight's privacy using Night Mode can be extended to other chains, Ethereum, Bitcoin, many others through a multi-signature MPC, you're able to bridge those tokens into a private vault in Midnight.

2:29Collateral Warehouse：單一隱私金庫

2:29進了 Midnight 之後，就能用它的遮蔽式隱私和選擇性揭露。隱私可以插到這些鏈、這些資產上。不只如此，隱私是按需的，網路價值也不只留在 Midnight，而是跨那些資產和鏈。第一個產品是 Collateral Warehouse。名字聽起來很悶，大概也是，因為是我取的，行銷之後會換更好聽的。它要做的是：一個隱私金庫，放進你所有鏈上和鏈下資產。And once you're within Midnight, you get all the shielded privacy, all the selective disclosure benefits of what Midnight can offer. It allows you to plug in privacy across all these chains, all these assets. Not only that, but it gives you privacy on demand, and it creates a network value not only in Midnight, but across all those assets, all those chains. So let me come across to the first of those products, the Collateral Warehouse. Now it sounds like it has a very boring title. It probably does, because I came up with the title. My marketing team are going to do better to find a much snazzier title than that. But what Collateral Warehouse does is to create one single private vault for holding all of your assets, both on-chain and off-chain.

3:22資產都進了隱私金庫，你才決定怎麼用它們打開價值：私下交易、私下清算、私下借貸，還有其他功能。這些只是其中幾項。這張投影片我今年稍早在邁阿密 Consensus 先講過。之後產品又走了一段。這個構想是兩年前、Midnight 還很早期時想的。與其聽我講 Collateral Warehouse，我們有一支短片，看 Midnight Collateral Warehouse 是什麼。And once you have everything in a private vault, it gives you control about how you use those assets to unlock your value. You get to decide how to utilize that. For private trading, private clearing, for private lending and borrowing, and many, many other features. This is just a few of these, and I first presented this slide in Consensus in Miami earlier this year. But since then, we've come a long way in terms of what the product can do. This is a vision that we came up with two years ago. In the very early stages of bringing Midnight to market, rather than listen to me talk about the Collateral Warehouse, we have a demo, a small video to talk through what is the Midnight Collateral Warehouse.

4:12你在公開鏈上移動擔保品，誰送、多少、送到哪，大家都看得到。對機構來說這是問題：部位、對手、時機，誰看都能看見。Collateral Warehouse 把擔保品從公開的以太坊帳戶，搬進 Midnight 的遮蔽環境。裡面餘額和轉帳是私密的。要拿回來時，再回到你指定的公開地址。金庫裡每個身分在以太坊都有自己的入金地址。你把擔保品打過去，簽署服務再掃進金庫。從那一刻起，餘額被遮蔽：它在，但外面看不到有多少、是誰的。擔保品可以在金庫內的身分之間移動，不對外揭露。When you move collateral on a public blockchain, everyone can see it: who sent it, how much, and where it went. For an institution, that is a problem because your positions, your counterparties, and your timing are all visible to anyone who looks. The collateral warehouse takes collateral from a public Ethereum account and moves it into a shielded environment on Midnight. Inside, balances and transfers are private. It leaves again to a public address when you need it back. Each identity in the warehouse has its own deposit address on Ethereum. You send collateral there, and a signing service sweeps it into the vault. From that point, the balance is shielded. It exists, but nobody outside can see how much it is or whose it is. Collateral can move between identities inside the warehouse without revealing anything publicly.

4:59金額是私密的，代幣是私密的，雙方也是。外面看錢包 A 轉到錢包 B，這筆轉帳是看不見的。公開鏈做不到。池子越大，這件事越強。很多人在不同時間、用不同金額存進提出，進出再也對不上金額或時機。每個人都是其中之一，兩端的連結斷掉。擔保品離開時，打到你指定的公開地址。提領本身不會指出是哪一筆入金提供的。希望這讓你有感覺。我想回到活動開始前週二晚上的一段對話。The amount stays private, the token stays private, and so do both parties. To an outside observer, a transfer between wallet A and wallet B is invisible. A public chain cannot do this. This gets stronger as the pool grows. With many participants depositing at different times in different sizes, collateral going in and collateral coming out can no longer be matched by amount or by timing. Each participant is one of many, and the link between the two ends is lost. When collateral leaves, it goes to a public address of your choosing. Nothing in the withdrawal identifies the deposit that funded it. So that hopefully is getting you excited because I want to go back to a conversation that I had Tuesday night before the event started.

5:45我被請去一場經紀商活動，他們在招待客戶和社群。那家公司一位資深交易員跟我說，這對他是問題。為什麼？現在經紀商、中心化交易所，靠他們提供的服務，看得到你們所有移動、所有成交。他舉例：有客戶每天早上轉 2,000 萬 USDT 進他的帳戶做交易。但那個經紀商也看得到，同一個人還轉 2,000 萬 USDT 進另外四家。這會逼他報更緊的價差。I was invited to a broker event. They were hosting clients and community members. And one of the senior traders of that firm said to me that this is a problem for him. Why? Because right now, brokerage firms, centralized exchanges, they could take advantage of all of you. For the service they offer, they can see all your movements, all your trades. In fact, just when you move, in this example, when this broker was speaking to me, he explained how a client moves 20 million USDT every morning into his accounts to trade. But that broker can also see that that same client is also moving 20 million USDT into four other brokers. So it forces that broker to actually price better with tighter spreads.

6:33他還有另一個客戶，把整本交易都給他，1,000 萬、5,000 萬美元。因為看得到這個客戶沒把資產轉去別家，他可以把價差開寬一點。這不公平。每條區塊鏈上的透明，都讓別人有機會佔你便宜：你怎麼交易、怎麼報價、怎麼搬擔保品，甚至搶在你成交前面。Collateral Warehouse 讓你把這些資產遮蔽起來。這不只對 Midnight 有意思，比特幣持有人、以太坊持有人和其他人也能用。但光有 Collateral Warehouse 不夠。But he also has another client who gives him 100% of his trading book. 10, 50 million dollars. And because you can see that client hasn't moved assets to any other broker, he can price a little wider, which isn't fair. That transparency on every blockchain allows others to take advantage of you, whether in terms of how you trade, how you price, how you move collateral, even getting in front of your trades. So the collateral warehouse gives you that ability to shield all those assets. And that is an exciting opportunity not just within Midnight, but for you if you're a Bitcoin holder, an Ethereum holder, and beyond. And the collateral warehouse in itself is not enough.

7:20OfferFi：撮合前不上鏈

7:20還得看其他服務和工具。接下來是 Midnight Offer Files。這是在 Midnight 上做 Zswap 交易。我再說一次：在 Midnight 上做 Zswap 交易。其他網路的交換整筆都是公開的。用 Midnight 上的 Offer Files，一筆交易在撮合前不會上鏈。它是私下意圖。只有部分或全部撮合之後，才上鏈。沒人能搶先交易，也沒人能對着你做。這對 Collateral Warehouse、初級市場有用，次級市場也是，尤其想到 RWA、私募股權基金、對沖基金和其他。You have to look at other services, other tools. So I'd like to introduce you to Midnight Offer Files. This is the ability to have Zswap transactions on Midnight. I'm going to say that again: Zswap transactions on Midnight. All other swaps on other networks are fully public. With Offer Files on Midnight, you can have a trade that doesn't ever go on-chain until it matches. It is a private intent. And only when there is a partial match or a full match does it come on-chain. So nobody can front-run you, nobody can try and trade against you. And this not only gives opportunities within the Collateral Warehouse, within primary markets, but also in secondary markets, as we think about RWAs, private equity funds, hedge funds, and others.

8:13有些帶 30 天、90 天的贖回條件。你若更早需要流動性，怎麼退出？OfferFi 讓你把報價掛出去，等人來撮合，次級市場的流動性就好一點。但你不必只聽我講。再看一支影片，OfferFi 能做什麼。OfferFi 把每筆未成交報價做成即時訂單簿，每個代幣對一本。任何未成交報價隨時可被吃。選定價格、在錢包確認，報價就在 Midnight 上結算。成交了，就離開訂單簿。Sometimes they come with 30-day, 90-day redemption terms. How do you exit those if you need liquidity earlier? OfferFi allows you to extend an offer out there which somebody might match, so hence giving better liquidity to those secondary markets. But you don't want to listen to me talk about it. I have another video. So let's watch what OfferFi can do for you. OfferFi turns every open offer into a live order book, one for each pair of tokens. Any open offer can be taken at any time. Pick a price, confirm in your wallet, and the offer settles on Midnight. It is filled. And it leaves the book.

8:58任何人都可以為任何一對遮蔽代幣、或任何一對未遮蔽代幣提供流動性。全部公開放在資料可用性層上，沒有中心化功能。全部是公開 API：讀、建立、吃單。每個 Midnight 應用共用這層流動性。我們在 Midnight 生態想的是：怎麼把各層疊起來，讓傳統金融和 DeFi 靠近一點。流動性會生流動性。大型機構握着流動性，比散戶多很多。散戶會從那層流動性受益。Anyone can provide liquidity for any pair of shielded tokens or any pair of unshielded tokens. All of it is publicly available on a data availability layer with no centralized features. All of it is a public API: read, create, and take offers. Shared liquidity for every Midnight app. So what we've been doing in the Midnight ecosystem is thinking about how we build the different layers to bring TradFi and DeFi closer together. Liquidity begets liquidity. The large institutions control liquidity. They have way more liquidity than the retail audience. Retail audiences will benefit from that liquidity.

9:47要吸引他們，你需要帶隱私的方案，需要選擇性揭露，也需要能私下交易。傳統金融裡，暗池把流動性拉開；Midnight 上的 OfferFi，本質上就是加密貨幣世界的暗池交易。但只有 OfferFi 和 Collateral Warehouse 還不夠，還得有身分方案。Midnight Passport 把這些接在一起。一本護照，讓你控制自己的身分、資料和錢。你手上最重要的兩項資產，就是資料和錢。So to attract that, you need solutions with privacy. You need solutions with selective disclosure. You need the ability to trade privately. Dark pools are what have existed and really extended liquidity in TradFi, and essentially OfferFi on Midnight gives you dark pool trading solutions in the crypto world. But OfferFi and Collateral Warehouse alone don't work unless you have an identity solution. And Midnight Passport ties all of that together. A single passport that allows you to control your identity, your data. Your money. And the two most important assets that you have are data and money.

10:36Passport：給代理人額度，不是帳戶

10:36這些東西公開時，別人常常會佔便宜。透過 Midnight Passport，你用密碼學證明決定誰看得到、看到什麼。身分、資料、錢這三件事，也可以委託給你的代理人。你的 AI 代理人可以代你交易、代你做事，但不把敏感資料暴露給那個代理人，也不暴露到網路上。這些都在加強你怎麼用資產、身分和錢，同時少被利用。And more often than not, people take advantage of that when it's publicly available. And through Midnight Passport, you're able to control, through cryptographic proofs, who sees that and what is available. And through those three things: identity, data, and money. You can also delegate it to your agent. Your AI agent now has the capabilities to trade on your behalf or act on your behalf, but without exposing any sensitive data to that agent, without exposing any sensitive data to the web. So all of these things are helping you in enhancing what you do with your assets, with your identity, with your money, but without being open to exploitation.

11:23你大概猜到了，還有一支影片講 Midnight Passport，然後把整件事接起來。你的 AI 代理人就要花你的錢。它不會拿着你的金鑰，也看不到你的上限。這就是 Midnight Passport。使用者設了每週計畫：連續四週、每週固定數量的以太坊，上限只有自己看得到，用通行密鑰簽署。然後用六位數把代理人配對上去。在 Grok 裡貼上那組碼。代理人接到 Passport 的工具。它不持有金鑰，也永遠不知道上限。使用者要求買本週的以太坊。Midnight 拿這筆買進去核對那份私下計畫，並產出證明。So, you probably guessed by now, I have one more video to show you about what Midnight Passport is, and we'll tie this all together. Your AI agent is about to spend your money. It will not hold your keys, and it will not see your limits. This is Midnight Passport. The user has set a weekly plan: a fixed amount of Ethereum every week for four weeks, under a cap only they can see, signed with their passkey. Then you can pair your agent with a six-digit code. In Grok, the user pastes the code. The agent is paired to the Passport tools. It holds no keys and never learns the cap. The user asks for this week's Ethereum buy. Midnight checks the buy against the private plan and produces a proof.

12:11然後才在以太坊 Sepolia 上簽署這筆交換。證明在 Midnight，交換在以太坊。這就是以太坊上的那筆交換：USDC 進、包裝 ETH 出。結算完成。代理人下的單，私下政策把它框住。接著有人提前要求下週的以太坊。被拒絕：每個時段只能買一次，由合約執行，不是代理人。使用者改主意了：在 Passport 裡撤銷計畫，用通行密鑰確認。代理人再試，未授權，不給理由，也沒有可重試的空間。給代理人額度，不是給帳戶。Midnight Passport 做得到。Only then is the swap signed on Ethereum Sepolia. Proof on Midnight, swap on Ethereum. Here is the swap on Ethereum: USDC in and wrapped ETH out. Settled. An agent placed it; a private policy bounded it. Now next week's Ethereum asked for early. And it's refused: one buy per window, enforced by the contract, not the agent. The user changes their mind; in Passport, they can revoke the plan and confirm with their passkey. Then the agent tries again, but they're not authorized, and no reason is given, and there is nothing to retry. Give your agent an allowance. Not your account. All possible with Midnight Passport.

12:57你剛看到的是：用 Midnight Passport 給代理人式 AI，這裡是 Grok，一條指令去代你交易。但 Grok 從頭到尾看不到你的錢包，也不知道餘額。它只有去做某些動作的權限，而且都可以撤銷。代理人若失控、去碰不該看的餘額和錢包，你有完整保護。再把私下訂單流和 Collateral Warehouse 這個單一隱私金庫合在一起，Web3 這塊碎掉的世界，和遠處的 Web2、傳統金融，距離就近了。這種合流，正在 Midnight 上發生。So what you saw there was using Midnight Passport, giving your agentic AI agent, or in this case Grok, an instruction to go and trade on your behalf. But at no point does Grok see your wallet, know your balances. It just has a permission to go and trade with certain actions, all of which can be revoked. So it gives you full protection around agents going rogue, accessing balances and wallets they shouldn't see. So when you combine it with private order flows and the collateral warehouse, a single private vault, suddenly this fragmented world of Web3 and this distant world of Web2 and TradFi come closer together. And that merger and that convergence is what is happening on Midnight.

13:46所以我們才想把這些工具交出來。交易接下來會走向代理人式 AI。有了我們放到 Midnight 網路的這些工具組，你可以給代理人額度代你交易，同時有把握：沒人在漏你的身分，也沒人在漏錢包或餘額。權限給多少、執行什麼，由你決定。Midnight 上做的不只這些。這裡只是掃一眼：現在已有的、未來 12 個月會來的，以及 36 個月以後的。And that is why we're super excited to bring those tools to you, because ultimately the future of trading is agentic AI solutions. And with all of these toolkits that we are bringing to the Midnight network, you can provide allowances to these agents to trade on your behalf, but with complete confidence that nobody is leaking your identity, nobody is leaking sensitive wallet information or balance information. So you get to decide what permissions are given; you get to decide what is executed. And that's not all we're building on Midnight. Here's just a glance of the things that we've built that are available now, things that are coming in the next 12 months, and even 36 months out.

14:37Midnight 是帶智能合約的 Zcash

14:37我們在押隱私對 Web3 意味着什麼。36 個月、也就是三年後，也要看量子風險，替 Midnight 的智能合約和共識層找抗量子方案。今天稍晚到 Midnight Network 網站，會看到公開路線圖，裡面有一部分。我不會全部講完。我們做的是把這些元件接在一起，讓大家能帶着把握和安全交易，同時保有完整隱私。所以 Midnight 在這裡：給所有人用的隱私層。We are taking bets on the future in terms of what privacy means to Web3. And also, in 36 months, in three years' time, also think about the risks of quantum and finding quantum-safe solutions for Midnight's smart contracts and also the consensus layer. And later on today, if you go to the Midnight Network website, you will see our public roadmap highlighting some of these things. So I won't go through all of these, but what we're doing is bringing these different elements together to build an ecosystem that allows all of us to trade with confidence and security, but full privacy. So, Midnight, there it is: the privacy layer that's for everyone.

15:24想多了解，請拍下 QR code。到 Midnight 來，因為你若不來，其他網路也會來。那些資產會過來：既有的加密資產、RWA、傳統金融方案。隱私是接下來的方向，也是現在市場和生態在講的敘事。如果你相信 Zcash，他們就在那邊，是這個領域的先行者。Midnight 是帶智能合約的 Zcash，帶可程式隱私，由你決定留多少私密、揭露多少。If you want to learn more, please take a picture of the QR code. Come to Midnight, because if you're not coming to Midnight, all other networks are. All those assets are coming here, both existing crypto assets, RWAs, TradFi solutions. Privacy is the future. It's the narrative that is driving current markets, current ecosystems. And if you believe in Zcash, and they're over there, and they're great pioneers in this space, Midnight is Zcash with smart contracts, with programmable privacy, where you are given control over how much you keep private and how much you disclose.

16:09我是 Fahmi Syed，Midnight Foundation 總裁。請到 Midnight 網路來，我們把隱私帶給所有人。謝謝。I'm Fahmi Syed, president of the Midnight Foundation. Please come to the Midnight network, where we bring privacy for all. Thank you.