PLabs announces PEX, a private DEX for self-custody trading with onchain privacy, citing whale liquidations and Ethereum's privacy shift.

PLabs argues that public onchain positions expose traders' liquidation prices, citing James Wynn's 40x Bitcoin long that reached roughly $1.27 billion notional on Hyperliquid before losses exceeded $100 million. The author also quotes CZ calling for dark-pool-style DEXs and notes Vitalik Buterin's 2026 roadmap giving privacy first-class attention. PEX would combine self-custody of ZK notes with private trading via Zcash Orchard, a pERC20 asset protocol, offchain matching and Atomic Swaps, plus viewing keys for compliance disclosure. The piece frames CEX, DEX and PEX as parallel trade-offs rather than replacements, citing Binance's 35.34% volume share and Hyperliquid's $620 billion quarterly volume.

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• DEX
• Whale
• Ethereum
• Liquidation