TDEX
by Liquid Network
Bitcoin
Ethereum
BNB Smart Chain
Solana
Quick Fact
Launched in May 2020 and fully public by late 2020, TDEX supports confidential trading on Liquid and introduced a user-friendly dashboard in June 2023. It allows trust-minimized Bitcoin peg-ins and atomic asset swaps — all using Liquid’s confidential transactions for privacy and speed.
TDEX is a non-custodial decentralized exchange protocol built on the Liquid Network, a Bitcoin sidechain designed for fast, confidential transactions. TDEX enables users to perform atomic swaps between Liquid-based assets—such as L-BTC, USDT, and tokenized securities—without centralized intermediaries or wrapped tokens.
Created and maintained by the open-source community at tdex.network, TDEX is a protocol-first solution offering both privacy and security for peer-to-peer trading.
Protocol Design
TDEX uses atomic swaps, a form of trustless trade settlement where both sides of the transaction complete simultaneously, or not at all. This ensures trades are executed securely and fairly, with no need to trust a third party. Users retain custody of their assets at all times.
Through integration with Liquid’s confidential transactions, TDEX adds a layer of privacy that conceals asset types and amounts on-chain—offering an unmatched level of discretion in decentralized trading.
Core Features
Atomic Swap Engine: Trade L-BTC, Liquid USDT, and other assets directly, without intermediaries or wrapped tokens.
Privacy by Default: Leverages Liquid Network’s confidential transactions to protect user identity, trade amounts, and asset details.
Market Making Tools: Run your own market with the open-source TDEX Daemon, setting parameters like fees, spreads, and asset pairs.
Full Self-Custody: Users maintain complete control over their keys and funds. No accounts or third-party custodians are required.
Developer-Friendly Infrastructure: Includes SDKs, APIs, and a modular backend allowing developers to integrate trading features into wallets, platforms, and applications.
Use Cases
Peer-to-peer asset exchange
Institutional OTC settlement using confidential trading
Privacy-focused trading of stablecoins and tokenized assets
Custom market deployment for alternative assets or closed communities
Why TDEX Matters
As centralized exchanges face regulatory pressure and custody risks, TDEX offers an open, decentralized alternative built on Bitcoin principles. It enables fast, private, and permissionless trading without requiring users to compromise custody, transparency, or trust.
For developers, TDEX provides a powerful backend to build new financial tools and marketplaces. For users, it offers peace of mind through privacy, self-custody, and fairness.