Phase 5: Proofs & Receipts

Individual Fill Receipts Each trader receives:

• Fill price

• Fill size

• Batch timestamp

• Cryptographic receipt proving the fill

Batch-Level Proofs Compact proofs published for each batch showing:

• Matching was correct

• Prices were fairly determined

• No unauthorized modifications

• State transitions are valid

Public Auditability Anyone can verify:

• Batch integrity without seeing individual orders

• Correct risk engine calculations

• Proper liquidation triggers

• Accurate funding payments