Athens Exchange Group Finalizes Technical Design of Onchain Order Book

Following the initial partnership announcement on March 6, 2024, Athens Exchange Group (ATHEX) and Mysten Labs announced the successful completion of the technical design and business requirements for upgrading ATHEX’s Electronic Book Building (EBB) platform to leverage Sui, the Layer 1 smart contract platform.

Building on the collaborative foundation established last year, the next phase of the partnership will incorporate a novel zero-knowledge proof (ZKP) mechanism into EBB’s bidding process, ensuring that participants can submit confidential bids with enhanced privacy and security, while still meeting the transparency and auditability standards of a regulated marketplace.

In parallel, ATHEX and Mysten Labs teams commenced development of a proof of concept (PoC) that will serve as a significant milestone toward creating the first fully onchain order book for a stock exchange. By integrating Sui’s powerful architecture and developer-friendly tooling, the upgraded EBB will operate seamlessly at scale, setting a new benchmark for regulated exchanges.

“We are excited to take this important step toward leveraging cutting-edge blockchain and cryptographic technology to create an enhanced capital raising product based on EBB,” said Nikos Porfyris, Chief Operating Officer at Athens Exchange Group. “By integrating zero-knowledge proofs, we aim to uphold the highest standards of compliance and data integrity while boosting operational efficiency for all market participants.”

“The focus on privacy-preserving mechanisms, combined with Sui’s unparalleled speed and security, will enable us to build a state-of-the-art PoC that can evolve into a full-fledged onchain order book, setting a new benchmark for the industry,” said Dr. Kostas Kryptos Chalkias, Chief Cryptographer and Co-Founder of Mysten Labs.