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How Can the On-Chain Transparency of a Decentralized Exchange (DEX) Completely Negate the Purpose of an Iceberg Order?

On a DEX, the "hidden" part of an iceberg order is often visible on the blockchain, negating its entire purpose of concealment.
Greeks.Live09.11.25

How Can the On-Chain Transparency of a Decentralized Exchange (DEX) Completely Negate the Purpose of an Iceberg Order?

On a public blockchain, every transaction, including order placements and cancellations, is recorded and visible in the mempool before it is even confirmed. This transparency means the "hidden" reserve portion of an iceberg order might be visible to anyone monitoring the smart contract's state or the trader's wallet activity.

Sophisticated traders or bots can see the total order size from the moment it's deployed to the smart contract, completely defeating the purpose of concealment. The hidden part of the iceberg is never truly hidden from on-chain analysis.

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