The Athens Exchange Group (ATHEX) has advanced toward the adoption of a Sui-based order book, following a strategic collaboration with Mysten Labs. On April 16, the SUI team reported that ATHEX had completed the technical design for an on-chain fundraising platform that will employ zero-knowledge proofs on the Sui blockchain.
This breakthrough is expected to enhance the offering of ATHEX with a combination of privacy and speed, thereby boosting its growth in the conventional capital markets. This move towards blockchain integration comes on the heels of the partnership between Sui contributor Mysten Labs and the Athens Exchange Group in March 2024.
The joint venture between the two platforms aims to maximize the benefits of their respective ecosystems to develop the technical design for ATHEX’s Electronic Book Building (EBB), the exchange’s fundraising feature. The utilization of Sui’s technology and tooling is expected to facilitate the integration of zero-knowledge proofs into the EBB’s bidding process.
At present, the Athens Exchange Group and Mysten Labs are working towards a proof of concept. This represents a significant step towards the creation of the first on-chain order book for a stock exchange.
“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,” proclaimed Dr. Kostas Kryptos Chalkios, Chief Cryptographer and Co-Founder of Mysten Labs.
ATHEX stands to gain from a platform that amalgamates privacy-preserving mechanisms, speed, and security. The ability of Sui to scale and process transactions simultaneously, with industry-leading throughput, will be of paramount importance to the stock exchange.
“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,” said Nikos Porfyris, Chief Operating Officer at Athens Exchange Group.
Sui is currently the 10th largest blockchain by total value locked per DeFiLlama, with over $1.18 billion in TVL. This collaborative venture between ATHEX and Mysten Labs signifies a major step forward in the integration of blockchain technology into traditional capital markets, potentially setting a precedent for future developments in the field.
