Silhouette

    What is Silhouette?

    Silhouette is a shielded decentralized exchange built on Hyperliquid that brings confidential trading capabilities to DeFi. The platform functions as an on-chain dark pool, protecting users’ trading activities from public exposure while maintaining the benefits of blockchain settlement. By using Trusted Execution Environments (TEEs), Silhouette provides MEV protection and allows traders to execute strategies without revealing their positions or intentions to the broader market.

    The platform addresses a fundamental challenge in current DeFi ecosystems where transparent blockchains expose all trading activities to potential front-running, surveillance, and exploitation. This privacy layer enables both retail and institutional traders to operate with the same confidentiality standards found in traditional finance, potentially making sophisticated trading strategies more viable on-chain. Silhouette supports both perpetual and spot trading on Hyperliquid‘s infrastructure.

    Founded by Chandler de Kock and backed by prominent investors including RockawayX, Hivemind, and Amber Group, Silhouette raised $3 million in its pre-seed round in June 2025. The project has collaborations with other Hyperliquid ecosystem projects like Bitfrost for spot market integrations.

    Silhouette Airdrop Details

    Silhouette Exchange has officially transitioned from its waitlist phase to open beta, enabling all users to access the platform and begin trading immediately. While Silhouette has not officially announced a token or airdrop, early participants in the open beta may be positioned to receive potential rewards if the project launches a token in the future.

    Latest Update: Silhouette Exchange Open Beta Now Live

    Silhouette Exchange has officially transitioned from its waitlist phase to open beta, enabling all users to access the platform and begin trading immediately. Follow these steps to get started:

    1. Visit the Silhouette Exchange app and connect your wallet
    2. Fund your Silhouette account with USDC from Arbitrum (you can purchase USDC directly from Binance or bridge using Rhino.fi bridge)
    3. Select your preferred trading mode
    4. Start trading on perpetual contracts or spot markets

    Trading Modes

    Silhouette offers two distinct trading environments:

    • Naked Mode: Functions exactly like Hyperliquid or any standard Builder Code frontend, providing a familiar trading experience for users accustomed to these platforms
    • Shielded Mode: Utilizes the Silhouette environment with a delegated wallet system that executes trades based on your instructions, offering enhanced privacy features

    Referral Program

    Users can participate in Silhouette’s referral program to earn a share of trading fees. Invite friends to the platform through your unique referral link and receive a portion of the fees generated from their trading activity. This provides an additional way to benefit from early participation in the Silhouette ecosystem during the open beta phase.

    How to Join the Silhouette Waitlist (Ended)

    1. Prepare Your Hyperliquid Trading History
      • Ensure your wallet has at least $5 million in cumulative trading volume on Hyperliquid or alternative front-ends like Based or Lit
      • Connect your wallet to Hyperliquid to verify your trading history
      • Note: Trading volume is cumulative, so historical activity counts toward this threshold
        • If you haven’t reached the $5 million threshold, get some USDC from Binance and withdraw to your Hyperliquid address via Arbitrum
        • Trade regularly to reach this threshold
    2. Visit the Silhouette Waitlist
      • Go to the Silhouette waitlist page
      • Connect your wallet to verify your trading volume
      • Complete the sign-up form with required information
      • Submit your application
    3. Share Your Referral Link
      • Share your own referral code once accepted to move up the queue
    4. Wait for Beta Access
      • Monitor your email for beta access notifications
      • Follow Silhouette’s official social media channels for updates
      • Check the website periodically for changes to the waitlist process
    5. Test the Closed Beta Product
      • Once you have access, go to Silhouette’s app, connect your wallet and enter referral code EBGIX
      • Go to ‘Faucet’ and claim mock USDC and ETH on Arbitrum Sepolia
      • Test the platform and provide useful, genuine feedback using the button on the bottom right-hand corner
    6. Deposit Assets to HyperBeat’s Ultra Vaults
      • Buy HYPE or BTC from spot markets on Hyperliquid
      • Transfer to HyperEVM
      • Go to HyperBeat
      • Deposit into the Ultra HYPE or Ultra BTC vault to earn Silhouette points

    You're interested in more projects that do not have any token yet and could potentially airdrop a governance token to early users in the future? Then check out our list of potential retroactive airdrops to not miss out on the next DeFi airdrop!

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    Max. Participants

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