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#908 - Path To Private Swaps On Ethereum L1

The path to private L1 swaps leverages four proposed upgrades: EIP-8141 , 2D nonces, encrypted frame transactions, and FOCIL.

Quick Take

Path to private swaps on L1.
Polygon introduces T-REX Ledger.
Coinbase AM launches RWAs on Base.

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Path To Private Swaps On Ethereum L1

Listen to this episode from Ethereum News on Spotify. Ethereum researchers outline a path to private swaps on L1. Polygon introduces T-REX Ledger. And Coinbase Asset Management launches RWAs on Base. Read more: https://ethdaily.io/908 Borrow against ETH at 0.50%.

https://spotify.com

](https://open.spotify.com/episode/32YaBo1WIThc6wCggkSUj4)

Private L1 Swaps Ethereum Roadmap

Thomas Thiery, a researcher at the Ethereum Foundation’s Robust Incentives Group, outlined a path for enabling private swaps on Ethereum L1 without relying on trusted intermediaries or being vulnerable to frontrunning and censorship. The roadmap to private L1 swaps leverages four proposed upgrades: EIP-8141 for native account abstraction, 2D nonces, encrypted frame transactions, and FOCIL. Together, the features will allow users to submit transactions, keep swap details hidden until block ordering is finalized, reduce exposure to MEV frontrunning, ensure censorship resistance, and maintain parallel transaction throughput. Encrypted frame transactions conceal execution parameters until after the block is committed, providing strong protection against frontrunning.

Polygon Introduces T-REX Ledger

Polygon, T-REX Network, and Tokeny introduced T-REX Ledger, a new chain built with Polygon CDK designed to solve compliance challenges in tokenized finance. Apex Group Ltd., which services over $3 trillion in assets, will adopt T-REX Ledger as its default infrastructure and act as an onchain transfer agent. The platform aims to support real-world assets (RWAs) by serving as a shared compliance layer that manages investor identity, KYC/AML requirements, ownership records, and transfer rules. T-REX Ledger will connect to Polygon’s Agglayer and will support the regulated asset standard ERC-3643. The initiative targets bringing $100 billion in tokenized assets onchain by June 2027.

Coinbase Asset Management RWAs

Coinbase Asset Management, the institutional arm of Coinbase, launched a tokenized share class of its Bitcoin Yield Fund on Base, also in partnership with Apex Group. The fund’s shares are issued as tokens using the ERC-3643 standard, with initial availability limited to non-U.S. investors. The tokenization aims to reduce costs, speed up settlement, and broaden investor access.