Ever notice how your long/short positions and collateral sit wide open on most EVM chains? Whales can literally track every move—and honestly, that's how liquidations get triggered. Brutal transparency.

But here's where it gets interesting: some protocols are flipping the script. Take lending-based perpetuals that enforce privacy by default. Your debt and collateral? Hidden. The protocol sees the big picture—total system stats—but individual positions stay locked down. Nobody's hunting you through the blockchain.

It's a different game when liquidators can't triangulate your exact numbers. Less predictable, less weaponizable. Worth watching how this privacy layer reshapes liquidation mechanics on-chain.