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About Tristero
Tristero is a decentralized dark pool exchange focused on solving MEV (Maximal Extractable Value) issues in DeFi trading. Its core business includes three main areas: first, spot trading that uses simulated execution and Permit2 signature-based order flow to protect users from front-running and sandwich attacks; second, leveraged margin trading up to 10x, which uses a lending-based model rather than a global orderbook to avoid forced liquidation cascades; third, cross-chain swaps into non-EVM assets like Bitcoin and Monero through its Feather relay, which uses a balance-sheet market-making model to support UTXO chains that traditional bridges cannot reach.
The main market pain point Tristero addresses is the problem of traders getting worse prices than quoted due to MEV bots, inaccurate quotes, and fragmented liquidity across venues. Its solution is a five-phase execution pipeline: candidate route finding, trade simulation, Permit2 quote signing, guard transaction wrapping, and rapid execution. This allows tight slippage tolerance (around 10 bps) and provides real-time quote streaming over WebSocket.
In the past six months (March to September 2026), Tristero has been in a developing stage. Its API provider score on apis.io was 39.7/100 as of September 1, 2026, indicating moderate maturity. The protocol has published 7 APIs including Assets, Margin, and Orders. No major negative events were reported during this period, though the operational transparency score was notably low at 0.6/11, suggesting limited public disclosure of operational details.
Founded in 2022, Tristero set out to build decentralized dark pool technology. In May 2023, it raised a $4.8M seed round co-led by General Catalyst and Steel Perlot, unveiling plans for a zero-knowledge-proof-based dark pool that no one could see inside, and a stablecoin clearinghouse proof-of-concept to cut cross-chain stablecoin costs.
Following the proof-of-concept, Tristero evolved into a broader cross-chain trading protocol, offering aggregated DEX/CEX liquidity, leveraged positions, and non-EVM swaps via its Feather relay, all non-custodial with MEV protection. This shift marks its expansion from dark-pool infrastructure to a wider decentralized trading layer, reinforcing its long-term mission of fairer and more efficient markets.
Sam Trautwein (Founder & CEO)
Background: Studied computer science with a focus on AI at Stanford University. Previously co-founded Carbon-12 Labs (algorithmic stablecoin) and served as an early engineer at Plenty (AI hydroponics). Later worked as a partner at Steel Perlot, an early-stage deep-tech VC. Founded Tristero in 2022 to build decentralized dark pool technology using zero-knowledge cryptography. Raised $4.8M in seed funding led by Steel Perlot and General Catalyst in May 2023.