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Role Separation And Custody Boundaries

User

  • Chooses assets, amount, mode, and destination wallet(s)

  • Sends funds from a self-custodied wallet

  • Retains full control of private keys

Husher

  • Provides interface and routing logic

  • Monitors confirmations and execution conditions

  • Does not custody funds or control wallets

Exchange Service Providers (ESPs)

  • Temporarily receive funds during execution

  • Execute trades against CEX liquidity

  • May route execution across one or multiple centralized exchanges

  • Withdraw output directly to user wallets

Centralized exchanges (CEXs)

  • Provide spot-market liquidity only

  • Have no relationship with end users

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