Academic research now confirms what many suspected: Haveno trades are detectable on-chain. Kopyciok et al. (May 2025) analyzed Haveno mainnet data from Jan-Feb 2025 and found: - Fee patterns: Haveno uses non-standard fee calculations. The maker fee, taker fee, and trade fee TXs have distinctive amounts that don't match normal wallet behavior. - Payout broadcasts: When a 2-of-3 multisig trade completes, the payout TX has a recognizable structure (2 inputs, 2-3 outputs with specific ratios). - Cross-chain correlation: For BTC/XMR trades, timing + amount correlation between BTC and XMR blockchains can link the two sides. - Volume estimation: They estimated total Haveno trade volume from on-chain signatures alone. What this means for traders: 1. If you trade XMR/XMR (Monero for fiat), you're safer — no cross-chain correlation possible 2. P2P cash trades bypass Haveno entirely — no on-chain signature at all 3. Churning (self-spending) after receiving Haveno payouts helps break the trail 4. FCMP++ (full-chain membership proofs) will make this analysis impossible once deployed The paper proposes mitigations: standardized fees, obfuscated trade statistics, delayed payout broadcasts. Some are being implemented. Best practice: receive Haveno payout → churn 2-3 times → then spend. Or skip the DEX entirely and trade P2P with cash. Paper: arxiv.org/abs/2505.02392 #monero #xmr #privacy #haveno #p2p #research #FCMP