What is a Twilight Pool?

In traditional financial markets, exchanges offer lit-pools and/or dark pools. In case of an ATS (alternative trading system), they operate a twilight pool, where partial information about the trade is revealed after some pre-defined time period. These pools may reveal price, trade direction or partial bids/offers in the books. Twilight is an effort to bring twilight pools to DeFi.

Developers can choose to build their applications keeping all information public as on public distributed ledgers or they may choose to obfuscate some parameters, depending on the application and it's use case.