Rand

You can now earn yield on your Confidential USDC with Morpho! 🦋 Our mission at Zama is to bring confidentiality to financial transactions on public blockchains, the same way HTTPS makes it safe to send your credit card to a website. With nearly $200m shielded since we launched earlier this year, the question is no longer whether people want privacy onchain, but rather how we can make all of onchain finance confidential, from payments to swaps, lending and yield.  Today we're proud to announce our first DeFi integration, with Morpho, letting you deposit Confidential USDC (cUSDC) into Steakhouse’s USDC Prime vault. This is not a new vault strategy, and not a new lending protocol. It's the actual Steakhouse Prime USDC strategy, on the actual Morpho protocol. You use it exactly as you would today, except your balances and positions stay fully confidential. Morpho handles $11B+ in deposits for the likes of Coinbase, Bitwise and Société Générale, and Steakhouse curates over $4.5B in TVL, so we're bringing confidentiality where the liquidity already is. The way it works is simple. When you make a Confidential USDC deposit, it joins a batch with other users' deposits. Once the deposit period has ended, the aggregated USDC are unshielded, and deposited in the Morpho Steakhouse vault, with the resulting vault shares reshielded and redistributed pro-rata to the depositors. The total batch amount is public, but the individual deposits stay confidential. It also means you hold the vault shares directly yourself. This batching approach is generic and can work for vault deposits, swaps, staking, voting, and any other DeFi action. Natively confidential DeFi protocols will offer even stronger privacy guarantees, and we're building those too, but batching lets confidential tokens plug into the existing public protocols where the liquidity sits today. Over the coming months, we'll extend our Morpho integration across all major stablecoin currencies, including USD, EUR and GBP, so you can earn yield no matter which one you want to hold. Shield your USDC on app.zama.org and start earning when the vault opens next week. We are adding extra incentives for the next 3 months on a first come first serve basis!  Let’s encrypt all the money!

Uphold is in the house!

A few takeaways I personally found particularly interesting from this 45-min conversation with @zama CEO @randhindi and @Morpho co-founder @MerlinEgalite : 1. Privacy demand may not exist until a product exists. Merlin mentioned during the interview that many partners had never explicitly asked for privacy solutions before. After the initial announcement of Confidential USDC Prime, they reached out asking how does this work, how can we offer this to our users, etc. It signals that the market might not be waiting for better technology. They’re waiting for the first usable product. People don’t wake up asking for FHE, ZK, or any privacy primitives. They ask for something much simpler: Today can I keep my existing yield and liquidity onchain while not exposing everything ? The demand for privacy has been there all along. It just wasn’t visible until someone packaged it into a product. The Steakhouse Confidential Prime USDC on Morpho is that first package. 2. The next phase of DeFi growth will come from upgrading existing financial products with privacy, not inventing new financial primitives. The default assumption in crypto is that privacy requires a new chain, a new protocol, or a new liquidity network. This launch takes another path. The underlying infrastructure remains the same: Morpho lending markets + Steakhouse vaults + Existing DeFi liquidity. The only thing changing is the addition of a confidentiality layer, by accepting Confidential USDC (cUSDC) for deposits. Rand emphasized that this launch of Confidential USDC Prime is not the end state. It’s arguably the simplest possible implementation. The goal isn’t to get 1 billion dollars shielded with it, but to answer a more important question: Would users opt-in for privacy if they didn’t have to sacrifice yield, liquidity, or UX? If the answer is yes, then confidential lending, borrowing, RWA, and eventually broader credit markets become much easier to justify. Privacy is never a separate category. It’s an necessary upgrade to the existing onchain financial stack. 3. The biggest infrastructure fallacy is believing adoption is an ecosystem problem rather than a product problem. As infra builders, both Rand and Merlin touched on this. A common belief among infrastructure teams is: “We built great technology. Developers should come build on top of it. People should come and use it.” Morpho’s path was almost the opposite. After building the smart contracts, they built the frontend, found the curators, created distribution channels, and they pushed the first use cases themselves. Only later did the ecosystem scale. The same logic applies to Zama today. Zama offers the confidentiality layer for blockchain infrastructure, and is now building privacy utilities. Because users don’t buy cryptography, they buy confidential yield, confidential payments, confidential lending & borrowing. They buy products and outcomes. Rand compared it to early Apple. Before there was an App Store ecosystem, Apple had to build the first applications itself — Mail, Safari, Calendar, Calculator. The infrastructure creator is often the first application developer. And sometimes the market only discovers the value of the infrastructure after seeing the first product built on top of it. That’s what makes Confidential USDC Prime interesting. Not just another vault, but may be a good real-world test of the onchain privacy hypothesis, and the starting point of an emerging confidential finance ecosystem.

Its go time! First batch of deposit is now open, and will be processed in 24h. Incentives are higher for early batches, so its first come first served on yield. Will report on progress as things unfold 🚀

@yrschrade @solana Congrats!

Today we launched Arcium Mainnet! ☂️ This is the beginning of the confidential revolution for AI and finance! We're already the most-used confidential compute network in crypto, with over 1.6M confidential computations and 6M transactions on @solana. We'll not just scale on-chain confidentiality to bring all of traditional finance on-chain, but fundamentally, the next frontier is capturing confidential AI. The most secure, scalable and globally spanning AI product on the market will be unveiled in the coming days together with our plan to revolutionize how AI is being used with Arcium. The goal from here is colossal: make @Arcium the supercomputer that powers confidential AI and finance for the entire world!

@0xJoIris You're right I should have specified European politicians. The european people are great.

@randhindi Ser, us Europeans are trapped under the power of the unelected lizards in Brussels. Don't generalize to Europeans pls

Proof that backdoors are incredibly stupid and that europeans asking for it in all encrypted messaging apps will get rekt immediately by every enemy

Time is officially running out. ⏳ There is exactly 1 day and 13 hours left to join the Shield campaign. The flow is simple: shield your USDC into confidential cUSDC to lock in a chance to win. 💰 Total Rewards: $25,000 cUSDC ($1,000 each for 25 random winners). shield now at app.zama.org ethereum:0xa12cc123ba206d4031d1c7f6223d1c2ec249f4f3

@jswihart You can get verifiable shielded supply without "god mode" using FHE, it's just a sum of all balances (or notes in this case). Maybe there's a way to bind ZK notes to FHE ciphertext and combine both?

📢 OKX x BillionLive XP Station Ep.3: Zama @zama Special Topic: Zama World Cup Matchday - Netherlands vs Sweden Time: June 21, 01:00 (UTC+8) Hosts: Franky @frankyleon725, Molly @Molly9975019573, Cc Egg-Fried- Rice @Hu12302 OKX x BillionLive XP Station Ep.3 is here. This round is sponsored by Zama @zama, the protocol for confidential onchain finance. @wallet Zama is building the confidentiality layer for public blockchains, using FHE(Fully Homomorphic Encryption) to enable encrypted transactions across payments, RWAs, and DeFi. For this episode, Franky, Cc Egg-Fried- Rice and Molly will each go live in their own live rooms, covering Netherlands vs Sweden while introducing Zama and its confidential finance ecosystem. A total of 20,000 OKX World Cup Prediction XP will be distributed across the three live rooms. 🎁Live Rewards: 20,000 OKX World Cup Prediction XP Watch, predict and win big on #Billionlive 📢 OKX x BillionLive XP 加油站第三期：Zama @zama 专场 主题：Zama 世界杯一起看 - 荷兰 vs 瑞典 时间：6月21日 01:00（UTC+8） 主播：Franky @frankyleon725、Molly @Molly9975019573、Cc 蛋炒饭 @Hu12302 OKX x BillionLive XP 加油站第三期来了。本期由 Zama @zama 赞助支持。@wallet Zama 正在打造面向公链的隐私链上金融基础设施，通过 FHE（全同态加密）技术，为支付、RWA 和 DeFi 等场景提供加密交易能力。 本期直播中，Franky、Molly 和 Cc 蛋炒饭将分别在各自的 BillionLive 直播间开播，解说荷兰 vs 瑞典，同时介绍 Zama 及其隐私金融生态。三个直播间将累计送出 20,000 OKX 世界杯预测活动 XP。 🎁 直播间奖励： 20,000 OKX 世界杯预测活动 XP 看直播，玩预测，赢大奖，就来 #Billionlive

If you want to see the actual future of medical imaging, look at low field MRI eg chipiron.co You can use a normal electrical outlet, no shielding needed and it fits in any doctor’s office. Not a replacement for full body MRI but rather a point of care imaging tool for things like breast cancer, orthopedics etc

@luyaoyuan The native ethereum pool wont be able to do what FHE does. Confidentiality for finance is more than just mixing transactions to hide the recipient

@KyleSamani Yeah very few people really understand exponentials

@randhindi Always amazes me how many smart people are short moore’s law broadly defined

Reminds me of when we started Zama. Many people (including within crypto) were FUDing saying FHE would never be fast enough, that it would never scale to global finance etc. Well, yeah, it was hard, took years, lots of money and incredibly talented people, but eventually we solved it. It wasn't impossible, it was just very very hard.

@brivael C'est forcement un troll

😂😂😂😂 C’est une blague ?

@fabioseva Yes ofc!

@randhindi I’d rather not unpack in public 🙂 Can I slide into DM?

🚨NEVER EVER post a tx screenshot of a crypto neobank (it doesn’t help one can look at the receipt or terminal anyway) It took me ONE CLAUDE PROMPT to find the tx, his 33 historic tx, wallet address, wallet balance, and more. This is no joke. We don’t even need Dune Analytics anymore. |**Transaction (the €7.58 / $8.81 REWE payment)**|[`0x3fc9825e…618e30c0`](celoscan.io/tx/0x3fc9825ea…)

@ASvanevik You guys are awesome but it's my mission to prevent this 😅

With Nansen you can see what EVERY trader does onchain, in real-time. And now you can trade with us too. See the signal. Make the trade. One product. 🧭

I guess the Llama and Mistral guys dont like me

@fabioseva What can we do to help?

@randhindi I think you could help us in many ways

@ssoo00oonn @hongkongdoll @zama It was unfrozen within 48h. The freeze was never against Zama, and thus was immediately reverted.

@hongkongdoll @zama cusdc不是给冻结了吗

隐私 DeFi 来了。 @zama 上线 app 之后，紧接着宣布了和 Morpho 的合作。用户可以通过 Zama app 把 USDC 隐私化成 cUSDC，接下来 cUSDC 可以进入 DeFi 收益场景。cUSDC 的余额和转账金额可以在链上保持加密，同时仍然是可验证、可接入主流 DeFi 的资产。 Zama的意图很明显，隐私资产不能只停留在能私密持有和转账，还要继续有地方用、有收益场景，持续扩大规模。 23 号开放存款，这几天也可以关注一下他们的 USDC 隐私化活动。