Steakhouse Confidential Prime USDC is open for deposits.

Steakhouse Confidential Prime USDC is a vault similar to the Steakhouse Prime USDC vault on Morpho, curated by Steakhouse Financial.

The difference is that it accepts confidential USDC (cUSDC) as the deposit asset. Starting tomorrow, June 24, depositors benefit from a 12-week yield boost program. Deposits made today are in the vault from day one of the boost.

Deposit now directly via the Zama app at: app.zama.org/earn

How the vault works, briefly

When users deposit cUSDC, deposits are grouped into batches before being allocated into the underlying Steakhouse Confidential Prime USDC strategy on Morpho. To maximize privacy, batches are processed every 24 hours. Once a batch is processed, users receive confidential vault shares representing their position. Observers can see the total amount deposited by a batch, but not the contribution of any individual participant.

Importantly, the batching mechanism is not a mixer. Funds are not mixed and redistributed among users. Instead, all capital is deployed into the same Steakhouse Confidential Prime USDC vault, while ownership is represented through confidential vault shares. This means the destination and ownership of funds remain transparent and auditable, while individual balances and positions are confidential.

This architecture represents the first version of Zama's Confidential Vault stack. Future iterations will focus on more native confidential DeFi architectures to improve capital efficiency and privacy guarantees.

For a deeper dive into the architecture, read the blog Private Deposits into Public DeFi: Zama's First Confidential Vault Design.

A 12-week yield boost program

Starting tomorrow, June 24, Steakhouse Confidential Prime USDC launches with an extra incentive program distributed over 12 weeks. Anyone who deposits today is positioned in the vault when the boost begins.

This incentive is in addition to the native ~4% yield generated by the underlying Steakhouse Confidential Prime USDC strategy on Morpho. The program is designed to reward early participation: users who deposit earlier can benefit from a larger portion of the incentive pool, while users who join later participate in fewer distributions.

At each batch, a portion of the incentive is added directly to the vault and shared proportionally among all LPs currently participating. The larger your position relative to total vault assets, the larger your share of the distribution.

Since rewards are distributed continuously over time, duration matters:

• LPs who join on day one participate in every distribution throughout the 12-week program.
• LPs who join later only participate in the remaining distributions.
• LPs who stay in the vault longer capture more of the total incentive pool.

The program is structured in three phases of decreasing boost intensity: launch pulse (weeks 1-2) has the largest allocations, mid pulse (weeks 3-6) is smaller, and late pulse (weeks 7-12) is smaller still.

After the 12-week incentive program concludes, deposits will continue earning the native yield generated by the underlying Steakhouse Confidential Prime USDC strategy.

Why earlier in means higher yield

Beyond the program structure, the TVL dynamic also rewards early entry. When TVL is low (early in the program), each dollar deposited captures a bigger share of the daily drip. When TVL grows (later), the same drip is split across more capital. Per-dollar yield is lower.

The launch pulse (weeks 1 and 2) is when both the daily drip is highest and TVL is lowest. That combination is what makes early entry materially higher-yield than later entry. The mid pulse (weeks 3-6) is smaller than launch. The late pulse (weeks 7-12) is smaller still. After week 12, the boost ends and the vault returns to native yield.

How to deposit and earn

1. Go to the Zama app at app.zama.org/earn.
2. Deposit either: cUSDC directly, or USDC, and the app will shield it into cUSDC before depositing.
3. Deposits are batched every 24 hours into the vault on Morpho.

Tomorrow: launch pulse begins

Deposit today to be in the vault on day one of launch pulse, the highest-yielding window of the whole 12-week program. After that, every day you wait, that day's boost goes to whoever's already in the vault.

The vault, briefly

Steakhouse Confidential Prime USDC uses the same parameters, credit strategy, and collateral as Steakhouse Prime USDC on Morpho (cbBTC, WBTC, wstETH via Morpho Blue markets). The only difference is that it accepts cUSDC as the deposit asset instead of USDC.

For the full architecture, see the engineering blog post: Private Deposits into Public DeFi: Zama's First Confidential Vault Design.

What this unlocks

Zama is bringing confidentiality to onchain finance. Steakhouse Confidential Prime USDC is the first live utility built on that vision.

For the first time, users can earn yield from a leading DeFi strategy without exposing their balances and allocations onchain.

This launch is the first step toward a broader confidential finance stack, with support for additional assets, chains, and applications to come.

Get started

• Deposit on the Zama app: app.zama.org/earn
• Need help? Contact the Zama team
• Follow Zama on X for all updates

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