Zama Newsletter: Confidential DeFi at Scale, the DefiLlama Report, $ZAMA on Solana, and More

In June, confidential DeFi was one vault. In September it became a category: 16 vaults from five curators, a swap protocol, more than $90M shielded, and a DefiLlama report tracking it. Here is the September recap.

Confidential DeFi at scale: 16 vaults, 5 curators, 5 assets

One vault proved the model. On September 15, it went to scale: 16 vaults on Morpho, curated by Steakhouse Financial, Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise, across cUSDC, cUSDT, cWBTC, cAUSD, and cTGBP. Twelve open confidential entries to strategies that already exist. Four are confidential-only, including the first BTC yield vault with encrypted balances.

Alongside the vaults, the Zama Confidential Swap Protocol lets depositors move between confidential assets and vault shares without revealing size or intent. Deposit, earn, swap: the full cycle now runs confidential.

Explore live vaults

Read the announcement

By the numbers

Zama has now surpassed $90M in Shielded TVL, up from $40M+ in June, with $68M+ deposited in confidential vaults.

Track live metrics on Dune.

Also this month

• $ZAMA is live on Solana via Sunrise. Read more.
• DeFiLlama Research on Confidential DeFi: the first report on the category puts it at $197.6M in TVL, up 170% in 18 months, highlighting Zama's role in building confidential onchain finance. Read the report.
• Confidential incentives with Merkl: rewards computed on encrypted balances and paid in confidential tokens, so claiming no longer exposes a position. Visible APR, no leaderboards. First campaigns are live; claiming opens in the coming weeks. Read more.

Events

Zama is in Singapore for TOKEN2049 week:

• ‍Digital Asset Yield Summit October 6‍
• Stablecoin Sessions, October 7‍
• TOKEN2049, October 7 to 8‍
• Vault Summit,October 9
• And more.

Meet the team

Around the ecosystem

• Rand Hindi on The Rollup, with Wintermute's Igor Igamberdiev, and with RockawayX on why curators are betting on confidential yield. "If you want to bring trillions onchain, you need confidentiality."
• Merkl's technical breakdown of the first confidential incentive campaigns onchain.
• FHE.org Software Day: presentations and panels dedicated to software for Fully Homomorphic Encryption. See the presentations from Zama team members Jean-Baptiste and Arthur Meyre.
• Developer Program Season 4 wrapped: three confidential PoolTogether builds.

What's next

• Developer Program Season 5
• Learn & Earn campaign with Revolut coming soon

From one vault to sixteen, and $90M+ shielded: September showed confidential DeFi becoming a category. On to October.

Additional Links

• Zama App: app.zama.org
• Zama on X: x.com/zama
• Zama on Telegram: t.me/zama_on_telegram
• Contact the team: zama.org/contact