The vault stack's missing layer Value in DeFi moved up the stack. Execution got cheap, and liquidity is now standardized. What people pick now is a strategy. Making the vault, the execution layer now. That is where the value sits. Which makes it worth asking where the vault has actually found pmf. Look at the biggest vaults. Coinbase put USDC lending in front of millions of users and routed it into a Steakhouse-curated Morpho vault. Robinhood did the same with Earn this summer. The fit is real and it came through retail, on retail rails, inside apps people already had open. That growth was a distribution win. The app owned the user, the interface and the journey. Nobody in that flow ever had to ask who could see their position, because the retail user was never the one arriving. The next wave does not work like that. The custody and access rails institutions actually use are going live, one integration at a time, and each one means more capital reaching vaults directly. Zama Confidential Vault Gateway Encrypt balances and flows and leave the vault as it is, composable and auditable - public strategy, public record, make the participation private. The Zama Confidential Vault Gateway enables confidential deposits into any vault, and nothing changes for the underlying vault or the curator. The user can now hold a confidential position, move between vaults, rotate asset, and exit, without going public at any point. The vault keeps doing what it does. The curator keeps running the book they already run. What changes is who gets to read it.

Rob (@robbieklages) on why he's bullish on @zama, and adding to his position: "I truly believe the casino funds the research lab." "Zama is one of the few things building for the right reasons, with decades-long time horizons. It's the research lab." "As institutions come onchain, the privacy technology Zama's built, integrating fully homomorphic encryption into digital assets, is exactly the confidential-but-compliant capability institutions actually want."

Contrary to other privacy protocols, Zama isn't a new chain. It adds privacy to existing chains and DeFi protocols. This means we don't compete with L1s, L2s, or DeFi protocols, we add value to them. So if Zama wins, all the chains and protocols we work with also win.

Super excited about this win! 🏆 I shipped a confidential version of @PoolTogether_ for Zama Developer Program Season 4, and ConfiPool managed to nail all the aspects I was aiming for. I’m incredibly excited to have been selected as one of the 3 winners. 🫡 My thesis on ethereum:0xa12cc123ba206d4031d1c7f6223d1c2ec249f4f3 has always been, and will always be, that the solution it provides cuts across so many different angles of Web3. 11 wins later, I’m genuinely proud of the journey. We keep BUILDING. We keep SHIPPING. And if you’re new to the Zama ecosystem, I’ve got a playground for you to experience the Zama Protocol on testnet. Give it a spin. 👇 ConfiPool: Zama Playground: Still building. Still shipping.

Encrypt the money, and the transactions. Awesome to see @zama realize the vision so many of us hoped for a decade ago. The right model: meant to work with any kind of asset. Confidentiality should work across all assets and shouldn’t require converting to a separate private currency. Encrypted BTC should just be encrypted BTC. Encrypted USD should just be encrypted USD. And you should be able to swap them. And use them. Privately.

Day 3 of swapping confidentially with @zama . I swapped 10k USDC for wBTC confidentially on both ZAMA and NEAR at the exact same time. Same slippage, same amount, same tokens, same wallet. NEAR: 10k USDC -> 0.1224 wBTC ZAMA: 10k USDC -> 0.1229 wBTC The trade on Zama was executed 40 bps better than on NEAR Try it:

Day 2 of swapping confidentially using Zama. I bought 25k worth of encrypted @WrappedBTC, and got executed ABOVE my floor price! This is what DEX trading without MEV looks like. Try is

With a couple of prompts you get a fully functional demo with privacy build in. See our Zama recipe, smoothly working to have confidential balances and private yield on and off.

"The reception was the biggest one for any product we launched over the last two years. Everyone was contacting me in DMs." @SebVentures on the Steakhouse Confidential Prime USDC vault, in conversation with @randhindi and @analog_kyle. And this is not Zama saying it. It's the co-founder of Steakhouse. Steakhouse curates the two biggest vaults on @Morpho, the Prime USDC vault and the recently launched @RobinhoodCrypto vault. Hold, pay, swap, earn with confidential assets... Confidential USDC (cUSDC), Confidential USDT (cUSDT), etc... Brick after brick, a viable path to confidential onchain finance is taking shape, and big money is noticing. You're not bullish enough. Trillions. Zama.