Using @zama's confidential swap protocol, you can swap cUSDC for cWBTC, deposit into a vault, then move laterally between strategies. No unshielding. No disclosing size or direction, ever. This is what Zama's thesis actually becomes at scale: not just a privacy feature, a full confidential capital markets stack. Here's the part people miss IMHO. For large allocators, confidentiality isn't just a nice-to-have. It's a hedge. A visible position is a signal. A signal gets front-run. Every large trade on a transparent chain is a trade that tells the market what you're about to do next. Take that signal away, and you're not just private. You're protected from the exact mechanism that taxes size. That's why I think the share of institutional capital moving confidentially onchain only grows from here. Not because these allocators suddenly care about privacy as a principle. Because the alternative costs them money...