Zama closed September with figures that strengthen confidential DeFi as a category of its own within the industry. The platform surpassed $90M in shielded TVL, up from $40M recorded in June, with more than $68M deposited in active confidential vaults on the Morpho protocol.
The sharpest jump occurred on September 15, when the network went from a single vault to sixteen, curated by five firms: Steakhouse Financial, Armitage by Wintermute, Flowdesk, RockawayX, and Bitwise.
The vaults cover five assets, including cUSDC, cUSDT, cWBTC, cAUSD, and cTGBP, and include the first encrypted-balance BTC yield vault in history. Alongside this, the Zama Confidential Swap Protocol allows depositors to move between confidential assets and vault shares without revealing their amounts or intentions.
The ecosystem also received validation from the market: DeFiLlama Research published the first report on confidential DeFi, placing the category at $197.6M in total TVL, with 170% growth over 18 months.
In addition, the $ZAMA token is now accessible on Solana through Sunrise, and the first confidential incentives were launched in collaboration with Merkl, where rewards are calculated on encrypted balances without exposing positions.
Rand Hindi, CEO of the protocol, summed up the sector’s bet in a single line: “If you want to bring trillions onchain, you need confidentiality.”
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