Zama’s official website listed 16 Confidential Morpho Vaults and Confidential Swaps as live products on Ethereum as of September 15, expanding the protocol’s encrypted onchain offering beyond its initial USDC vault. The live suite allows users to keep vault balances encrypted, while the swap product protects trade sizes, directions and price limits, according to Zama.
The listings place confidential lending and trading functions alongside each other on Ethereum. Zama’s vaults are designed to obscure user balances, while its request-for-quote, or RFQ, swaps encrypt information that could otherwise reveal a trade’s scale and intended direction.
Live Confidential Morpho Vaults
The 16 vaults are listed as live Confidential Morpho Vaults on Zama’s site. Their availability extends the company’s use of encrypted balances within Morpho-based strategies, rather than limiting confidential activity to a single vault product.
Public blockchain activity can expose wallet balances and positions to outside observers, while Zama’s stated approach is to keep those balances encrypted and retain onchain access to the underlying vault strategies.
The first Steakhouse USDC vault
Zama’s first confidential vault was launched on June 17 as Steakhouse Confidential Prime USDC. The product let users deposit cUSDC into a Morpho strategy while keeping individual positions encrypted, Zama said at the time.
That launch established the integration model now reflected in the broader vault listing: a Morpho strategy on one side and encrypted position data on the other. The current site listing does not, by itself, provide a breakdown of assets or deposits for each of the 16 vaults.
More than $40 million in deposits
Morpho’s August 1 account puts deposits in Zama’s confidential vault at more than $40 million.
Individual user positions are hidden from public observers.
The disclosed amount concerns that confidential vault specifically; it is not an aggregate across all currently listed vaults.
Confidential Swaps and RFQ trading
Confidential Swaps extend the encryption model from vault balances to trading data. Zama’s official site says the live product encrypts trade size, direction and price limits—details that may signal a trader’s intended execution to other market participants.
The underlying Confidential RFQ protocol had already launched on Ethereum mainnet in private beta on July 23. In its launch announcement, Zama said the protocol kept trade size and direction confidential. The current product listing adds price limits to the confidentiality features described on its site.
