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Zama, Morpho and Steakhouse have jointly launched what they describe as the first confidential DeFi yield vault on Ethereum ($ETH), designed to let firms earn on-chain yield while keeping their balances hidden from public view.
The move targets a structural friction in institutional DeFi: the fully transparent ledger that exposes every position to competitors and counterparties in real time.
Whether the privacy layer holds under stress is the question the market will now test.
The Mechanism: Yield Without the Glass Box Public blockchains record every address balance and transaction openly — a feature that suits retail users but creates a competitive-intelligence problem for firms managing material positions.
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