Ethereum
Zama Deploys Private Swap Protocol on Ethereum and Expands Morpho Vault Integration
Zama has introduced a confidential RFQ swap protocol in private beta on Ethereum, connecting encrypted orders with its Morpho vault.
Zama launched a private-beta request-for-quote (RFQ) swap protocol on Ethereum mainnet on July 23, expanding its confidential decentralized finance suite. The system enables users to hold, deploy, and trade confidential USDC (cUSDC) while keeping key transaction parameters, such as trade size, direction, and price limits, fully hidden. Current access is restricted to the private beta phase, and market making is handled exclusively by whitelisted participants through a blind auction mechanism.
The swap venue supports pairs including cUSDT/cUSDC, cZAMA/cUSDC, and csteakUSDC/cUSDC. In terms of token structure, Zama announced that all trading fees generated on the platform are allocated to buying back and burning ZAMA tokens, integrating the exchange directly into the network's token model.
The launch follows Zama's rollout of the Steakhouse Confidential USDC Prime vault in June, curated by Steakhouse Financial and hosted on Morpho. The vault, which surpassed $40 million in deposits by September 2026, mirrors the standard Steakhouse Prime USDC strategy on Morpho using the same risk parameters and collateral, while employing fully homomorphic encryption to shield user deposit sizes, positions, and timing.
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