Zama 开放对现有 DeFi 收益平台的机密访问（9月17日）

Zama 与 Morpho 及五大顶级 DeFi 策展机构合作，推出 16 个机密金库并开放 Zama Swap 协议

法国巴黎，2026年9月17日 —— 继今年 6 月与 Morpho 和 Steakhouse 首次合作推出机密访问功能后，Zama 今日宣布进一步扩大对链上收益的机密访问权限。此次扩展涵盖了由五家顶级 DeFi 策展机构管理的 16 个精选金库，涉及五个资产类别，并正式开放了 Zama Swap 协议，允许用户在加密状态下进行头寸之间的机密兑换。

Zama 是目前增长最快的链上金融机密协议。此次重大扩展是与 Morpho 以及以下五家领先的 DeFi 策展机构合作完成的：Steakhouse Financial、Wintermute 旗下的 Armitage、Flowdesk、RockawayX 和 Bitwise。此次发布新增了覆盖 USDC、USDT、WBTC、AUSD 和 TGBP 五个资产类别的 16 个机密金库，并公开推出了 Zama Swap 协议，使用户能够在以太坊网络上以机密方式兑换机密资产。

此次发布建立在 2026 年 6 月 Zama 与 Morpho 和 Steakhouse 联合推出的机密 Steakhouse USDC Prime 金库的基础之上。该金库在七周内从零增长至 4000 万美元的总锁仓量（TVL），确立了“机密 DeFi”作为一种经过验证的机构级产品品类的地位。

在公共区块链上，头寸、余额和策略对竞争对手和抢先交易者完全可见，这是机构大规模部署的主要结构性障碍。通过扩大精选机密金库的范围并新增四个资产类别作为存款资产，Zama 使机构配置者、企业财库和活跃市场参与者能够在不披露其持仓或策略的情况下，获取多元化的链上收益。

战略意义与高层观点

Zama 联合创始人兼首席执行官 Rand Hindi 博士表示：“当我们今年 6 月与 Morpho 和 Steakhouse 推出首个机密 USDC 金库时，我们证明了机密性与 DeFi 并非互斥。今天的扩展是这一模式规模化应用的证明。16 个金库、5 家策展机构、5 个资产类别，均构建在成熟资本已经使用的同一 DeFi 基础设施之上。相同的金库、相同的策展机构、相同的流动性，现在增加了机密入口。这正是让机密 DeFi 成为一个独立品类而非实验性项目的关键。”

Morpho 联合创始人 Merlin Egalite 表示：“机构越来越多地探索如何使链上资本配置更具机密性以满足其需求。在 Morpho 上添加这些机密金库对我们来说是一个重要步骤。它将以高效的方式扩展机密 DeFi，并为链上配置者开辟新的可能性，同时无需改变策略、流动性或风险特征。”

Guilhem Chaumont, co-founder and CEO of Flowdesk, pointed out: "Confidentiality is a condition that must be met for the transaction volume of institutions carrying the chain capital market. Through our partnership with Zama, we have opened up confidential access to the AUSD RWA policy vault, providing institutional configurators with an on-chain path to compliance."

Product Architecture: Two confidential vaults running in parallel

This expansion provides depositors with two types of confidential vaults running in parallel:

1. 12 Hybrid Vaults: Provides confidential access to existing select vaults, including the Prime USDT vault curated by Steakhouse. These vaults maintain the same strategy, liquidity and risk characteristics as the underlying vaults, but deposits and positions are confidential.
2. 4 Exclusive Vaults: Brand new secret-only vaults, with no public counterpart, such as Wintermute Confidential WBTC - armcWBTC.

All 16 vaults have been deployed on Morpho and were officially launched today through the Zama App. In the coming weeks, other access points such as Utila, Zerion Wallet and Yield.xyz will be launched.

Zama Swap Protocol: Closed-Loop Confidential Transactions

The Zama Swap protocol was launched simultaneously with the vault suite, allowing depositors to exchange between confidential assets without revealing intent or size, including all vault share positions as well as cUSDC, cUSDT, cWBTC, cAUSD and cTGBP. This enables a closed loop of the entire process of "deposit-earn-redeem" in a confidential envelope.

Partner Reviews

Steakhouse Financial Co-Founder Sébastien Derivaux: "We are excited to partner with Zama to launch the first confidential vault, and the market response has shown that depositors value confidentiality highly. The natural next step is to extend this access to a five-vault combination that covers USDC, USDT and tGBP. Depositors can now have more stablecoin options on Morpho while keeping their positions private."

Igor Igamberdiev, Head of Armitage: "BTC exists mainly as collateral on the chain because very few meaningful benefits can be derived from it. The Wintermute Confidential WBTC vault provides WBTC holders with a way to truly realize their value, combining Armitage's proactive risk management with its secret-only design with a non-public counterpart to ensure positions do not remain in the public record."

Benoit Marzouk, CEO of BCP Technologies, publisher of tGBP: “Zama 的机密产品组合正在全球范围内解锁机构采用机会，包括在英国，大型机构对稳定币的采用是一个空白领域。机密性与 Morpho 等蓝筹协议的结合，为任何将稳定币整合到业务中的机构参与者提供了清晰的切入点。”

Zerion 联合创始人兼首席执行官 Evgeny Yurtaev： “自托管钱包用户持有的每一个头寸默认都是公开的，这也是人们不愿将大量资金放在链上的原因之一。Zama 的机密层插入到人们已经使用的金库中，而不是要求他们迁移到新链。钱包可以以最小的摩擦原生支持这一点，这也是为什么这些金库将在未来几周来到 Zerion 的原因。”

RockawayX 链上资产管理与策展主管 Nassim Alexandre： “机构对链上借贷犹豫不决有两个原因：一是无法确切知道他们的风险敞口，二是任何人都可以通过区块浏览器看到他们的持仓。RockawayX 的 RWA 金库处理可预测的收益和可在链上检查的抵押品，自 2022 年以来我们以零违约记录运营 CeFi 和 DeFi 借贷。Zama 则通过其机密平台解决了第二个问题。”

Yield.xyz 联合创始人兼首席执行官 Serafin Lion Engel："Confidentiality should not require agencies to abandon the platforms they already use. Yield.xyz makes Zama's confidential Morpho vault accessible through the same integration layer that wallets and financial institutions use to provide on-chain revenue. This provides a practical path for the platform to support confidential positions while retaining underlying strategy, liquidity and risk characteristics."

Bentzi Rabi, Co-Founder and CEO of Utila: "Organizations need to maintain clear control over how capital is deployed while protecting investment strategies. Through our partnership with Zama, we bring confidential access to Morpho's treasury into Utila's multi-signature wallet infrastructure, allowing treasury and investment teams to flow benefits along the access chain while maintaining the policy control and approval efforts that their digital asset operations rely on."

Pablo Veyrat, CEO of Merkl: "Incentives have always been something that confidential assets cannot have because the reward balance means it needs to be read. It's a pleasure to work with the Zama team to change this by extending Merkl's engine to ERC7984 so that activities can run on crypto balances. Depositors can see the APR and earn a return without any positions, rewards or leaderboard entries becoming public information."

About the Future Outlook

This expansion establishes an operational blueprint for further adding confidential DeFi ecosystem components in 2026 and 2027, including additional curatorial agencies, asset classes, distribution channels, and native agency hosting integrations.

These 16 confidential vaults will be officially opened for deposits on the Zama app on September 15, 2026.