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Every frog has an origin. Ours is a rack of hardware.
On 25 June 2025 Zama’s CEO shared FROG Mark 1, the company’s first FPGA supercomputer for fully homomorphic encryption.
Same day, Zama passed a $1B valuation 🔥
ZFROG is the community meme that grew around that name. The machine made the 🐸.
Full story: zfrog.xyz/frog-mark-1
Builders on @Zama, minting today.
@FungoLabs Genesis. 3,232 NFTs sealed at mint with FHE.
Only the holder sees inside.
The frog respects anyone who ships in the dark.
Same Pond.
zRIBBIT 🐸
fungolabs.org/launchpad/d/fu…
Confidential DeFi, London edition.
Fog included. Leaks not.
xitter.gq/zama/status/2117965233…
Zama is heading to London 🇬🇧
Our team will be in town over the next two weeks, meeting builders, allocators, and partners to talk confidential DeFi and institutional onchain finance.
Want to connect? Book a meeting: zama.org/contact
Or meet us at the following events 👇
Revenue not even on yet. The frog keeps watching the machine warm up.
xitter.gq/randhindi/status/21176…
ZFROG retweeted
Zama Q3 2026: the quarter vaults went confidential.
One quarter. Shielded TVL went from $39.6M to more than $130M.
99% of that growth came from one thing: confidential vaults.
@randhindi opens the report with a clear thesis: "Vaults are becoming the defining primitive of confidential onchain finance."
What started as a single vault with Steakhouse on Morpho is now 16 vaults across curators and assets. Deposits, positions and yield stay encrypted. The vaults still plug into the rest of DeFi.
His two lessons from the quarter:
• Vaults are the clearest path to new users. People come for the yield and stay for a confidential portfolio.
• The demand for privacy is real. "Investors managing a portfolio or running a yield strategy don't want the market watching. Now they don't have to."
The bigger idea: a vault is a programmable fund wrapper. What took J.P. Morgan months and a team of quants now takes a few lines of code. Rand expects "a Cambrian explosion of vault strategies": vaults-as-funds, meta-vaults, RWA vaults, products nobody has imagined yet.
THE NUMBERS (28 Oct snapshot)
• Shielded TVL: $136.9M (+245.7% QoQ)
• Total shielded volume: $1.35B (+224.9% QoQ)
• Wallets holding shielded assets: 12.3K (+18.3% QoQ)
The privacy league, by shielded value:
• Zcash shielded pools: $5.77B
• NEAR Intents: $148M
• Zama: $136.9M
• Railgun: $112.8M
Zama passed Railgun right after the quarter closed. NEAR is next.
SIXTEEN VAULTS IN ONE QUARTER
16 vaults take confidential deposits. $110M+ inside. 900+ depositors.
6% of all Morpho deposits on Ethereum in Q3 came through Zama.
Curators: Armitage by Wintermute, Bitwise, Flowdesk, RockawayX, Steakhouse Financial.
Access: Morpho, Utila, Yield.xyz, Zerion.
Incentives: Merkl, Pendle.
Three vaults show where this goes:
• Bitwise Premium RWA AUSD. Lends against overcollateralized real-world assets, each one through institutional credit underwriting.
• Wintermute Confidential WBTC. Idle Bitcoin put to work. Holders keep their BTC exposure and their position size private.
• RockawayX Confidential RWA USDC. Market-neutral yield from RWA collateral. Zero defaults reported since 2021.
A curator people trust. A real strategy. A position nobody else can read.
HOLDERS ARE STAYING IN
62% of circulating $ZAMA is staked ($184.6M, +52.3% QoQ, 30 Sept snapshot).
75.5% of stakers restake their rewards.
Net inflows were positive 11 weeks out of 12.
PRIVACY MOVES TO WHERE USERS ALREADY ARE
• Zerion: view, shield and transfer confidential tokens from a self-custody wallet. 50+ chains, 10M+ wallets.
• Yield.xyz: any wallet or app can add confidential vaults with one API. 25M users.
• Utila: treasury teams deposit from their MPC wallets with the approvals they already use. 350+ institutions, $35B monthly volume.
• Merkl: incentive campaigns on confidential tokens. Positions, rewards and leaderboards stay private.
• Aragon: confidential DAO voting. Ballots encrypted on the device, counted encrypted, only the result decrypted.
• Hypernative + Elliptic: real-time monitoring and wallet screening. Compliance by design.
Also: Confidential Swap v2 is coming, with RFQ matching against top market makers. And $ZAMA now trades on Solana via Sunrise.
The compliance piece matters as much as the yield. Encrypted by default. Disclosed selectively to auditors and regulators. No serious fund publishes its positions to competitors in real time. Now it doesn't have to.
WHAT Q4 BRINGS
More curators. RWA strategies onchain. Tools for institutions to build their own.
Rand calls it "the turning point where onchain finance stops being a parallel system and becomes the way into crypto for traditional finance."
From the Pond, the read is simple.
The machine computes. The vaults fill.
What they cannot see, they cannot own.
JUST IN: Shielded | Q3 2026 is live.
Shielded is Zama's quarterly institutional report covering the state of confidential onchain finance.
Download the Q3 report here: zama.org/shielded
Zama Q3 2026: the quarter vaults went confidential.
One quarter. Shielded TVL went from $39.6M to more than $130M.
99% of that growth came from one thing: confidential vaults.
@randhindi opens the report with a clear thesis: "Vaults are becoming the defining primitive of confidential onchain finance."
What started as a single vault with Steakhouse on Morpho is now 16 vaults across curators and assets. Deposits, positions and yield stay encrypted. The vaults still plug into the rest of DeFi.
His two lessons from the quarter:
• Vaults are the clearest path to new users. People come for the yield and stay for a confidential portfolio.
• The demand for privacy is real. "Investors managing a portfolio or running a yield strategy don't want the market watching. Now they don't have to."
The bigger idea: a vault is a programmable fund wrapper. What took J.P. Morgan months and a team of quants now takes a few lines of code. Rand expects "a Cambrian explosion of vault strategies": vaults-as-funds, meta-vaults, RWA vaults, products nobody has imagined yet.
THE NUMBERS (28 Oct snapshot)
• Shielded TVL: $136.9M (+245.7% QoQ)
• Total shielded volume: $1.35B (+224.9% QoQ)
• Wallets holding shielded assets: 12.3K (+18.3% QoQ)
The privacy league, by shielded value:
• Zcash shielded pools: $5.77B
• NEAR Intents: $148M
• Zama: $136.9M
• Railgun: $112.8M
Zama passed Railgun right after the quarter closed. NEAR is next.
SIXTEEN VAULTS IN ONE QUARTER
16 vaults take confidential deposits. $110M+ inside. 900+ depositors.
6% of all Morpho deposits on Ethereum in Q3 came through Zama.
Curators: Armitage by Wintermute, Bitwise, Flowdesk, RockawayX, Steakhouse Financial.
Access: Morpho, Utila, Yield.xyz, Zerion.
Incentives: Merkl, Pendle.
Three vaults show where this goes:
• Bitwise Premium RWA AUSD. Lends against overcollateralized real-world assets, each one through institutional credit underwriting.
• Wintermute Confidential WBTC. Idle Bitcoin put to work. Holders keep their BTC exposure and their position size private.
• RockawayX Confidential RWA USDC. Market-neutral yield from RWA collateral. Zero defaults reported since 2021.
A curator people trust. A real strategy. A position nobody else can read.
HOLDERS ARE STAYING IN
62% of circulating $ZAMA is staked ($184.6M, +52.3% QoQ, 30 Sept snapshot).
75.5% of stakers restake their rewards.
Net inflows were positive 11 weeks out of 12.
PRIVACY MOVES TO WHERE USERS ALREADY ARE
• Zerion: view, shield and transfer confidential tokens from a self-custody wallet. 50+ chains, 10M+ wallets.
• Yield.xyz: any wallet or app can add confidential vaults with one API. 25M users.
• Utila: treasury teams deposit from their MPC wallets with the approvals they already use. 350+ institutions, $35B monthly volume.
• Merkl: incentive campaigns on confidential tokens. Positions, rewards and leaderboards stay private.
• Aragon: confidential DAO voting. Ballots encrypted on the device, counted encrypted, only the result decrypted.
• Hypernative + Elliptic: real-time monitoring and wallet screening. Compliance by design.
Also: Confidential Swap v2 is coming, with RFQ matching against top market makers. And $ZAMA now trades on Solana via Sunrise.
The compliance piece matters as much as the yield. Encrypted by default. Disclosed selectively to auditors and regulators. No serious fund publishes its positions to competitors in real time. Now it doesn't have to.
WHAT Q4 BRINGS
More curators. RWA strategies onchain. Tools for institutions to build their own.
Rand calls it "the turning point where onchain finance stops being a parallel system and becomes the way into crypto for traditional finance."
From the Pond, the read is simple.
The machine computes. The vaults fill.
What they cannot see, they cannot own.
JUST IN: Shielded | Q3 2026 is live.
Shielded is Zama's quarterly institutional report covering the state of confidential onchain finance.
Download the Q3 report here: zama.org/shielded
Pond Fleet is live.
An on-chain battleship where both fleets stay encrypted. The contract finds your hits by computing on ciphertext with Zama's FHE. Real FHE on Sepolia, verified on Etherscan, every shot answer checked with Zama's KMS signatures.
Sink a fleet you cannot see.
Play: pond.zfrog.xyz
Practice vs the bot needs no wallet. For on-chain games, free Sepolia ETH faucets are linked on the page.
Test network, nothing paid out. $ZFROG is a community memecoin, not affiliated with Zama.
Hold $ZFROG. Earn $ZAMA. Welcome to privacy.
ZFROG retweeted
Every frog has an origin. Ours is a rack of hardware.
On 25 June 2025 Zama’s CEO shared FROG Mark 1, the company’s first FPGA supercomputer for fully homomorphic encryption.
Same day, Zama passed a $1B valuation 🔥
ZFROG is the community meme that grew around that name. The machine made the 🐸.
Full story: zfrog.xyz/frog-mark-1
