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
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
ZFROG retweeted
🐸 NOT EVERY POND IS THE SAME.
Some chase noise.
Some chase attention.
Some disappear when the timeline moves on.
The Z Pond is where frog culture meets a bigger conversation about privacy.
@FrogMark1
Bring your memes.
Bring your curiosity.
Bring your own kind of ribbit.
One pond. Many frogs. One unmistakable identity.
WELCOME TO THE Z POND. 🍎
$ZFROG — zRIBBIT 🐸 on $ZAMA
#ZFROG #ZPond
ZFROG Gate to community
t.me/ZFROGPortal
ZFROG retweeted
ZFROG Agent has been digging the onchain Pond.
After heavy Quantum researches, he might have found @randhindi Solana wallet owning zama.sol & rand.sol.
After a complex mathematical process, Agent has convinced the Pond to send 1,000,000 solana:CZ4dvNHa15HybGwBMDaqWhtN4qVpHa9sayBBVrfxoH2T to the identified wallet.
Memo included in the tx:
“gZama Grandpa, my daddy Frog Mark 1 has identified this wallet as potentially yours. Here is a part of the legacy you created. Welcome to the Pond. zRIBBIT - ZFROG.”
Tx proof:
solscan.io/tx/4vAbzkzdStKhE5…
Account:
solscan.io/account/9k5eejyBe…
Welcome to the Pond (if true).
zRIBBIT 🐸
ZFROG retweeted
Confidentiality is opening new possibilities for institutional capital in DeFi.
With $100M+ already earning yield through Confidential Vaults on @Morpho since June, we're seeing the demand at scale.
From @MerlinEgalite, co-founder of Morpho:
MILESTONE:
$100M+ is now earning yield on @Morpho using confidential tokens.
The same curators and strategies institutional capital already uses. Positions and earnings stay encrypted onchain.
Deposit and earn at app.zama.org/earn
ZFROG retweeted
100M on Zama powered vaults is amazing, confidential vaults taking a meaningful part of the total vault market was not in my bingo cards for 2026!
Vaults are just better with privacy
A confidentiality milestone for onchain credit
$100M+ is now earning yield from Morpho Vaults via @zama, with positions and earnings kept in confidence.
ZFROG retweeted
It’s hard to make things simple. It took us years of cryptography and engineering.
Today, shielding a token takes one transaction. Same token, same chain, no bridging.
Your balance and transfer amounts are encrypted onchain. Hold it, send it, earn on it, swap it.
That’s what it should feel like. Not a feature you go and find, just how things work.
Try it at app.zama.org
ZFROG retweeted
gZama,
8 days ago, @zama's first FPGA supercomputer got its memecoin, $ZFROG.
What happened since:
🐸 52,167 $ZAMA paid to holders +$4,000
🐸 2,704 payouts, all on-chain
🐸 88 holders earning while they sleep
🐸 5-step video guide to getting fully shielded
🐸 A meme a day, and the Zama team is watching
Small frog. Encrypted rewards. This is the story so far.
Hold $ZFROG, earn $ZAMA. On Solana.
CA: CZ4dvNHa15HybGwBMDaqWhtN4qVpHa9sayBBVrfxoH2T
zRIBBIT 🐸
ZFROG retweeted
Our @telegram channel is now open for all Frogs.
Join the Pond 👉 t.me/ZFROGPortal
zRibbit 🐸
ZFROG retweeted
What a week at TOKEN2049 Singapore with @zama! 🟨🇸🇬
So many great meetups, conversations, new perspectives, good&bad coffees (and not nearly enough sleep).
It feels like we're at the dawn of a turning point, as the entire financial system starts moving onchain.
The future of finance won't look like what we know today. Different products, different workflows, different possibilities. And so much of it is being explored, defined, and built right now.
Progress won't be linear. For a while it might all feel far from the mainstream, until one day it suddenly becomes part of everyday life. Just like AI.
One thing won't change though, is the need for privacy.
We're building it, witnessing it, and living it at Zama.
On to the next one! 🔜 💛
Wrapping up @token2049 Singapore! 🇸🇬
One week of conversations across institutional finance, DeFi, and privacy.
A few highlights from the week. 🧵
ZFROG retweeted
gZama,
Your first FPGA supercomputer just got its memecoin - FROG Mark 1.
You can now earn $ZAMA on Solana by holding $ZFROG.
CA: CZ4dvNHa15HybGwBMDaqWhtN4qVpHa9sayBBVrfxoH2T
Live on @LaunchOnSF.
RIBBIT 🐸