A collaboration between encryption firm Zama, lending protocol Morpho, and financial services provider Steakhouse has produced a DeFi vault that shields user balances while still generating on-chain yield. Built using Zama's fully homomorphic encryption technology, the vault allows institutions and other participants to earn returns on Ethereum without exposing their holdings to public scrutiny on the blockchain. This addresses a key barrier to institutional DeFi adoption, where transparent ledgers can reveal competitive positioning or trigger front-running. The product represents a practical application of confidential computing in decentralised finance, moving privacy beyond simple transaction mixing toward encrypted smart contract logic. The three teams say the vault is live on Ethereum mainnet, marking what they describe as the first production deployment of confidential yield infrastructure on a public blockchain.
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