Private DeFi Just Passed an Interesting Test A privacy-focused Morpho vault using Zama's confidential-computing technology has reached $40 million, and the project is now expanding into private swaps on $ETH . This is one of the DeFi trends I'm watching more closely. Traditional finance doesn't normally publish everyone's positions, balances and transactions for the entire world to inspect. DeFi basically started with exactly that model because transparency makes blockchain verification possible. But imagine an institution borrowing $50 million on-chain. Does it really want every competitor watching the position in real time? Privacy could therefore become less about hiding suspicious activity and more about making $ETH -based financial markets usable for participants who simply don't want to broadcast their entire strategy. The difficult part is preserving enough transparency to verify the system without exposing everything happening inside it. That's a considerably more interesting privacy problem than “public vs. private blockchain.” #ETHBlockchain #ETHFoundation