Shielded | Q3 2026 drops next week.
Shielded is Zama’s quarterly institutional report on the Zama Protocol and the ecosystem growing around it.
We’re breaking down everything that happened in Q3 with @therollupco and some special guests. The full episode and the report will be available next Monday.
Hosted by @andyyy and @robbieklages , featuring:
- @randhindi , Co-Founder & CEO at @zama
- @analog_kyle , VP of Investor & Protocol Relations at @zama
- @Yannimoto , Head of Onchain Special Projects at @Bitwise
- @gbvpzffd2r , Co-Founder & CTO at @HypernativeLabs
- @evgeth , Founder & CEO at @zerion
- @bentzzi , Co-Founder & CEO at @utila_io
On the agenda: Q3 highlights and protocol growth, confidential vaults bringing institutional capital onchain, confidential tokens coming to more custodians and wallets, the launch of confidential swaps, and advancements in protocol compliance and security.
🗓 Monday, November 2nd
🕐 10 AM EST / 4 PM CET
Pascal retweeted
What do you think is going to happen once Zama makes confidential tokens ubiquitous and supported everywhere, every wallet, every chain?
Let me tell you...
This is where mass adoption starts, as it becomes so easy to do what you're already doing, but with confidential balances and amounts.
As it should be...
You wouldn't be comfortable buying something on a website not encrypted with HTTPS. It'll be the same.
HTTP -> HTTPS
USDC -> cUSDC
USDT -> cUSDT
Onward.
ZAMA
Confidential tokens are now live in @zerion Wallet.
Zerion users can manage confidential assets alongside their public holdings directly in the app, with confidential balances encrypted onchain.
Read more: zama.org/post/confidential-t…
Pascal retweeted
Shielded is something I look forward to every single quarter.
Seeing the teams hard work all summed up with results and our partners lining up to celebrate - truly humbling. Excited for what we are building, inspired by our partners and stoked for whats coming next🔥
Kudos to @analog_kyle for bringing it all together! Nov 2nd, block your calendars
Shielded | Q3 2026 drops next week.
Shielded is Zama’s quarterly institutional report on the Zama Protocol and the ecosystem growing around it.
We’re breaking down everything that happened in Q3 with @therollupco and some special guests. The full episode and the report will be available next Monday.
Hosted by @andyyy and @robbieklages , featuring:
- @randhindi , Co-Founder & CEO at @zama
- @analog_kyle , VP of Investor & Protocol Relations at @zama
- @Yannimoto , Head of Onchain Special Projects at @Bitwise
- @gbvpzffd2r , Co-Founder & CTO at @HypernativeLabs
- @evgeth , Founder & CEO at @zerion
- @bentzzi , Co-Founder & CEO at @utila_io
On the agenda: Q3 highlights and protocol growth, confidential vaults bringing institutional capital onchain, confidential tokens coming to more custodians and wallets, the launch of confidential swaps, and advancements in protocol compliance and security.
🗓 Monday, November 2nd
🕐 10 AM EST / 4 PM CET
Zama's TVL has nearly doubled in the last month.
According to DefiLlama data, @Zama's total value locked (TVL) has exploded +82% in the last 30 days, reaching a total of $131M at time of writing.
Zama is a platform designed to bring data privacy to public blockchains using Fully Homomorphic Encryption (FHE).
The $ZAMA token itself is currently up +30.2% on the month.
Pascal retweeted
Did you know @zama has become one of the fastest-growing privacy protocols in crypto?
And by one major benchmark, the fastest.
Zama crossed $100M in shielded value in just 25 days, and is currently sitting at roughly $132M TVL
DefiLlama Research says that made it the fastest privacy protocol in its comparison to cross the $100M shielded-TVL mark
The growth since then has not slowed much either
Zama is up about 70% in TVL over the last 30 days, and currently ranks #2 among privacy protocols tracked by DefiLlama
What makes the numbers more interesting is that this is not just capital sitting behind encryption
More than $100M is already earning yield through Morpho using confidential tokens
There are now 16 Morpho vaults across multiple assets and institutional curators
Confidential swaps are live
And FHE’s share of non-mixer confidential DeFi TVL rose from roughly 23% to 42% between May and September
That is a pretty serious move for a category that is still this early
So when I talk about Zama’s growth, I’m not fussing or looking at one chart
I’m looking at capital, usage, infrastructure, integrations and how quickly the whole stack is expanding at the same time
not shilling, just pure facts
Still to the moon 🚀
🤖 Made with AI
Pascal retweeted
Total value locked on privacy protocol Zama has climbed 82% over 30 days to $131 million, according to DefiLlama.
The fully homomorphic encryption protocol is expanding its confidential DeFi vaults, and the $ZAMA token has gained.
bsc.news/news/zama-tvl-doubl…
Pascal retweeted
Registration for the 6th edition of the annual FHE.org conference is now open 🤗
🎟️ Registration is open for FHE.org 2027, the 6th Annual Conference on Fully Homomorphic Encryption.
📍 Bell Harbor International Conference Center, Seattle
🗓️ April 4, 2027
🤝 In Cooperation with IACR (@IACR_News)
🎓 Free for students
👉 luma.com/fhe-org-conference-…
Pascal retweeted
We are working on a product that will put an end to insecure telegram trading, with all the same advantages. Stay tuned!
Hong Kong police said a local crypto OTC company lost more than HK$4 million (about US$514,000) after scammers hijacked an employee’s WhatsApp account, blocked genuine clients and colleagues, and cloned the company’s work group.
The fraudsters then impersonated clients and instructed the employee to send crypto to external wallets. The loss was discovered only after a phone call confirmed the transaction was unauthorized.
Police said more than 150 similar communications-account hijacking cases were reported in Hong Kong over the past two weeks, with losses exceeding HK$15 million.
Why it matters: Police urged crypto firms to use 2FA and require independent phone or offline dual-person verification for large on-chain transfers.
Read the full article:
coincamps.ai/article/t34654
Zama smashes $100M in shielded TVL.
Privacy layer @zama has hit another shielded TVL milestone, this time for some $100M.
The latest $10M of this onchain value has been added in the past five days alone.
Investors are starting to take privacy seriously...
Pascal retweeted
before $zama , before #fhe became a crypto narrative. Pascal Paillier changed cryptography.
appreciate the likes, @Pascal_paillier
Pascal introduced the Paillier cryptosystem at EUROCRYPT in 1999.
27 years later, he’s co-founder and CTO of @zama, helping push encrypted computation from cryptographic research into real blockchain infrastructure.
that’s exactly why I’ve been writing about the people behind $ZAMA.
narratives can be created overnight.
27 years of cryptography can’t.
thank you Pascal .. for the likes, but more importantly, for decades of work helping get us here.
#ZAMA #FHE
The Zama team is kicking off @token2049 week in Singapore 🇸🇬
We're co-hosting @Yield_Summit today: a full day of keynotes, panels and roundtables on confidential onchain finance.
Grab a copy of the latest Privacy Paper, or just say hi if you're around.
Pascal retweeted
THE PEOPLE BUILDING $ZAMA WERE BREAKING THROUGH FHE’S BIGGEST BARRIERS BEFORE MOST OF CRYPTO KNEW WHAT FHE WAS …
technology changes. narratives change. markets change.
Deep technical experience compounds.
—-
don’t just invest in the company. Pay attention to the people building the technology underneath it.
meet Jean-Baptiste Orfila, VP of Cryptography Engineering at @zama.
while we’re all watching the price, I’m also looking at the researchers and engineers making #encrypted computation practical.
his background is worth paying attention to.
——
— PhD from Université Grenoble Alpes, with a background in cryptographic security and secure distributed computation.
— Research spans fully homomorphic encryption (FHE), zero-knowledge proofs (ZK), and secure multiparty computation (MPC).
— Co-authored the original Concrete research in 2020, helping develop Zama’s open-source FHE technology.
— Presented advances in Concrete at @fhe_org back in July 2022, including homomorphic computation on large-precision integers.
— Co-authored research published at ASIACRYPT 2025 demonstrating up to 8.28× faster TFHE bootstrapping compared with traditional methods under the evaluated benchmark conditions.
— Helped develop sorted bootstrapping techniques to reduce the computational overhead of processing encrypted data.
— Named inventor on a Zama patent covering computation on encrypted values.
— Contributed to Zama’s 2026 NIST cryptographic submission covering FHE, ZK, and MPC.
— Today leads cryptography engineering at Zama, helping turn years of research into practical encrypted computation.
——
look at the progression…
2020: Building the foundations of Concrete.
2022: Making FHE more accessible to developers.
2025: Co-authoring research demonstrating up to 8.28× faster TFHE bootstrapping.
2026: Presenting the engineering work behind sub-millisecond bootstrapping.
That progression matters more than most realize…
Jean-Baptiste wasn’t brought into $ZAMA because privacy #suddenly became one of crypto’s hottest narratives.
he was helping build the underlying technology years before most investors were paying attention.
and today, September 24, he’s presenting at FHE.org Software Day on how #TFHE became practical.
think about what that means.
one of FHE’s biggest challenges has been the computational #cost of processing encrypted data.
the people building $ZAMA aren’t just researching cryptography. they’re working to make encrypted computation fast enough for real world applications.
and for my $ZEC followers, this is another reason I keep talking about the connection between these ecosystems.
ZK is part of Zama’s DNA.
Different applications. Shared cryptographic foundations.
——
@Randhindi brings the vision and entrepreneurial execution.
@Pascal_paillier brings decades of cryptographic expertise.
Dr. Morten Dahl brings years of experience in MPC and privacy-preserving computation.
and Jean-Baptiste Orfila brings years of research and engineering experience making FHE practical.
that continues to be one of the strongest parts of my conviction in $ZAMA.
Thank you, Jean-Baptiste, for helping build the technology many of us are only now beginning to understand.
#ZAMA #FHE #ZK #Cryptography
Pascal retweeted
Zama is the fastest growing protocol for Confidential Onchain Finance.
We’re excited to welcome @arik_g, CPO at Zama, as a speaker at Privacy Summit 🇸🇬
Come to Singapore on October 7 for the biggest privacy event: luma.com/gbb4thfy
Pascal retweeted
Resharing this gem by @arik_g
A lot of privacy solutions in crypto are focused on hiding the data.
The problem: hidden data can't be used by others, it's not composable. FHE solves this. Anyone can run logic on encrypted inputs and get encrypted outputs, the data stays encrypted, but the computation still happens.
Privacy without composability is really a partial solution for transfers, not for finance.
Pascal retweeted
The Zama thesis is getting more interesting. 🔥
$ZAMA just crossed $85M in Shielded TVL, while the market is starting to pay more attention to confidential onchain activity.
With $NEAR already bringing confidential transfers and intent-based infrastructure into the spotlight, Zama’s FHE approach could be another privacy narrative to watch.
The key difference is that Zama lets smart contracts compute on encrypted data without exposing the underlying values.
And now that confidential assets can already be used across 16 Morpho vaults, this is moving beyond just the tech demo.
$85M Shielded TVL is a pretty meaningful milestone.
$NEAR ✍️
Something has changed with the NEAR thesis.
Daily REV just hit its highest level since April 2024, and unlike the last major revenue cycle, NEAR Intents is now a major part of the story.
That matters because NEAR is increasingly sitting at the intersection of liquidity, privacy and agent-driven activity.
The latest numbers are already getting attention:
• +81% NEAR from Sep 13 to Sep 20
• +119% dollar-denominated open interest
• +21% open interest measured in NEAR
• Funding hit 1.6x its 2-month median
• $30B Intents volume
• $48M Intents fees
The Sep 17 confidential perps launch is an important catalyst, but the bigger story is the infrastructure being built underneath it.
Cross-chain liquidity through Intents.
Confidential execution.
AI agents that can hold capital.
A unified UX through near.com.
This is why I think the “just another L1” framing misses what NEAR is becoming.
The real moat is the rails. 🚀
Shield. Deposit. Earn.
Yield from 16 curated vaults, without revealing your position.
Browse vaults at app.zama.org/earn
Confidential DeFi at scale, live today.
Zama is the fastest growing confidentiality protocol for onchain finance.
Today, Zama expands confidential access to 16 curated yield vaults across 5 institutional curators and 5 assets: USDC, USDT, AUSD, WBTC, and tGBP, all deployed on @Morpho.
The same trusted curators and strategies that institutional capital already uses, now with confidential entry.
Alongside the vaults, the Zama Confidential Swap Protocol goes live. Swap between confidential assets without exposing intent or size.
Curated by: Armitage by @wintermute_t, @Bitwise, @flowdesk_co, @RockawayX, @SteakhouseFi
Access: @Morpho, @utila_io, @yield_xyz, @zerion
Incentives: @pendle_fi, @merkl_xyz
With support from: @Tether (USDT), @BitGo (WBTC), @tokenGBP (tGBP), @withAUSD (AUSD)
Shield, send, deposit, earn, and swap, all confidentially at: app.zama.org
Pascal retweeted
Danny runs a small deli on 9th Ave. Been there eleven years.
Card processor takes 2.9% plus 30 cents. On a $6 coffee, that's real money by the end of the month. Chargebacks eat into that further.
Bran, a kid who eats there regularly and who Danny appreciates, showed him stablecoins. Now there's a QR code by the register. Money settles in seconds, no processor fee, no chargeback risk.
But here's the problem: every person who paid him now has his shop's wallet address. One lookup, and they know his exact balance, every sale, every pattern in his revenue.
Danny's not an idiot though. He gets paid in confidential USDC. Same QR code. Same simple checkout. Nobody sees his balance. He goes to work every day with peace of mind, not anxiety over who's watching his money.
This isn't a real story yet. But it's going to be one, because using confidential tokens on Zama is just that simple. It works exactly like every other token, on the same blockchains you already use.
That's the story.
Shield your tokens at app.zama.org to see how easy it is. No bridging, no new wallet, no KYC, just one tx.
Pascal retweeted
Shielded Bitcoin is live on app.zama.org! You can take wBTC, shield it, and earn 5% yield on it 🛡️

































