Yesterday, Solana's official Twitter account published a thread introducing 12 privacy-related projects within its ecosystem, covering categories such as cryptographic computing, privacy infrastructure, payments and wallets, trading, prediction markets, and smart protection.
Cryptographic Computing
Arcium
On March 27, the cryptographic computing network Arcium announced the completion of its angel round financing, with investors from various fields, including some community fundraising through echo. The total financing amount has reached $11 million. Investors include Jupiter co-founder Meow, MegaETH founding team member namik, and Jupiter co-founder Siong.
Arcium initially started as a privacy protocol Elusiv on Solana but later transformed into a broader privacy computing platform. Using MPC and ZKP technologies, it allows computations on encrypted data without exposing the data content.
In the Arcium network, MXE (Multi-Party Execution Environment) is responsible for securely executing computational tasks, and users can set the cryptographic protocols used for each MXE on demand. arxOS is the distributed execution engine within the Arcium network, responsible for coordinating computations and supporting Arx nodes and clusters. Each node (similar to a core in a computer) provides computational resources to execute tasks defined by MXE.
Notably, Arcium offers two different implementations of MPC protocol backends. One is called "Cerberus," which operates under a "dishonest majority" trust model, featuring cheat detection and identifiable abort mechanisms. This means that as long as one node is honest, privacy can be guaranteed. The system can also identify dishonest nodes, expel them, and impose penalties. This sharply contrasts with most protocols that require a "honest majority" (i.e., more than 51% of nodes being honest).
The other is called "Manticore," designed specifically for AI scenarios. Although its security assumptions are not as strong as Cerberus, it is suitable for environments with access control, such as AI training in trusted environments.
Another privacy-related project on Solana, Umbra, achieves private transfers on the Solana chain through the Arcium network, which will be introduced later.
Although Arcium released its tokenomics and conducted a token sale targeting 2% on CoinList back in March, the project has yet to have its TGE.
Privacy Infrastructure
MagicBlock
On April 25, the on-chain game engine MagicBlock completed a $7.5 million seed round financing, bringing the total financing amount to $10.5 million. This round was led by Faction, with participation from Maven11, Mechanism Capital, Robot Ventures, Delphi Ventures, Equilibrium, Pivot Global, and angel investors including Solana co-founder Toly, Helius Labs CEO Mert, and former Backpack co-founder Tristan Yver.
Initially focused on being an on-chain game engine, in September of this year, MagicBlock introduced the TEE-protected scaling solution Ephemeral Rollup. According to them, this is the first privacy infrastructure built on a trusted execution environment (TEE) that is natively supported by Solana.
Previous privacy solutions required significant cryptographic overhead, had slow execution speeds, and cumbersome integration processes. MagicBlock adopts a pragmatic approach: Just-In-Time Ephemeral Rollup aggregates standard Solana transactions running within Intel TDX secure enclaves, creating a hardware-verified "black box" where sensitive computations are protected. It is not only auditable but can also be put into production with just a few lines of code, suitable for building confidential order books and dark pools, regulatory-compliant DeFi protocols with built-in privacy controls, secure and auditable payment channels, and consumer-grade applications and games requiring privacy protection.
Overall, this is an infrastructure aimed at creating on-chain privacy features and applications, with advantages such as fast speed, developer-friendly integration for Solana, and high access control. However, from this perspective, since it is an infrastructure that is almost unrelated to retail investors, it is hard to say whether they will issue tokens in the future.
Payments and Wallets
Umbra
From October 6-8, Umbra conducted an ICO on MetaDAO, with a minimum fundraising target of $750,000, ultimately raising approximately $155 million, exceeding the target by 20,659%.
As mentioned earlier, this project achieves private transfers on the Solana chain through the Arcium network. Umbra can obscure the flow of funds on-chain and provides a voluntary audit feature that allows users to disclose their transaction history to third parties for compliance or auditing purposes.
The foundation of Umbra's anonymity layer is the "shielded pool," a smart contract that holds a large number of mixed tokens from various users. A shielded pool acts like a public treasury where everyone deposits tokens. Once tokens enter the treasury and are mixed with everyone else's tokens, it becomes impossible to determine the specific ownership of the tokens through computation. As more users and assets flow into the pool, the privacy protection for each user increases.
Depositors place their tokens into the shielded pool, and the protocol captures the deposit details (such as amount and recipient's Umbra address) and encrypts them. On-chain, it can only be seen that the deposit comes from a certain Solana address, but the final flow of the deposit is not visible.
The recipient generates a zero-knowledge proof, which is verified by the Umbra contract, and the contract transfers the funds to the recipient's Umbra address. During the asset retrieval process, the required gas fees are directly deducted from the received amount, so the recipient's Umbra address does not need to recharge SOL to complete the retrieval, ensuring complete privacy throughout the process.
encrypt.trade
Privacy DeFi on Solana, supporting private transfers and swaps. A winning project from the Colosseum hackathon, supported by Alliance.
When users perform swaps on this platform, they are first required to wrap their tokens. The tokens are encrypted and wrapped using the ElGamal algorithm. On-chain, only the type of wrapped asset is visible, while the actual encrypted data is stored off-chain.
In other words, the wrapped tokens only serve as a "pointer" on-chain, allowing on-chain applications (like Jupiter) to know what type of token it is. As for the specific transaction amounts and movements, these transaction intents are computed in a secure environment based on a TEE architecture. After the computation is complete, the data is re-encrypted and updated on-chain, executing corresponding operations using the algorithms of the respective on-chain applications.
The result of this process is that swaps through encrypt.trade do not explicitly broadcast transaction data on-chain like traditional DEXs; only the state changes of the wrapped assets are visible, while the transaction amounts, parties involved, and even whether the transaction actually occurred remain hidden.
Hush
The product has not yet been officially released. According to its official Twitter description, it is a privacy-first Solana wallet that will provide SOL obfuscation, disposable addresses, and privacy transaction features. Additionally, it supports wallet creation for dApps and built-in ZEC bridging.
Privacy Cash
The current version has relatively simple functionality, only supporting private SOL transfers. Future updates will include support for private transfers and swaps of SPL tokens.
Depositors place SOL into the privacy pool, generating a "credential" added to the Merkle tree, while the recipient verifies through zero-knowledge proof to withdraw the corresponding funds to any accepted address.
Trading
Vanish
Another winning project from the Colosseum hackathon, which secured $1 million in pre-seed funding led by Colosseum, with participation from Solana Ventures and Pivot Global.
Vanish utilizes smart trading routing technology to maintain trading privacy through protected liquidity sources. The documentation does not provide many technical details, as this project emphasizes compliance privacy, assuring users that anti-money laundering concerns are adequately addressed.
UniFi Labs
The product has not yet been released, focusing on privacy perpetual contracts.
Smart Protection
Darklake
This project aims to do a lot, describing itself as a "zero-knowledge proof privacy layer." However, they do not intend to create a complete privacy system or chain but rather to utilize zero-knowledge proofs to directly implement practical privacy applications on Solana.
Currently launched is the "blind slippage pool," also referred to as zk-AMM. The blind slippage pool adds an encryption commitment layer to automated market makers (AMM), making slippage data invisible to searchers but verifiable after the transaction. The specific principle is that after a user submits a swap transaction, the system generates a hash value and a unique encrypted value based on the transaction, submitting both along with the transaction information. Darklake's proof generator will create a Groth16 proof to indicate that the computed result is equal to or exceeds the slippage range. If the proof is valid, the transaction is settled; otherwise, the transaction is canceled, and funds are returned.
They also plan to create a privacy version of perpetual contracts and token launches. As for why Solana classifies this project under smart protection, I believe it is because they cover a wide range of functionalities and have integrated Arcium's technology stack to handle multi-party privacy state coordination after transaction completion.
Loyal
This is also a project that completed an ICO on MetaDAO, with a minimum fundraising target of $500,000, ultimately raising approximately $75.9 million, exceeding the target by 15,180%.
Loyal is an open-source, decentralized, censorship-resistant, and auditable smart protocol supported by MagicBlock and Arcium. The simplest summary of this project might be that they aim to create an on-chain AI that guarantees user data privacy, starting with handling crypto-related transactions and gradually improving to assist with daily life and work tasks like current market AI.
Prediction Markets
Melee and Pythia
Both utilize Arcium's technology. Overall, there are not many technical details worth discussing; they simply add encryption to the order books of prediction markets, achieving the effect of a dark pool for prediction markets. Whether this will be what players need as prediction markets develop to a certain extent remains to be seen.
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