Finally, there are real institutions and first-line DeFi protocols going to launch on chain revenue products that can hide positions. Morpho+Steakhouse has partnered to provide the first revenue vault for Zama's confidential USDC. I looked at it and it won't really open until June 23rd. A few years ago, when DeFi was at its peak, ZeePrime wrote a thesis calling for "Confidential DeFi," which refers to products that can protect privacy and sensitive information but are truly on chain. How to translate this thing? ）I am optimistic about the bright future in this direction. This is easy to understand. DeFi is too transparent and traditional big money cannot be put on the chain, so DeFi should be covered with a semi transparent shell that can protect privacy and be verified. At that time, ZeePrime was actually telling the story of a protocol they invested in called Silent Protocol (the solution seems to be ZK). So many years have passed, and I don't even know if Silent Protocol is still possible. The good news is that a team is finally trying the FHE route and has come up with usable products. You can try it next week and see if it can really attract institutional level users to come in with real money. In addition to lending products, what we look forward to is the continued emergence of swap, per, and agentic trading applications that can improve our positions and strategies.