Checked out the collaboration between Zama and Morpho—pretty interesting stuff, kicking off an attempt at private DeFi. By depositing cUSDC through Zama, the underlying strategy is the same as depositing regular USDC, but others can’t see how much you’ve personally deposited or earned. The principle is that deposits are processed in batches, and users receive a private version of Vault shares. Others can only see the total amount deposited in the batch, not how much each individual user contributed. That said, this isn’t a mixer. The funds aren’t mixed together; all the money is invested in the same public Vault. It’s just that individual holdings and balances remain private.