In June of this year, @ zama opened its first confidential USDC vault on Morpho: a vault, a curator, and an asset, with a total TVL volume ranging from 0 to approximately $40 million over 7 weeks. Today's expansion into 16 vaults, 5 curators, and the addition of Zama Swap essentially expands access to the existing DeFi revenue market through confidential tokens. On the surface, it appears to be new, but at the bottom, a checkpoint for institutions to enter the public chain has been removed. The public chain has settled and generated profits, but its holdings are publicly recorded. For institutions that manage real money, this is equivalent to sharing trading costs with counterparties: strategies are followed, inflows and outflows are trapped, and positions are exposed to the outside world. A lot of money cannot afford a stable coin yield of 3% -9%, which is something that public positions cannot afford. Zama did not create a separate privacy chain and positioned itself as the HTTPS layer of the public chain, stacking on top of the existing L1/L2. The June order is the most indicative of the problem - it's not a new strategy or protocol, it's just Steakhouse's Prime USDC on Morpho, with the collateral still being cbBTC, WBTC, and wstETH. The only change is the conversion of deposits from USDC to cUSDC. The platform remains unchanged, the strategy remains unchanged, and the positions are not fully utilized. The highlight today is whether it is possible to circulate in a confidential state: A hybrid vault is a password entry point that is activated in an already online vault; The exclusive type does not have a plaintext channel, and the first confidential WBTC earnings vault belongs to this category. Swap adds a closed loop: blocking, depositing, taking profits, and exchanging confidential assets without returning to the public ledger. A few straightforward judgments: Confidential DeFi is now more like filling a gap, not a new narrative. Hidden is a single account holding, not the risk exposure of the entire treasury. The Wrap step may still miss the address and amount, and when the anonymous set is not large enough, the large amount is more obvious. Therefore, spreading the vault and assets themselves is also maintaining the anonymous set. Whether the category is successful or not depends on whether there is an independent demand for the exclusive type, whether the confidential WBTC can bring the collateral into the income, and whether the blocking should be lifted before transferring the warehouse. Only when these three things are completed can the confidential token be considered as entering the existing DeFi revenue market.