Privacy narrative return: star project Zama deserves attention Vitalik has recently emphasized the crucial role of privacy in the future of Ethereum, and privacy narrative assets represented by ZEC have also seen a phased increase. At present, the market value of ZEC is 8.1 billion US dollars, while the star project Zama, which is also on the privacy track, has a market value of less than 100 million US dollars. Is this a value depression in the privacy market? Recently, Zama has been causing trouble by launching USDC privacy assets with Morpho. Zama: Moving towards Privacy DeFi Infrastructure In this collaboration, Zama and Morpho are not just launching a privacy asset product, but embedding privacy into DeFi's revenue generation process. The user's operation path has been simplified into three steps: 1. Convert USDC to cUSDC (with encrypted balance and transfer information) 2. Deposit into the Morpho lending vault 3. Obtain returns without exposing positions and fund flows Steakhouse Financial is responsible for treasury strategy and risk management, while Zama provides underlying privacy computing capabilities that allow assets to participate in standard DeFi protocols even in an 'invisible state'. The key change in this design is that privacy assets have been extended to the interest bearing stage for the first time. Product roadmap: Two core products gradually launched This update revolves around two core products and gradually releases functional capabilities in stages. one ️⃣ June 17th | Zama application goes live The first one to go online is the Zama application, which serves as the unified entrance for the entire system. Users can complete: -Usage and Management of cUSDC/cToken -USDC → cUSDC Conversion -Encryption of asset balance and transfer information Simultaneously launch USDC → cUSDC incentive activities to encourage early users to migrate to the privacy asset system. two ️⃣ June 23rd | Steakhouse USDC Prime Vault goes live -The first cUSDC earnings vault has been launched -Based on the Morpho lending market As a follow-up feature extension, Zama will launch Confidential Swap in Q3 2026 to further enhance the trading capabilities of Confidential DeFi. Write at the end: The return of privacy narrative is not just an emotional rebound, but the emergence of new implementation paths at the usability level. The significance of attempts represented by Zama lies in the fact that privacy is shifting from an additional attribute of assets to a part of DeFi's operational mechanism. It can be expected that with the ability of privacy assets to generate interest, they will be adopted by more users in the future, and the liquidity of various mainstream privacy assets will also be improved.