Zama Newsletter: Confidential DeFi at Scale, the DefiLlama Report, $ZAMA on Solana, and More

Zama’s September 2026 newsletter reports that its confidential DeFi ecosystem expanded from an initial vault to 16 Morpho vaults managed by five curators across five confidential assets, including four confidential-only offerings and a Bitcoin yield vault with encrypted balances. The company says its Confidential Swap Protocol now enables private movement between confidential assets and vault shares, while Shielded TVL surpassed $90 million, including more than $68 million in confidential vault deposits. The update also highlights $ZAMA becoming available on Solana through Sunrise, Merkl incentive campaigns that calculate rewards using encrypted balances, and a DefiLlama research report estimating the broader confidential DeFi category at $197.6 million in TVL. Zama announced appearances during Singapore’s TOKEN2049 week, shared ecosystem discussions and FHE software presentations, noted the completion of its fourth developer-program season, and previewed a fifth season and a Learn & Earn campaign with Revolut.

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