Zama and Morpho launch Ethereum vault to hide corporate yields

Privacy just got a serious upgrade for institutional players on Ethereum. Zama, Morpho, and Steakhouse Financial have teamed up to launch a vault that lets firms earn interest without broadcasting their exact balances to the entire world. It's the first time Fully Homomorphic Encryption (FHE) has been used this way on the network. Most big players hate that public blockchains act like a transparent bank statement, exposing their every move to competitors. This new setup uses Zama's fhEVM technology to process encrypted data, meaning the vault can calculate yields without ever seeing the underlying numbers. Steakhouse handles the liquidity management while Morpho provides the lending infrastructure. While the protocol keeps the math private, it still maintains the auditability that decentralized finance requires. By removing the 'glass house' effect of public ledgers, the trio hopes to lure more conservative treasury managers into the ecosystem. Will other DeFi heavyweights follow suit and start encrypting their spreadsheets?