TheTechno Optimist.

Zama ProtocolZama—Zama's encrypted token auction draws $118.5M in commitments from 11,103 biddersZama ProtocolZama—Zama Protocol goes live on Ethereum with the first confidential USDT transferZama ProtocolZama—Zama reaches 1,040 confidential transfers per second on one 8-GPU serverZama ProtocolZama—Zama opens a confidential RFQ swap venue on Ethereum in private beta, hiding trade size, asset and direction

Zama

FHE encryption for blockchains

FR$1B privateest. 2020zama.org (opens zama.org)Checked 11 Oct

The brief

Analyst view
  • First confidential stablecoin transfer on Ethereum mainnet on 30 Dec 2025, for about $0.13 in fees.
  • Sold 880M ZAMA tokens in an encrypted auction in Jan 2026; 11,103 bidders, 218% oversubscribed.
  • Reached 1,040 confidential transfers per second on one 8-GPU server in Aug 2026.

Technical approach

As reported
FHE

Computing on encrypted numbers

FHE lets a machine add, compare and multiply encrypted values and get an encrypted answer, without ever seeing the underlying numbers.

Coprocessors

Heavy maths done off-chain

The blockchain only records pointers to encrypted results; separate coprocessor nodes do the slow FHE maths and their work can be checked.

Keys

No single party can decrypt

The decryption key is split among 13 independent operators. Revealing a value needs a threshold of them to cooperate, under rules set on-chain.

Libraries

Open-source TFHE-rs

Zama's open-source FHE library is the base of the protocol; each release speeds up the core operation, aided by GPUs.

Primer