以太坊生态的隐私层，ZAMA 距离真正的价值捕获还有多远？
撰文：小饼ZAMA 在过去 24 小时上涨约 42%，报价 $0.085，创下历史新高。市值突破 2.1 亿美元，24 小时交易量 1.12 亿美元。催化剂是两个产品动作的叠加：9 月 15 日，Zama 在以太坊上将 Morpho 的机密金库（Confidential Vaults）从 5 个扩展到 21 个。9 月 17 日，Zama 与 Merkl 合作推出了"机密激励"（Confidential Incentives），让 cToken（机密代币）可以无缝接入 Merkl 的 DeFi 激励基础设施。同日，Zama Swap Protocol 上线，支持加密资产之间的交换。据项目方披露，Shielded TVL（屏蔽总锁仓量）已突破 7500 万美元。DefiLlama 当前统计约 7828 万美元。从 2 月 TGE 发行价 $0.05 跌到 $0.017 的低谷，再到如今 $0
ZAMA, Ethereum's privacy layer: how far from real value capture?
By XiaoBing — ZAMA rose about 42% in 24 hours to $0.085, an all-time high, with market cap above $210 million and $112 million in daily volume. The catalyst was two product moves: on Sept 15 Zama expanded Morpho Confidential Vaults on Ethereum from 5 to 21, and on Sept 17 it launched Confidential Incentives with Merkl letting cTokens tap Merkl's DeFi rewards infrastructure, alongside the Zama Swap Protocol for swaps between shielded assets. The project says Shielded TVL has passed $75 million; DefiLlama puts it near $78.28 million. From a $0.05 TGE price in February to a $0.017 low, the token has round-tripped back above its launch level.