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Powered by Zama FHEVM on Ethereum Sepolia

Lend USDC, Borrow Against ETH
Without Leaking Positions

Collateral and debt are encrypted with FHE. Liquidators see only a health boolean. You see your full position.

USDC Pool...
Available to Borrow...
ETH Collateral...
Utilization...
PrivacyFHEVM Active
FOR LENDERS

Provide Liquidity

Deposit USDC into the lending pool and earn yield from borrower interest. Your share of the pool is tracked proportionally. Withdraw at any time.

APR to Lenders
5%
Min Deposit
Any
Go to Lending Pool →
FOR BORROWERS

Borrow with Privacy

Deposit ETH collateral and borrow against it. Your collateral and debt amounts stay encrypted on-chain. Only you can decrypt your own position.

Max LTV
66.67%
Collateral Ratio
150%
Borrow Rate
5% APR
Go to Borrowing →
PRIVACY MODEL
UYou (Borrower)

See full collateral + debt + exact health ratio via FHE decrypt. Requires EIP-712 signature to authorize reveal.

LLiquidator

Sees only a health boolean: healthy or not healthy. No collateral amounts revealed.

OObserver

Sees pool totals only: total USDC deposited, ETH collateral locked, utilization rate. No visibility into individual balances.

CRYPTOGRAPHIC LAYER

FHE Cryptographic Operations

11 FHE operations power the privacy guarantees of every lending action

FHE.fromExternal
Validate encrypted inputs using zero-knowledge proof of knowledge (ZKPoK) before accepting ciphertext
FHE.add
Accumulate collateral and debt balances homomorphically over encrypted ciphertexts
FHE.sub
Reduce encrypted debt balance on repay: subtraction in ciphertext space, no plaintext exposed.
FHE.mul ×4000
Scale encrypted ETH collateral to USDC value (ETH price $2,000) for cross-unit health check.
FHE.mul ×3T
Scale encrypted USDC debt by 3,000,000,000,000 to match collateral unit precision for the 150% ratio check.
FHE.ge
Compute the health boolean for liquidators: encrypted comparison produces a single bit.
FHE.min
Cap partial liquidation amount to the outstanding balance, preventing over-liquidation.
FHE.div
Interest rate calculation over encrypted principal: division performed homomorphically.
FHE.allowThis
Contract self-authorization via ACL: grants the contract permission to operate on its own ciphertexts.
FHE.allow
Grant specific user or liquidator decrypt access to their authorized ciphertexts via ACL
FHE.mul ×BPS
Interest rate basis points multiplication: computes accrued interest over encrypted principal.