Privacy map, pre-TGE edition: 23 teams with no token yet

My privacy lanscape v2 only features tokens you can buy already. A lot of what's being built in privacy rn has no ticker yet tho.

Last week alone @fhenix went live on Ethereum mainnet, @0xprivacypools shipped v2 and @0xMiden's partner mainnet is coming today.

So here's the current pre-TGE list:

01Private payments and transfers

Privacy Pools (v2 live since 20th of Oct, no token):

Built by @0xbowio on the association-set design Vitalik co-authored, a.k.a. compliant privacy: deposits get screened by 0xbow's association set provider, and when you withdraw you prove your funds aren't from a flagged set without revealing which deposit is yours. v1 did $26M+ across 7,000+ deposits from 4,000+ depositors since March 2025. v2 turns it into a full private payment stack across 7 EVM chains: shielded transfers that hide sender, receiver and amount, payment links you can get paid through privately (live since 22nd of Oct), swaps via @lifiprotocol, and Aave yield on shielded ETH, USDC and USDT with zero deposit fees on those pools. Ragequit lets you exit publicly at any time, there are no global viewing keys, and the team raised a $3.5M seed led by Starbloom with Coinbase Ventures.

Hinkal (live on most major chains, no token):

Hinkal is a private send, swap and store layer in front of public chains (Ethereum, Arbitrum, Polygon, Solana, TRON and more): funds get screened on the way in, sit in a shielded pool that breaks the link between sending and receiving wallet, and viewing keys give selective disclosure when someone needs to see. What I like is where it's plugging in. Since 14th of Oct Hinkal Pay bridges privately into HyperCore, so you can fund a Hyperliquid account without linking it to your main wallet. Since 15th of Oct it powers private swaps on Hyperdex across 100+ tokens. On 22nd of Oct it partnered with FinOn on private stablecoin payouts for fintechs and PSPs, and since 23rd of Oct RAVN routes through it so you can buy tokenized stocks like NVDA on Robinhood Chain into a fresh wallet. Privacy as a feature inside apps people already use is probs how most normies will end up touching it.

Fairblock (CUSD live since 8th of Oct, no token):

Fairblock goes after the confidential stablecoin. CUSD keeps balances, amounts and who-pays-whom private while staying compliant, using their own fast homomorphic encryption so a confidential transfer settles in seconds, no bridging and no wallet switch. It went live in the Stabletrust Pay app on 8th of Oct and on Base on 22nd of Oct. MoonPay partnered on 15th of Oct to bring confidential settlement to merchants and institutions, and the Stabletrust API shipped on 20th of Oct so AI agents can hold balances and pay out privately, x402 included. Payroll, treasury and agent payments are the obvious buyers.

American Fortress (live, $AF planned):

Private payments by name: you send to an @name, it resolves to a fresh stealth address every time, so the receiver's wallet and history never get exposed, with ZK selective disclosure for when you do need to prove something. Send-to-name already works across Ethereum, Bitcoin, Litecoin and others via their SDK. $AF is planned, with launch timing still under technical and legal review, and they joined the Quantum Alliance on 19th of Oct.

Ephemeral (early access beta, no token):

Smallest name here, basically a one-person build by @SiriusTheMaster, but it goes after the part of stealth payments everyone skips. ERC-5564 already lets a payer send to a fresh address derived from your one published meta-address, so your main wallet never shows up as the receiver. The leak is the withdrawal tho: by their own /score check, 38.92% of withdrawn stealth addresses link back to their owner. Ephemeral is built around that exit, with a check that runs before every withdrawal, plus a payout module that settles a whole epoch in one tx with equal amounts to fresh addresses. Ethereum L1, early access beta via their TG.

Nyx (Aztec app, V6 coming, no token):

Nyx calls itself incognito mode for Ethereum: a private, self-custodied account on Aztec where you make and move money without it showing up on a public ledger. It ran with real funds on Aztec's Alpha V5 and is one of the apps opening up publicly with V6, with private Aave staking and yield flagged by Aztec builders as already usable. V6 adds Ethereum receiver addresses that auto-forward incoming payments into your private account, plus private ETH. Small (under 700 followers), but it's the consumer face of Aztec's privacy, which is exactly the piece the AZTEC thesis needs.

Bramble (live since 20th of Oct, no token):

Bramble is a self-custody wallet built by the Starknet Foundation to swap, store and shield assets through STRK20, so private balances and transfers come native to the wallet instead of through a separate app. Starknet teased it the day before, the launch post did 45K views, and it's the default way normies will touch the privacy side of the STRK trade. Worth knowing: a foundation wallet probs never gets its own token, so this one is STRK exposure rather than a future airdrop.

SilentSwap (live on BNB Chain since July, no token):

SilentSwap does private cross-chain swaps, bridges and transfers without ever holding your funds: your deposit goes into a gateway contract, gets routed through single-use wallets and lands at the recipient, usually within 1 to 3 minutes. By its own count it passed $4.5B in volume on BNB Chain by 17th of Sep (tracked on DefiLlama), it's listed on BNB Chain's official privacy page, it came out of YZi Labs' S3 program, and since 14th of Oct it runs with NEAR Intents for confidential cross-chain routing. The team has said publicly there is no official SilentSwap token, so watch out for fakes.

Cloaked (extension live since 21st of Oct, no token):

Cloaked turns stealth addresses into a normal wallet experience on Ethereum: every app you connect to gets a fresh address, you fund it from a private balance so there's no direct onchain link back to your main wallet, and the wallet keeps track of which address belongs to which app. Sign up with a passkey, an existing wallet or email, pick a Cloaked name and receive payments at fresh addresses. The Chrome extension went live on 21st of Oct and the launch did 13.8K views. Small, but it's the most normie-friendly version of stealth addresses I've seen so far.

Haven (card live, points running, no token):

Haven is a private neobank on Starknet. The All Black Card is self-custodial with onchain privacy for everyday spending, slots open in batches (100 more on 19th of Oct), and since 20th of Oct the card earns points, mostly from everyday spend. No numbers or backers public yet, so it's one to try small.

02Programmable privacy chains

Miden spun out of Polygon and flips the model: accounts and their state live on your device, you prove updates locally with ZK (STARKs, so hash-based) and the chain only stores a commitment, so balances and counterparties never hit a public ledger. Partner mainnet goes live today, Monday 26th of Oct. Guardian operators keep private accounts usable by storing and validating state changes offchain and cosigning each tx as an extra check the proof requires, but they can't move funds on their own. The first operators are Para (email, SMS and passkey recovery) and KODA, the Korean institutional custodian backed by KB Kookmin Bank and Hashed. Bread is the private self-custodial wallet, multisig included. Biggest launch on this list this week.

Logos (testnet v0.3 since 1st of Oct, no token):

Logos is the privacy-first stack from the Institute of Free Technology, the org behind Status, Keycard and Nimbus. The base layer is a proof-of-stake L1 with privacy in consensus itself: block proposers win a private lottery and their blocks go out through the Blend Network, which wraps them in layered encryption and adds random delays and cover traffic, so you can't map a block back to a validator or its stake. Blend arrived with testnet v0.2 on 30th of June. Apps run in Sovereign Zones, the first being the Logos Execution Zone with separate public and private state enforced by ZK, and around it sit sender-anonymous chat over a mixnet and storage that downloads over the mix. Testnet v0.3 went live on 1st of Oct with decentralised LEZ sequencing and Monero and Ethereum wallets in Basecamp, and since 20th of Oct EmPoWering lets you start from zero by solving a PoW puzzle on your own machine to get your first tokens, no exchange or faucet trail, while every claim adds cover traffic for everyone else. No mainnet date and no token yet, so this one is early early.

Seismic (public testnet, $17M raised led by a16z, no token):

Seismic is an EVM chain with shielded types: contracts can hold encrypted balances and state (suint256 and friends), and transactions go out as their own encrypted tx type with AES-GCM calldata, so fintechs can run stablecoin accounts or credit onchain without exposing their customers. It raised a $7M seed led by a16z in March 2025 and another $10M led by a16z in November, with Brookwell (stablecoin cash accounts) and Cred (private credit) named as early partners. There's still no public mainnet date, and the account has been rather quiet on X tho. But something might be cooking.

03Confidential compute

Fhenix (CoFHE mainnet since 21st of Oct, no token):

FHE coprocessor for Ethereum and Arbitrum: contracts compute on encrypted balances and strategies with one Solidity import, the heavy FHE math runs offchain and results come back onchain, so you get confidentiality without leaving the chain or its liquidity. The core idea is dual-mode tokens: one token that sits in a public or a confidential balance and switches in one tx, no separate privacy token, no wrapping, no bridging. Mainnet went live on 21st of Oct after a Consensys Diligence audit, with two design partners aimed at real-world assets: Obolos (equity, options and fundraises with KYC and transfer rules enforced onchain) and AlphaEngine (traders and AI agents submit encrypted strategies that get scored and allocated capital without revealing the alpha). A confidential stablecoin is in the works with Tandem, Offchain Labs' venture arm, and Genesis is the app to shield and send. Fhenix also bought Sunscreen, one of the longest-running FHE teams, back in July, and has raised $22M in total, incl. a $15M Series A led by Hack VC. Closest pre-TGE comp to ZAMA.

Inco (Lightning live on Base mainnet since 15th of June, no token):

Inco is a confidentiality layer you plug into chains that already exist instead of a new chain: plain Solidity with one import, encrypted types (euint256, ebool, eaddress) for private state, and math and comparisons that run on encrypted values. Lightning went live on Base mainnet on 15th of June, and on 2nd of Sep they added the cToken app and SDK so anyone can shield an ERC-20 into a confidential balance and send encrypted amounts, with a widget teams can drop straight into their own app. Lightning decrypts and reveals through a quorum of attested TEE nodes, so you trust the hardware, while Atlas, their FHE plus MPC engine, is the route to cutting that out. They co-founded the Confidential Token Association with OpenZeppelin and Zama as well, and raised $5M led by a16z CSX with Coinbase Ventures in 2025 on top of a $4.5M seed from 1kx.

TACEO (Merces mainnet since 24th of Sep, no token):

TACEO splits balances into secret shares across its network, runs the financial logic with MPC and posts a collaborative ZK proof (coSNARK) that the host chain checks, so observers see a valid state change and nothing else. Merces is live with real funds on Monad and World Chain, with IntellectEU (bank payments), LayerZero (private cross-chain transfers), Orion Finance and Zenith (Canton) integrating, and the same network already secures identity data for World and ZKPassport. Same lane as Arcium's MPC, pointed squarely at institutions.

Soda does confidential transfers with garbled-circuit MPC, so no single party, Soda included, ever holds the full picture of a transaction, while issuers, counterparties, auditors and regulators each see what they're entitled to. It runs on standard cloud CPUs with plain AES and SHA256, and the Soda Bubble SDK is live on Ethereum, Arbitrum, Polygon and Base with Solana next. The $3M seed led by NextBlock landed on 9th of Oct, and the pitch is squarely issuers, exchanges and banks that want privacy with controlled disclosure.

Primus ($PRIM pre-TGE, Kaito campaign live):

Primus does two things. zkTLS lets you prove offchain data onchain, an exchange balance, a bank balance or your PnL, without exposing the account, and it's been live as a verification layer on BNB Chain since 23rd of June, already used for real-time proof of reserves with Unitas. The Confidential Vault, live on BNB Chain since 31st of Aug, uses FHE to turn United Stables' $U into encrypted $EU that you can send or put to work for yield without balances or amounts showing onchain, while authorised parties can still decrypt when needed. Backed by YZi Labs since August on top of a $6.5M seed with VanEck, Dispersion and Alchemy. The Kaito Katalyst campaign allocates 0.3% of $PRIM supply, so the ticker is known and TGE probs isn't far.

04Private AI

Private Inference (closed beta, no token):

Tiny and very early, but Zac from Aztec says the team is "absolutely cooking", and as of this week it's open beta, no whitelist. Frontier and open models side by side in one chat and one OpenAI-compatible API, funded once from your wallet: each request is held at its max cost and you only pay for what you use. You pay in USDC on Base, ZEC from any wallet, or privately with cUSDC on Aztec, which makes it the first consumer app I've seen use Aztec as a payment rail. Privacy is set per request: zero data retention by default, cheaper standard routes, or private execution (beta) where your browser encrypts the prompt to a model in an attested TEE and checks the attestation itself.

05Private trading venues

Ekiden (closed mainnet since mid Sep, no token):

Perp DEX on Canton, so positions and orders are private by default through the network's need-to-know model, with hybrid RFQ plus CLOB execution. $5.87M volume in its first 20 days with invite-only access, gold and silver markets live since 1st of Oct, and a major exchange upgrade shipped on 21st of Oct. Basically the pre-TGE version of the EDEL trade.

Hibachi (live, points season running):

Stablecoin-native FX and crypto perps where exchange state gets encrypted before it's posted to Celestia and execution is ZK-proven with Succinct's SP1, so nobody reads your positions but anyone can check the matching. Worth knowing: Hibachi still holds the decryption key for now, per-user keys are planned. Weekly FX perp volume is up almost 4x since June to $97M, the last 12-day competition did $435M eligible volume, 77.5M points are out with the next grant on 26th of Oct, and spot comes after fresh audits.

Titan (testnet since 1st of Oct, no token):

Titan is building a private exchange on Canton for crypto, equities and private assets: an anonymised CLOB with sub-second offchain matching and onchain settlement, plus private dark pools, where trade details only go to the parties entitled to see them through Canton's need-to-know model. Two venues planned, a permissionless one and a verified one for institutions that need identity and risk controls. Testnet went live on 1st of Oct, the waitlist gets early mainnet access in the coming weeks, and the launch post did make some decent noise. Worth knowing tho: anon team, no named backers i'm aware of, and generally rather lowkey still.

Xochi (live on 9 chains, no token):

Xochi calls itself an agentic dark pool: you sign a gasless intent, solvers compete to fill it, nothing touches the mempool, and the fill lands on a fresh ERC-5564 stealth address that only your viewing key can find, so onchain you see the amount but not who got it. It's live on 9 chains with EURe and ZCHF pairs alongside the usual majors, and on 17th of Oct Aztec named it an official V6 launch partner for shielded settlement, audited by Nethermind. Still tiny.

Renegade (live on Arbitrum and Base, no token):

Renegade is the original onchain dark pool: orders stay hidden, get matched privately and settle at the Binance midpoint, so your size and direction never show before the fill. Live on Arbitrum and Base, with a $3.4M seed led by Dragonfly. The team barely posts tho and I don't have any fresh volume numbers at hand, so check the app is still actively maintained before routing anything size through it lol.

All NFA tho ofc. DYOR.

And note that this is still work in progress, so pls let me know what I'm missing in the comments.