Aztec announces the official launch of the first Ethereum privacy DeFi solution

On July 7th, according to the official blog post published by the Aztec team on medium, they launched the first Ethereum privacy DeFi solution, Aztec Connect, on the same day. Below is the content of the blog post. 

We are proud to announce that Aztec Connect is live on mainnet, enabling privacy DeFi on Ethereum for the first time ever.

By fully merging privacy and L1 DeFi liquidity on the Ethereum mainnet, users no longer need to trade convenience for privacy through other privacy chains. With Aztec Connect, Ethereum can now do privacy DeFi independently.

To reveal the power of Aztec Connect, we have overhauled zk.money, our first-party DeFi aggregator. Users can try out the comprehensive update today, which allows anyone to use DeFi apps like Lido, Curve, and Element with complete privacy features and cost savings of up to 100x.

Aztec announces the official launch of the first Ethereum privacy DeFi solution

Transactions on the blockchain are completely public. This leaks privacy, exposes user behavior, and creates security holes. At Aztec, we solved the problem of implementing blockchain to protect privacy by inventing Plonk, the industry standard zk-SNARK that provides Aztec with fast privacy protection while providing the wider zk community with a multi-billion dollar on-chain Value provides security.

Aztec Connect is the next big leap in our long-term vision: a fast, decentralized zero-knowledge network with native smart contract privacy.

Aztec Connect enables anyone to add privacy features to their Ethereum applications through two easy-to-use developer tools:

  • Bridge Contract: There are 100-200 line interfaces that connect the Ethereum smart contract to the Aztec Rollup
  • SDK : A front-end toolkit that supports Aztec Connect integration with a beautiful, seamless web interface

In simple terms, Aztec Connect is like a VPN: by using Aztec’s Rollup contract as a proxy, users can interact with Ethereum services within the Aztec network.

The encrypted instructions are passed to the Aztec Rollup contract on L1, which executes them. Aztec batches transactions, reducing fees for users and delivering up to 100x cost savings over mainnet Ethereum.

Privacy Now zk-Rollup

The launch of Aztec Connect represents an exciting new paradigm in DeFi and beyond:

  •  Fully confidential Defi operations: staking, vault entry, lending and swaps
  •  Significantly reduce user costs
  •  Private Financial Management, On-Chain DAO Governance and NFT Buying and Trading

Since Aztec Connect relies on Ethereum as its execution environment, the protocol preserves the liquidity and contracts on the mainnet while maintaining the composability of the Ethereum ecosystem.

This means partners can get these benefits of Privacy Rollup:

  • Liquidity will not be fragmented
  • Contracts do not need to be redeployed
  • No need to re-review code and contracts

Scale and privacy are not compromised.

zk.money

We initially built zk.money as a showcase for privacy payments. Since launch, 75,000 users have entrusted our encryption technology to process more than $100 million in payment volume.

We now extend the functionality of zk.money to support DeFi interactions that are beautiful, intuitive, and privacy-protected by default. First, use Curve to get Lido liquid collateralized ether (stETH), then use Element Finance to get into fixed-rate vaults.

Aztec announces the official launch of the first Ethereum privacy DeFi solution

Starting today, users can visit zk.money and interact with our Curve-Lido and Element bridges, enjoy mainnet liquidity, full privacy protection, and cost savings of up to 100x over Layer 1 Ethereum, and soon Support your favorite DeFi applications.

Zk.money showcases a simple and elegant user experience enabled by the Aztec Connect SDK – a Typescript-based front-end development tool that allows anyone to integrate privacy and cost savings into Ethereum applications.

We are just getting started and will bring more DeFi integrations to zk.money in the coming months.

We’re supporting developers using these tools to create fully private DeFi experiences and would love to hear some of your suggestions!

Aztec’s Privacy Rollup Status

For seamless privacy, we made major improvements to Aztec’s Rollup over the last year:

1. Performance: throughput increased by more than 11 times; rollup gas efficiency increased by more than 30%

2. User experience on L2: On-chain transactions allow instant settlement of internal transfers

3. User experience on L1: support for multi-asset DeFi deposits and withdrawals

Future releases will include lower gas costs through off-chain viewing keys, lower latency, improved user experience and security through native Ethereum signatures, and support for multi-signature wallets.

Towards a Community-Driven Rollup

This achievement would not have been possible without the Aztec, Ethereum and zk communities. We are more committed than ever to supporting a community-first approach to Ethereum privacy.

This is what prompted us to launch Aztec Grants, which funds independent development of DeFi protocols integrating with Aztec Connect. We’re excited to partner with funded projects from Aave, Compound, Element, Lido, and more to expand the privacy ecosystem.

If you are a developer interested in building privacy-first applications, please apply for funding here.

See here for the Aztec Connect integration library. 

We would also like to thank the scientists, researchers, and engineers who build and keep cryptographically secure on Plonk. With their support and cooperation, the dream of blockchain privacy will soon become a reality.

About Aztec Network

Aztec Network is the first privacy zk-rollup on Ethereum, enabling decentralized applications to have privacy and scaling capabilities. Aztec’s rollup is secured by its industry standard Plonk proof mechanism, which is also used by leading zero-knowledge scaling projects.

Aztec’s first-party payments and DeFi aggregation product zk.money has supported over 75,000 unique users, 250,000 transactions, and $100 million in transaction volume since its launch in 2021.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/aztec-announces-the-official-launch-of-the-first-ethereum-privacy-defi-solution/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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