Tornado Cash holds $629.7M on Ethereum. Railgun holds another $109.7M. Privacy on Ethereum is leaving the vault for apps people already use. 1/ Private Balances The foundation is letting users receive and hold assets without exposing their entire financial history. - @fluidkey and @UmbraCash: Stealth addresses for private receiving. - @RAILGUN_Project: Shielded balances for private DeFi, accessible through wallets like @anondotinc. - @zERC20io: Token wrapping for unlinkable transfers. - @Veildotcash: Privacy pools on Base. 2/ Private DeFi Once assets are shielded, the next step is putting capital to work. - @zama: Confidential token infrastructure, including integrations with Morpho. - @PrivacyBoost: SDK for private Morpho Earn balances. - @ZKPanther: Shielded trading through DEX liquidity. - @0xbowio: Privacy Pools with yield opportunities. - @xochi_fi: Shielded settlement on Aztec. - @tacitfi: Private issuance and swaps backed by BTC and ETH. - @EkuboProtocol and @OpusMoney: Private liquidity and borrowing on Starknet. 3/ Private Applications The final layer brings privacy into products users already understand. - @ambire: Integrating Railgun and Privacy Pools into wallet UX. - @hinkal_protocol: Hinkal Pay combines public and private balances. - @AnomaPay: Private payments and swaps on Ethereum. - @P_Inference: Private AI chat with payments on Aztec. - @Haven_Hn_: Private neobank card on Starknet. - @raycashxyz: Private stablecoin app, currently on waitlist. The next phase of Ethereum privacy is about what users can do with their private balances. From shielding assets to earning yield, trading and spending, privacy is gradually moving into the applications themselves. These products are at different stages of development, but the direction is becoming clearer. The next metric worth watching is how much shielded capital actually gets used. Part 2 covers the networks powering the stack.