Encrypt Is Coming to Solana: Encrypted Capital Markets

Solana is where the fastest teams ship, where breakout financial products are built, and where Internet Capital Markets are taking shape in real time.

Today, Encrypt is joining Solana with a new primitive and a clear vision: Encrypted Capital Markets.

The Problem With Transparent Blockchains

Blockchains are excellent at composability. They are historically terrible at privacy.

Every position is visible. Every order is exposed before execution. Every strategy can be front-run. Every portfolio is public. This is not a bug in a specific protocol. It is a structural property of public blockchains.

For individual users, this means your financial behavior is permanently and publicly visible.

For developers, it means entire categories of applications are impossible to build. You cannot have a sealed-bid auction if every bid is visible. You cannot have confidential lending if every position is public. You cannot build institutional-grade financial products if every participant's strategy is exposed.

For institutions, it is the single biggest barrier to adoption. No fund, bank, or market maker will put serious capital onchain when every move is immediately visible to the entire world.

What Is Encrypt?

Encrypt brings Fully Homomorphic Encryption, or FHE, to the Solana Virtual Machine.

FHE is a breakthrough cryptographic primitive that enables computation on encrypted data without decrypting it first. In practical terms: a Solana program can take encrypted inputs, execute logic on those encrypted inputs, and produce encrypted outputs. At no point during execution is the data visible.

Balances stay encrypted. Orders stay encrypted. Positions stay encrypted. The blockchain processes the computation but never sees the data.

This is fundamentally different from other privacy approaches:

Zero-knowledge proofs prove that something happened without revealing details. But ZK does not enable shared encrypted state. If two participants need to interact using private data, ZK alone is insufficient.

Trusted Execution Environments (TEEs) rely on specific hardware to create secure enclaves. The security model depends on trusting the hardware manufacturer and the operator.

MPC (Multi-Party Computation) enables small-scale private computation between known parties. It does not scale to arbitrary applications with many users.

FHE is the only approach that enables arbitrary computation on encrypted shared state. For financial applications, this is the right primitive.

What Developers Can Build

Encrypt opens a design space that did not exist on Solana before:

Confidential Trading. Orderbooks where orders are encrypted until matching. No front-running. No information leakage. No MEV extraction from visible intent.

Sealed-Bid Auctions. Auctions where bids stay encrypted until the resolution deadline. The protocol processes bids without ever seeing them.

Private Prediction Markets. Markets where positions are encrypted. No signaling. No herding. True price discovery.

Encrypted Strategy Vaults. Automated strategies that execute onchain without revealing the strategy to the world.

Institutional DeFi. Lending, borrowing, and trading with confidentiality guarantees that meet institutional requirements. The benefits of public, permissionless, composable blockchains, without the exposure.

FHE-TLS. Confidential and verifiable read/write API calls. Applications that interact with external services while keeping data encrypted.

Built on IKA

Encrypt is built by the team behind IKA and uses IKA as infrastructure on Solana.

IKA powers Bridgeless Capital Markets: dWallets that let Solana control assets on any chain without bridges.

Encrypt powers Encrypted Capital Markets: FHE that lets Solana compute on data no one can see.

Two primitives. One vision: Solana as the execution layer for the next generation of digital finance.

Encrypted Capital Markets. Confidential by default.