Stealth Treasury Model
The Stealth Treasury Model defines how ZKFund controls and moves capital without ever exposing a public treasury wallet.
In ZKFund, there is no address you can monitor, no balance you can track, and no transaction history you can analyze. This is intentional.
A public treasury turns capital into a signal. A stealth treasury turns capital into a governed state.
Treasury Without a Wallet
Traditional funds, even on-chain ones, revolve around a visible wallet:
One or more addresses
A readable balance
A traceable transaction history
ZKFund removes this concept entirely.
The treasury in ZKFund is not an address. It is a private state managed by rules, proofs, and constraints.
Control over assets comes from:
A valid governance proposal
A finalized vote
Approved execution proofs
Verified settlement constraints
Not from possession of a private key.
Why Public Treasuries Fail
A public treasury leaks information even when nothing “bad” happens.
Over time, observers can infer:
Strategy shifts from balance changes
Risk exposure from asset composition
Internal decision timing from transfers
LP behavior from inflows and outflows
This turns the treasury into a permanent intelligence source.
The Stealth Treasury Model exists to eliminate this leak entirely.
How Stealth Treasury Works
Assets governed by ZKFund:
Are held in shielded form
Move only through ZK Pool settlement
Are never associated with a fixed public address
Internally, the treasury state tracks:
Asset ownership
Allocations
Accounting variables
Externally, none of this state is visible.
From the chain’s perspective, the treasury does not exist as an object that can be inspected.
Rule-Based Control, Not Key-Based Control
In a stealth treasury, assets cannot be moved by “signing a transaction”.
They can only move when:
Governance authorizes an action
Execution thresholds are satisfied
Settlement rules are respected
Even a fund creator or manager cannot bypass these rules.
This ensures:
No unilateral control
No insider drain risk
No emergency key abuse
Authority is enforced by logic, not by trust.
Resistance to Observation and Targeting
Because there is no treasury address:
There is nothing to monitor
Nothing to front-run
Nothing to attack directly
The treasury cannot become:
A whale wallet
A MEV target
A social or legal pressure point
Capital exists, but it is operationally invisible.
Compatibility with Governance and Audit
Despite being invisible, the stealth treasury remains fully governed and auditable.
Every state change requires governance approval
Every movement produces a proof receipt
Rule compliance is always verifiable
Auditors can verify:
That funds were not misused
That constraints were respected
That no unauthorized action occurred
Without ever seeing balances or addresses.
Long-Term Privacy Guarantees
Unlike obfuscation techniques that degrade over time, the Stealth Treasury Model provides durable privacy.
There is no transaction history to mine. There is no address graph to analyze. There is no accumulation of metadata.
Privacy does not decay as the fund operates.
Why Stealth Treasury Is Foundational
Without a stealth treasury:
Private governance leaks at execution
Strategy becomes observable
LP privacy collapses
The Stealth Treasury Model ensures that capital can be governed, moved, and audited without becoming visible.
It is the reason ZKFund can support real funds—not just experiments—on public blockchains.
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