Vellum: confidential structured finance.

Vellum is composable confidential finance on Zama FHEVM: assets wrap into private form, agreements compute on encrypted terms, and payouts reveal only to the holder. It is one system, presented as three artifacts.

It runs on fully homomorphic encryption — math executes directly on encrypted numbers, so a value can be present and computable on-chain while staying unreadable to everyone but its owner.