iExec RLC

$27B in tokenized assets are live on public blockchains today, against a $100T addressable market. The gap is not demand. It is a technical problem nobody had solved at scale: how to keep data confidential on-chain without breaking composability or auditability. Public blockchains expose everything by default, and institutions cannot operate that way. 
Today, iExec is launching the Nox protocol on Arbitrum Sepolia: a confidentiality protocol for on-chain finance that lets smart contracts and tokens process encrypted data without exposing the underlying values, while preserving full DeFi composability and on-demand auditability.
Builders and institutions can start integrating today. Anyone can deploy confidential smart contracts on Nox, compose its privacy primitives, and create their own use case.

Where Nox Protocol Comes From
iExec has operated confidential computing infrastructure since 2017. Eight years of TEE-based execution, 50+ ecosystem partners, and research collaborations with Ethereum Foundation, Intel, Microsoft, and NVIDIA stand behind the protocol.
Those 8 years produced more than infrastructure. They produced clarity on what the market actually wants.
We spoke with TradFi institutions, RWA issuers, fund managers, and DeFi protocol teams across the conversations that shape every product decision. The signal is consistent: institutional capital is ready to move on-chain, but it cannot operate on infrastructure that exposes every position to the public. The solution they need is confidentiality. The technology that makes it production-viable is TEE-based, because TEEs are the only approach available today that is both scalable and ready for institutional throughput.

The market is now mature enough to absorb this technology. Nox is the product of that convergence. We removed the complexity of confidential computing and packaged it into ready-to-use confidential primitives, encrypted transfers, encrypted balance accounting, access control, attested computation, that plug into existing DeFi infrastructure as building blocks.
Full transparency works for retail DeFi. It is a structural blocker for everything else. Developers & Institutions cannot ship a lending protocol that hides collateral ratios from liquidation bots, a yield vault that protects strategy positions from copy-trading, a tokenized fund that keeps investor allocations off the public ledger, or a payment system with hidden but verifiable amounts.
Institutional capital is ready to deploy. It will not deploy into infrastructure that publishes every position to a block explorer. Nox removes that constraint.
What Nox Is
Confidential by default. Balances and amounts are encrypted. Nothing is readable on-chain unless the data owner grants access.Auditable on demand. The data owner controls who sees what, when, and for how long. Regulators get scoped access. Auditors verify specific positions. Permissions are enforced on-chain.Composable through confidential primitives. Nox lets builders use confidential primitives through the Solidity Smart Contract library without migrating to a new language or ecosystem. These primitives act as building blocks for confidential DeFi workflows across the existing stack. We're enabling the Money Legos philosophy to Confidential DeFi. 
Nox is built on three core privacy layers that make confidential smart contracts programmable.
Handles. Encrypted data is referenced through 32-byte identifiers. Smart contracts work with these secure pointers without exposing the underlying values, which are stored off-chain.Access Control Lists (ACL). An on-chain permissions contract governs each handle. Read access can be granted to specific addresses, smart contracts, or auditors, and revoked at any time. Selective disclosure becomes programmable.Trusted Execution Environments (TEE). Computation on confidential data runs inside Intel TDX enclaves, isolated from the operating system, the cloud provider, and iExec itself. Every execution is cryptographically attested on-chain.
Together, Nox’s confidential primitives give builders a reusable foundation for DeFi and RWA workflows that need privacy, auditability, and control. Instead of implementing cryptography from scratch, developers can call Nox primitives from standard Solidity, deploy confidential smart contracts, and create their own use cases around encrypted balances, confidential transfers, selective disclosure, vault workflows, payments, lending, OTC flows, and tokenized assets.

The testnet ships with the full toolkit: a Solidity library for adding confidentiality through standard syntax, a TypeScript SDK for encryption and decryption, support for confidential smart contracts that process encrypted data end-to-end, and ERC-7984 confidential tokens that wrap existing ERC-20s or issue native confidential assets.
Users interact through any standard Ethereum wallet. No custom client, no migration, no UX friction.
The Confidential Token is live. Any ERC-20 can be wrapped into its confidential equivalent, used across DeFi with encrypted balances and amounts, and unwrapped at any time. Selective disclosure is built in.

The Confidential Vault is launched as the primitive for confidential strategy execution: vault structure stays public, positions and strategy logic stay encrypted.

Beyond these, the testnet opens the door to yield vaults protected from copy-trading, tokenized equity with confidential allocations, confidential payment systems, lending primitives that process sensitive collateral data privately, and selective disclosure workflows where users control exactly who reads their data.
Who Is Nox For
DeFi protocol builders who need confidentiality without rewriting audited contracts or migrating chains.RWA issuers and tokenized fund managers who need to issue on-chain securities without publishing investor allocations, while giving regulators scoped access on demand.Professional capital allocators who cannot deploy a strategy on infrastructure that broadcasts every move to copy-traders and MEV bots.Compliance teams building under MiCA and equivalent frameworks, where selective access, not full opacity or full transparency, is the actual requirement.
Nox is live on Arbitrum testnet for now, with expansion to other EVM networks coming next.
What Nox Brings to the Market
Five properties define why Nox is the right confidentiality layer for on-chain finance.
Performance. Nox executes confidential operations at the cost profile institutional applications require. The protocol supports operations natively that other privacy approaches cannot match today, including division and signed integer arithmetic.Scalability. End-to-end latency fits the workloads institutions actually run: fund subscriptions and redemptions, vault rebalancing, OTC settlement, and regulatory access grants. Throughput scales horizontally as more operators join the network.Composability. Confidential tokens remain ERC-20 compatible. They integrate with existing DeFi protocols, wallets, and tooling without custom logic, isolated pools, or liquidity fragmentation.Developer experience. Builders write standard Solidity. No new language, no specialized toolchain, no cryptographic expertise required. Nox handles encryption, TEE execution, and attestation in the background.Trust architecture. No single party, including iExec, has unilateral access to encrypted data. The protocol's decryption key is never held in one place. Instead, it is split into pieces across multiple independent nodes, with a minimum number required to cooperate before any decryption can happen. This is called Multi-Party Computation (MPC): collaborative cryptography that distributes trust rather than concentrating it. Even iExec cannot unilaterally reconstruct the key.

This reflects the broader principle Nox is built on: no single privacy technology solves confidential DeFi alone. Trusted Execution Environments handle fast computation on encrypted data. MPC and threshold cryptography secure the keys. Each technology is applied where it performs best. The result is a confidentiality layer that is fast, scalable, trustless, and verifiable, none of which is achievable with any single approach alone.These are not future properties. They are measurable today on @Arbitrum Sepolia.Proof of Cloud: Verifying the Hardware ItselfTrusted Execution Environments protect data from software-level attackers, but hardware isolation is only meaningful if the machine sits in a location you can verify. iExec is a member of the Proof of Cloud Alliance, a coalition including Secret Network, Phala Network, Automata Network, Nillion, Oasis Protocol, Flashbots, and others, which shifts the security model from trusting that a cloud provider is honest to proving that the hardware is housed in a verified facility. The process combines physical inspection of professional data centers, cryptographic binding of each machine's hardware ID to its physical location in a public registry, and decentralized attestation by multiple independent alliance members. For Nox, this is the layer that completes the trust architecture: confidentiality is enforced cryptographically, physically, and verifiably, end to end.What's Already Built on NoxThe Confidential Token is live. Any ERC-20 can be wrapped into its confidential equivalent, used across DeFi with encrypted balances and amounts, and unwrapped at any time. Selective disclosure is built in.
This is the missing privacy layer for on-chain assets, the foundation for RWAs, institutional payments, and confidential DeFi flows.

The Confidential Vault launched in April as the primitive for confidential strategy execution. Built on Confidential ERC-7540, it keeps vault structure public while positions, balances, and strategy logic stay encrypted. Disclosure is scoped and revocable, matching the model regulated funds already operate under.

Beyond iExec's own products, independent builders have already shipped on Nox through the Vibe Coding Challenge on testnet to date.BangDropID , Diam is a confidential on-chain OTC desk where trade amounts stay encrypted end-to-end. It addresses a real market. 
Read more: https://dorahacks.io/buidl/436360xSelmgx , RWA OS is a confidential real-world asset platform handling the operational stack tokenized fund issuers actually need.
Read more: https://dorahacks.io/buidl/43431winsznx DarkOdds brings privacy to prediction markets. Outcomes and odds remain public; bet sizes are encrypted.
Read more: https://dorahacks.io/buidl/43656

Two iExec use cases. Many community-built use cases. All on the same primitives. None required cryptographic engineering from the builders.
The testnet opens the door to more: yield vaults protected from copy-trading, tokenized equity with confidential allocations, confidential payment systems, lending primitives that process sensitive collateral data privately, and selective disclosure workflows where users control exactly who reads their data.
The Nox protocol on Arbitrum Sepolia is the first publicly accessible step toward what iExec is building: a confidentiality layer that any financial application on any chain can use without thinking about it.
The roadmap is already in motion.
Mainnet is the next step. Expansion to other chains follows. One protocol, every chain. 
iExec RLC Token sits at the core of this protocol. It is the native asset of Nox economy, capturing value from confidential execution at scale. 
Confidentiality is not a chain you migrate to. With Nox, it becomes a primitive: as standard and accessible as any other DeFi building block.
The protocol is live on testnet. The toolkit is shipped. The benchmarks are verified. Institutional capital is waiting on this layer.
Start integrating today: https://docs.iex.ec/ 
Connect with our team: https://iex.ec/contact-us 

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The Confidential Vault: A Technical Overview
Active strategy vaults are a proven category in on-chain asset management. ERC-7540 standardized the asynchronous vault model that institutional managers require: request-based deposits and redemptions, settlement cycles aligned with off-chain operations, and the lifecycle hooks needed for KYC and regulated workflows.
What the category lacks is confidential execution. Every position, rebalancing decision, and routing choice is written to the public state on execution. Competitors observe it. MEV bots front-run it. Institutional LPs cannot meet mandate conditions that require position privacy. Regulators cannot be granted scoped access when the data is already public to everyone.
iExec unlocked a new use case on Nox that addresses this directly: the Confidential Vault. It combines ERC-7540 with ERC-7984, the confidential token standard, into Confidential ERC-7540. 
Encrypted state transitions execute inside Intel TDX-based Trusted Execution Environments (TEE), with on-chain attestation. Vault structure stays public. Position data stays encrypted. Disclosure is selective, scoped, and revocable.
The Standards
ERC-7540 is the asynchronous tokenized vault standard. A depositor submits a request deposit, the operator processes it during a settlement cycle, and the depositor calls deposit to claim shares once fulfilled. The same applies in reverse for redemptions. This is the model active strategy vaults and RWA vehicles already operate under.
ERC-7984 is the confidential token standard. Balances are stored on-chain as ciphertext, encrypted data that appears as a meaningless string to anyone reading the chain, and can only be decrypted by parties holding the right access permissions.
Transfers execute through encrypted operations, with no plaintext amount written to the public state.
Holders read their own balance through a permissioned decryption path.
Third parties observe ciphertext.
Confidential ERC-7540 is one example of what Nox enables. It is ERC-7540 with a confidentiality layer applied through Nox. The vault follows the standard ERC-7540 lifecycle, and the ERC-7540 interface remains intact, so existing integrations continue to function without modification. The share token and accounting layer use ERC-7984 primitives, so balances and amounts stay encrypted on-chain.
Public vs. Encrypted State? 
Public: vault address and configuration, asset and share token references, fee parameters, the permission registry, request and settlement events, and the attestations from each TEE execution.
Encrypted: per-LP balances, deposit and redemption amounts, position composition, intermediate strategy values, and reward computations prior to distribution.
The vault remains structurally auditable. The amounts, positions, and strategy data behind each transition remain confidential.
Execution Under Nox
Confidential operations execute inside a Trusted Execution Environment provisioned by Nox. Intel TDX isolates the environment at the hardware level. Inputs are decrypted only inside the enclave, strategy logic executes on plaintext data within it, and encrypted outputs are returned to the chain alongside a cryptographic attestation. The vault contract verifies the attestation on-chain before any state update.
The chain never sees plaintext. The chain has cryptographic evidence that the declared logic ran correctly on the committed inputs. No party, including iExec, has access to the enclave state.
Confidential Primitives
Vault developers do not implement cryptography. Nox ships the primitives directly:
Encrypted balance accounting for share issuance, redemption, and transfer.Encrypted transfers that execute without exposing amounts on-chain.Access control on encrypted fields, enforced at the protocol layer per field and per address.Attested computation, verified on-chain before any state update.
Builders integrate these as protocol calls.
Vault Creator deploys the vault, registers the strategy logic measurement, sets fees, and manages the permission registry. Has no default visibility into LP positions; access requires an explicit permission entry.
Liquidity Provider submits encrypted deposit and redemption requests. Can decrypt their own position and grant scoped read access to custodians, prime brokers, or counterparties. Permissions are revocable.
Auditor / Regulator receives selective read access scoped to specific fields required by their mandate. Access is enforced cryptographically rather than by policy. Read access to one field does not extend to any other. Access is revocable.
Selective disclosure is implemented at the protocol layer. The permission registry is an on-chain mapping from (address, field) to a decryption capability. Granting access writes an entry; revoking removes it. Reads against encrypted state are gated by the registry.
This matches the disclosure model regulated funds already operate under: scoped access for auditors and counterparties on demand, without exposing the same data to the broader market. Compliance is configurable rather than structural.
Two properties hold simultaneously after every execution. The chain has cryptographic evidence that the declared strategy logic was executed correctly, via the Intel TDX attestation. The chain does not have visibility into the plaintext inputs, intermediate values, or per-LP data. Counterparties verify behavior without observing the underlying data.
This is the property that distinguishes the Confidential Vault from off-chain execution or off-chain custody. Confidentiality and on-chain verifiability are preserved together.
What This Enables
For active strategy managers, vault transparency stays in place to preserve trust, while strategy intelligence stays private.
For RWA issuers and tokenized fund managers, position-level privacy and selective disclosure become available without operating outside the on-chain stack.
For vault protocol builders, confidentiality plugs into existing ERC-7540 infrastructure as a capability rather than a rebuild.

The Confidential Vault is a use case on Nox that resolves the structural constraint blocking confidential strategy execution on-chain. It is built on Confidential ERC-7540, combining the asynchronous vault standard with the confidential token standard. Disclosure is permissioned, scoped, and revocable.
Vault structure stays public. Positions, amounts, and strategy logic stay encrypted. Regulators get the access they need. The market does not.
Confidentiality is the missing primitive in on-chain finance. Powered by Nox, iExec is shipping it as a use case partners can build on today.
Start here: https://cvault.demo.noxprotocol.io/
Let’s Chat: https://www.iex.ec/contact-us 
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Decentralized Finance has fundamentally changed how we interact with money by removing gatekeepers and making high-yield strategies accessible to anyone with an internet connection. By eliminating the need for manual approvals and minimum deposits, DeFi has created a financial system that is significantly more inclusive than traditional banking. However, the inherent transparency of current blockchains means that every time you engage in core activities like holding assets, staking to earn rewards, lending capital, or borrowing against your positions, your entire financial history is broadcasted for the world to see. This level of public exposure creates a significant hurdle for users who value their security and for institutions that require confidentiality to operate.
The visibility of every transaction amount and wallet balance is more than just a privacy concern; it is a fundamental security risk. In an era where AI driven tools can easily scrape blockchain data to profile users, being a public whale or even an active retail participant makes you a constant target for sophisticated attacks. When your staking and lending habits are completely public, you lose the basic financial privacy that is standard in the traditional world. There is a clear need for a middle ground where the benefits of blockchain remain, but the sensitive details of your personal wealth stay private.
The iExec solution centers on the Confidential Token, specifically the ERC 7984 standard. This allows any existing ERC 20 token to be wrapped into a confidential version that hides on chain balances and transaction amounts from the public eye. What makes this revolutionary is that it preserves composability. In DeFi, we often talk about Money Legos, the ability to use one asset across multiple platforms. Confidential Tokens maintain this capability, ensuring that you can still participate in the broader ecosystem without revealing the exact size of your holdings to every observer on the network.

Wrap your ERC-20 token into a confidential, auditable asset. Unwrap it back to a public ERC-20 when needed.

For the builders behind major protocols like Aave, Morpho, Euler, and Pendle, integrating these privacy features no longer requires a total system overhaul. Through Nox, the iExec confidential computing environment, developers can leverage Confidential Smart Contracts as modular building blocks. This allows DeFi architects to add privacy to their existing audited contracts in a matter of days rather than months, without switching programming languages or moving to a completely new chain. These confidential operations are discovered and combined via standard smart contract calls, removing the need for complex off chain coordination.
By making privacy a modular feature, iExec allows developers to focus on their core product while adding a layer of protection that benefits the protocol, the team, and the users alike. As hacks and exploits become more frequent, integrating privacy at the smart contract level acts as a safeguard against those who would use public data to find vulnerabilities or front-run large moves. This shift from fully public to selectively private is the natural evolution for any protocol that wants to scale to a global audience and provide a professional-grade experience for its community.
The final piece of the puzzle is Selective Disclosure. Privacy in finance is not about operating in the shadows; it is about deciding who can access sensitive information. With Confidential Tokens, users and protocols can grant approved parties, such as auditors, regulators, or trusted counterparties, permission to view specific encrypted data when needed. Public observers do not see balances or transaction amounts, while authorized parties can access the information required for review, compliance, or professional due diligence.

Selective disclosure allows you to grant access without giving up control.

This balance ensures that activities like lending and borrowing remain secure and private for the average user, while providing a clear pathway for institutional participation. It addresses the primary concern of regulatory bodies without compromising the decentralized nature of the platform. By allowing for whitelisting of wallet addresses to view specific DeFi actions, iExec gives users a level of control over their financial footprint that has never been possible before in the Web3 space. It transforms privacy from an all or nothing choice into a customizable tool for the digital age.
The evolution of DeFi depends on the ability to protect user data without sacrificing the permissionless nature of the blockchain. By transforming standard tokens into Confidential Tokens and providing builders with the tools to implement modular privacy, the gap between the transparency of Web3 and the security requirements of modern finance is finally being bridged. Whether you are a protocol builder looking to protect your users or an individual who wants to stake and lend without being monitored, confidential computing is the essential upgrade that makes decentralized finance safer and ready for the next wave of global users.
If you are ready to start building the future of private finance, we invite you to dive into the technical details and see how easily these tools can be integrated into your project. Explore our documentation to learn more about the ERC 7984 standard and Nox, or reach out to the team directly to discuss how we can help you bring confidentiality to your protocol.

Read the documentation and connect with us today to lead the shift toward a more secure Web3:

https://docs.iex.ec/
https://www.iex.ec/contact

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