Cypher

Cypher is a non-custodial privacy protocol on Ethereum mainnet that gives users a deposit, transfer and withdrawal path with the link between them hidden. Users include individuals who value financial privacy and businesses that need to separate flows of funds. It targets the traceability of a public ledger: every address's history stays visible forever, and once payer and payee appear together the direction of funds can be inferred.

A user deposits into a contract and receives a note, then withdraws by proving with a zero-knowledge proof that the funds belong to a legitimate set without revealing which deposit is theirs. Association Set Providers build and maintain those sets, excluding deposits tied to sanctions lists or known malicious addresses. The CYPHER governance token votes on parameters and pays set maintainers, and contract addresses and set records are public on-chain, so anyone can check what a withdrawal's set contains.