Keyring Launches zkVerified DeFi Vaults on Ethereum, Donating Vault Fees to Developer Legal Defense Fund in a Joint Initiative with the Ethereum Foundation’s Funding Coordination Team
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Keyring, with strategic support from the Ethereum Foundation’s Funding Coordination team, will donate all early vault fees to support Roman Storm’s and Alexey Pertsev’s legal battles while advancing zkVerified DeFi compliance
Grand Cayman, October 2025 – Keyring Network today announced the launch of its zkVerified permissioned vaults on the Ethereum mainnet. These vaults, built with Keyring’s zero-knowledge authentication technology, provide compliant and privacy-preserving access to DeFi lending markets.
A joint initiative with the Ethereum Foundation’s Funding Coordination team, Keyring will donate 100% of protocol fees generated in the first three months of the its vaults to the legal defense funds of Roman Storm and Alexey Pertsev, the Tornado Cash developers currently on trial for publishing open-source code. This initiative underscores Keyring’s belief that protecting privacy-preserving technology builders is essential to the future of decentralized finance.
“Keyring has pioneered an impact‑funding model that redirects early vault fees to protect privacy‑focused developers. We’re excited about how this approach not only provides immediate legal support to innovators like Roman Storm and Alexey Pertsev, but also establishes a scalable blueprint for the wider ecosystem.”
Vinay Vasanji, Strategic Funding Coordination Lead at Ethereum Foundation
Keyring’s zkVerification layer ensures that only verified participants can access vaults — meeting compliance standards while protecting user privacy through zero-knowledge proofs. The design allows institutions and retail users alike to access DeFi yields without exposing personal data or creating new attack surfaces.
The initiative follows Keyring’s first zkVerified vault launch on Avalanche with Euler Finance, which has already attracted over $15 million in TVL since going live on August 7. Fees from that deployment are also being directed toward Storm’s and Petsev’s legal defense fund, marking the beginning of Keyring’s broader effort to align its business model with the protection of open-source developers and privacy rights.
“We believe privacy is a fundamental right, and that open-source developers should not face criminal liability for writing code. By donating our early protocol fees to the defense of Roman Storm and Alexey Pertsev, we’re signaling that zkVerified DeFi can uphold compliance, safety, and privacy while standing in solidarity with the builders who paved the way.”
– Alex McFarlane, CEO of Keyring Network
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Community Participation
To further accelerate contributions to the defense fund, Keyring invites the Ethereum community to create Merkl campaigns denominated in ETH. These campaigns can route rewards or incentives directly toward the same legal defense wallets, amplifying the collective impact. Each campaign adds momentum to a transparent, on-chain funding flywheel that helps sustain long-term support for open-source developers and privacy-preserving innovation.
The zkVerified Advantage
Privacy-preserving compliance: Users prove verification status via Keyring without exposing IDs or linking wallets to identities.
Permissioned safety: Vaults only admit verified participants, protecting users and protocols from malicious actors.
Institutional readiness: Permissioned liquidity pools reduce risk and meet institutional compliance requirements.
Community AMA
Shortly after the Ethereum vaults go live, Keyring will host a live AMA featuring Alex McFarlane and representatives from the Ethereum Foundation’s Funding Coordination Team. The discussion will focus on the future of open-source development, privacy-preserving technologies, and fielding community questions about the new zkVerified pools.
Get Involved
The new Ethereum vaults are accessible here: https://app.euler.finance/vault/0x10e0B2B42874ADF8c29D5F900c0D18b61f048ffb?network=ethereum
And the previously launched Avalanche vaults are accessible here:
https://app.euler.finance/vault/0x8f23Da78e3F31Ab5DEb75dC3282198bed630ffde?network=avalanche
About Ethereum Foundation
The Ethereum Foundation (EF) is a non-profit that supports the Ethereum ecosystem. The Foundation is part of a larger community of organizations and individuals that fund protocol development, grow the ecosystem, and advocate for Ethereum.
About Keyring
Keyring Network is a leading provider of zero-knowledge verification services, enabling secure and private access to DeFi. Keyring Connect utilises zero-knowledge proofs and MPC-TLS technology to verify users without exposing personal data, ensuring compliance and trust while preserving anonymity. As a permissioned access gateway, Keyring facilitates a seamless join between retail and institutional users of DeFi applications.
Media Contact: info[at]keyring[dot]network
Important Disclaimer
Keyring.Network (Cayman) Limited. (“Keyring”) operates as a permissioned access gateway to decentralised protocols and other decentralised finance (“DeFi”) applications. Keyring provides zero-knowledge verification services that allow verified users to interact with smart contracts while maintaining privacy.
Keyring is NOT a:
- Financial intermediary, broker-dealer, or investment adviser;
- Custodian of user funds or digital assets;
- Party to any transactions between users and DeFi protocols; or
- Guarantor of protocol performance or investment outcomes.
Interacting with DeFi protocols through Keyring involves substantial risk, including smart-contract exploits, market volatility, and the possible total loss of digital assets. Participants engage with these protocols directly and bear full responsibility for all outcomes. Access may be restricted where local laws or sanctions prohibit use. Users worldwide must ensure compliance with all applicable laws in their own jurisdictions. By using Keyring’s services, you acknowledge these risks, accept sole responsibility for your actions, and agree that Keyring’s liability, if any, is limited to the fullest extent permitted by law.
