Aztec Revives zk.money With Capped Transfers and Shared Deposit Allowance
Aztec Labs has relaunched its private payments wallet, zk.money, on its Aztec Network layer 2 on Ethereum. The wallet allows users to make stablecoin payments without revealing their financial history or balances on a public chain. Each user picks a unique name like bob.zk.money, and deposits can be made in USDC, USDT, or DAI from an exchange or Ethereum wallet.
The wallet holds only DAI, so USDC and USDT are swapped on arrival. There is a daily deposit allowance of $50,000 shared among all users, with each transaction capped at $2,500. Deposits cost 35 cents, withdrawals 20 cents, and users get 100 sponsored transactions per day.
Aztec Labs CEO Joe Andrews said, 'Onchain transactions between two individuals shouldn’t mean publishing your financial history to the world.' However, the wallet is live before a fix for a critical flaw in the Aztec Network's proving system, which was disclosed in August. The flaw could have allowed an attacker to get a bad transaction accepted.
The wallet relies on Oxide protocol, whose sealed servers co-sign every send and withdrawal. According to the trust model, taking funds out 'needs a soundness fault in the Aztec Network and a compromised enclave at the same time.' The caps are meant to limit losses in this case.