No exam required. This is the deposit / note / withdraw loop in plain language.
In
Shield
Move
Private send
Trade
Private trade
Out
Cash out
The short version
Shield = put money into Gloam’s vault. Private send = pay someone while funds stay in the vault (share a payment tag). Private trade = sell vault ETH for vault stock without a public DEX hop (size privacy on by default). Cash out = take it back to your open wallet with a proof that you own it.
While it is in the vault, your normal wallet balance no longer shows that amount. The vault holds many people’s deposits together.
Where your money sits
Your walletPublicExplorer shows1,000 USDGAnyone can see the balance if they know the address.
Gloam vaultOnly youPrivateExplorer showsMoney sits in the shared vault. You hold a private note that proves it is yours.
After cash outPublic againExplorer shows400 USDGLeaving the vault is public on purpose: the money goes back to a wallet.
Step by step
Step 1You start publicETH or stock tokens sit in your wallet. Explorers can show that balance.
Step 2You shieldYou send assets to the vault contract. A fingerprint of your deposit is written on-chain.
Step 3You keep a noteYour browser stores a secret linked to that deposit. Clear site data and you lose the local copy (the on-chain leaf remains).
Step 4You private-send, trade, or cash outPrivate send splits a note into payment + change. Private trade swaps inside the vault. Cash out builds a proof and pays your open wallet.
Visual path
How Gloam worksWallet, shield, vault note, private send or trade, then cash out only when you choose.
Public
Your walletOpen balanceA normal wallet. Anyone who knows the address can see what it holds.
Private, inside the vault
ShieldEnter the vaultYou deposit into the Gloam vault. A fingerprint of the deposit is written on-chain; the secret stays in your browser.
Vault notePrivate claimYour browser holds the secret that proves the deposit is yours. Export a backup.
Private railsSend, tradePrivate send and private trade settle inside the vault. Size stays off the open book by default.
Public
Cash outPublic exitYou prove ownership and the money returns to a wallet. The exit publishes the amount on purpose.
What the public still sees
That someone used the Gloam contract
When money entered or left the vault (shield / cash out edges)
That a private transfer or private trade happened, not who paid whom how much (and not exact size when max size privacy is on)
Not (goal) your exact private bag while it stays inside
What we do not claim
Cash out is not invisible, leaving the vault is a public moment. Private send hides payment size and counterparty, not the fact that the vault was used. Private trade hides size (default min-out floor) but pair and caller remain public.
Try it: Shield → Move (private send) or Private trade → cash out only when you need the open wallet.