Penumbra

Penumbra is designed to act as a shielded zone for the entire Cosmos ecosystem, recording any kind of asset in a single shielded pool. Cross-chain IBC transfers shield value moving into the chain, and unshield value as it moves out to other transparent chains. All transactions within Penumbra are fully shielded and private-by-default, unlike other privacy-enabled chains where shielded transactions are opt-in.

Building a fully shielded proof-of-stake chain means that staking and delegation must also be private. Otherwise, holders of the staking token would be forced to choose between maintaining privacy on the one hand and network security, governance, and staking rewards on the other.