zkAPI Vault: Does It Hold USDC or Native ETH?

BlockchainReporter and CryptoSlate agree zkAPI launched on mainnet Oct. 1 but disagree on what asset the vault contract actually holds.

BlockchainReporter and CryptoSlate agree zkAPI launched on mainnet Oct. 1 but disagree on what asset the vault contract actually holds.

What all sources agree on

• The Ethereum Foundation and the Open Anonymity Project launched zkAPI on Ethereum mainnet on October 1, 2026.
• The design was published by Davide Crapis and Vitalik Buterin.
• zkAPI is a billing system for metered APIs that separates payment from identity, using notes, nullifiers, and zero-knowledge proofs.
• Withdrawals or an escape route remain available onchain even without the zkAPI server's cooperation.

Where the reports disagree

1What asset the live mainnet vault contract holds

The live vault contract on mainnet holds USDC credits.

BlockchainReporter 2026-10-04 10:00

The current mainnet manifest identifies that same vault as native ETH, with balances accounted for in whole gwei, and explorer activity shows ETH-valued deposits and payouts.

CryptoSlate 2026-10-04 16:20

What would settle it: The vault contract's onchain token balance records and its source code/manifest, as verifiable via a block explorer such as Etherscan.

What to make of it

Treat the October 1 mainnet launch and the Crapis/Buterin design credit as established; do not treat the vault's underlying asset (USDC vs. native ETH) as settled until the contract's onchain token holdings are independently checked on a block explorer.

Treat the October 1 mainnet launch and the Crapis/Buterin design credit as established; do not treat the vault's underlying asset (USDC vs. native ETH) as settled until the contract's onchain token holdings are independently checked on a block explorer.

Originally reported by AltcoinGordon, written by Sophia Bennett. Republished with permission.

View the original on AltcoinGordon →

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