PC-Token: Overview

Pre-Alpha Disclaimer: This is an early pre-alpha release for exploring the SDK and starting development only. There is no real encryption — all data is completely public and stored as plaintext on-chain. Do not submit any sensitive or real data. Encryption keys and the trust model are not final; do not rely on any encryption guarantees or key material until mainnet. All interfaces, APIs, and data formats are subject to change without notice. The Solana program and all on-chain data will be wiped periodically and everything will be deleted when we transition to Encrypt Alpha 1. This software is provided “as is” without warranty of any kind; use is entirely at your own risk and dWallet Labs assumes no liability for any damages arising from its use.

What It Is

PC-Token (Confidential Performant Token) is a confidential token standard built on Encrypt FHE, modeled after Anza’s P-Token. It replaces all plaintext balances and amounts with FHE-encrypted ciphertexts — same API surface as P-Token, full confidentiality.

What’s Confidential

Balances — always encrypted. Nobody can see how much anyone holds.
Transfer amounts — client-encrypted via gRPC. Never plaintext on-chain.
Allowances — encrypted delegation for composability.
LP positions — when used with PC-Swap, LP ownership is encrypted.

The only plaintext that ever appears is the withdrawal amount during unwrap, on a temporary receipt account that gets closed immediately.

Architecture

Public Domain (SPL Token)         Confidential Domain (PC-Token)
┌─────────────────────┐           ┌──────────────────────────┐
│ USDC, SOL, etc.     │           │ pcUSDC, pcSOL, etc.      │
│ Balances visible    │── Wrap ──>│ Balances encrypted       │
│ Transfers visible   │<─ Unwrap ─│ Transfers encrypted      │
└─────────────────────┘           │ Composable with DeFi     │
                                  └──────────────────────────┘

Instructions

Disc	Instruction	Description
0	InitializeMint	Create a new token mint
1	InitializeAccount	Create token account with encrypted zero balance
3	Transfer	Encrypted owner transfer
4	Approve	Approve delegate with encrypted allowance
5	Revoke	Revoke delegation
10	FreezeAccount	Freeze authority freezes account
11	ThawAccount	Freeze authority thaws account
20	TransferFrom	Delegated transfer (composability entry point)
23	InitializeVault	Create vault linking PC-Token mint to SPL mint
30	Wrap	Deposit SPL → mint pcTokens (vault-backed)
31	UnwrapBurn	Burn pcTokens, create withdrawal receipt
32	UnwrapDecrypt	Decrypt burned amount
33	UnwrapComplete	Verify + release SPL, close receipt

Vault-Backed Only

There is no standalone MintTo or Burn. Tokens can only enter through Wrap (backed 1:1 by SPL tokens in the vault) and exit through the 3-step unwrap. Every pcToken is backed.

Composability

Other programs CPI into PC-Token via Approve + TransferFrom. The delegate (another program’s PDA) can move tokens on behalf of the user, with encrypted allowance enforcement:

#![allow(unused)]
fn main() {
// DeFi program (e.g., AMM, lending, dark pool)
fn execute_trade(accounts) {
    // CPI into PC-Token — move pcUSDC from user to pool
    pc_token::transfer_from(user_account, pool_account, amount_ct, delegate_pda);
}
}

The DeFi program never sees plaintext amounts. It just passes encrypted ciphertexts through CPI.

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