The recent hundreds-of-times surge of a certain privacy project is not unfounded. Delving into its underlying logic reveals that it cleverly addresses the two core contradictions in the current crypto market: users' desire for strong privacy and regulatory authorities' demand for on-chain traceability. The collision of these two forces has been transformed by it into a new paradigm of "compliant privacy"—which is precisely why it has attracted significant institutional attention.

Compared to established privacy coins like Monero that pursue complete anonymity, this project has chosen a more pragmatic approach. It leverages cutting-edge cryptographic technologies such as zero-knowledge proofs (zk-SNARKs) to keep transactions private by default, while also reserving a channel for selective disclosure to meet legal compliance—proof can be provided when needed, and user privacy remains fully protected when not. This design philosophy significantly reduces the adoption barriers and policy concerns for traditional financial institutions amid the gradual implementation of regulatory frameworks like MiCA in Europe and the US.

More interestingly, its ambitions go far beyond ordinary transfers. Its technical architecture targets the untapped blue ocean of real-world asset (RWA) tokenization. For example, its collaboration with the Dutch licensed exchange NPEX illustrates this well—through its infrastructure, traditional securities and assets can be traded on-chain while maintaining privacy. Once such application scenarios are widely adopted, it will greatly increase the ceiling for institutional capital inflows.