Recently there's been an obvious trend — blockchain is no longer just telling the story of decentralization. Everyone is starting to face reality: to truly enter the financial sector, compliance and privacy protection aren't optional extras, but issues that directly determine project survival.

RWA and institutional-grade DeFi are particularly telling examples. Institutional investors can't possibly accept completely anonymous on-chain transactions — that's clearly unrealistic. But on the other hand, having transaction data exposed arbitrarily won't work either — how do you protect trade secrets?

That's the crux of the matter. There's a project that cuts into this pain point by embedding both privacy protection and auditable mechanisms directly into the protocol layer design, rather than waiting for the system to run and then patching it up. This logic is closer to how real financial systems operate — what's needed is verifiable privacy, capable of protecting sensitive information while allowing regulators to track core data.

The ecosystem building aspect is also worth noting. It didn't follow the old path of throwing huge subsidies at users, but instead used community incentive mechanisms to let participants conduct their own research, write analyses, and share perspectives. The result is forming a high-quality information environment, with the community gradually transforming from "subsidy hunters" to real co-builders.

There are still plenty of projects on the market stuck in proof-of-concept stages. A foundational infrastructure that unifies privacy, compliance, and real-world application scenarios — that's the direction worth paying attention to.