The true value of any technology ultimately depends on what applications it can empower. A certain privacy public chain, through its "programmable privacy" and "compliance-friendly" features, opens new possibilities for developers. It's not just about upgrading technical parameters, but more importantly about the potential application scenarios—these are the key factors in evaluating its long-term investment value.

First, let's look at the institutional-grade DeFi direction. Traditional DeFi faces critical issues due to its complete transparency: front-end operational risks, strategy plagiarism, and professional investment funds simply dare not touch it. But on a privacy public chain, things are different. You can build fully private lending pools and trading markets, allowing institutional investors to conduct large transactions without crashing the market. The key is that all operations can be verified through zero-knowledge proofs for regulatory audits. This is the true moment when traditional finance and DeFi shake hands.

Next, consider autonomous identity and data assetization. Personal data is now valuable, but most of it is exploited by centralized platforms for free. If we can turn education, credit, medical records into encrypted verifiable credentials, users can control their disclosure rights? Sharing education credentials with employers, showing credit records to banks, providing health data to medical institutions—all controlled by the user. Privacy is protected, and data value is not wasted.

There are also scenarios like supply chain traceability, intellectual property transactions, and electronic voting. They all require solutions that can prove authenticity while hiding the business secrets of participants. The common point among these applications is clear: they all must rely on the privacy capabilities of the underlying protocol. Without this capability, many scenarios simply cannot be implemented.