#稳定币与RWA代币化 Seeing the news about Zama's mainnet launch, my first reaction isn't excitement but a habitual question: Is privacy stablecoin really a necessity, or just another high-sounding story?

Honestly, over the past few years, I've seen too many cases where "technological breakthroughs" ultimately turned into tools for harvesting retail investors. The combination of privacy + stablecoin is indeed tempting, but it also makes it easier to become a "perfect packaging" for Ponzi schemes. My experience is that the first three months after any new concept launches are high-risk periods—characterized by low liquidity, price manipulation, and project teams cashing out.

Zama's work with fully homomorphic encryption technology does show technical accumulation, and the success of the first transfer indicates that the infrastructure is operational. But it's still a long way from real ecosystem applications. Currently, most follow the hype driven by concept speculation rather than genuine interest from institutions in the application prospects of privacy stablecoins.

My advice is to observe with a cold eye for at least half a year. Watch whether there is real trading demand, whether institutions continue to enter, and whether the project team is dumping tokens. These are the key indicators to judge how long a project can survive. Don't be fooled by milestones like "first transaction" or "mainnet launch"—these are usually just the beginning, not the end.

Those who have seen it all know that perfect technology doesn't equal investment opportunities.