Let's be straightforward—I'm not writing this to find reasons for today's surge, but to analyze it as a long-term case study.

Projects like this face a pretty awkward situation: the closer they get to real-world finance, the less they can follow the typical crypto market rhythm; the more they emphasize compliance attributes, the easier they are to be labeled as "lacking excitement" in emotional markets. I've stepped into this trap before, and not just once or twice. Looking back now, the entire process from hype to pressure wasn't because the project suddenly failed, but because we started with the wrong measuring stick from the beginning.

Initially, I included it on my watchlist not because of the words "privacy." Honestly, I have some reservations about purely anonymous solutions—given the current regulatory environment, absolute privacy is more likely to be tagged as risky. Once you want to integrate into financial institutions' supply chains, compliance checks become a hard barrier.

What attracted me was that it kept emphasizing "verifiable privacy."