Looking ahead to 2026, the privacy needs of the crypto ecosystem will evolve in a stepwise manner. Here are the five progressive levels to watch: First is retail transaction privacy, the protection of transaction records for ordinary users; second is institutional financial privacy, concealing large holders' asset allocation information; third is national data privacy, compliance considerations for cross-border capital flows; fourth is全民数字隐私 (全民 digital privacy), expanding from transactions to include identity verification and asset proof across the entire chain; finally, privacy will evolve into underlying infrastructure, becoming a standard feature of crypto networks rather than an optional add-on. These five stages are not isolated choices but part of a deepening of the same fundamental need. Essentially, privacy is shifting from a optional feature to a basic right—this transformation will profoundly reshape the product architecture and market landscape of cryptocurrencies in 2026.