Performance metrics are no longer moving, and everyone is starting to think about privacy. Recently, industry discussions have been heated: when the TPS and confirmation speeds of various public chains are similar, the real differentiator is privacy capabilities.

Chain-level locking, data sovereignty, intrinsic security mechanisms—these seemingly abstract concepts are now becoming the core competitiveness of cryptographic infrastructure. Simply put, the level of privacy protection you can provide to users directly affects ecosystem stickiness and long-term attractiveness.

From another perspective, the highest migration cost for users is not speed but trust. Once a public chain makes privacy its moat, it becomes harder for users and developers to leave. This could be the key point in the next round of infrastructure competition.