Recently, I noticed an interesting phenomenon in the market—a group of funds that are highly sensitive to privacy are beginning to reevaluate those cryptocurrencies that truly achieve "completely untraceable transaction information." What does this reflect? It may be that after several rounds of regulatory turbulence, everyone's understanding of privacy features has deepened.

Speaking of privacy coin technical routes, there are currently only a few mainstream approaches. Some projects fully adopt the mature zk-SNARKs zero-knowledge proof system from Zcash but have made a key adjustment—changing privacy from an "optional" feature to a "default" setting. In other words, for every transaction, the sender, receiver, and amount are invisible on the chain, rendering many sophisticated on-chain analysis tools ineffective.

Interestingly, these projects have taken a very restrained approach to token issuance. Zero pre-mining, zero developer taxes, zero foundation shares—what does these "zeros" mean? It means each token is derived from the actual labor of community miners, with no hidden利益 transfer. Compared to projects that inherently have large team holdings, this level of transparency is indeed another dimension.

Regarding mining mechanisms, what are the benefits of using the RandomX algorithm (the same one used by Monero)? Simply put, ASIC miners do not have a dominant advantage here. Using consumer-grade CPUs to mine makes the network's hash power distribution more decentralized, which theoretically makes it harder for a few large miners to control.

The last perspective is governance mode. No team, no VC, no CEO— all upgrades and rule changes require community consensus. This "code is law" operation mode is relatively rare in the crypto space. When Monero and Zcash surged in this round of market movement, these projects that focus on "more pure" positioning have already completed the deployment of mainnet, wallet support, DEX liquidity, and other infrastructure. Their market cap is still low, but all conditions are in place.

This new wave of attention to privacy coins essentially reflects a re-pricing of the market's valuation of core features like "truly immutable and untraceable."