Privacy is becoming the most core competitive advantage in the blockchain ecosystem.

This is not just talk. The premise of global financial onboarding is fundamentally about privacy. Unfortunately, almost all public chains currently lack this capability. For a long time, privacy has been just a post-hoc remedy for most chains, never integrated into the original architecture design. But now, the situation has reversed—relying solely on privacy features is enough to create a qualitative gap between a chain and its competitors.

The deeper logic lies in: privacy creates a true chain-level locking effect. In other words, this is a brand-new "privacy network effect." When performance competition has become fierce and fee wars have reached their limit, privacy has become the only thing that can truly retain users.

Imagine a scenario. Cross-chain protocols are now quite mature; as long as transactions are fully transparent and open, migrating from Chain A to Chain B is virtually cost-free. Cross-chain assets? Easy. But what if privacy is involved? The difficulty suddenly increases. Token transfers are easy, but private transfers are a nightmare—you are always at risk of being tracked by on-chain observers, mempool listeners, or even network traffic analysts.

The key issue is metadata. Whether switching from a private chain to a public chain, or jumping between two privacy chains, a large amount of intermediary information will leak—correlations between transaction times and amounts, clues about fund flows. These fragments are enough for trackers to piece together a complete behavioral trail. This is the fundamental reason why privacy becomes a strong moat.