After multiple cycles of market baptism, the standards for project valuation are also iterating — no longer based on vague visions, but on truly implementable "compliance" and "practicality."

Speaking of representatives in this area, we have to mention a leading privacy infrastructure project established in 2018. This project has spent nearly eight years building from the Layer1 underlying architecture, gradually creating a complete ecosystem — including application execution layer, RWA asset on-chain platform, and privacy computing engine. What is the power of this combination? Let’s break it down.

First is the precise positioning of value. Most Layer1s aim to be "all-rounders," but often end up mediocre. This project took a different approach, embedding "compliance" and "privacy" into its architecture from the very beginning, using modular design to allow flexible assembly of underlying functions. The result is that it can meet the stringent regulatory requirements of institutional investors while protecting the transaction privacy of retail users. Tokenized securities, compliant payments, and decentralized financial services all have ready-made solutions on this chain.

The formation of an ecological closed loop deepens its competitive moat. The mainnet launch solved the pain point of developer adaptation; the emergence of the RWA platform has opened a channel for traditional financial assets to enter the on-chain world. This is not just feature stacking, but a system of mutually supporting components.