The topic of Ethereum privacy has been super hot these days. @VitalikButerin's Kohaku privacy proposal has been getting a lot of attention, but there’s another thing that shouldn’t be overlooked: @anoma just deployed its Resource Machine (ARM) protocol adapter on the Ethereum mainnet. So, how should we understand the value of ARM for Ethereum? Kohaku adds a layer of privacy optimization on the EVM architecture, addressing privacy issues during transactions. But once assets flow into DeFi protocols, like trading on Uniswap or borrowing on Aave, the privacy state is completely lost. After all, EVM smart contracts are executed publicly, which is a limitation of the architecture itself. But the ARM architecture introduced by Anoma is different. Simply put, it aims to reconstruct privacy from the state architecture level. Assets exist in the form of "resources," and each resource can only be created and consumed once. State changes are tracked through a Commitment/Nullifier mechanism. This end-to-end privacy solution, inherited from Zcash, is implemented using RiscZero's @boundless_xyz zkVM, with the goal of embedding privacy into Ethereum’s DNA. Since ARM resources only define verification conditions without locking in execution methods, ARM is inherently Intent-Centric, and the entire process can remain private. This has practical applications in scenarios like privacy-focused DEXs. For example, users can hide their positions and trading strategies while still accessing Uniswap’s public liquidity pools for trading, eliminating MEV extraction. It also enables private lending and collateral, private derivatives markets, private conditional orders, and more. Although it’s unclear whether XAN’s recent pump against the market trend is related to this, the timing of ARM’s appearance during the heated discussions around Ethereum privacy—and its functional complementarity—is definitely worth keeping an eye on.