Recently, the privacy sector has been ignited by ZEC's surge, sparking discussions about whether there is truly a demand for on-chain privacy. Solutions like Aster, which tackle issues like anti-sniping and strategy exposure from the transaction layer, and Zama, which focuses on the privacy layer, are essentially addressing the same question: does going on-chain necessarily mean running naked? The privacy layer isn't anti-transparency; it's about being on-chain without mandatory disclosure. Whether to disclose or not becomes an option, which is a prerequisite for institutional trading, DeFi market-making, and future Agent automated trading. The recent attention on Zama is also tied to its product model and issuance method: 100% fee burning, Dutch auction issuance, a privacy-protected auction process, and the immediate push for the mainnet after the presale. The overall pace is quite solid.