The market always swings between two extremes. At this moment, everyone is chasing the hype of MEME coins, and the next moment, they are betting on AI concepts. But have you noticed that the truly influential capital is actually doing something else?

Just look at on-chain data. The quiet money is quietly shifting—from following various narrative hot topics to gradually moving towards underlying infrastructure that can carry real value. Behind this shift lies the investment logic for the next cycle.

Today, I want to talk about a project that is easy to overlook. Its story may sound unsexy—founded in 2018, and over seven years, it has hardly done any marketing or promotion. This team is doing something very "counterintuitive": quietly developing a Layer1 public chain built from the ground up with ZK privacy and compliance features. Whether it’s the virtual machine design, privacy execution layer, or compliance protocols, they are not aimed at short-term retail trading but at a grander goal—enabling hundreds of millions of euros worth of real-world assets (RWA) to go on-chain while protecting privacy and complying with regulations.

This is where it gets interesting. Comparing it with other projects on the market reveals the difference. Leading privacy projects or top-tier high-performance public chains often have market caps starting at hundreds of billions of dollars. But this project, with a complete ZK privacy architecture and tailored for institutional-grade compliant finance, is about to see its mainnet land real assets, yet its market cap remains relatively low. This is more a reflection of collective market perception lagging behind, rather than any flaw in the project itself.

Even more interesting is the backing team behind it. The parent company of Tether, iFinex, a giant in the stablecoin field, is an early investor. This background says a lot—these are institutions deeply involved in large capital flows and understanding the needs of compliant finance. Their confidence in this project stems from the fact that they understand better than anyone that future large-scale cross-border asset transfers will happen on tracks that protect privacy, meet regulatory requirements, and can truly carry assets. The gray areas simply cannot sustain long-term.

From another perspective, the value of such projects may take time to be fully realized. They are not tools for short-term explosive gains but strategic positions for the next cycle. While most people in the market are still chasing the next hot coin, these infrastructure assets are quietly building the foundation for future finance. Their value realization is likely to come with the scale-up of the RWA track and the large influx of institutional capital.

Of course, asset growth also requires effective management strategies. While paying attention to these underlying infrastructure opportunities, don’t forget to manage your investment portfolio’s risks and liquidity. Sometimes, the greatest gains come from the art of balancing between seeing future opportunities and prudently managing current risks.