#稳定币 Seeing Zama complete its first privacy stablecoin transfer on the mainnet, I need to calmly analyze what’s behind it.

On the surface, it looks very attractive—FHE full homomorphic encryption, privacy transfers, with a single transaction cost of only $0.13, which indeed indicates good technology metrics. But this is also where pitfalls are easy to fall into. Every time a new narrative explodes, it’s when the whales are most active.

I have experienced too many projects that boast "first breakthroughs" and "milestones," only to end up as ATMs. The key questions are: First, what is the real demand for privacy stablecoins? Do ordinary users really need privacy transfers, or is this more serving the gray areas? Second, with the privacy narrative being hyped in 2026, are the chips already locked in by the main players? Third, while the gap from theory to production for FHE seems small, what about ecological applications? Without practical use cases, even the most advanced technology is just a castle in the air.

My advice is: observation should take precedence over participation. Watch the actual TVL and active addresses of the Zama ecosystem three months from now, don’t be fooled by marketing gimmicks like "first transfer." Privacy narratives do have imagination, but imagination is also the easiest to manipulate for quick gains. The secret to lasting on-chain success is: when a new narrative appears, stay skeptical, and only consider entering when real data supports it.