Those blockchain networks that boast about being faster and cheaper might all be answering the wrong question.

Where is the problem? When institutions really come in, neither traditional financial compliance requirements nor business privacy protections can be well addressed by any public chain. Goldman Sachs wouldn’t touch a chain where everyone can see the positions, and BlackRock wouldn’t leverage DeFi that can’t meet SEC requirements. This isn’t a technical capability issue; it’s a business logic problem.

One project’s approach is quite interesting — instead of trying to overhaul traditional financial rules, it’s about making blockchain adapt to these rules. "Auditable privacy" sounds complicated, but it’s basically transaction encryption by default, with authorized institutions able to audit. There’s also the "compliance identity layer," which binds real identities through token staking. Although this logic isn’t glamorous, it reflects how the real world operates: companies must undergo audits, and cross-border transfers must pass anti-money laundering checks.

Recently, this project’s EVM testnet went live, which should be seen as an important signal. Developers can now proactively build truly compliant financial applications — tokenized government bonds, private equity trading, cross-border settlement. Compared to current mining projects, the potential for these scenarios is at least 100 times greater.

Looking at the tokens themselves, the value logic has also changed. They’re no longer just simple burn tokens to maintain incentives but have evolved into a passport into the compliant financial world. This deeper, more sustainable value capture mechanism is more meaningful.

Many are still searching for the next Solana. But the real next wave of explosion might not be about who’s faster or cheaper, but about who can truly connect to the financial systems of the real world. Some are indeed exploring this path.