This week, scrolling through @0xMiden's timeline, I got the feeling that a privacy stack is quietly taking shape.
Aleo partnered with Circle to create a private version of USDC, USDCx, allowing institutions to directly access on-chain privacy settlements within the familiar stablecoin framework.
Horizen launched a private L3 on its base, making privacy a native EVM execution environment. Developers still write Solidity code, but it comes with an invisible ledger by default.
Octra takes a different approach, packaging its encrypted computing network and native L1 into the OCT token, allowing the market to reprice privacy computing power.
Miden's connection of these events seems to be a reminder that the next discussion in DeFi won't be about whether or not privacy is needed, but rather whether privacy resides at the stablecoin layer, the execution layer, or the computing power layer, and which layer has more bargaining power.
I believe that when stablecoins start supporting private settlements, L3 makes privacy an infrastructure, and privacy computing power can be freely financed, on-chain finance will truly have the conditions to "do business with institutions."
This week's events are just a few chapters in the story. What's truly interesting is that Miden, from a developer's perspective, is selecting which chapters will be incorporated into the main narrative of the next bull market.
@KaitoAI







