白皮書讀書會香港 [01] A deep discussion on the Institutional Privacy Stack, led by @BrianSeong (@0xMiden, WPRC) and organized by @ninjanovadotsol (@sns, WPRC). Brian created a framework to evaluate @CantonNetwork, @tempo, and @0xMiden across multiple layers. Summary Notes [COMING SOON] We discussed: (i) where privacy lives in the stack, (ii) the cryptographic tools (FHE, ZK, TEE) and layers (payment channels, L1s, nodes) used for privacy, (iii) how existing financial institutions work, (iv) why and when privacy is needed, and (v) how each chain solves the regulatory auditability problem, e.g. viewing keys. An incredible group of people joined us — from RWA founders and traders, to investors, researchers, and students. Thank you @henrychen_cy (@snzholding, @ethereumhkhub) for joining the discussion and providing awesome insights and questions. Thank you @NPC_Leo (@snzholding, @Ethtao_Ethtao), Sara, and the rest of the SNZ team for hosting us again! Shoutout to Andrew W (Building in RWA) and Kent Lau (Building in Pharma X Crypto) for joining the discussion and some friends from @852devxyz ) ----- 一場關於機構級隱私技術棧 (Institutional Privacy Stack) 的深度討論。本次活動由 @0xMiden 及 WPRC 的 @BrianSeong 領銜主講，並由 @sns 及 WPRC 的 @ninjanovadotsol 策劃組織。Brian 建立了一個評估框架，橫跨多個層級對 @CantonNetwork、@tempo 及 @0xMiden 進行了深入對比。 總結筆記 [即將推出] 我們的討論重點包括： (i) 隱私在技術棧中存在的位面 (ii) 用於實現隱私的密碼學工具（如 FHE、ZK、TEE）與技術層級（如支付通道、L1 主網、節點）(iii) 現有金融機構的運作模式(iv) 為什麼以及何時需要隱私(v) 各條公鏈如何解決監管審計合規問題（例如：查看密鑰 Viewing Keys）。 本次活動匯聚了優秀的參與者——涵蓋了 RWA 創始人、交易員、投資者、研究員以及在校學生。 感謝 @henrychen_cy (@snzholding, @ethereumhkhub) 參與討論並提供極具啟發性的見解與提問。感謝 @NPC_Leo (@snzholding, @Ethtao_Ethtao)、Sara 以及 SNZ 團隊的其他夥伴再次為我們提供場地支持！ 同時感謝 Andrew W（RWA 領域開發者）、Kent Lau（醫藥 × 加密貨幣領域開發者）以及來自 @852devxyz 的朋友們一同參與交流。

It was my first time visiting and attending an event in Kaohsiung, and everyone was so kind and welcoming to me ☺️🥰 Thank you so much to everyone who came to the event. For some of you, it was our first time meeting in person, some of you took the train or drove a long way to be there. You all made this event incredibly special and unforgettable for me 🤩 I truly hope to see you all again soon ❤️ 這是我第一次來到高雄，也是第一次在高雄參加活動，大家都對我非常親切又熱情 🥰 非常感謝每一位來到活動現場的你們。對有些人來說，這是我們第一次見面；也有些人特地搭火車或開車前來參加活動。因為有你們，這場活動對我來說變得格外特別且難以忘懷。🤩 真的希望很快能再次見到大家 ❤️

The swapper you just acquired has no reason to come back. The "loyal" LP whose funds never move? Probably just too underwater to exit. Both are retention failures. Neither shows on your DAU chart. So what is that chart actually measuring? 🧵

The headline everyone missed about the Fable 5 release: support for it in subscription plans goes away on June 23rd. Anthropic is getting us hooked with a free sample, and then charging on use. This smells like the beginning of the end for hyper-subsidized max plans.