How does anyone take this "Research" seriously? If it wasn't from standard chartered I would say this is pure rage bait. If you are working as an Analyst: Do better. Study the writings from @Blockworks, @castle_labs and @SyncracyCapital before you put out a piece like that.

Caught @yrschrade, CEO and co-founder of @Arcium , give one of the sharpest privacy talks at Solana Summit Germany. “Finance Goes Dark: Privacy & Encrypted Computation.” Arcium is now the largest privacy network in crypto by daily transactions. Here’s the thesis that’s reframing how privacy works on-chain. The core argument is that privacy has been approached backwards. Most privacy tech starts at the technology level, pick a cryptographic primitive, then force it onto the world. Arcium did the opposite. They looked at how crypto worked before privacy, how it should work with privacy, and what applications people actually want to build. Here’s the key insight. Crypto started as public shared state, everyone operating over a single shared network with rapid global consensus over state transitions. Then people realized total transparency isn’t the future we want. So privacy got introduced through isolation, using zero-knowledge proofs to keep information to yourself, run local computations, generate proofs, and submit them on-chain. But isolating information fundamentally constrains what you can build. That’s why privacy adoption hasn’t tracked crypto adoption, it limits users too much. The capabilities of the underlying tech are far greater than what isolation-based privacy allows. Arcium’s answer is encrypted shared state. Instead of forcing users to keep data to themselves, they move back to operating over shared data, except the data stays encrypted and invisible the entire time. Information gets processed while remaining inaccessible to whoever is processing it. That’s the unlock. The real-world proof point is interesting. One of their ecosystem projects, a mining protocol called Zinc, is now one of the largest revenue-producing protocols on Solana. You wouldn’t think of a mining protocol as a privacy product, but some of its algorithms require encrypted execution. That’s how Arcium brings encrypted computing to the world through applications that aren’t privacy-first but require privacy for new use cases. They also just released the Arcis whitepaper, the cryptographic protocol powering their encrypted execution, built over years. Their underlying breakthrough is a dishonest majority MPC protocol. only ONE honest participant out of N is needed for security to hold, with cryptographic cheater-identification that slashes malicious nodes. That combination makes encrypted computing practical for real, high-stakes applications. Where it’s heading: AI. When privacy becomes encrypted computing rather than information isolation, the addressable market flips upside down. Most computation that couldn’t be private before can now be addressed. They’re expanding into AI with mainstream adoption partnerships coming. Yannik also recently sat down with Tucker Carlson on what he called the largest political podcast in the world to lay out his full privacy vision, worth watching if you want the philosophy behind why he’s building this. Privacy as encrypted computing is genuinely one of the most important shifts happening in crypto right now. This is just the beginning of the trajectory.