Zama's approach is definitely worth paying attention to. From the funding rhythm, their privacy technology solutions are gradually penetrating into all key aspects of transactions.

They first explore through public sales and Dutch auctions, then recently launched privacy stablecoin transfers (cUSDT) on the Ethereum mainnet. The underlying logic is quite clear — using privacy transactions as the core feature, building from the bottom up through the transaction structure.

This is not just a simple feature stacking. The essence of privacy in stablecoin transfers is to address a real pain point: the transparency of on-chain transactions is a constraint for many institutions and individual users. Zama has concretized this demand into a product.

From a broader perspective, this is about building an ecological closed loop for privacy transactions. Public sales attract early believers, fundraising develops the product, and stablecoin transfers deliver this capability into everyday use cases. Each step reinforces the "privacy transaction" main tag, gradually creating cognitive momentum.

This approach is likely targeting certain public chains or DeFi protocols that emphasize privacy features, but Zama's choice to focus on Ethereum, the largest application ecosystem, for incremental development is a more pragmatic strategy.