Published June 202664 pagesFrancesco · Noveleader
The Full-Stack Privacy Ecosystem
Privacy as Infrastructure for User Protection and Institutional Adoption
“Without privacy primitives, a public ledger is a surveillance instrument.”
▮ The numbers that matter
~30%
Of ZEC supply locked in shielded pools (4.9M ZEC)
$5B+
Railgun cumulative shielded volume
$410M+
Tornado Cash TVL despite sanctions
3.5M+
Transactions on Arcium since February Alpha
20 TPS
Zama FHE today — ASICs target 1,000+
2027
EU privacy-coin trading ban takes effect
The Thesis
Without privacy primitives, a public ledger is a surveillance instrument. Surveillance expands incrementally — AI-scaled analytics, CBDCs, KYC creep — so the architecture that preserves privacy must be built before the need fully arrives. The report maps the full stack, from L1 privacy chains through Ethereum, L2s, cross-chain FHE/MPC/TEE infrastructure, and Solana's nascent ecosystem. The path forward is selective disclosure: hide from the public, prove facts to auditors and regulators on demand.
Covered in the report
ZcashMoneroRailgunPrivacy PoolsAztecStarknetZamaFhenixNillionArciumSecret NetworkNearHeliusHush
Inside
- 01The Rise of Digital Surveillance
- 02On Crypto and Privacy
- 03L1 Privacy: Monero & Zcash
- 04Privacy on Ethereum & L2 Privacy
- 05Cross-chain Privacy at the App Layer
- 06The Solana Privacy Ecosystem