Mina Protocol price

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If the ZK narrative explodes completely, it will at least ignite three fires: Privacy → Scaling → General 1) ZK-Privacy, which achieves transaction anonymity through ZK, has the core logic of hiding information such as sender, receiver, and amount in transaction details. There will be strong demand in the future for KYC compliance enhancement, AI large model training data protection, and more. The recent surge of @Zcash is attributed to the interest from institutions like @Grayscale in private placements and the endorsement from Naval Ravikant @naval, who views $ZEC as insurance for Bitcoin. Moreover, Zcash's optional privacy feature meets compliance requirements; Key targets to watch: $ZEC $XMR $DASH $XVG $ARRR 2) ZK-Scaling mainly achieves high throughput and low gas fee transactions on layer 2 based on ZK-Rollups. The hype around ZK in both recent market cycles stems from its endgame applications in layer 2 scenarios. However, the problem is that there are already enough general layer 2 infrastructures, and whether the application ecosystem can keep up is a big question. Thus, Starknet, which is somewhat related to Zcash, has enjoyed a wave of growth. StarkWare's founder Eli Ben-Sasson is a core member of the Zcash team. It remains unclear whether, after the privacy hype subsides, it will become the second wave of ZK's main surge; Key targets to watch: $STRK $ZK $LRC $IMX 3) ZK-General supports the generalization of ZK technology, embedding ZK technology in vertical scenarios such as cross-chain bridges, privatized smart contracts, identity verification, and AI inference. The goal is to compress the cost of ZK technology and achieve large-scale commercialization of ZK applications. There are many similar projects in the market, including Mina, Aleo, and the latest @boundless_xyz and @SuccinctLabs. To be honest, the generalization of ZK technology should have been the first wave of the recent ZK explosion, leading into the scaling and privacy tracks. However, it seems that the situation has completely reversed, indicating that institutional and policy-driven factors are much more influential than pure narrative impact; Key targets to watch: $ZKC $PROVE $MINA $ALEO $AZTEC $VFY $IRON As for @RAILGUN_Project $RAIL and @HorizenLabs $ZEN, they theoretically belong to hybrid ZK projects (scaling + privacy), and their key direction is in the realm of ZK applications, theoretically parallel to the main line of ZK infrastructure. Railgun aims to build a privacy layer on chains like Ethereum, implementing privacy solutions through DApp application protocols; while Horizen is a platform supporting the development of privacy DApps, aiming to realize "ZK as a service" on a large scale at the application layer. The reason they can rise in sync with the privacy direction of Zcash this time is mainly due to the actual TVL and data support in ZK technology applications. Additionally, their small market cap and low recognition may also play a role...

Pacifica Research @pacifica_fi is a Solana-based perpetual (Perp) DEX that launched its mainnet in June 2025, aiming for low response latency (approximately 20ms based on public data) by combining off-chain Central Limit Order Book (CLOB) matching with on-chain settlement structures. The service offers basic order types such as market, limit, and stop, as well as time-in-force options like GTC, IOC, and post-only, utilizing external oracles such as @PythNetwork and Switchboard for price determination. Margin support includes both cross and isolated modes, with liquidation processed in a partial to full manner when maintenance margin is breached. Funding is calculated on an hourly basis with upper and lower limits. Supported markets include major assets like BTC, ETH, SOL, and some altcoins and meme coins. In terms of trading metrics, according to public aggregates, the cumulative trading volume since launch has been reported to exceed $10 billion, with daily trading volumes observed in the range of approximately $440 million to $1.75 billion during the September to October 2025 period. During the same period, Solana's perp trading volume market share was estimated to be around 51% to 54%, while the open interest (OI) share was about 14.68%, indicating a relatively low proportion of capital staying compared to trading. The total value locked (TVL) and collateral funds were reported to be around $35.7 million, with the cumulative number of active wallets at approximately 15,000 and weekly active users around 8,900. However, these figures may have been influenced by beta operations, deposit limits, fee promotions, and point reward programs. The incentive design is centered around weekly point distribution (500,000 points per week), with trading volume, order contribution (e.g., limit order provision), and referral activities weighted accordingly. According to their own announcement, there are rules for point deductions or retroactive reductions for self-trading, attempts at wash trading, and risk-free volume expansion. Estimates of external OTC prices for points or expectations regarding future token issuance are based on community estimates, and the official token issuance schedule and specific allocations remain uncertain until confirmed announcements. Technical differentiators include short matching delays, real-time data feeds, hourly funding, volatility-based position sizing, and plans to introduce AI-assisted features such as stop-loss aids. These features may benefit high-frequency, arbitrage, and systematic strategy users; however, the actual execution quality (slippage, fill rates) and system stability may vary depending on market congestion, oracle fluctuations, and network conditions. Regarding security and audits, the nature of the beta phase may limit the scope of verification under code and infrastructure stress situations, and the status of insurance fund management and risk management indicators may vary by platform. In the competitive landscape, Pacifica is compared to other perp DEXs on Solana (e.g., Jupiter Perps, Drift) in terms of trading volume, market count, and liquidity. Reported figures indicate that while Pacifica has a high short-term trading market share, its OI and TVL are relatively small, suggesting a significant proportion of short-term rotation trading. This trend has been observed to strengthen during periods of point-based incentive activation and fee reduction, and the retention rates and capital staying trends after incentive adjustments require further observation. From a regulatory perspective, the nature of derivatives means that changes in policies by regulatory authorities can impact service design or accessibility. Regarding team composition and funding structure, there is a description that centers on "self-funding," but final information on external investments, equity structure, and token economics is typically confirmed through official documents at the time of token issuance and disclosure. In summary, Pacifica features a matching structure aimed at low response latency and AI-assisted trading tools, recording a significant share of Solana's perp trading volume during specific periods. At the same time, factors such as low OI share, the influence of beta phase incentives, liquidity dispersion, and the level of audit and risk management disclosures appear to be elements to consider in future performance interpretations. Key observation items for future evaluations include the ongoing disclosure of execution quality metrics, the correlation of OI and TVL with trading volume, active and revisit rates after incentive reductions, transparency of audit and insurance systems, and potential adjustments to service scope due to changes in the regulatory environment.