Recently, if you have been paying attention to the narrative trends in the US crypto market, you will find that the "privacy" sector is quietly warming up. Whether it is due to changes in regulatory expectations brought about by the election cycle or the market's renewed focus on compliant privacy solutions, Private DeFi is likely to become one of the key themes to track in the second half of the year. In this context, $ZEN is a target worth exploring. @horizenglobal is one of the earliest teams working on zero-knowledge proofs, having started exploring privacy chains as early as 2017. Although the discussion around it has not been high in recent years, they have recently officially migrated $ZEN to Base, clearly aiming to re-enter the mainstream spotlight. Base is currently the most active L2, with daily users exceeding one million. The liquidity of $ZEN has been deployed on @AerodromeFi and @Uniswap, and it will promote the implementation of compliant Private DeFi through the thrive protocol, with an initial investment of 1 million $ZEN for ecosystem incentives. Several key points worth mentioning: - Coinbase, Binance, and Grayscale have all supported $ZEN, making it one of the few privacy projects endorsed by all three major institutions; - The current FDV is about 10 million USD, compared to the previous peak of $37, and the current price is around $8.5, indicating a significant expectation gap; - If Base subsequently integrates the privacy narrative, $ZEN is one of the few projects that can connect OG technical background with a compliant narrative. Currently, market attention is still in the early stages, which may be a position worth researching in advance.