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Recently, while reviewing the data of the oracle track, I discovered a very confusing phenomenon:

There is an extreme misalignment between asset prices and product performance.

I am not sure if the market has not reacted yet, or if it is still using old valuation logic in this track. The current market value ladder is as follows:

- Chainlink LINK market value 9.5 billion / FDV 13.7 billion

- Pyth PYTH market value 370 million / FDV 650 million

- Switchboard $SWTCH market value 6.4 million / FDV 37.5 million

The market value of Switchboard is even less than 2% of Pyth's.

Usually, such a valuation gap indicates a comprehensive lag in technology or ecology, but after breaking down the actual business data, the situation is just the opposite.

1/ About the actual tests of delay and block rate

In DeFi, especially on high-frequency chains like Solana, speed is not just about experience; it is the basis of risk control.

- Pyth has an on-chain delay of about 1.8 seconds, with about a 30% probability of not being able to get on-chain in a timely manner without paying priority fees.

- Switchboard has a delay of only 3-4 milliseconds, thanks to the TEE architecture and Surge model, and even without paying priority fees, there is a 95% probability of completing the block in the next slot.

2/ Differences in architectural models

Most oracles on the market, including Chainlink and Pyth, still rely on consensus propagation or a permission-based approach, which limits scalability to some extent.

Switchboard follows the TEE, or Trusted Execution Environment route, which makes it the only millisecond-level oracle that can achieve "permissionless" operation.

Its newly launched on-chain subscription model allows anyone to directly pay for subscription data streams using tokens, without sales intervention or API approval.

This is the form that Web3 infrastructure should inherently possess.

3/ Business capacity

Although its market value is only over 6 million, it has already covered leading protocols such as Jito, Drift, and Kamino, protecting over 5 billion dollars of on-chain value.

/

On one side is a mainstream asset with a market value of 370 million but a delay of 1.8 seconds, and on the other side is a technical asset with a market value of 6.4 million but a delay of only 3 milliseconds.

This inversion of fundamentals and market value is very rare.

This may indicate that the pricing power in the oracle track is still in the hands of brand inertia rather than technology and efficiency.

However, if the market eventually returns to rationality, this asymmetry itself is worth paying attention to.

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Let's talk about the recent hot FHE track. I also started to seriously study this direction only after Zama became popular.

I found that it's really more than just "privacy". In the past, on-chain privacy solutions basically had three paths: coin mixing (high compliance pressure), ZK (can prove but can't count), and off-chain computation (trust issues). FHE achieves true "computing on encrypted data", where the data does not need to be decrypted, remains confidential throughout, and the results can be verified—this is indeed the pinnacle of cryptography, and in scenarios like AI Agents that need to handle sensitive data, it is simply a necessity.

During my research, besides Zama, I also discovered the Mind Network project. Interestingly, its code is $FHE, and its ambitions are clear. More importantly, Zama is actually one of its investors. This indicates two things: first, Zama is actively building an ecosystem, and second, it recognizes the path Mind is taking for application implementation.

In my view, these two projects are not in competition but are excellent complements:

· Zama is more like Intel, focusing on tackling the core issues of underlying computational efficiency and security.
· Mind Network is more like AWS or Apple, focusing on solving "who exactly can FHE serve" and turning it into truly usable products and services.

Especially in the AI Agent track, this difference will be dramatically amplified. Recently, $FHE has shown strong performance, frequently collaborating with Chainlink, Pippin, and others. It is more like one of the earliest teams in the FHE track to seriously consider the "application + token economic model".

My judgment is: it may not have succeeded yet, but it is on a path that is more likely to realize value than a "purely technical narrative". The success or failure of such targets does not depend on a single candlestick but on who can best meet real-world demands if FHE truly explodes.

I will continue to monitor its on-chain data and ecological progress. This direction is worth your time to study in depth.

DYOR.
#FHE

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Moutai has first fallen below the guide price, essentially reflecting the liquidity depletion of 'Old Deng Culture'

The moat of baijiu is built on power at the dining table and compliance testing, which makes young people feel physiological disgust

Assets that young people are not taking over are essentially an unsustainable Ponzi scheme

Choosing a track is the same; avoid tracks crowded with Old Deng, as their time is running out

$BNB

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