To be honest, it's 2026, and the 'TPS worship' in the public chain circle has not cooled down, which is really quite speechless.

@MidnightNetwork I woke up this morning and swept through a bunch of information, and once again various 'superstar-level' modular L2s are making announcements, easily raising tens of millions and outperforming Solana. But when I actually switched over to run some tests on the testnet, my heart sank halfway: it's still the same old rebranded EVM, and the cross-chain bridges are like half-finished products. Looking at those coins that just launched on the mainnet, their K-lines are dropping like waterfalls. This 'expansion narrative' that relies on VC hype, besides providing data for the sheep and allowing early capital to cash out, what has it really left for Web3?

Performance has long been excessive; the current deadlock is not about 'speed' but about 'daring to use it.'

1. Fully transparent ledger: The 'business suicide' of physical enterprises

Everyone keeps talking about Mass Adoption, but think from the perspective of large enterprises: Who dares to put core financial transactions, employee salaries, and supplier settlements entirely on the current Ethereum or Solana?

The current on-chain ecosystem is like 'The Truman Show'; when you transfer money, the entire network can follow the address and strip you of your underwear. This kind of 'privacy streaking' may only be a minor issue for retail investors, but for the world's top 100 companies, it means leaking trade secrets. Expecting multinational companies to willingly expose their supply chain transactions to competitors is simply a pipe dream.

So, the current Web3 is like a 'dark forest' for regular troops; as long as the privacy issue is not resolved, large funds will always just watch from the sidelines.

2. Midnight's killer move: turning privacy from 'illegal' back to 'compliant'

I've been keeping an eye on Midnight ($NIGHT) recently because their entry point is quite unique. Their concept of 'Rational Privacy' finally turns the distorted logic of Web3 around.

In the past, when privacy was mentioned, everyone thought of Monero and those shady dark web transactions, which were thorns in the eyes of regulators. But Midnight plays with 'conditional privacy.'

• Invisible to competitors: For example, if an automotive company conducts global settlements, all the transactions on the chain are encrypted nonsense (ZK) that no one can trace the flow or amounts.

• Transparent to regulators: In case the tax bureau or auditors come to check the accounts, the enterprise can throw out a 'View Key.' At that moment, the data becomes instantly transparent, legal, and compliant.

This kind of operation of 'keeping secrets during normal times and having a clear view during audits' is the ticket traditional financial institutions need to nod and enter the market.

3. Locking operational costs: This is how infrastructure should look.

There's another detail that many people don't understand about the $NIGHT token model. The most disgusting aspect of the current public chains is the unstable gas fees; when the coin price rises, the operational costs for enterprises on the chain go out of control.

Midnight has implemented a dual-coin logic: when you stake $NIGHT , it automatically generates a type of fuel called DUST (non-transferable).

This logic is very hardcore—it directly anchors the OPEX (operational costs) of enterprises. No matter how the secondary market treats $NIGHT, as long as enterprises hold the coins, the generated fuel will be sufficient. This kind of 'cost predictability' is what serious business people care about the most, not calculating transaction fees based on daily fluctuations.

4. Burst the bubble, let's talk about something practical

Of course, Midnight hasn't reached the point of 'deification' yet; there are still criticisms:

• The threshold is too high: Although the Compact language is based on TypeScript, for developers accustomed to the 'mindless code piling' of Solidity, there is still a learning curve.

• Too dry: There are no meme coins here, none of those Ponzi DeFi schemes that make you rich overnight; in this market where 'pulling strings is justice,' it feels very desolate.

But personally, I believe that instead of getting caught up in those rebranded L2 projects chasing tokens and eventually getting into VC deals, it's better to spend more energy focusing on those 'dirty work' projects within the Midnight ecosystem—like those working on enterprise-level DID or confidential oracles.

The real dividends never come from who has the fastest TPS, but from who can make hundreds of trillions of hot money in the real world run on-chain both safely and compliantly. When those financial giants start quietly using Midnight for transactions, the good days for those old air chains that relied on 'issuing points' to survive will be over.#night