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...