on October 23rd, Kyle Samani, a partner at Multicoin Capital, wrote an article on X, joining the recent hot discussion in the crypto community about privacy. He stated that assets are more important than privacy, and for 99% of people, the risks of volatility far outweigh the benefits of privacy. There are three main methods for achieving on-chain privacy: Trusted Execution Environment (TEE), Zero-Knowledge Proofs (ZKP), and Fully Homomorphic Encryption (FHE). When considering which method is optimal, three variables are very important: A, permissionless; B, able to execute any DeFi; C, scalability of algorithm + chip. However, TEE does not work in a non-permissioned environment, and ZKP fails in point B. He used the recent surge in the privacy project Zcash as an example, stating that when you submit an anonymous Zcash transaction, this transaction cannot actually be viewed or interacted with any other person's assets, making it impossible to engage in DeFi. FHE allows for computation on encrypted data, making privacy DeFi using FHE structures simple. Therefore, he expressed that he is more bullish on FHE.