Don't trust the institutions that boast nonsense; public chains need to let people 'dress appropriately' for business.
Brothers, I've been watching various research reports lately that keep boasting about 'old money entering the market' and 'Web3 breaking boundaries,' and it's making me feel drowsy. To put it simply, as long as the current public chain is still a completely naked glass house, serious real-world enterprises simply do not dare to move their core business onto it.
Imagine a multinational company using a traditional public chain for settlement; a competitor can easily write a crawler and, in the middle of the night, figure out who you are sourcing from, the flow of funds, and how low your prices are, leaving you with nothing but your underwear. The business world is cruel; if all your cards are laid bare for others to see, how can you continue to do business?
So, when I was analyzing Midnight Network recently, I was actually looking for a solution to break the deadlock. Let's look at the evidence: in real business, confidential data and a sense of boundaries are the lifeblood of enterprises. What Midnight is really doing is adding a controllable 'filter' to on-chain data using cryptography. For example, if you need to validate funds with a partner, the system can directly generate a compliant proof certificate. The other party can confirm that your funding meets the standards 100%, but they absolutely cannot see your total asset balance or the detailed underlying accounts.
Based on this underlying logic, I tend to believe that Midnight has indeed grasped the real deadlock that real businesses want to go on-chain: it requires the immutability of blockchain while relying on the privacy and dignity of traditional business. If this can succeed, then as the underlying fuel and moat of the entire network, $NIGHT's value capture will not be just speculative hype that jumps with emotions, but real, sticky commercial settlement friction costs.
Of course, as always, safety first before going up the ladder. I'm not sure if traditional enterprises will actually buy in on a large scale, **but how will I verify this?** When its mainnet truly runs, I won't be looking at the artificially inflated TVL; I'll be watching to see if there are real business confidentiality needs and compliance thresholds for RWA or enterprise-level applications running on it. If there are real, sustainable business flows, then $NIGHT will be the real underlying ticket to capture this wave of value migration.
