$121.3M TVS in Zama’s January auction, RAILGUN’s $4.5B cumulative volume, and Zcash shielded supply going from 11% to 30% in a year tell you the math is no longer the blocker. FHE by itself still leaves the transaction graph naked, so unless Kohaku-style wallet routing and 0xbow/RAILGUN compliance rails become default, size still gets inferred by anyone watching timing, counterparties, and flow. The bullish part is GSR already pushed a confidential OTC trade through Zama in March; once institutions can hide notional without opting out of auditability, onchain block trading stops being a public tell and starts competing with dark pools.

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