the real test comes when the may 2026 upgrade hits and efinity goes live with the privacy stack in place
2021 we were riding the 2x wave from coinbase listings and that 100m fund but coordination delays stretched everything into summer and fall
now with ethereum privacy the core focus and l2s like aztec or manta garbled circuits handling confidential txs at scale i think we see the volume unlock faster than the old timeline
enj fee revenue staying solid for ngts is the proof that the foundation was already there just waiting for this upgrade to drop
i was here in 2021 when enj coins dropped on 2x and it felt like the perfect test run for real privacy plus payments volume
but access layers hiding behind l2 coordination delays still stretch timelines into summer or fall instead
need ironclad testing before any meaningful privacy meets ethereum