Looking back at 2025, the crypto market painted a selective picture. Privacy tokens surged dramatically—up 256%—while exchange tokens managed modest gains of 21.3%. The rest faced headwinds. What's the takeaway? Privacy isn't just another narrative. Industry observers flagged it as potentially the strongest competitive advantage in crypto's future. The reason is straightforward: blockspace itself has become a commodity. When you strip away the layers, fees, transactions per second, and overall throughput are increasingly interchangeable across chains. In that landscape, what separates winners from the pack? Differentiation. And privacy—genuine, cryptographic privacy—might just be the moat that sticks.