In the current market environment, it is hard to imagine that the fully diluted valuation of an L1 privacy public chain would remain below $300,000 for the long term. These types of projects will eventually face a round of aggressive revaluation—whether due to technological breakthroughs, increased adoption, or the market re-evaluating their value—rebounds are usually quite significant.

NULLA's design philosophy is worth noting. The project decomposes the entire system into three layers, each with clear and deliberately set responsibilities. The core advantage of this architectural design lies in scalability—through separation of duties, the system can optimize transaction processing, validation, and privacy protection in parallel, avoiding performance bottlenecks caused by overloading a single layer with too many functions. This modular approach seems to have become one of the key indicators distinguishing project tiers in the increasingly competitive Layer1 space.