I’ve spent some time this night comparing ethereum:0x4e67db19044549ff420860834c91b45bad298722 and solana:HuAXPyDWDaMYFKuwQHpqL1oPnj93zdzWmtvFGzCeCUa7 because I think both are interesting privacy plays. And I think the easiest mistake is assuming they’re trying to build the same thing. They’re not. Zipcoin is genuinely interesting. For ZC, they run their own deployment of 0xbow’s Privacy Pools contracts. For ETH, DAI, USDC and USDT, they integrate 0xbow’s existing pools. Their own docs basically describe Zipcoin as the front door/processooor for those pools. You deposit → receive a private note → later spend or withdraw it without revealing which original deposit it came from. That’s useful privacy infrastructure. But Nullmask is trying to go considerably further. The $MASK thesis isn’t simply: deposit → hide the link → withdraw. It’s: your existing wallet → shield → hold privately → transfer privately → swap privately → continue operating privately → exit when you actually want. That difference matters. Nullmask is essentially trying to make privacy a persistent environment rather than a single privacy action. And IMO the potential gap becomes even bigger when you look at where the roadmap is going. > Multichain architecture instead of being centered around Ethereum Mainnet (Robinhood, BNB Chain, Base, MegaETH…) > Existing EVM wallet remains the interface > Native ETH + ERC20 shielded environment > Private transfers where sender, recipient and amount are hidden on-chain > Private swaps inside the shielded environment > Solana support planned > Private perps planned > Native ZEC shield/unshield planned > Hardware wallet support And most importantly: They already shipped the core product. In the first 3 days alone, Nullmask processed roughly $5.2M in protocol volume and generated ~$25.9K in fees. Day 1: ~$1.1M Day 2: ~$1.6M Day 3: ~$2.45M So my bull case for $MASK isn’t that Zipcoin is bad. Quite the opposite. More teams building privacy validates the category. My bull case is that Nullmask is attacking a MUCH larger surface area. $ZC is building interesting applications around private money and Privacy Pools. $MASK is trying to turn your existing crypto wallet into a multichain private financial environment. Hold privately. Transfer privately. Swap privately. Eventually trade perps privately. Move across ecosystems. Interact directly with ZEC. And only expose yourself to the public layer when you actually choose to. Obviously, Solana, perps, ZEC integration and the rest of the roadmap still need to be shipped. But if Nullmask executes? Then I don’t think its endgame is simply becoming a better privacy pool. The endgame is becoming a privacy layer people can actually live inside. That’s a much bigger thesis. And that’s why, between the two, I still see significantly more upside potential in $MASK.

The solana:HuAXPyDWDaMYFKuwQHpqL1oPnj93zdzWmtvFGzCeCUa7 vs $RAIL comparison is getting VERY interesting. RAILGUN ~$185M MC / ~$185M FDV ~$11.4K revenue in the last 24h Nullmask Day 2 since product launch Already ~$91K revenue today and climbing RAILGUN is a mature privacy protocol with years of adoption behind it. Nullmask literally launched its product yesterday. And this is before the broader Nullmask multichain rollout. I’m not saying they should have the same valuation today. I’m saying the valuation gap vs. the early revenue being generated is exactly what I’m watching. If $MASK keeps scaling protocol volume and starts consistently approaching or surpassing RAILGUN’s daily revenue while trading at a fraction of RAIL’s valuation, the comparison becomes very hard to ignore. Working privacy product. Real usage. Real revenue. Day 2. $MASK