What are Miden's advantages in the privacy track?

The privacy track is quite lively right now, with Aztec, Aleo, and Fhenix all competing. Miden is a latecomer—what gives it the edge? I think it has several cards up its sleeve:

1️⃣ Differentiated Technical Approach

> Aleo is an L1, with limited throughput, and although snarkVM is fast, it requires trusted setup.

> Aztec is a modified UTXO account model, with some compromises on compatibility.

> Fhenix uses FHE fully homomorphic encryption, theoretically excellent but with high computational costs and limited practical scenarios.

➢➢ Miden uses STARK + client proofs, resistant to quantum attacks, no trusted setup, low cost, and naturally parallelizable—this route is more stable in the long run.

2️⃣ Funding and Background

$25M, though less than Aleo's $298M and Aztec's $171M, is backed by high-quality investors—a16z, 1kx are top-tier crypto VCs, plus support from the Polygon ecosystem.

➢➢ The amount isn't the largest, but it's sufficient. The key is that strategic resources are in place.

3️⃣ Developer Experience

> Smart contracts are written in Rust, a mainstream language, easy to learn.

> Aleo's Leo and Aztec's Noir are new languages with steep learning curves.

> WASM clients can run in browsers; Para SDK offers email login—these are practical ways to lower barriers.

Over 100,000 users on the testnet show that developers and early users are on board.

4️⃣ Compliance Narrative

Zcash and Monero are heavily regulated due to absolute anonymity, leading to delisting from exchanges.

➢➢ Miden's optional privacy + auditability can demonstrate compliance to regulators without forcing full disclosure—this balance is well struck, making it attractive for institutions. 💼

2026 for Miden

gMiden 🟠