What are Miden's cards in the privacy track?

The privacy track is quite lively now, with Aztec, Aleo, and Fhenix all competing. @0xMiden is considered a latecomer, so what gives it an edge? I think it has several advantages:

1️⃣ Differentiated Technical Approach

> Aleo is 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 employs STARK + client proofs, resistant to quantum attacks, no trusted setup, low cost, and naturally parallelizable. This approach 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 crypto VCs, plus support from the Polygon ecosystem.

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

3️⃣ Developer Experience

> Writing smart contracts in Rust, a mainstream language, is quick 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 the barrier to entry.

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

4️⃣ Compliance Narrative

Zcash and Monero are under regulatory pressure due to absolute anonymity, leading to delisting from exchanges.

➢➢Miden's optional privacy + auditability can demonstrate compliance to regulators without mandatory public disclosure. This balance is well struck, making it attractive for institutions. 💼

2026 for Miden

gMiden 🟠