#ZK技术与扩展方案 After watching the AMA with the Lighter founder, several signals are worth noting.

First is the **Data Science Details of the Witch Detection**—they used clustering detection algorithms, with the quantitative team spending weeks optimizing, which indicates the seriousness of their scoring system. The detail that the number of appeals is lower than expected is interesting, possibly implying that most fake engagement accounts are aware of this and dare not appeal. For genuine traders who are mistakenly flagged, at least there are relief channels available.

Second is the **Practical Application of ZK Technology**—it's not just hype; core trading logic such as order execution and settlement prices can be verified. They have open-sourced the ZK circuit code, which is more convincing than mere verbal promises. In the future, when native tokens are used as collateral, the entire process will be fully transparent on-chain, which is crucial for institutional entry.

Third is the **Framework for Revenue and Token Value Accumulation**—specific parameters haven't been disclosed yet, but the logic is clear: monetizing through multiple product lines (perpetuals, spot, tokenized stocks, fixed income), allowing value to converge into the token. This is similar to traditional finance where all participants hold shares, but this time on-chain, transparent, and composable.

Finally, the **Deepening Understanding of ZK and DeFi by Government Agencies**—this is the most easily overlooked but most critical signal. Regulation is shifting from "all scams" to "regulated methods," and the US market opening may be closer than expected. The anticipated Robinhood partnership and fixed income product plans are all waiting for regulatory windows to open.

The key now is to observe the token flow data after TGE—whether participants are holding or dumping, on-chain fund flows will clearly indicate market confidence.