Fully Homomorphic Encryption might be one of those breakthrough moments for on-chain privacy that people underestimate. $ZAMA's building something rare here - a research-heavy infrastructure that treats cryptography as a first-class problem, not an afterthought.

FHE lets you compute on encrypted data without ever decrypting it. Sounds abstract until you realize what that unlocks: private DeFi, confidential smart contracts, actual data sovereignty. The tech's been theoretical for years, but now there's an ecosystem forming around making it production-ready.

For builders who care about the philosophical endgame of crypto - not just yields - this is the kind of foundational work that matters.