How should we understand these coins? On one hand, there's a need for privacy protection, and on the other hand, there's the necessity to trade on CEX, which feels a bit convoluted.

As a representative of privacy coins, ZEC has been swinging between these two forces. Its anonymity features are strong, but it also faces considerable pressure when listed on centralized exchanges. New projects like ASTER and HYPE, on the other hand, attempt to find a balance between decentralization and liquidity—ensuring users' privacy demands while also catering to the compliance requirements of mainstream exchanges.

Behind seemingly simple trading pairs lies a game between privacy mechanisms, exchange policies, and market liquidity. This is also why the price fluctuations of these coins are often so severe— the market is constantly digesting these contradictions.