High-performance blockspace is now a commodity. a16z crypto General Partner Ali Yahya explains why privacy is the only remaining moat for Layer 1 blockchains — and why private state is much harder to migrate between chains than most builders realize.

Yahya walks through the three technical approaches to privacy (centralized sequencer, trusted execution environments, and zero-knowledge cryptography), their security trade-offs, what privacy chains mean for DeFi composability, and how you track hackers in a world where transactions are shielded.

This clip is from a longer conversation on privacy, AI agents, and a16z’s $2.2B crypto fund thesis. Full episode here: https://youtube.com/live/JWWDqbcQoXA

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