Helius on Privacy’s Next Wave: Zcash, Solana, & Future of Onchain Markets | Fully Diluted with Messari Research

Oct 23, 2025

Join Mert Mumtaz, Co-founder and CEO of Helius, as he explores the future of crypto privacy. With insights into Zcash's revival and Solana's DeFi growth, Mert elaborates on why privacy is essential for the industry. He discusses advancements in ZK proofs and the regulatory landscape. Expect an intriguing debate on how builders can navigate legal risks, the importance of user experience in privacy apps, and predictions for the future of key crypto tokens. Dive into the battle between innovation and regulation in the evolving world of on-chain markets!

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INSIGHT

Privacy Rally Fueled By UX And Attention

Zcash's rally combined better UX, cross-chain bridges, and renewed attention to privacy.
Social signals and tooling can rapidly change market interest in undervalued privacy assets.

INSIGHT

Privacy Is About Information Leakage

The atomic unit of privacy is information leakage, not just obfuscation tricks.
Privacy design must minimize metadata leaks across wallets, RPCs, and DEXs to be effective.

ADVICE

Make Privacy The Default Choice

Builders should design privacy choices into wallets and apps, not bolt them on later.
Prioritize UX so average users can actually opt into privacy without technical friction.

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In this episode of Fully Diluted, Messari’s Dylan Bane and the Messari Research team sit down with Mert Mumtaz, Co-founder and CEO of Helius, to unpack the evolving privacy landscape in crypto. They dive deep into Zcash’s resurgence, Solana’s growing DeFi ecosystem, and the regulatory and technical hurdles shaping the next generation of privacy-preserving systems.

Mert discusses why privacy is fundamental to crypto’s future, how advancements in ZK proofs, FHE, and MPC are transforming usability, and why regulation may finally be catching up to innovation. The group also explores Solana’s momentum in trading infrastructure, perps, and DeFi market structure—and what it means for a truly decentralized financial internet.

00:41 – Introductions

03:54 – Why Privacy Matters

05:15 – Privacy Apps

11:58 – Zcash & Privacy Tech

17:58 – Zcash Updates

29:03 – Solana & Privacy

41:01 – Future & Learning

42:55 – Conclusion

Hosted by Dylan Bane of Messari

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This episode and its contents do not necessarily reflect the opinions of Messari, Inc. Hosts and guests may hold cryptocurrencies discussed in this content. This content is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research, and consult an independent financial, tax, or legal advisor before making any investment decisions. Nothing contained in this content is a recommendation or suggestion, directly or indirectly, to buy, sell, make, or hold any investment, loan, commodity, or security, or to undertake any investment or trading strategy with respect to any investment, loan, commodity, security, or any issuer. This content should not be construed as an offer to sell or the solicitation of an offer to buy any security or commodity. Messari does not guarantee the sequence, accuracy, completeness, or timeliness of any information provided in this content.