Privasea is the second TGE project on the FHE (Fully Homomorphic Encryption) track, and Ticker is PRAI. Although missing the opportunity window for the first TGE on the FHE track and the golden tick of FHE, being able to seize this rebound in the 25Q2 and exit is already very spiritual for a team mainly composed of encryption technology geeks. FHE and ZK as the Crown of Encryption Technologies 👑 The two pearls on top, in the previous primary market To Vitalik cycle, were VC's favorites. Privasea and Mind Network, the first TGE, have both received investments from top VC firms. Privasea is even more impressive and has received endorsement from ZAMA, a leader in the FHE field. After completing a Series A funding round valued at $180 million in January 25, Privasea has become a dual narrative, with PoH (Proof of Human) on one end and FHE machine learning and AI agent trusted verification on the other. In the dual narrative, PoH has entered the productization stage and has applied ImHuman. I personally feel that the current secondary market underestimates the value and growth potential of the PoH business model. Last weekend, there was an internal group investment research week to check the status of Ethereum Blob. WorldCoin, the leader in the PoH segment, submitted status data that ranked second only to Base. And FHE machine learning and AI agent trusted verification will be carried by the DeepSea mainnet, supporting deep learning inference on encrypted data by combining FHE and machine learning. At present, the DeepSea mainnet has not been deployed. But in the context of Binance Alpha restructuring the exit order of the cryptocurrency market, it is no longer necessary for Privasea to deploy the DeepSea mainnet and then use points to lure wool studios to create a wave of data manipulation and false prosperity before TGE. Finally, let's discuss our views on the fair value of Privasea after its open trading. Taking into account factors such as narrative, team, investment and financing, business data, and market environment, our FDV should be in the range of 1-1.5 times the Mind Network. above.