There's a new token standard proposed for Ethereum - one that's private by default (pERC20). Your balance, who you pay, how much you send, all hidden from the start. It is similar to $ZEC's Orchard model = using ZK proofs, encrypted notes, and UTXO-style accounting The tradeoff is clear → ERC20 became the foundation of DeFi because protocols rely on shared visibility around balances, allowances, and ownership. pERC20 exchanges transparency for stronger privacy guarantees → tokens are natively private from issuance What remains to be seen is whether DeFi remains as composable when that visibility disappears.