It's encouraging to see products like Qash taking shape in the Miden ecosystem. They're tackling something real—a B2B neobank that doesn't force you to choose between functionality and privacy. That's the kind of differentiation that matters.

The interesting part? They're not chasing hype in oversaturated markets. Instead, they're targeting regions where privacy-first financial infrastructure is actually critical infrastructure, not just a nice-to-have feature. That's a more sustainable approach than most.

The ecosystem plays matter here. When you've got strong foundational layers like Miden supporting builders with genuine use cases, you get products designed around actual problems rather than token mechanics.