When you're managing $4.2 billion in shielded value, the infrastructure underneath matters—a lot. Railgun has essentially bet the farm on one indexing solution because privacy pools aren't forgiving. Miss a single transaction? The whole verification chain breaks. It's not paranoia; it's architecture.

The Graph, Covalent, standard RPC endpoints—all hit walls when it came to meeting Railgun's precision standards. They're fine for most blockchain work, but privacy-grade indexing is a different beast. You need data accuracy that doesn't just pass; it needs to survive being scrutinized at a cryptographic level.

Right now, there's really one infrastructure player that's been stress-tested for this use case. At a $90 million market cap, it's tiny compared to the capital it secures. Whether that's a bottleneck or a moat depends on how privacy protocols scale in the next cycle.