ARK v1 has a high liquidity requirement: the ASP has to allocate 1 month of payment volume in liquidity. This means that to reach Visa, the ASP needs ~1T$. When the liquidity requirement is so high, there can only be a few companies that are ASP (and the state can rug them)

ARK V2 improves on the liquidity requirement, at the cost of higher complexity.

This complexity means that it's hard for the client to verify the transactions, which in turn asks for ZK magic which makes it even more complex.

Ecash works on the edges.

Incredible privacy means that the mint can just do 2 things: rug no one, or rug everyone.

Also, multi path payments makes it viable to de-risk yourself by using thousands of mints.

One rugs you? too bad, that's equivalent to 0.1% inflation

Unless someone finds a breakthrough in Lighting or other L2s, we'll probably go towards a word with 1M sovereign mints, all connected through lightning, settling between each other onchain when needed.

Perfect? Nope, but possibly good enough