The early narrative of "absolute decentralization and complete anonymity" in blockchain is increasingly unable to support the scene. When real assets are on-chain, institutional large-scale participation occurs, and DeFi truly needs to land, simply pursuing privacy is not enough—you also need to enable audits and regulatory oversight. This has become the watershed for whether projects can survive today.

Some projects still follow the approach of "first achieve complete privacy, and address compliance issues later," but this often leads to awkward situations. In contrast, more mature practices involve integrating privacy and compliance from day one of protocol design. This is not about weakening privacy but using mechanisms like verifiable privacy to protect sensitive information while maintaining channels for regulatory audits. It may sound contradictory, but this approach aligns with traditional financial systems—ensuring security while maintaining transparency.

The ecosystem aspect is also quite interesting. Many projects boost popularity through subsidies, attracting community members to come in, make quick profits, and then leave. Others take a different route: using mechanisms like creative incentives and content support to attract the community to conduct in-depth research and rational discussion. Growth may be slow, but the community quality is higher, and the project's value is less dependent on token price fluctuations and market sentiment, instead tied to real ecosystem progress. This greatly benefits the project's long-term stability.

As the industry shifts from hype to application, these seemingly "less aggressive" choices often allow projects to survive until the end.