Recently, I've seen new L1/L2 projects boosting incentives to increase TVL again. Old users complain "mining, selling" while still rushing in; after all, someone will always farm the rewards. By the way, about on-chain privacy: ordinary users should not expect "complete anonymity." It's more like "others don't want to check, so they don't bother." Once deposits and withdrawals go through compliant channels, the traces on the chain can be pieced together quite clearly.

My current expectation is: use some privacy tools for small daily transactions, don't treat addresses like ID cards and post them everywhere—expose as little as possible; but don't take it as a talisman. If there's a compliance review, you'll understand when you spend a long time browsing pages, retry a few times, or get stuck in queues... When the system wants to block you, there's not much you can do. Bluster aside, when risk control comes, you still have to accept it. Don't pretend to be a hero with your positions.