It’s raining today and I’m stuck on the road, and that cup of coffee in my hand has definitely gone cold… Suddenly it just made me think about on-chain privacy: don’t fantasize about “complete invisibility.” Put plainly, on-chain is basically an invoice book—your address may not list your name, but the traces are pretty honest. Compliance isn’t some terrifying flood of a monster either; it’s more like traffic lights. You can take a detour, but don’t expect that no one will ever check.

Recently, the whole “yield stacking” approach from re-pledging and shared security has been criticized as “matryoshka dolls”—and I think it’s normal. The sweeter the returns look, the more it feels like walking through the night under neon lights: sure, it’s bright—but there are plenty of pits. I think ordinary users only have two expectations: privacy can only make it “harder to make sense of,” not “make it disappear.” Chasing profits can be driven by emotion, but don’t lay out your entire fund flow in a single basket—if the winds shift one day, it’ll be too late to think about washing it back. Anyway, if I can diversify now, I’ll diversify; if I can leave fewer traces, I’ll leave fewer traces. That way I can feel more at ease.