This is the third time I've seen someone treat "on-chain privacy" as an invisibility cloak... Frankly, on-chain is inherently a public ledger, and what can be hidden is just making the path more convoluted. The compliance line isn't something a single tool can cross with one click; if someone really wants to investigate, the traces like exchange deposits and withdrawals, common address linkages, time and amount patterns are quite hard to clean up.

My current expectations for privacy are quite simple: prevent random onlookers, prevent opponents from monitoring my liquidation lines (perpetual traders know this), but I don't expect to be "invisible to regulators." Recently, the stacking of staking/sharing security yields has been criticized as "pyramid schemes," which also reminds me of one thing: the more layers of packaging, the more you should assume that penetrating tracking will come layer by layer. Anyway, I’d rather earn less, keep the path simple, and feel more at ease.