Someone asked me, what should we really expect from on-chain privacy? My current understanding is quite simple: don't expect "complete anonymity," more like "exposing a little less." Wallet addresses and interaction records are all there; if someone really wants to trace, on-chain leaves more traces than you think... Compliance isn't necessarily about doing something wrong and being caught; sometimes it's just platform risk control, routing, or deposit and withdrawal steps that get temporarily blocked.

Recently, new L1/L2s are offering incentives to attract TVL, and veteran users complain about "mining, arbitrage, and selling." I can understand that too; liquidity comes quickly and leaves just as fast. In such times, I tend to avoid privacy tools or interactions with a strong mixing flavor, to prevent addresses from being flagged later and making on-chain small transactions less smooth. To put it simply, the expectations of ordinary users are twofold: don't treat privacy as a shield, and don't see compliance as an enemy. Minimize leaving fingerprints where possible, but don't do things you can't explain even to yourself.