These days, I’ve seen new chains launch incentives to boost TVL again, with old users rushing in while complaining "mining and selling," the plot is so familiar it’s almost cliché… I’m actually thinking about the line between privacy and compliance, what ordinary people should really expect. To put it simply, on-chain isn’t your little notebook; many "anonymous" accounts are more like temporarily unlinked identities; when they really need to investigate, the transaction paths and deposit/withdrawal steps are quite difficult to fake convincingly.

Right now, I’m mostly waiting for confirmation: waiting for projects to clarify their statements, waiting for regulatory boundaries to become clearer, and also waiting for myself to figure out whether I want privacy or a sense of security. Anyway, I don’t really believe in "full privacy, full compliance, and zero friction" at the same time; what can be done is probably to leave fewer unnecessary traces and not send yourself into the next episode of a drama just for a few days of incentives. That’s all for now.