Recently, I’ve also seen people lump together RWA and that “setup pegged to US Treasury yields” with various on-chain “yield products” and compare them. To be blunt, what I care about more is this: you think you’re private on the chain, but in reality, address profiling plus a chain of deposit-and-withdrawal paths can be stitched together—so if legitimate, compliance-oriented tracing is needed, it’s not hard at all. Ordinary users shouldn’t entertain fantasies of “complete anonymity”; at most, you’re “pretty free when you’re not being watched.”

I usually look at lending pools the way I look at an ecosystem tank: when a big holder puts up collateral, the whole chain immediately turns into a public spectacle. And you’re saying you still want to leave no trace in this environment…? Anyway, I’ll default to the assumption that the profits you earn may need to be explained, and any wrong move you make may also be traceable back to you.
What I fear most isn’t just losing money—it’s thinking you’re hiding on-chain, only for one day to suddenly be required to lay out and explain a bunch of historical transactions. For now, it’s never a loss to be cautious.