Lately, as I’ve been flipping through on-chain data, I feel more and more that ordinary people shouldn’t have too many illusions about "privacy"… You think changing to a new address and doing a cross-chain transaction makes you clean? Basically, it just blocks the passersby; if you’re really targeted (like in exchange deposits and withdrawals, fiat on-ramps), it’s still possible to piece it back together. Compliance is also quite mysterious: avoiding obvious blacklists, not touching pools that wash too blatantly, makes you feel more at ease, but don’t think that “I only deal with small amounts” automatically makes you safe—most of the time, no one is willing to spend the effort to track you.

Recently, everyone has been comparing RWA, and yields on US bonds, with on-chain yield products. I find it a bit split: on one side, wanting “compliant, explainable returns,” and on the other, wanting “no questions asked about the source on-chain.” Both sides want to have it both ways, but in the end, probably neither will be comfortable… My own expectation is: on-chain transparency is the default, privacy is more like an extra skill but not an invincibility card; the less trace you leave, the better. If you want to sleep peacefully, it’s better not to put your vital assets entirely on-chain. That’s all for now.