Recently, I’ve again seen people compare RWA—and even U.S. Treasury yields—to various on-chain “yield products.” To be honest, after reading it, I just want to cool down first: where the yield comes from, who backs it up, and who’s responsible if something goes wrong—these are often not so clearly defined on-chain. And don’t expect privacy to be “completely anonymous” either. For ordinary users, the reasonable expectation is basically: don’t treat your wallet like an ID card, don’t reuse addresses everywhere, and don’t casually sign strange authorizations; but if you’re truly being watched, most on-chain traces can basically be linked together.

The compliance boundaries are also fairly subtle. Some protocols write themselves up as very “decentralized,” but once the entry points, the front end, or the fiat channels get tightened, you’ll find that many actions turn into refreshing/retrying/queuing… Just because you can use it doesn’t mean you can always use it. My approach is still the same old one: diversify, assume the worst case, and only move forward if you can explain the source of the yield clearly. Don’t let yourself get swept up by high APR and the words “more private.”